No. 636
Crime, Eccentricity, and the Sporting Life in 19th Century America.
December 6, 2023

The Pawn-Ticket Game.

Pawn tickets make bad collateral.
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March 5, 2013
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JULIUS KLEIN
alias: SAMUEL FRANK, YOUNG JULIUS
SNEAK, PICKPOCKET, SHOPLIFTER

Newspaper Clipping of the Day

Via Newspapers.comWhile I can’t say I’d like to have a ghost move into my residence, I’d make an exception for one that’s willing to take over the housekeeping.  The “Cincinnati Enquirer,” March 21, 1891:Mechanicsburg, Ohio. March 20. Of late years this section of territory has been fortunate in escaping the visitations of ghosts, but it appears that one has recently been stalking about.Mr.
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Strange Company - 12/6/2023
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Soapy Smith's stereo-view photograph in Leadville, Colorado, July 21, 1880

Soapy Smith in Leadville, ColoradoJuly 21, 1880Soapy and partner, rear, between carriagesCourtesy Kyle Rosene collection(Click image to enlarge) Soapy Smith's stereo-view photographLeadville, Colorado, July 21, 1880Where was it taken?WHERE IN LEADVILLE WAS THIS TAKEN?(Click image to enlarge)     Those who have read Alias Soapy Smith: The Life and Death of a Scoundrel may
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Soapy Smith's Soap Box - 9/14/2023
Amen.

This lonely First Avenue pay phone is a relic from another New York City

Through most of the 20th century, they could be found all over the city: on street corners, in hotels, drugstores, and restaurants, inside schools, libraries, train stations, and other public buildings. But it’s been at least a few decades since cell phones arrived and the lowly coin-operated pay phone was relegated to history’s dustbin. So […]
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Ephemeral New York - 12/4/2023

Read My Article on Convict Transportation in New Politic

An article I recently wrote for the British online magazine, New Politic, is now available online. The article, “The Criminal Origins of the United States of America,” is about British convict transportation to America, which took place between the years 1718 and 1775, and is the subject of my book, Bound with an Iron Chain: […]
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Early American Crime - 12/17/2021

Tom and Catherine.

The morning of February 5, 1895, Dr. John E Rader was found murdered in the house of Mrs. Catherine McQuinn in Jackson, Kentucky. Catherine told police they were drinking whiskey with her paramour Tom Smith and when Tom passed out, Dr. Rader assaulted her. She shot him in self-defense. Catherine could have committed the murder; she was a rough, course woman with a bad reputation. But the
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Murder By Gaslight - 12/2/2023
On the Russians.

Lizzie has a fall

On October 16, 1900, the Fall River Daily Herald reported an incident at Maplecroft. Lizzie took a tumble from a step ladder while adjusting a picture on the wall. Dr. Stephen Masury Gordon set the broken wrist. Dr. Gordon lived at 165 Rock St. and was a Harvard graduate. One has to wonder why Lizzie did not have one of the servants or her handy man doing the chore. Dr. Gordon
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Lizzie Borden: Warps and Wefts - 10/12/2023

1617: A miller of Manberna, the hangman’s last

Youth With Executioner by Nuremberg native Albrecht Dürer … although it’s dated to 1493, which was during a period of several years when Dürer worked abroad. November 13 [1617]. Burnt alive here a miller of Manberna, who however was lately engaged as a carrier of wine, because he and his brother, with the help of […]
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Executed Today - 11/13/2020
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.

 

 

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