Newsday profiled The Gold Standard and how our family business sets itself apart from the stereotypical pawnbroker.
How it started
Scott Simon founded the company in 2008 as a gold-buying business, together with his wife, Claire Simon, and her father, Jeffrey Persily. By 2012 it had grown to 20 locations across Long Island and Queens. Collateral lending was added in 2010, and when gold prices fell in 2015 the family refocused on lending. Today the company operates four stores, in Syosset, Carle Place, Forest Hills and Floral Park.
A different kind of pawn experience
There’s no bulletproof glass. Customers sit down privately with a manager to talk through a loan. As Scott told Newsday, “We want to operate as a bank for people who need our services.”
Who we serve
Most of our business comes from repeat customers and referrals. Clients include people who need a short-term bridge loan and seasonal business owners, such as contractors covering winter payroll, who can’t get quick cash from a bank.
What we lend on
Most loans are made against gold, diamonds and luxury watches, followed by cars and motorcycles, then sports and political memorabilia. Loan offers are based on an item’s auction value. Newsday highlighted a loan made on a Ferrari 458 Speciale, and a Mickey Mantle rookie card that Mantle himself owned, which the company bought and later sold at auction for $180,000.
Authentication comes first
Our team uses testing equipment to detect counterfeit coins and to tell lab-grown diamonds from mined stones. Sports cards are sent out for professional certification, and watch serial numbers are checked against subscription databases.
What makes it rewarding
Scott calls his staff “a second family.” Many customers come to us at a moment of real need, and some have come around the desk to give him a hug.
