Pawn shop owner discusses coin shortage

Local News

RIDGELAND, Miss. (WJTV) — Gold n Guns Pawn Shop in Ridgeland specializes in fine jewelry and guns. Many customers enjoy the luxury of being able to pay for and sell their goods for cash.

Store owner Jackie Mize said that cash transactions are the most efficient way to pawn.

“We don’t charge you for it and we’re not charged for it,” Mize said. “It’s the American way. It’s cash and change.”

The store’s bank has a certain amount of physical money allocated for them, and there’s plenty of it, but it’s not infinite.

Mize said if they do run out, what they’ll have to do is switch to card purchasing only, which adds a huge fee to each transaction.

“That just hurts either us or a customer,” Mize said. “You either pass the fees on to the customer or you have to eat them, so I know that a lot of people are going to just card, and they are actually adding it back on to the merchandise.”

Mize said that she’s never worked through anything like this before. She said does not necessarily expect it to become a problem, but a lot of unexpected things have been happening lately.

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