It all started in 1940, when Les Gold’s grandfather opened up Sam’s Loan Office, which was located in the spot that MGM Casino sits today. He made his first sale at the age of 7 and was immediately hooked. He opened American Jewelry & Loan in 1978 in Oak Park. In 1992 he relocated the store to Detroit on Greenfield near Eight Mile Road. The former bowling alley is now a 150, 000 sq. foot facility operating with 50 employees.
How did a metro Detroit pawnshop become a hit reality show?
In 2008 the Golds were hosting an event, which they advertised on channel 20 and on commercial breaks of the Jerry Springer show. Steve Wilkos from the Show traveled to Detroit and had a great experience. Once he saw the dynamics of the family and the pawnshop, he was intrigued. Three months later an executive producer who worked on the Jerry Springer show contacted the Golds and asked if they would like to participate in a reality show.
At the start Seth Gold (Les’ son and business partner) was reluctant and wanted nothing to do with a reality show. Les said “Let’s do it, how big could it get?” Now “Hardcore Pawn” the number one show on truTV, televised in 143 markets.
Three years ago, the Golds purchased another store in Pontiac, which was an existing pawnshop. They changed the name from Premiere Jewelry & Loan to American Jewelry and Loan. When asked if the Golds would ever move from the famous Greenfield location, he responded, “Heck no!”
Ashley Gold (Les’ daughter and store manager) and Seth Gold were divided growing up when it came to being a part of American Jewelry and Loan. Ashley, who also wrote her first pawn ticket at the age of 7, knew at an early age she wanted to be in business with her dad.
“When all the girls were going out with their girlfriends on Saturdays, I would go to the pawnshop,” she said.
Growing up, Seth wanted nothing to do with the pawn business. All of his friends’ fathers were doctors and lawyers. It wasn’t until his senior year in college that he considered working with his dad in the store. When asked if working with a sibling is challenge, hke said, “My sister and I may have different ways of running and operating, but our goals for the store are the same.”
Among the Golds’ most prized possessions are a University of Michigan Rose Bowl ring, a Ty Cobb baseball and the famous Jack Kevorkian (Dr. Death) van.
In the Golds’ spare time Seth and Les like to workout together in the morning before going to the store. Ashley loves to play tennis, Scrabble and do puzzles. It is a “great escape” for her. She just started an Internet radio show titled “Pawn Chick Radio” where she interviews celebrities about fads and fashion. A new episode airs every Friday. There is also a weekly blog that is updated every Tuesday.
In 2013 Les Gold authored a book titled “For What It’s Worth: Business Wisdom from a Pawnbroker” that talks about his journey from working at his grandfather’s store at age 7 to being a reality show personality. He was named a New York Times bestselling author. When asked what tricks or tips he had for appraising valuables, he responded, “I take the emotion out of it. But the key to negotiating is making sure you know the value of the item. But when selling an item bring that emotion out.”
The Golds have a strong involvement with the community. They are contributors to THAW, Mittens for Detroit, Coats for Kids, Mojo in the Morning’s Christmas “Breaking and Entering” where they find a family that has little or nothing and fill their house with TVs, toys, etc.
“God’s been good to us, the least we can do is give back to the community,” said Les.
American Jewelry & Loan will be hosting their Hardcore Holiday Shopping Event on Saturday, Dec. 13. There will be giveaways, door prizes, a cash machine, food, live entertainment and door buster deals.
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