Pawnbroking dates at least 3,000 years to ancient China and early Greek and Roman civilizations. The practice of pawnbroking is not limited to one social class. In fact, During the 14th Century, King Edward III of England is said to have frequented pawn stores in Europe. Christopher Columbus' voyage to the New World was reported to have been financed by the pawning of Queen Isabella's royal jewels.

The History behind the Pawnbroker's Symbol

Traditionally, the pawnbroker's symbol is three gold spheres hanging from a bar. This stems from St. Nicholas, often referred to as the patron saint of pawnbroking. He is reported to have left three bags of gold so the daughters of a poor man could afford to marry, thus saving them from a life of slavery or prositution. Later the tradition transformed the bags into three gold balls, which became the symbol of pawnbrokers.

How the Pawn Process Works

It's quite simple. Customers leave property as collateral, and in return, pawnbrokers lend them money. As soon as the loan is paid back, they get their merchandise is returned to them. If the customer chooses not to redeem their collateral, the item is then sold at a fair price to the retail consumers.

The Average pawn loan is $75.00
Contract periods vary by state, but are usually 30 days with an additional
30-day grace period.