By Jeff Theodore, Contributing Writer
HUDSON – What sets Hudson Trading and Loan, LLC apart from other pawnshops?
Stewart Medoff, owner of the popular store since it opened 24 years ago on Main Street, credits his success to continuity and trust.
“We have a homegrown reputation. My manager, Dana, grew up in the area and his father worked here before he did,” Medoff says.
Patrons know they can trust Medoff and his staff.
“We are straight, upfront and consistent,” he says. “We are licensed by the [town] and overseen by the state. If we aren’t honest, we can be shut down. Sometimes people who pawn their items here for $5,000 loans are nervous about getting their stuff back. I tell them to call the police department to ask about our reputation.”
Today, Medoff says Hudson Trading is the largest independent buyer of scrap gold and silver coins and jewelry in MetroWest and the sole pawnshop between Boston and Worcester.
A jewelry salesman for more than four decades, Medoff initially had no intention of entering the pawn business.
“In the mid-90s, a guy who worked for a jewelry store I did business with went to work for his brother-in-law who opened a pawn shop,” Medoff recalls. “I was intrigued because I had never been in a pawn shop before. It was a perfect symmetry for me to open a pawn shop because it was both a source and an outlet for jewelry.”
For the first time in his life, Medoff decided to put together a business plan to open his own pawn shop.
The shop specializes in buying and selling gold and silver coins and bullion as well as karat jewelry. They also make collateral loans. Additionally, Medoff and his staff make house calls to buy and appraise jewelry from estates.
Medoff says he’s noticed an increased interest in buying silver these days.
“It’s more affordable than gold,” he says.
A while ago, Medoff decided to reinvent his retail pawn business and create a larger online presence through his website, hudsonpawnbrokers.com.
“We decided to concentrate on selling silver coins and bullion as well as gold,” Medoff says.
“Our prices are competitive with online dealers,” he says. “We have good stock in coins and bullion. Another advantage is that you can walk out of our pawn shop with the coins or bullion in your hands.”
For Medoff, the pawn business has paid off, just like he planned it.
“Everything is a risk and there are no guarantees for success, but I took a chance and it has worked,” he says. “Oh, and did I mention we have type 1 and type 2 US silver eagles in stock?”
Hudson Trading and Loan, LLC is located at 109 Main St. in Hudson. Individuals can also call at 978-562-1068.