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Why Consider Buying from a Pawn Shop
Why Shop at Lambert Pawn Shop: Your Go-To Pawn Shop for Quick Cash

Consumers often overlook pawn shops as a retail merchant. Most who seem to are typically unfamiliar with the pawn industry and have a “Hollywood” view of pawn shops, thanks to their depictions of pawn shops as questionable establishments with crooked business dealings. In recent years, however, that stereotype continues to diminish, and an increasing number of folks are starting to see pawn shops as the honest, hard-working small businesses that they truly are.

Let’s take a look at some of the very real, very practical reasons everyone should consider buying from their local pawn shops.

3 Reasons to Consider Buying from a Pawn Shop
1. First – and you probably guessed it – the price. Especially on items such as jewelry and watches, DVDs, and tools… you will often find name brand items at a fraction of the retail price. As an added bonus, if you are not satisfied with the price tag, you can usually try and negotiate the price down. Not something you’d dream of doing at your local big box store!
2. If you find an item and the price is right but do not have enough cash on hand, there is always the option for you to trade for it. Most of us have some item lying around unused at home, that we don’t need or want but it still holds some value. Bring it in to the pawn shop and see if you can negotiate a trade! Imagine if you tried that approach at a department store.
3. If you are looking for a quality jewelry piece that is one of a kind, you will not find a more varied selection than that of a pawn shop. Since a shop’s inventory is constantly moving, you can find new styles, estate jewelry, and even vintage pieces. Perhaps you are looking for a diamond that you can reuse in a custom piece? Reach out to a few pawn shops and see what kind of diamond inventory they have. You will likely getter a bigger, better diamond at a price you feel more comfortable with than you ever could at a retail store.
Most importantly, your local pawn shops are like any small business – they thrive on the support of their community. They are state regulated and run by hard-working and knowledgeable business men and women. Show support for your community by shopping local and supporting small businesses!
February 27, 2017
Is Pawn Broking a Bad Times Industry?

Due to its portrayal in the movies and TV, some have a negative opinion of the pawn industry overall. However, the idea that pawn brokering is a “bad times” industry is simply untrue. While it may be the case that customers who are currently experiencing a personal hardship may choose to utilize the services of a pawn shop, the pawn industry itself does not thrive during times of widespread economic hardship. In fact, the pawn industry suffers the same as most any business will during times of economic strife, recessions, depressions or whatever you might call it. Pawn shops can and do survive bad economies if they make necessary adjustments to the loans they make as well as the merchandise they choose to buy, but they see higher profits in good economies.

The credit industry sees gains based on the assumption that the borrowers will be able to fulfill the agreement of the loan terms. However, in poor economic times, unemployment rises and it becomes less likely that borrowers will be able to repay their loans, regardless of what type of loan they have. In the case of a pawn loan, this would mean the borrower would forfeit the merchandise they put up as collateral for the loan.

Many are disillusioned at the impact this has on pawn shops; since the borrower provides the shop with physical collateral that they forfeit if the loan terms are not met, the shop still makes money, right?

Not the case.

During hard economic times, the value of most consumer merchandise decreases. Meaning, if the pawn shop is able to resell the forfeited merchandise, they will sell it at a lower value than what they could if the economy was thriving. In poor economies, it is more difficult to sell merchandise because consumers have far less discretionary income, which means that the forfeited merchandise is likely to sit on the shelves of the shop for a while, rendering the shop little to no profit.

In short, the pawn industry is not a “bad times” industry that earns profits from society’s desperation. Pawn shops see ups and downs in their business just like most every other type of business; they are most successful when borrowers can repay their loans or sell forfeited merchandise quickly for a profit.

February 13, 2017
The History of Pawn Broking

The history of pawn broking dates back further in history than you probably think. In fact, the business of pawn broking can be traced back to the Chinese during the 5^th century. Over 3,000 years ago, Buddhist monasteries began what we know today as pawn broking, although the business was known to the Chinese as ‘changshengku’ (life-long treasures).

The industry, of course, has evolved greatly over time. Perhaps the biggest step in the pawn industry’s evolution occurred in Italy during the fifteenth century when the well-known and well-off Medici family was divided into bankers and pawn-brokers. The Medicis used half of the family crest to create the well-recognized symbol for pawn brokers, the famous 3 gold balls.

The widespread availability of pawn brokers hit its peak during the 19^th century in Britain, when pawn shops were located on every corner. Loans were offered to borrowers on practically anything including bed linens, cutlery, or furniture. No doubt that the bad reputation of pawn broking was spawned during this time when laws and regulations for pawn shops were non-existent and there were no paper trails to trace back loan terms, ownership, etc. It was not uncommon for stolen merchandise to be sold to pawn shops or even for unscrupulous shop owners to change loan terms on borrowers on a whim.

Thankfully the reputation of the pawn industry has only improved since these times and especially in the past 30 years. In the United States, pawn shops are heavily regulated by state and local authorities, and violations are strictly enforced. Pawn brokers are now trusted community establishments and considered legitimate businesses.

Aside from the laws and regulations that have improved the reputation and utilization of pawn loans, as of recently, the industry benefited from the credit boom of the 1980’s when loans and credit cards really took off and became quite common. Customers who may have been denied for these types of financing options due to poor credit were able to find financing at pawn shops by posting items of value as their collateral. In recent years, customers have begun using pawn loans in place of cash advances. With more and more companies paying their employees once or twice a month versus weekly, employees are more likely to experience a cash flow problem. Pawn loans can be the perfect solution for these individuals, offering them short term and low principle loans.

Pawn brokers have been providing borrowers with an easy way to get cash fast since the 5^thcentury. Given the strides the industry has made, it is safe to say we will likely be seeing pawn brokering for years to come.

*Image credit: By Traced by User:Stannered (Image:Pawnbroker-traditional-symbol.png) [Public domain], via Wikimedia Commons

January 23, 2017
How Can I Be Sure the Merchandise I Purchase at a Pawn Shop Isn’t Stolen?

Contrary to the Hollywood portrayal of the pawn industry, thieves are no longer interested in selling their stolen merchandise to pawn shops, and any credible pawn shop doesn’t want stolen goods in their shop any more than you or I do.

How Pawn Shops Identify Stolen Goods

Less than 0.1% of all pawn shop merchandise is identified as stolen goods. That is an incredibly low count of items. This extremely low percentage of stolen goods is that low because pawn shops will collect and require positive identification from every seller, along with a complete description of the item (which includes unique identification such as serial numbers, model numbers, etc.), and proof of ownership for big ticket items. Merchandise information is then sent to local authorities, although the regularity of data transmission varies and depends on local regulations. This data sharing between the pawn shop and authorities gives law enforcement the ability to cross-check merchandise with items reported as stolen. Let’s say an iPhone found in a pawn shop matches the serial number on an iPhone reported as stolen. The police would not only be able to recover the stolen item but they would also have the identification of the individual who sold the item to the pawn shop. Not exactly a wise move for a would-be thief.

Why Pawn Shops Care about Avoiding Stolen Merchandise

What about the pawn shop? What if they fail to report the item? Pawn shops are like any other business; their reputation matters and they take their relationship with local authorities seriously. Most shops will be diligent about their reporting because they want to be a trusted and respected institution in the community. Not to mention if an item that has been reported stolen is found in a pawn shop, the shop will likely be charged with receiving stolen goods. Overall, the benefits are high for pawn shops to ensure they are not accepting stolen goods.

Our best suggestion will always be to do your homework. Research several pawn shops in your area, read reviews of the shop online, and check if they’ve been reported to the Better Business Bureau. If you are thinking about purchasing an item from a pawn shop, ask the shop employees about their reporting policies and information on the items history. If something doesn’t feel right, trust your instincts and look for item elsewhere. Remember, if something seems too good to be true, it probably is.

December 12, 2016
How to Know When to Sell your Gold

Many large and impressive investment portfolios include commodities such as gold. And as with any investment, knowing when to buy and sell is a matter of understanding the ebb and flow of the current market. The good news is, if you are looking to sell your gold jewelry pieces or scrap gold that you own, you most likely do not need to drown yourself in quite so much knowledge. However, knowing when it’s a good time to scrap your gold for cash is in your best interest.

How to Know When to Sell your Gold

An easy way to determine when might be a good market time to part with your unwanted gold jewelry is when the American dollar is strong. The American dollar has been consistently strong in 2016 and is expected to continue to trend upwards. The reason that this is important is likely somewhat obvious: when you trade in your unwanted gold for cash, you are basically trading gold for dollars with the buyer. If you sell your gold when the dollar is strong, the dollars you receive from the trade will go farther than if you sell your gold when the dollar is weak.

A big temptation for a lot of sellers is holding onto their gold until the “optimal time”. Unfortunately, recognizing the optimal time is about as difficult as predicting the future for most anyone, and especially for amateur commodity dealers. The best tip for those of you tempted by this train of thought is to look at what the market trends have been over the last 12 months. If the dollar has been strong and the price of gold has been positive consistently, take the jump and sell. Don’t overthink it or wait too long and miss out on a positive situation.

If you decide it is the right time for you to sell your unwanted gold, shop around for the best buyer and highest bid. Also, make sure you know the current value of gold by checking a reputable source like www.goldprice.org. We here at Lambert Pawn are one of the leading gold buyers in the Whittier, CA area. Have questions about buying or selling gold? Contact us or stop in and see us with your gold pieces.

November 28, 2016
How to Spot a Fake Rolex Watch
If you’ve been following our series on Rolex timepieces, you know by now that Rolex is undoubtedly the worldwide leader in its industry. Unfortunately, that level of notoriety also means Rolex is the most counterfeited watch brand in the world. If you are in the market for a used Rolex, it is critical that you are able to recognize red flags that may indicate inauthenticity, or at the very least, decrease the watch’s value.

7 Ways to Spot a Fake Rolex Watch
- Irreplaceable. Check with a certified Rolex dealer to determine if any of the parts of the watch have been replaced. If the answer is yes, this will cause the value of the watch to go down. While it might make sense to replace watch parts that need it, doing so impedes that overall value of the Rolex.
- Feel the weight. Rolex uses only the highest quality materials, so the weight of the watch should feel heavy considering the crystal and precious metals. If the watch feels too light, it is likely a fake.
- Smooth as butter. Be sure to feel the surface of the face of the watch. The crystal Rolex uses is, again, high quality and should feel incredibly smooth to the touch. Also, ask the dealer if the crystal has been replaced. Original crystal will make the timepiece higher in value. Keep in mind that some of the older Rolex watches have patina crystals that are slightly yellow.
- Tick – tock. Rolex prides itself on the mechanic precision of all its watches. Therefore, the Rolex you are considering should run smoothly. If there is any ticking motion or rugged movements of the piece, it is best to move on to another Rolex.
- Dated. Another recommended way to spot a fake Rolex watch is to look at the appearance of the date. If the numbers are crooked or difficult to read, it is a fake. Everything about a real Rolex watch will appear perfect.
- Do your research. If you can pop off the bracelet, you should be able to locate the reference and serial numbers of the Rolex on the top and bottom of the case. These numbers can be researched and can verify that all the parts of the watch including the bracelet, bezel and design, match up.
- Go with your gut. If the price seems too good to be true; it probably is. And if you get an uneasy feeling from the dealer, or the location of the dealer seems odd, find another Rolex dealer instead.
Because Rolex watches hold their value so well, there’s both a market for used Rolex watches as well as opportunities for counterfeiters. Having solid knowledge and awareness of what to look for when you shop can ensure that your future Rolex purchase is a good one.
November 14, 2016
Taking Care of Your Rolex

It is no secret that the pawn value of any item is heavily influenced by its condition. If you own a Rolex watch from the 1960’s that looks and works like the day it was made, it is going to be worth more than the same watch that’s not functioning or has a major cosmetic flaw. The best step to take to ensure your Rolex does not end up in the latter category is to practice good routine maintenance.

How to Take Care of your Rolex Watch

The first step in good Rolex maintenance is to wear your watch as often as possible. Unlike a lot of valuable assets, Rolex watches are better served when they are being used and not stored. The longer your Rolex sits unused, the higher the likelihood that oil can dry out causing the movements of the watch to stiffen. When not wearing your watch, make sure it is stored in a relatively temperature controlled space with low humidity. You do not want any moisture getting into your watch, which will cause rust to begin to form.

Of course wearing your watch daily or at least on most days will cause dirt and oils from the environment to build up on the exterior of the watch. It is important to clean your watch and remove this debris. When cleaning your Rolex watch, it is very important that you check to make sure the crown of the watch is screwed as tightly to the case as possible so that no water can make it inside. Using your hands, wipe the watch with lukewarm water and ammonia free soap to remove oils and debris. Depending on the buildup of debris on the watch, you may need to use a soft bristle brush (toothbrush will work) to sweep away grime or larger particles. Be sure you use a soft bristle brush! Once the scrubbing is done you will want to rinse the watch in lukewarm water. Submerge the watch in the water in short intervals until the soap and debris are gone. To dry, use a clean cloth to pat dry the exterior of the watch. If you like, you may also use a blow dryer on a low heat setting to dry the watch.

If at any point you are concerned that water has made its way inside the watch (typically by noticing condensation under the crystal), take your watch into a certified Rolex dealer immediately.

To ensure optimal performance and maintenance of your Rolex, have it serviced every 5 years by a certified Rolex dealer. If you own a Rolex that is over 10 years old, you may want to consider having it serviced every 2-3 years. Dealers are experts in maintaining the precision of the watch and can also help to answer any other question you may have.

Scratches are a normal part of a watch’s life. There are of course measures to take to avoid unnecessary scratches but wear and tear will occur through normal use, especially around the bracelet of the watch. The good news is that most minor scratches can be removed with polishing. We recommend having your watched professionally polished rather than attempting it on your own.

Following these basic steps can help your Rolex retain its value better and longer. After all, owning a Rolex is like owning a car: It is better when it’s used, when it’s maintained and when it looks good.

October 24, 2016
Why Rolex Watches Hold Their Value

You don’t typically hear about luxury watch purchases as a method of investment. However, if owning a watch that hold its value is an important quality for you, then there are options for you. Watches made in the $4,000-$9,000 price range seem to retain their value best and in some cases even appreciate in value, and Rolex unmistakably dominates this market.

Why Rolex Watches Hold Their Value

Aside from the high quality of Rolex watches, perhaps the most impressive factor behind why Rolex watches hold their value so well is the esteemed reputation of the Rolex name among consumers. The Rolex brand is globally recognized as a consistent, reliable, fashionable, and sought-after wristwatch by most consumers. Chances are whether you’ve owned a Rolex or not, you recognize the name and more than likely you associate owning a Rolex watch with success and prestige. Thanks to a history of brilliant and bold brand marketing, you can ask most non-watch enthusiasts who makes the best watch and their response will be: Rolex.

The Rolex brand began its journey to being an industry leader in luxury wristwatches by having an unwavering focus on creating the absolute highest quality watch. From the materials used to the mechanics behind them, Rolex wanted to be the best and look the best. With such a focus, Rolex was able to gain popularity and loyalty among consumers in their early years. As time has passed and the wristwatch market has inevitably changed and become more competitive, Rolex continues to hold that same esteem and impress brand marketers worldwide.

In the later years of the brand, Rolex began to focus their marketing around creating the perception that a Rolex watch was not just a quality timepiece but also a symbol of success. One of the simplest marketing strategies of Rolex is playing off of the supply and demand of their own market. Rolex supplies enough watches to satisfy most market demand, but not too many watches so as to keep consumer desire alive and growing. In fact, there is a waitlist for several Rolex watch models; the current wait for the Daytona can be up to 18 months.

Rolex also keeps a tight list of authorized distributors and has restrictions that make it almost impossible for authorized retailers to discount their watches. Both of these tactics fuel the perception among consumers that Rolex watches are high quality investment pieces. While the perception that the purchase of a Rolex is always a solid investment may be a bit skewed, they undoubtedly hold their value better than any other luxury wristwatch brand.

Luxury watch maker, Rolex, is considered to be a wise financial investment in addition to being a precise, fashionable, high-quality timepiece. We consign, sell and offer pawn loans for Rolex and other top watch brands at our Whittier, CA pawn shop.

October 10, 2016
History of Rolex Watches

One of the most esteemed brands in luxury timepieces is Rolex. If you own a Rolex watch and are in need of some quick cash, you may be in luck. Rolex watches are not only an ideal item to use as collateral for a pawn loan, but they are also one of the most common items sought out in pawn shops for purchase. To understand more about why this brand has such a prestige surrounding it, you need to start at the roots of the brand’s history.

The History of Rolex Watch Company

The idea for the Rolex brand was founded by brothers-in-law Hans Wilsdorf and Alfred Davis in 1905. Hans and Alfred were owners of their own timepiece shop in London, England, where they sold quality imports from Switzerland. Hans wanted to reach beyond the current market offerings and develop a wristwatch that provided both esteemed elegance and unparalleled reliability. The name of this prestigious watch was registered as Rolex in 1915.

Inarguably, the largest factor that catapulted the Rolex brand name into households was its consistency in performance, which was not a coincidence. The development of the first Rolex watch was and continues to be focused on chronometric precision; in simple terms, precision in the time keeping mechanics of each watch. Rolex was the first brand to earn a chronometer certification for a wristwatch and continues to manufacture more certified chronometric wristwatches than any of its competitors each year.

In 1920, 5 years after the Rolex brand was registered and began its journey as an industry leader, they pushed the wristwatch industry farther yet by developing the first waterproof wristwatch. The watch could last 10 hours in the water without any affect to the integrity of the mechanics; the watch would be known as the Oyster. In 1953, Rolex would develop its first diving watch, The Submariner, capable of depths up to 100 meters. The Submariner is still one of the most popular watches amongst divers.

Other industry leading innovations by Rolex include the first self-winding watch in 1928, the first wristwatch with an automatic changing date (1945), and first wristwatch to show two time zones at once (1954). Since 1905, Rolex has been on the cutting edge of wristwatch innovation and continues to be the largest luxury wristwatch brand in the world. With this track record for innovation and precision, it is not hard to understand why this brand holds its value so well in a resale or pawn loan settings.

September 26, 2016
Can I Pawn my Firearm in California?
If you are in need of a pawn loan and have been wondering if a firearm is something you can pawn, we’re here to help explain not only that you can, in fact, pawn your firearm, but also what to expect from the process in our area, including what to bring along with you when you take in your firearm for valuation.

Can I Pawn my Firearm in California?

Pawn shops must be federally licensed to offer pawn loans for firearms. While there are not too many restrictions on the type of firearm that a pawn shop will deal with, there are a few guidelines to follow when bringing your firearm in as collateral.
- Call ahead to be sure that the pawn shop deals with firearms.
- Bring your firearm to the pawn shop in its locked case, unloaded along with any accessories you have for the gun.
- You must provide a state-issued photo ID and be over 18 years of age.
- Be prepared to complete a background check at the shop before pawning the firearm OR before having the firearm returned to you after fulfillment of the loan agreement. This step is dependent on your pawn shop and may or may not be required.
There are no heavy restrictions on the types of firearms that qualify for pawn loans other than, of course, the firearm being street legal. Below are the 3 most common categories of firearms considered for pawn loans.
- Mechanically functioning quality handguns or rifles will typically be considered as collateral for a pawn loan.
- If your firearm is brand new or “like new”, it will likely be considered and its collateral value will increase.
- Antique firearms are especially popular, specifically rifles from the Civil War. If you have an antique firearm, your local pawn shop will follow their standard process for guaranteeing the authenticity of the piece before making an offer.
As with any pawn loan, expect the offer on your firearm to be 30-60% of the current market value. If you decide to accept the loan offer, make sure you fully understand the parameters of the loan (i.e. loan term, payments, etc.).

Please be sure to use the best firearms handling standards, and you’ll be all set.

Have a question about pawning your firearm or want to stop in with yours? Here’s all our contact information for you.
September 12, 2016