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If she doesn't have the receipt, then she is simply out of luck.
If the ring never existed, she's out of luck as well. If she lost the pawnshop, she's out of luck as well. We can make up all sorts of statements... what's your point?
Wanted to go on vacation? If she had to pawn her jewelry to go on vacation, then she really couldn't afford to go at all. Sorry this happened to her, but sounds like she needs to learn to handle her finances a little better.
Sounds like she failed to make a payment. In that case the pawn shop is under no obligation to keep the ring or the receipt. The shop can sell the ring legally, keep the profits and toss the original receipt in the trash can.
Besides, it was her responsibility to save and protect her receipt, not the pawn shops, especially after she fails to make due on her bill.
Actually, pawn shops are a good place to buy jewelry.
A few years ago I wanted to buy a ring as a birthday present for my wife. But I wanted a certain style and stone. My daughter and I looked on Ebay, several jewelry stores and a couple of antique shops but had no luck, Finally, we went to a large pawn shop. Turned out they had 2 of the type we were looking for, so I bought the best one.
I'd bet this pawn shop was offered a deal they couldn't turn down (a buyer like I was who was ready to pay a good price) and was betting that she wouldn't be back to redeem the ring.
She paid about $1600 for it.. $1100 for the ring itself, and another $500 for an inlay. The value of the ring is likely far less than that. To a pawn shop, the value is melt value. So, if it's 2 oz of gold, figure the cost of gold.. Add in some for the diamond.. That's what it's worth.
Unless it's fairly generic, that's all they look at is what they'll get for melting it down. A ring can be priceless to you, but they put a price on it.
Read. She has her copy of the receipt, the store lost their copy.
However, they're responsible for the value of the item. You pawn grandma's irreplaceable wedding ring. They're just responsible for an emotionless replacement cost. Sentimental value has no monetary value.
We're not talking about what the pawn shop says it's worth at this point, because they lost it. Now we're talking about what she would have to pay to replace the item, in other words its LEGAL value, and what she would have to pay to replace the ring with a similar or identical ring. From what I read, the replacement value would be around $1100. You are correct that sentimental value isn't worth anything, but she can't wear melted gold on her finger either, thus a court of law would award her the replacement value of a similar piece of jewelry based on the depreciated value of her used piece, not the melt value or the price she paid for it new.
I'd bet this pawn shop was offered a deal they couldn't turn down (a buyer like I was who was ready to pay a good price) and was betting that she wouldn't be back to redeem the ring.
If it was still on Pawn, it would not be out on the selling floor, It would (or should) be locked in the back, until it goes off Pawn, Most states require they hold it for X (10) days after it goes off Pawn before it can be put up for Sale.
I also don't think she needed the $90 for Vacation Cash, If you looked around her living room where they did the TV interview, there was lots of stuff that could be sold, for cash. One has to wonder how much she had paid in interest payment just to keep it in pawn till she could come up with the 100? 150? To get it out of Pawn.
But then so many people are so financially illiterate that its scary.
We're not talking about what the pawn shop says it's worth at this point, because they lost it. Now we're talking about what she would have to pay to replace the item, in other words its LEGAL value, and what she would have to pay to replace the ring with a similar or identical ring. From what I read, the replacement value would be around $1100. You are correct that sentimental value isn't worth anything, but she can't wear melted gold on her finger either, thus a court of law would award her the replacement value of a similar piece of jewelry based on the depreciated value of her used piece, not the melt value or the price she paid for it new.
What the pawn shop based their loan on was the melt value.
What they'll have to pay for losing it is the replacement value.
It's not a $2000 ring. It's an $1100 ring, at the most. The ring isn't worth what she paid for it new. It is worth the depreciated value of the used item at the time of the loss/theft. I agree it's unlikely she was going to use the money on vacation, but I'm not so cynical as to think it was going for drugs. She was probably running short so she was using it to pay the rest of an oil bill of something. It sounds like the pawn shop is trying to make it right by getting her a similar/identical ring.
How does a ring "depreciate"? I inherited some jewelry that appraised for insurance at $100,000. They said its age added to its value since it dated from the Victorian/Edwardian era.
Also, lets face it, $90 is chump change in today's economy. The only time I ever pawned some jewelry was when my DS faced jail time or pay a fine. It was cash only, you can't pay a court fine with a credit card! I pawned a ring for $800 then re-claimed it later....long story
Last edited by MaryleeII; 01-31-2016 at 09:54 PM..
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