Eldon Crites on Citysearch
10 years ago
02/12/2011, 16:50 PM
Sorry to Burst Your Bubble – I have been doing business with Cherokee Pawn since the year 2004. I bought and sold gold coins there without problem
In January of this year I sold 40 UC Peace dollars for scrap silver. At the time, the price for silver was 26.30/oz Since I have dealt with them so long, I placed total faith in them. The owner gave me $1,020 for my coins and I thanked him and left as I live 120 miles away and it was Friday, so I wanted to get ahead of the traffic.
Driving home, I began to do mental calculations and they did not add up. Since it was already past closing, calling was useless.
I went home and called the shop on Monday. I found out they gave me a value based on 75% silver. However, the Peace and Morgans are made up of silver at the rate of .7734%. So they in essance cheated me out of the difference. The individual that answered the phone was very beligerant about the matter, but finaly told me to come back in and they would return my coins, fo cpourse if I returned all the money, which is fair.
Driving 240 miles and taking a half a day for the difference was not an option. So I took the proverable stand of "First time Shame on Me" You can't count on past reputations to predict future actions with any company. Sooner or later, they all seem to go bad.
Then there was the period in 2009 where I bought 20 Canadian Maple leafs. Again I drove to them specifically and tried to buy the coins. I found out that they wanted 4% commissin fee plus 2& for the dealers cost and I did not have enough money with me to complete the purchase. I drove back home, went to the bank, withdrew the additional funds and went back to Cherokee Pawn shop, only to now find out gold had moved higher, Fortunatkly, I allowed for this and had enough money to cover the purchase. Bottom line I paid close to $1,600 for commission on twenty coins.
I then asked the owner if there were charges in selling the coins and he replied no, we get our commission going in. They are bought back at spot.
Move ahead three years and I wnat to sell 10 of the Maple Leafs. Wnen I tried to sell them, the owner said he had to have a 4% fee for selling them. I said, wait a minute, you told me that there was no fee for selling the coins and that you had charged your fees up front.
He replied he had to make a profit, and I said you already did. As I walked out the door, he said I will byu them for four percent and I relplied not from me you want.
Keep in mind that this would amount to $600+ dollars and make the total transaction at $2,200 or one third the gain I made on all twenty of the coins for keeping all the risk for three years.
Two points here. They do not now keep their word and appear to act like the TV show Pawn Stars where everyone has to have the money so bad they woill take ten cents on the dollar. Second, remember the old saying of "Firtst time Same On Me?" Well the second part of that line is "Second Time Shame On You"
As a point of advice, I would verify everything you say and do with his company as they have certainly changed in their operations and customer appreciation attitudes. Do not trust anything they say and verify everything in writing before you complete any transaction with them.
It is a wise man that learns from his mistakes, but it takes wisdom to learn form the mistakes of others.