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Facts About Pawning

- The first pawn shops emerged in ancient China more than 3,000 years ago.

- Today, there are more than 12,000 pawn shops operating in the United States alone.

- It is estimated that approximately 25 million Americans do not have a bank checking account. Pawn shops serve this population by offering a source of short- term loans.

- Pawn shops are often referred to as the “Lombard” in Europe, in reference to the House of Lombard, a prominent lending family in medieval London.

- More than 70 percent of all items pawned today are reclaimed.

- The average loan granted for a pawned item is $75.

- Most states have laws limiting the amount of interest charged on pawn loans.

- State laws mandate that customers pawning items provide detailed information including name, address, and date of birth, and show government issued ID.

- The symbol of the pawnbroker is three spheres suspended from a bar. Some connect this symbol to the Medici Family–legend has it that one of the Medicis working for Emperor Charles the Great killed a giant with three sacks of rocks. The three balls or globes later became part of their family crest, and ultimately, the sign of pawnbroking.

- Saint Nicolas is the patron saint of pawnbrokers; the symbolism of the three balls or spheres associated with pawnbrokers has also been connected with his gift of three bags of coins to the three daughters of a poor man so that they could marry.

Source:  www.history.com