Fence (Oblivion)

A Fence is a term used to describe a member of the Thieves Guild who will buy stolen property in The Elder Scrolls IV: Oblivion and The Elder Scrolls V: Skyrim. In previous iterations of the game, such as The Elder Scrolls III: Morrowind, there was no distinction between stolen and non-stolen property.

Fences are the only NPC merchants who will buy stolen property. Stolen property in Oblivion is identified by a red hand over the icon in your inventory, while in Skyrim the item information panel shows a text reading 'Stolen'.

Selling through fences is necessary for any character who plans on selling any stolen items at all. To gain access to decent fences you must join the Thieves Guild, so if you plan to live a life of crime, join the Thieves Guild and don't forget who your fences are. In Oblivon, the only two non-Thieves Guild fences are Manheim Maulhand, who is an innkeeper and M'raaj-Dar who is a Dark Brotherhood merchant.

For each stolen item sold, you have "fenced" gold into the guild coffers. This is extremely important, as in order to progress in the Thieves Guild you must raise your fenced gold total to a certain value to receive the next quest. For example, to receive the final Thieves Guild quest, The Ultimate Heist, you must have fenced at least 1000 gold in total.

In The Elder Scrolls V: Skyrim, you will progress the amount of gold each Thieves' Guild fence can sell by 500 for each quest Delvin Mallory gives you to help someone in a major city, as well as unlocking a fence vendor in them. These quests stand out from the normal burglary or bedlam jobs, and offer a unique length which sometimes leads to a dungeon.

Fences in The Elder Scrolls IV: Oblivion
* Is not a Thieves Guild fence and will not talk to you if his disposition is below 30

** Note: There is a glitch to Fathis where he can be stuck in Chorrol, download this mod to fix his behaviour. Also, Fathis will not fence to players who do not please him in the Sins of the Father quest.

*** M'raaj-Dar is not a Thieves Guild fence, but will still buy your stolen goods. If you kill him in The Purification quest, his replacement will also buy stolen goods.

Fences in The Elder Scrolls V: Skyrim
In The Elder Scrolls V: Skyrim, stolen merchandise can only be sold to a fence. Instead of the red hand to distinguish stolen merchandise as in Oblivion, it merely says "Stolen" on the top right of the item description. Also, when you level up your Speech skill sufficiently, you can receive a Perk that allows you to be able to sell stolen merchandise to any shop you have invested in.

In Skyrim the Thieves Guild is located in Riften, to the South East. In the city it is located through a series of tunnels in the sewers. Through a few quests, you can get fences in all the Major Cities (the cities that have a keep).