No. 461
Crime, Eccentricity, and the Sporting Life in 19th Century America.
February 18, 2020

The Pawn-Ticket Game.

Pawn tickets make bad collateral.
March 5, 2013
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(Thanks to Henry-Clement Sanson for the guest post. The former executioner — the last of his illustrious dynasty comprising six generations of bourreaux — was the grandson of that dread figure of the Paris Terror, Charles Henri Sanson. Henry-Clement’s Memoirs of the Sansons: From Private Notes and Documents (1688-1847) describes some famous or infamous executions […]
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Executed Today - 2/17/2020

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"Denver's Oldest Bar" matchbook cover outside cover - A (Click image to enlarge) new addition to my collection A matchbook cover from "Denver’s Oldest Bar" is a new acquisition to my private Soapy Smith collection. Though it is a "modern" item from the 1960s-70s, it has a direct link to Soapy Smith. "Denver’s Oldest Bar" was once controlled by Soapy, under the name, "Tivoli Club,
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Soapy Smith's Soap Box - 2/7/2020

"Boston Globe," August 19, 1905, via Newspapers.com The true-crime writer F. Tennyson Jesse suggested that not only are some people "born murderers," others are "born murderees." It is when these two types of people happen to find each other that you get A Situation. It is an interesting theory, but one that tends to fall apart once you study murder cases. For example, it is hard to find
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Strange Company - 2/17/2020
Beginning on January 1st, W&W will begin featuring fascinating short clippings from the Fall River papers and other newspapers from …

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Lizzie Borden: Warps and Wefts - 12/29/2019
Every day since Halloween 2007, the blog ExecutedToday.com has posted a story of an execution that took place on that date in history somewhere in the world. While this certainly says something about the human condition over time, it also says something about the determination and thoroughness of the blogger of ExecutedToday.com, who goes by the epithet Headsman. As someone who has scrambled to
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Murder By Gaslight - 2/15/2020

Wherever rich New Yorkers built their homes in the 19th century, they also built private stables for their expensive horses and carriages—with upstairs living quarters for a coachman or groom. So when Upper Fifth Avenue along Central Park became the city’s new Millionaire Mile during the Gilded Age, certain Upper East Side blocks to the […]
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Ephemeral New York - 2/17/2020
[Editor’s note: Guest writer, Peter Dickson, lives in West Sussex, England and has been working with microfilm copies of The Duncan Campbell Papers from the State Library of NSW, Sydney, Australia. The following are some of his analyses of what he has discovered from reading these papers. Dickson has contributed many transcriptions to the Jamaica Family […]
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Early American Crime - 2/7/2019
Naughty Anthony. | "Ten Minutes for Refreshments and Divorce!"

The Pawn-Ticket Game.

pawnbroker

In theory, a pawn ticket would be ideal collateral for a loan. The value is printed on the ticket and the pawned object it represents is easily worth three times that amount. In practice, however, anyone who loaned money to a stranger with a pawn ticket as collateral found himself the owner of a very expensive piece of paper.

The pawn-ticket game had the same appeal as all con games—the lure of easy money—but it was simpler than most. The holder of a pawn ticket, claiming to be in desperate need of money, was willing to pay high interest for a short-term loan, using the ticket, worth far more than the borrowed amount, as collateral. Finding a willing lender was not difficult; sometimes just a classified ad in a newspaper did the trick:

ATTENTION—$30 wanted immediately; return $50 week; security given salable $200. YOUMANS, Herald Harlem.

Mabel WrayMabel Wray, "Queen of the Pawn-Ticket Players."

Anyone who answers this ad will be visited by a gentleman with a clever story and a pawn ticket or two to be used as collateral. He will emphasize that the jewelry in pawn is worth far more than $200 which will guarantee his return in a week with the promised $50. Of course, the borrower does not return and when the lender redeems the pawn ticket he finds that he is not able to sell the jewelry for anything near the $200 it had cost him to get it out of pawn.

The pawn-ticket game worked because the conmen were in league with the pawnbrokers who furnished them with tickets and who made a sizable profit if the bogus tickets were redeemed.  The game was so lucrative that a number of people in New York City were able to make their living this way.

Hotels were another good source of marks for the pawn-ticket games. Traveling  men proved to be extremely trusting of newly acquired drinking buddies and young ladies they had known for only one evening. In the 1870s, Mable Wray was known as the “Queen of Pawn-Ticket Players” for her ability to secure loans from married men away from their wives, using worthless pawn tickets as collateral.





Sources:

  • Cochrane, Charles H.. "Humbugs Labelled "Business Opportunities"." Moody's Magazine: The Investors' Monthly May 1906: 666.
  • Farley, Phil. Criminals of America, or, Tales of the lives of thieves enabling every one to be his own detective : with portraits, making a complete rogues' gallery. New York: Author's edition, 1876.