'Pawn Stars' boss Rick Harrison once paid $34,000 for a rare coin after taking his dad's advice
"Pawn Stars" boss Rick Harrison often turns to experts for getting an accurate valuation on any item that turns up at his iconic shop. But he also had a special relationship with his father, Richard "Old Man" Harrison, who brought a lot of experience into the business and the show. Harrison learned most of his tricks from the old man, and there was a time when he had to take approval from his dad before major purchases. This was seen when he had to ask for permission before closing a $34,000 deal for an '1861 Double Eagle $20 Gold Coin.'
In the classic episode, a guest brought the rare coin to Harrison's table, looking to make a sale. "I decided to come to the pawn shop today to sell my rare 1861 double eagle $20 gold piece. I took this coin for collateral against the guy that's giving court, and now I got to pay $50,000. So, I'm hoping it'll make a dent in the $50,000 that I owe on this bond," the seller said in his interview.
Looking at the coin, Harrison was immediately intrigued as he realized that it was the 'Holy Grail' of American coins. "The U.S. started making these coins in 1849, and they continued to make them for over 80 years. This is uncirculated mint state, and this is a very expensive coin," Harrison noted. The pawn shop boss then asked the owner for the price and told him that he was looking to get $50,000 for it.
Harrison then called in his expert to come take a look at the rare coin and authenticate it. The expert also confirmed that it was a rare coin as it had a long history. "When we had the 1849 Gold Rush America had a substantial gold supply they started issuing the $20 gold piece up to then they only had the $10 gold piece. So that's why they call it a double eagle versus an eagle," the expert explained. When Harrison asked him what grade the coin seemed to be, the expert confidently told him that it looked like it was very high grade. "It has very minor scratches on the whole coin," he noted. Coming to the appraisal, he told Harrison that the item would easily be worth $40,000.
Hearing the number, the guest started celebrating. However, Harrison told him that he wasn't willing to pay so much as he needed to make money on the item as well. Thus, the guest modified his asking price and lowered it to $34,000. The younger Harrison knew it was a good deal, but he still looked to his old man for permission. "Oh go for it what the hell," Harrison's father said.
With his father's permission, Harrison shook hands with the seller and closed the deal for the historic coin. The deal still serves as a reminder of the great master and apprentice dynamic between the two pawn shop bosses.
