Voices of the Bay: Tara Hurley

In 2009, Tara Hurley, who graduated from Providence College and previously worked for her family’s telecommunications company, opened the Warren Exchange as a cash-for-gold business before she expanded it to include other valuables. It wasn’t long before she came to appreciate that the heart of her business is not about the item up for sale, but the stories that she hears – fascinating tales about the events which have led customers to her shop, about the history of a special coin or gold necklace, or of lost items finding their way back to their original owner.

CASH FOR GOLD: Originally, I started off as just a coin shop. Gold was great for a while, but then it crashed in 2012, and fewer people were coming in. I expanded to buying and selling everything. It’s a resale shop, gold and coins get melted, and the other stuff I buy and resell.

WORD OF MOUTH: The majority of my business is from referrals. I advertise, but I ask everybody who comes in how they found us, and it’s either a drive-by or a referral. For example, if I have a woman sell me jewelry, and she’s shocked by the amount of money she gets, she goes home and tells her sister, cousin, or aunt. And then those people all come in within a week.

COSTUME PARTY: People don’t realize there can be gold in costume jewelry. In the ‘80s, gold was so cheap it was mixed in. Back then, you could buy a gold chain for $50. Nowadays, that might sell for $500. I’ve seen people sell things they don’t want to sell, which is hard.

DOCUMENTATION MATTERS: Everyone who sells to me signs a document stating that they are legally empowered to sell or dispose of the items. I take a picture of both their ID and the items. The itemized list goes into the attorney general’s office database, and I fax it every night to the Warren Police Department. If you didn’t realize that something got stolen from your house, and it’s three months down the road, and the police come to me, I have a picture of the item. Any reputable gold dealer has to put all of their buys into the AG’s computer database.

LOST AND FOUND: I bought a US Military Academy ring and listed it online before going on vacation. When I got back, I had a bunch of calls. One message said, “That’s my class ring. I was in Rhode Island in 1970 after being in Vietnam, at the Lincoln YMCA. I took it off in the shower, and it got stolen.” I called him and said, “The guy who sold it to me said he found it on the beach, and he wasn’t even born in 1970, so I believe him. I paid about $500 for the ring. If you want to make me whole, I’d appreciate it, but regardless, because you’re a vet, I’ll send it back even if you don’t buy it.” He replied, “Let me think about it for a day.” The next day he called back: “You know what? I haven’t had that ring for almost 50 years. I don’t really care about the ring, but it brought me so much joy these last two weeks. Everyone I went to college with saw it on eBay and started calling me. I hadn’t talked to some people in 30 years – people were tracking me down just to say, ‘Hey, your ring is on eBay.’” I thought that was pretty cool.. I ended up relisting it on eBay and selling it.