Rick Harrison: The Pawn Business, Hidden Histories, and the Best Model in Banking

The James Altucher Show

James Altucher

Society & Culture, Talk Radio, Writer, Philosophy, Comedy, Chess, How To, Entrepreneurship, Jay, James, The James Altucher Show, Altucher, Author, Jay Yow, Education, Jay The Engineer, Business, James Altucher

4.6 • 2.7K Ratings

🗓️ 4 September 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

A Note from James

The man, the myth, the legend—Rick Harrison. You know him as the star of Pawn Stars, the reality show based on the Gold & Silver Pawn Shop in Las Vegas. The show has been running for over 21 seasons, and Rick himself has become the godfather of the pawn business.

I even joined Rick and Chumlee on their own podcast, Pawn After Dark, which was a blast. On this episode, Rick shares the ins and outs of the pawn world—why he thinks it’s the best business model ever, how it’s really the oldest form of banking, and why every object in his shop is more than just an item—it’s a story.

Episode Description

Rick Harrison didn’t just create one of the most successful reality shows of all time—he’s spent decades running the world’s most famous pawn shop. In this episode, Rick and James explore why pawn shops have been a cornerstone of finance for centuries, how collectibles get their value, and why storytelling is the real currency behind every object.

From Rolex watches to cowboy hats with mobster histories, Rick breaks down how he decides what’s valuable, how emotions shape the market, and why gold has remained the ultimate store of value for over 6,000 years.

What You’ll Learn

Why the pawn business is “the oldest form of banking” and how it still thrives today.
How items gain value not just from material, but from the stories attached to them.
Why so many Americans rely on pawn shops over banks and payday lenders.
The economics of Rolex watches, diamonds, and gold in the pawn industry.
How Pawn Stars became a global hit and what keeps the show fresh after 750+ episodes.

Timestamped Chapters

[01:00] A Note from James: introducing Rick Harrison
[02:00] The legacy of Pawn Stars and 21 seasons on TV
[04:15] Why Rick still loves his job after 750 episodes
[05:30] Every object is a story: the cowboy hat with a mob connection
[06:15] Pawn shops as the oldest form of banking
[07:20] Why millions of Americans rely on pawn shops instead of banks
[09:15] Rolexes, lawyers, and quiet transactions
[10:30] How Rick values collectibles, art, and gold
[11:45] Diamonds, divorces, and why jewelry stores buy from pawn shops
[13:10] Charlie Chaplin’s pawn shop comedy and the stigma shift
[14:00] Lab-grown diamonds, fakes, and what people really want
[15:30] The emotions (and fights) inside pawn shops
[17:10] Silverware, grandma’s heirlooms, and misplaced expectations
[18:30] When sentiment meets market value
[20:00] The most expensive items Rick has for sale
[21:15] Civil War coins, rare history, and collectors’ obsessions
[22:30] How U.S. money once carried fine art
[23:00] Gold vs. silver: why gold endures as the ultimate store of value
[24:15] The making of Pawn Stars and its runaway success
[25:15] Why the show works: family-friendly, educational, and fun
[26:00] Rick on Chumlee, drama, and why the show will keep going

Additional Resources

Pawn Stars on History Channel – Pawn Stars Official Site
Pawn After Dark (Rick’s podcast) – Pawn After Dark
Gold & Silver Pawn Shop (Las Vegas) – gspawn.com
Charlie Chaplin’s The Pawnshop

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Transcript

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0:00.0	Your first great love story is free when you sign up for a free 30-day trial at audible.co.
0:05.5	That's audible.co.uk slash Wondery.
0:11.9	Today on the James Altiger Show.
0:15.0	Every object in here is a story and it's beautiful.
0:18.4	It's like a museum in here.
0:20.2	People don't buy collectibles and
0:22.2	stuff because of what they are. They buy it because of what the story is behind it. I personally
0:26.7	think the pawn shop business is probably the best business model there is. It's the oldest form
0:32.7	of banking. A lot of people don't know this, but something like 7 million households in the U.S.
0:37.1	don't have a bank account.
0:38.2	If they use pawn shops and, you know, payday loan. Right around 20% of the adult population cannot get a bank account. If you have bad credit, you can't even get a bank account. I've had guys call me a motherfucker. I mean, I've had so many people that when I tell them, like, oh, your stuff is fake. start cussing me up because I'm trying to rip them off.
0:36.7	How the fuck am I trying to rip them off?
0:38.8	I just told you I don't want it. when I tell him like, now your stuff is fake, start cussing me up because I'm trying to rip them off.
0:54.9	Well,
0:55.1	how the fuck am I trying to rip them off?
0:57.0	I just told you I don't want it
0:58.3	because it's fake.
1:02.3	This isn't your average business podcast,
1:04.9	and he's not your average host.
1:07.3	This is the James Altager show.
1:20.8	Yeah. This is the James Altager show. The man, the myth, the legend.
1:23.8	Rick Harrison, star of the reality TV series, Pond Stars.
	...

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