Michael examined the ring the old woman had brought to his shop: carefully checking the band for hallmarks, while checking the quality of the stones and their setting. Finally, satisfied that he had learnt all that he could, Michael put the ring down on the black velvet cloth that he had spread across the counter top. "Five hundred," he said blandly. "That's as high as I can go."

The old woman's cheeks quivered as she stood there in silence. Michael hoped she wasn't going to make a scene. He had been a pawnbroker for almost thirty years, and he liked to think that he knew how a customer was going to react to an offer. The old woman looked like she was from a good background, but had fallen on hard times in her old age. Michael liked that sort of person - desperate for money, but unwilling to make a fuss.

"Are you sure?" the old woman asked, her voice high-pitched but steady. "It is an antique. It belonged to my mother, after all."

Michael shrugged. He often used the gesture to give him time to think. Right now, his thoughts were on profit and loss, risk and reward. "Six hundred," he said. "And I'm doing you a favour."

"Surely it must be worth at least a thousand?" the old woman asked, her eyes pleading with Michael.

Michael knew that he could get at least twice that figure if he had to sell the ring - even of he had to sell it to another trader. He could afford to go higher - but not too much more. "Seven hundred," he countered.

"Seven hundred and fifty?" the woman ventured.

Michael nodded and smiled, a display of false empathy. "Alright. Let me write out your ticket." He took a pad of receipts from beneath the counter and scribbled down all the necessary details. Then he carefully counted out a bundle of notes and handed them and the receipt to the old woman. "It has been a pleasure doing business with you."

Some days later, Inspector Ladd paid his weekly visit to Michael's pawnshop. Ladd was an old-fashioned policeman. He believed in maintaining good relationships with the community, especially the local merchants. "Anything new since I was last in?" the inspector asked Michael.

"Just a few things. Do you want a look at them?" Michael led the inspector into the storeroom at the back of his shop, and showed him his latest acquisitions. Ladd showed no interest them until Michael showed him the old woman's ring.

"Did you pay much for this?" Ladd asked.

Michael shrugged. "Do you like it? In another three weeks you can have it at a discount."

Inspector Ladd ignored him. "I hope it wasn't too much, because you've lost it." He took the ring from the box Michael had placed it in. "This is stolen property."