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Pawn shops hold the goods they purchased for 30 days to give time for someone to make a claim against them as property that was stolen from them. (This is my ex
by Blake_Emigro 7y ago
Pawn shops hold the goods they purchased for 30 days to give time for someone to make a claim against them as property that was stolen from them. (This is my experience in Canada anyway.) In theory, exchanges could do the same thing for deposits above a certain amount, but this would presumably hurt their business the way things work right now.
- protanopia 7y agoDon't pawn shops hold items because they are essentially lending money with the item as collateral. They don't sell the items right away because the person that sold them to the pawn shop has the right to repay the loan and reclaim the item within a certain period of time.
- Blake_Emigro 7y agoYeah, I guess it's both things.