In a recent episode of “Your Friends and Neighbors” on Apple TV, a hedge fund manager tries to pawn a stolen Nautilus watch for 200 grand. The suspicious shop owner tracks him down in his swank neighborhood. When the down-on-his-luck Jon Hamm character finds her sitting in his kitchen, the message is clear to anyone watching: do not mess with shrewd pawnbrokers who don’t like liars.
Ok. In real life, most people are not (spoiler) breaking into their neighbor’s home and stumbling upon multimillion dollar watch collections. It’s more likely you have a hunch something is stolen or not legit because you acquired it through unconventional means. Either way, it is wise to reconsider pawning anything hot, as the hedge fund dude is finding out.
What happens if you try to pawn something that may have been stolen?
Do You Have the Item’s Serial Number?
Any time you are concerned about the history of an item, it helps a great deal to have some way of identifying and verifying its authenticity. Serial numbers on a range of items found at pawn shops can be used to track their origin and prevent fraud. For example:
- Televisions
- Computers
- Firearms
- Some jewelry
- Gaming systems
- Other electronics
Most pawnbrokers have systems for tracking the serial numbers of items they purchase. A diamond ring may have the serial number engraved or etched onto it. Additionally, some stores use web-based pawn collection and tracking software to make the whole process easier.
Some Pawn Shops Work with Police
Cops may choose to investigate a stolen item that could have ended up in a shop. If you suspect an item was the result of criminal activity, pawning it at an established business may not be a good idea, unless you want a knock on your door from someone investigating the theft. Your local pawn shop may be cooperating with the police to track it down.
Pawn Shops Keep Identifying Records of Goods – and Sellers
In the “Friends and Neighbors” scene, the first thing the shop requests is the box and papers that go with the watch. There are a few reasons these two items matter. Like a car’s title, they suggest:
- The seller is the actual owner.
- The watch is authentic.
- It has been cared for well.
- There may be an active warranty.
- It may include defining features such as where and when it was made.
Pawn shops often record the contact details and names of people who sell them things, including those who leverage goods as loan collateral. Couple that with the serial numbers and it makes sense that law enforcement may contact them from time to time about a stolen item.
Local Laws Vary: Illinois Deters Selling Stolen Items
In Illinois, the Pawnbroker Regulation Act of 2023 states that pawnbrokers may not “knowingly or recklessly” buy or take as collateral something from anyone appearing to be intoxicated. This also goes for people who have been convicted of theft. Additionally, some counties have their own ordinances, for instance, requiring pawn shops to send in logs of transactions on electronics to assist law enforcement.
What Happens Next Depends on the Case
What happens in a given case will depend on a variety of factors: local rules, whether it was reported stolen or there is probable cause, whether police have the resources to investigate, how cooperative the store is. If the item has been sold or the case goes to trial, that means yet another hoop for the victim to jump through. In the end, there is a chance the case could lead back to whoever sold the item, however innocently.
A good pawner will tell someone who comes in with a hot smartphone to hit the bricks. A bad one might take it for a few pennies on the dollar and may even fake the paperwork to accompany it. Talk to your local pawn shop enough, and you can tell which category they’re in.
Chicagoans Trust Fullerton Pawners to Sell Legit Goods
All of this is why it’s beneficial to sellers, customers, and loanees to work with reputable shops like Fullerton Pawners. We do things by the book so you don’t need to worry about the origin of anything you are buying. As a result, we are transparent about our process and are more than happy to answer any questions about our goods.
Come in and take a look at our goods and services, check us out online, or call Fullerton Pawners any time at 773-637-9999.