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Cash Exchange Pawn Shop

Featured Shop: Cash Exchange Pawn Shop in Chicago, IL

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What began as a coin shop in the early 80’s, soon blossomed into a full-service pawn shop on the Northeast side of Chicago. Since 1988, Cash Exchange’s focus has been on jewelry, diamonds, watches, gold, coins, and musical instruments. They do not accept power tools or electronics. However, artwork and anything vintage is more than welcome.

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Local entrepreneurs who need a quick cash infusion to fund a time-sensitive venture will pop-in the shop as well.

If you’re wondering what the difference between a coin shop and a pawn shop is, think no further than cash loans. Each one requires specific licensing to operate. For any shop to have the ability to offer a pawn loan, it means they’ve obtained a pawn license from their city.

Today, Joe, the owner and manager of Cash Exchange, is proudly servicing three generations of local customers. These customers range from very successful business professionals to folks out-of-work. Local entrepreneurs who need a quick cash infusion to fund a time-sensitive venture will pop-in the shop as well. In addition, there are more sensitive cases; a divorcée’s ex isn’t paying any support, or an employee running on a two-week paycheck.

“We’re very knowledgeable of musical instruments, and we are all GIA certified,” said Joe. “We are a family run business, very close with our customers and we treat them as friends – not just customers.”

Many dentists offered to buy the dentures, hoping to use it as an office relic or paperweight.

Being a fan of vintage items, such as guitars, Joe has come across a signed guitar from pop star Michael Jackson and another from rock star Joan Jett.
“I’m a musician myself,” Joe said. “So the vintage stuff that comes in has to go through me first.”

Cash Exchange Pawn ShopOnce Cash Exchange got hold of a pair of dentures (false teeth)! Besides the teeth that contained gold, some had engravings of carved images.
“There was the shape of a crescent moon on one tooth, on another tooth there was a star, and another had a setting with a diamond in it,” Joe remembers. “It was pretty trippy.”

Many dentists offered to buy the dentures, hoping to use it as an office relic or paperweight.

Since the creation of Pawn Stars on the History Channel, “Pawn shops are now viewed in a different light,” Joe said. “Before there was a big stigma against pawn shops.”

Consequentially, industry awareness thanks to televised sensations have also negatively impacted the small businesses that make up the industry.
As Joe explained, “There is an over saturation of pawn shops in Chicago, ever since shows like Pawn Stars came around. The city has become super lenient in giving out (pawn) licenses; there are seven (shops) within a mile and a half radius of our store.”

This evolution has spawned a more competitive nature, many shops will have specialties or unique inventory, not just as a business preference but also to be unique among local pawn shops. Developing a niche, strong customer relations, and strategy to discover new clientele has become key to business sustainability.

Joe’s Pawn Tip:

It’s not all about getting the most money for your item, but the amount you need. The interest charged to a customer will reflect the amount of the pawn loan.

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Want to sell or pawn an item to Cash Exchange Pawn?
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Featured Shop: Cash Exchange Pawn Shop in Chicago, IL
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Cash Exchange pawn shop is a full-service shop on the Northeast side of Chicago. Learn more about them and how they ended up with a pair of gold dentures?
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PawnGuru
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