A Short History of Pawnbrokers1304scribd

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A Short History of Pawnbrokers

Pawnbroking is said to be one of the oldest professions in the world. pawnbrokers can be tracedback to over 3000 years ago, and has advanced with the times, still strong in today's world. In thisarticle we look back over the history of pawnbroking and pawn brokers to see how they haveremained so popular through the eras.

The ancient history of pawn brokers can be traced back to China. Even then in the early days thebusiness was heavily managed with long redemption times and maximum interest rates.Examples and evidence of pawn broking industry has been located in ancient Greece, Italy,Bavaria, France and England, dating from Roman times to the 1300s.

The long history of the trade has lead to pawnbrokers having their own patron saint, SaintNicolas. This busy saint is also the patron saint of children, sailors, fishermen, broadcasters andarchers, among others.

According to the National Association of Pawnbrokers in the UK pawn broking is partlyresponsible for the discovery of the Americas. It is said that the voyage of the Nina, Pinta, andSanta Maria were funded in large part by pawning jewels belonging to Queen Isabella of Spain.

Around the same time the Medici family helped to transform pawnbroking into the industry weknow today. The now international symbol of the pawn broker can be accredited to them, beingsymbolic of Lombardy, the Italian province where pawn broking was first thought to have been

established. The success of the Medici family in banking and money lending led to other familiesand businesses adopting the symbol.


Around the same time the Medici family helped to transform pawnbroking into the industry weknow today. The now international symbol of the pawn broker can be accredited to them, beingsymbolic of Lombardy, the Italian province where pawn broking was first thought to have beenestablished. The success of the Medici family in banking and money lending led to other familiesand businesses adopting the symbol.

Come the late 19th and early 20th centuries there were reportedly almost as many pawn shopsoperating in Britain as there were pubs.


Around the same time the Medici family helped to transform pawnbroking into the industry we
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know today. The now international symbol of the pawn broker can be accredited to them, beingsymbolic of Lombardy, the Italian province where pawn broking was first thought to have beenestablished. The success of the Medici family in banking and money lending led to other familiesand businesses adopting the symbol.


In the nursery rhyme 'Pop Goes the Weasel', believed to have written in the 1700s, the title is aslang term. The translation of the 'Weasel' varies from a coat to a shoemakers tool, however the'Pop' is quite consistently referred to as a slang term for pawning. Hence 'pop goes the weasel'refers to the item being pawned. Another piece of pawn broking mythology is the spurring of theterm 'Sunday Best'. It is said that even the poor would own a suit, which they would often pawnMonday to Saturday, claiming it solely for their Sunday church visit, hence the suit is their SundayBest.


Around the same time the Medici family helped to transform pawnbroking into the industry weknow today. The now international symbol of the pawn broker can be accredited to them, beingsymbolic of Lombardy, the Italian province where pawn broking was first thought to have been

established. The success of the Medici family in banking and money lending led to other familiesand businesses adopting the symbol.


In the nursery rhyme 'Pop Goes the Weasel', believed to have written in the 1700s, the title is aslang term. The translation of the 'Weasel' varies from a coat to a shoemakers tool, however the'Pop' is quite consistently referred to as a slang term for pawning. Hence 'pop goes the weasel'refers to the item being pawned. Another piece of pawn broking mythology is the spurring of theterm 'Sunday Best'. It is said that even the poor would own a suit, which they would often pawnMonday to Saturday, claiming it solely for their Sunday church visit, hence the suit is their SundayBest.

By the finish of World War 2 there were over 5000 pawn brokers in the British Isles, lendingagainst anything people had left to pawn. As England recovered and the welfare state wasintroduced the demand for pawn broking reduced. Clement Attlee's Labour government wasfollowing a policy of social care that hoped to put an end to the pre-war days of poverty and want.Schools, health care and housing were all vastly improved from their pre-war states, and thedecaying Britain was being mightily swept away in a wave of Socialist feeling. pawnbrokers fellout of fashion slightly.
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By the 1970s the pawnbroking trade was teetering on the edge, with a negative reputation toboot. The lack of regulation of the business through the last few hundred years led to 'cowboy'pawnbroking giving bad deals to those in need of their services and reducing the number ofpotential customers willing to do business with them.

Since the credit boom time of the 1980s pawn brokers have enjoyed far better success, withbetter regulation came a much improved reputation, and with the boom, unfortunately came thebust that has left many in need of the services pawn brokers offer. Pawnbrokers today offer aspeedy and secure means to lend money when you need it most, giving access to money inminutes when banks may have declined.

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