Rick Harrison, star of Pawn Stars and master of the iconic Gold & Silver Pawn Shop, shares his insights into the pawn world. He reveals why pawn shops are the oldest form of banking and discusses the deep emotional connections people have with their items. Harrison explains how storytelling influences value, whether it's a Rolex or a cowboy hat. He dives into the complexities of pricing priceless heirlooms and reflects on the impact of reality TV on his business's success. Tune in for a fascinating look into a unique financial landscape!
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insights INSIGHT
Pawn Shops As Oldest Banking Model
Rick Harrison calls pawn shops the oldest form of banking and highlights their role for the unbanked.
He notes ~20% of adults lack bank accounts and rely on pawn shops or payday lenders for cash access.
insights INSIGHT
Stories Create Collectible Value
Collectibles derive most of their value from stories, not intrinsic material alone.
Harrison treats the shop like a museum where narrative drives buyer desire and price.
question_answer ANECDOTE
Benny Binion's Cowboy Hat
Rick describes a cowboy hat that belonged to Benny Binion, tying it to Las Vegas mob history.
The object's provenance makes it far more valuable than an ordinary cowboy hat.
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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
The James Altucher Show 
