Economy driving some to pawn shops for quick cash

Tough times mean that some people are walking into pawn shops for the first time hoping to sell something.

People are walking in and giving up their gold. "Anything from class rings to old gold teeth to gold charm bracelets. Just anything that's gold," said Bill Jachimek, owner of Central Pawn in Phoenix.

Gold prices are at an all-time high, and people are hoping to cash in.

If you looked around the store, you would find thousands of musical instruments and used DVDs for sale, along with flat screen TVs. Those are the hot sellers, along with the gold.

Jachimek said people are bringing in their old musical instruments hoping to make some money. One person was really lucky. "Someone had a guitar that their dad owned and it was sitting in a closet and it was bought here in Phoenix probably 30 years ago and they paid probably $200 for it and we were able to pay them $4,000."

He said that's simply because guitars have increased in value over the years. But other instruments, not so much. "If you would have bought an accordion in 1957 and paid a thousand bucks, you'd be lucky to get a hundred for it."

So what does he do with the gold teeth? "Well, if it's gold we actually take it and we smash out the teeth part with the hammer and then we weigh the gold. So, it's not pleasant."

But it is ironic. "I had a chance a chance to be a dentist when I was young and I didn't want to do it because I thought it was kind of yucky and here I am smashing teeth and it's not that bad."

The high prices means he has to jack up the price he charges for gold merchandise.