Amid decades-high inflation, first-time use of pawnshops is up nationwide and locally.
“We’ve seen new people who’ve never pawned before because they simply need twenty bucks to be able to get through the last three days of the week . . . to get their groceries or to get to work,” said Mike Richter of Piggy Bank Pawn on West Jefferson. “Real simple stuff.”
Even as gas prices have come down over the past month, Richter reports a lot of new clients. “Oh, yeah, there’ve been plenty of first times. There are a number of people who are finding themselves in the same position as everybody else, so you’ve gotta pick what you’re gonna do in terms of food . . . and food’s going up.”
Business has remained brisk since the pandemic, when pawnshops, as lending institutions, were deemed essential and remained open.
Reality shows like Pawn Stars have gone a long way toward destigmatizing the use of pawnshops. Dan Winkler is the owner of Capital City Pawn and Jewelry on West Lawrence. “I think it’s opened up the eyes for everybody that pawnshops want to be a welcoming place. They’re not the stereotypes from the past. It’s a new age and a lot of people use them. I see young people, old people . . . all age demographics.”
Coins, jewelry, and firearms bring good money (although not all pawnshops deal in firearms). Electronics and gaming systems, too.
As for the oddest item Winkler’s seen come across his desk? “A prosthetic leg,” he said. Asked if he would take that, “You know, I would take that. If somebody needed help and needed money to get by I’d absolutely help them out.”