The World Famous Gold & Silver Pawn Shop in Las Vegas is the focus of the reality television program Pawn Stars, which follows its everyday operations. Since it debuted in 2009, the program has grown to be one of The History Channel’s most well-liked offerings. The shop’s proprietors, Rick Harrison, his father Richard Harrison, his son Corey, and employee Austin “Chumlee” Russell are featured in the program as they buy and sell various goods that customers bring into the business.
The Pawn Stars team has experienced several bad occurrences with people trying to defraud them after being in the business for years. A man who claimed to be the famed musician Les Paul himself brought in a Gibson Les Paul guitar in Season 3 in one such event. Rick was dubious about the man’s request for $90,000 and made the decision to consult an authority to confirm the authenticity of the guitar. The expert determined that the guitar was, in fact, a fake, and the man’s attempt to defraud the Pawn Stars team was made public.
This incident serves as a warning for pawnshops to be watchful and make sure they are not being taken advantage of. The Bangko Sentral ng Pilipinas (BSP) oversees the regulation of pawnshops in the Philippines. To operate lawfully, pawnshops need to be registered with and granted a BSP license. The BSP mandates that Class A pawnshops, Class B pawnshops, and Class C pawnshops each have a minimum paid-up capital requirement of Php 100,000, Php 75,000, and Php 50,000, respectively.
Sangla means to pledge something as collateral for a loan in a pawnshop. The value of the item being pledged determines the loan’s amount. The pawn shop will evaluate the item’s value and make a loan offer based on that value. The pawnshop will store the item and sell it to recoup the loan amount if the loan is not repaid within a predetermined time frame.
The pawnshop will evaluate the worth of the object being pledged in order to determine a pawn. Following that, the pawnshop will make a loan offer based on a portion of the item’s value. The percentage will change based on the sort of object being pledged and the pawnshop’s policies. A pawnshop might, for instance, give a loan amount equal to 50% of the value of a piece of jewelry but only 30% of the value of a television.
As evidenced by the instance where a man attempted to sell a bogus Les Paul guitar, the Pawn Stars team is not impervious to fraud. Pawnshops must exercise caution to avoid being taken advantage of. Pawnshops in the Philippines are subject to BSP regulation, and in order to operate legally, they are required to register and obtain a license. Sangla is the act of pledging property as collateral for a loan, and the value of the property pledged determines the loan amount. The pawnshop will evaluate the item’s value and provide a loan amount based on a percentage of that value to calculate a pawn.