For most of us, the words "pawn shop" conjure up images of Jerry Orbach or Ice-T tracking down a missing necklace that holds the clue to a grisly crime. Maybe that's why Tod Gordon, owner of Carver W. Reed, is careful when he discusses the shop's nomenclature. "We're more like a collateral bank," contends Gordon, the third-generation owner of the establishment that has been dubbed the "Bloomingdale's of pawn shops" by Philadelphia Magazine. "Pawn shops have gotten this bad reputation, and it's a shame because it's a myth."
Fortunately, it's a myth that won't last long for anyone stepping into the venerable 146-year-old family business that is Carver W. Reed. Situated on 10th and Sansom since 1888, the small, distinguished old building feels right at home between City Hall and Philly's Old City. Carver W. Reed's nondescript exterior belies a refined store, operated by an experienced staff, that has developed a reputation for dignity and class in an otherwise disreputable line of business.
Still, while approaching the sesquicentennial mark is no easy feat, it isn't the store's only qualification for widespread acclamation. When Gordon took over the family business in the '70s, the pawn shop still gave out loans on collateral ranging from boom boxes and tubas to diamond broaches and pearl necklaces.
"We would have an older woman in here looking for a $10,000 loan," Gordon recalls, "and meanwhile next to her is some boisterous guy yelling about a $10 loan, so she gets scared and leaves." So, in an effort to improve the store's decorum, for some three decades the shop has only accepted jewelry.
It's a decision that has paid dividends financially and boosted the store's status. While Gordon still gives out loans for a few hundred dollars he also remembers some of his bigger loans, some more than $100,000. Over the years Carver W. Reed has attracted politicians, businessmen, and three Super Bowl Champions from the Dallas Cowboys and New York Jets. If the Eagles, God-willing, win a Super Bowl and, God forbid, an Eagle needs to pawn their ring, they can come here to do it with discretion and dignity.
The wide range of loans translates to a wide range of merchandise. While Gordon is careful to point out that 96% of his clients reclaim their jewelry, that remaining 4% provides a steady supply of jewelry for sale that includes antiques and brand-new pieces, cuff links, diamond rings and Rolexes. And because the shop makes money from the interest it charges on its loans, all these are available at half the cost of retail price.
Superstar clientele aside, Carver W. Reed maintains a family-owned vibe. "I get guys who come in here and tell me, 'My grandfather used to do business with your grandfather.'" Whether you want to call this place a collateral bank or a pawn shop, that's a type of legacy that even Tod Gordon can't put a price on.
