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Newport News Police Department - Operational Manual
OPS-487 - PAWNSHOP, PRECIOUS METALS,
& SECONDHAND DEALERS
Amends/Supersedes: OPS-487 (07/25/2011) Date of Issue: 01/23/2019
I. DEFINITION
A. Pawnbroker: Any person who lends or advances money or other things for profit on the
pledge and possession of tangible personal property, or other valuable things, other than
securities or written or printed evidences of indebtedness or title, or who deals in the
purchasing of personal property or other valuable things on condition of selling the same
back to the seller at a stipulated price (§54.1-4000 of the Code of Virginia).
B. Precious Metals Dealers: Any person(s) or business engaged in the trade of buying secondhand
precious metals or gems to include removing them from articles not owned by them, or buying
selling or acquiring precious metals or gems which have been removed from articles. The
definition includes all employers and principals on whose behalf a purchase is made, and any
employee or agent who makes any purchase for or on behalf of his employer or principal. (see
also: §54.1-4100 of the Code of Virginia) The exceptions are persons engaged in the following:
1. Purchases of precious metals or gems directly from other dealers, manufacturers, or
wholesalers for retail or wholesale inventories, provided that the selling dealer has
complied with the provisions of this chapter.
2. Purchases of precious metals or gems from a qualified fiduciary who is disposing of the
assets of an estate being administered by the fiduciary.
3. Acceptance by a retail merchant of trade-in merchandise previously sold by the retail
merchant to the person presenting that merchandise for trade-in.
4. Repairing, restoring or designing jewelry by a retail merchant, if such activities are
within his normal course of business.
5. Purchases of precious metals or gems by industrial refiners and manufacturers, insofar as
such purchases are made directly from retail merchants, wholesalers, dealers, or by mail
originating outside the Commonwealth.
6. Persons regularly engaged in the business of purchasing and processing non-precious
scrap metals which incidentally may contain traces of precious metals recoverable as a
by-product.
C. Pawnshop: In accordance with this policy “pawnshop” shall refer to the area, location, or
place of business in which a pawnbroker or precious metals dealer operates.
D. Secondhand and Junk Dealers: Person(s) buying or selling secondhand building materials
for resale to persons who are “regularly engaged” in the selling and buying of these
materials.
E. Regularly Engaged: (With respect to purchasing or acquiring secondhand building
material) Having conducted transactions involving, or having offered for sale, more than 600
pounds combined weight of secondhand building material or enters into more than 26
combined transactions annually, as referenced in § 59.1-117 of the Code of Virginia.
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