ALTON - Sam’s Pawn Shop, a family-owned business at 208 E. Broadway in Alton, is closing after 35 years in business, with its final day set for Aug. 1, 2026, as the owners move toward an online-only business model, according to information provided by the shop.
The closing sale includes fixtures, shelving and remaining inventory, and all outstanding pawns, loans and layaways must be redeemed by Aug. 1, 2026, the business said. The shop also said customers should stop in or call 618-462-5696 to make arrangements.
“We are officially announcing that after 35 years, Sam’s Pawn Shop is closing,” the business said in its announcement. “Everything must go: fixtures, shelving, remaining inventory, and all outstanding pawns/loans and layaways must be redeemed by August 1, 2026.
Sam's Pawn Shop Owner Stacy Dixon said the decision was not made lightly.
“We have had a good customer base loyalty; they have been incredible, not a decision taken lightly by any means,” Dixon said.
Dixon said the business plans to continue in a different form, operating online through its website and eBay store, while continuing to buy gold and some other items.
“We just decided be a good time to do a home base through our website and eBay store,” she said.
She said the online business will focus on buying and selling online and will continue the gold side of the business, but “not guns or loans.”
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The shop said it is still buying gold, diamonds, jewelry, gold and silver coins and bullion, select electronics, select instruments and tools.
Sam’s Pawn Shop described itself as a family-owned and operated full-service pawn shop in Alton’s historic Antique District on Broadway. The business said it has served customers since 1991 and is now woman-owned.
According to the business history provided, Sam Balaco II opened Sam’s Loans Inc., also known as Sam’s Pawn Shop, in 1991. Stacy Balaco Dixon joined the business in 1995, Corey Dixon in 2005, and Matthew Dixon in 2025. After Sam Balaco’s death in 2022, ownership transferred to Stacy Balaco Dixon.
The business said its family has been involved in commerce in Alton for more than 100 years and four generations. It traced that history to Sam Balaco I’s purchase of the Modern Store in 1917 and later family business ventures including the BonAir and Lotteo’s Restaurant.
Dixon said the closing brings both pride and sadness.
“For sure, it does give us a lot of pride along with sadness," she said. "Our customers have meant the world to us. We know each other on a first-name basis; they know all about our lives, and we know their lives."
She also said the family is looking ahead.
“We are trying to build a new chapter in our lives and we are looking forward to it,” Dixon said.
Stacy Dixon thanked customers for their support over the years.
“We are excited for the next chapter of our lives, and would like to thank all of our loyal customers for years of doing business together; it’s been our pleasure to serve you,” the shop said.
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