Hard times force some to cash in valuables

By Kelli Cheatham (kcheatham@wsbt.com)

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Hard times have more people taking their personal items to pawn shops and re-sale stores

Hard times have more people taking their personal items to pawn shops and re-sale stores. (WSBT photo)

By WSBT News1

Story Created: Feb 12, 2009 at 4:16 PM EST

Story Updated: Feb 15, 2009 at 8:50 PM EST

MISHAWAKA — For thousands in our area, layoffs and unemployment checks are a reality. Many of those without work must find unconventional ways to make ends meet, so they're trading in personal items for cash.

Kenneth G Rare Coins in Mishawaka buys coins, gold, silver, jewelry, diamonds, old sports cards and scrap gold.

"We get a lot of broken jewelry or people bringing in nice necklaces they just don't wear anymore," said Anthony Gaipa.

Gaipa said everybody needs a little extra money.

"For all different reasons," continued his father Kenneth Gaipa. "Because they lost their job, their unemployment just ended, they could use the money, and some people bring it in because they don't need it anymore."

The store also gets a lot of wedding bands. One customer brought in a 5.38 round cut diamond solitaire worth about $40,000.

One ounce gold American Eagle coins are now worth $950.

Silver Dollars and Morgan Dollars are worth between $10 and $15, depending on their date and condition.

It's the same story at Worldwide Jewelry and Pawn in South Bend.

"They're bringing in just about anything they can find at this point," said employee James Byrnes.

Some customers have even pawned their vehicles to pay rent.

Even as the company hands out cash for other people's stuff, sales are good too. Last week, a space was full of six or eight televisions. Thursday it was empty.

"[A] 50-inch plasma went three days ago," Byrnes said.

So what exactly are pawn shops and coin and jewelry shops looking for?

"Anything you've got!" Byrnes told WSBT. "Bring an old DVD player — make sure it's got the remote. Bring the TV or even collectibles. What I can't sell in the store, I'll sell in an eBay store."

"Bring it in," said Gaipa. "You'll be surprised what you can get out of it."

Keep in mind, the value of anything you try to sell is going to depend on its condition. For example, if you're trying to pawn a television set, its model, year, condition and the type of TV are all factored in to determine how much money you'll make off of it.

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