April 4, 2018 at 5:30 p.m.
Business profile - Gold Nugget Pawn brings unusual finds for sale
Owners: Jackie and Dan Tallent and Alta Robb
Established: 1979
From unique coins and guns to diamonds and wedding dresses, Hope's Gold Nugget Pawn Shop has been a staple of the Hope community for nearly 40 years. Jackie Tallent, co-owner of the shop, talks about what it's like to be a business owner and the unique trade her and her family has grown to love over the years.
For those who haven't visited your shop, would you briefly describe what you offer?
We're a pawn shop and we take in so many different things. Really, anything of resale value. We have been coined as a boutique pawn shop. We have some different specialties, like guns and jewelry. And we are one of the few pawn shops who have dresses.
How and when did you start offering formal dresses?
I have three sisters. I worked here and thought I am going to get some of our dresses and my friends' dresses and we will do consignment with the prom dresses because you know how it is, you only wear them once. And that is how it got started back in 1988. Then I filled in with a lot of new items. I would say 75 to 80 percent of our prom dress inventory is new. And we do about 25 percent on consignment.
How has the Hope community embraced you as the town's first pawn shop?
Hope has really supported and been wonderful to us. I know my parents first met with resistance, because the town really didn't what a pawn shop was. Thirty-seven years ago if you didn't live in a big city or on a military base, you didn't know what a pawn shop was because there was no "Pawn Stars" back then. I think once people realized what it was and it could be positive for Hope it was OK.
What is the most unique item to pass through the shop's doors?
We have had so many different items. We had a samurai sword from Guam. That was probably one of the most unusual items. Somehow a fellow who collected them found it with us and shipped it back to the family (it belonged to originally) in Guam. I thought that was an interesting story. You have to come to Hope to find a Samurai sword apparently. There have been several other items, too. We had a Civil War necklace that was a medal they gave out and it was a really interesting piece. I had it for quite a while and a really big Civil War collector bought it.
What is a unique fact about the shop that residents may not be aware of?
We are the fourth oldest pawn shop in the state of Indiana. I didn't know that until our 35th anniversary.
How have things changed over the years?
Some things are pretty big changes, but it is still the same basic concept.
So how does it work when someone brings in an item?
There's selling an item outright. And then there's getting a loan on something and that is our biggest business.
How does the loan portion work?
We want to take something of value and, say it's worth $1,000, what we are going to do - because a person doesn't want to sell it, they want to borrow against it as collateral - we make it liquid for them, turn it into cash and hold it for three months.
What is the biggest challenge for you as a business owner?
When you're a small business, you wear a lot of hats, like bookkeeper, manager, inventory, etc... So you have to be a jack of all trades - especially in a pawn shop.
Where do you see the business going in the coming years?
I don't know; there are always avenues I find interesting that I would like to expand upon - I think that is the nature of any business. But, basically, I want to be able to continue to give the same service we always have. It's not just a business. I consider a lot of our customers as friends and family and I wouldn't want it any other way. I enjoy that part of it and it is the biggest motivation for me.[[In-content Ad]]
