No-Shop Pawn Shop

In Medellin, Colombia, if you want to trade in your wristwatch for some cash and a less expensive model, you can do that right on the street. A bunch of men congregate outside the Botero Sculpture Park, shaded by the steps of the elevated metro station.

Their arms are lined with their inventory of used watches. The deal is that if you want a different watch, and perhaps want some cash from the one you are wearing, you trade with the guy on the street. Until the expiration of an agreed-upon number of days, you can trade back. After that, the deal is sealed.

The local guide I was with told me that to her disappointment, her dad traded his expensive watch for a cheaper knock-off plus some cash. He came out short on the transaction.

Watch Trader