However, during the Middle Ages, the Catholic church restricted how much interest was placed on these transactions limiting the growth of Pawn shops. These rules were relaxed in the 14th and 15th centuries in Europe though after short-term credit was becoming vital for financing business endeavors and aiding the poor. Families such as the Medicis in Italy and the Lombards in England became known as money-lending families. One famous customer back in the day was none other then Kind Edward III! He famously pawned his jewels to the Lombard family to finance war against France. So even back then, customers were not just limited to working class people but royalty as well.

The word Pawn itself comes from the latin word “Pantinum” meaning cloth or clothing. Clothes were actually often the most valuable items working people owned. The practice of pawning clothes on Monday and retrieving them on Friday-payday, goes all the way back to the 19th Century. Since people in need of quick cash were more likely to be on the fringes of society back then, measures prevent the pawning of stolen items. The Pawnbrokers Act of 1872 laid groundwork to regulations that protected pawnbrokers who inadvertently sold stolen items. This also capped the amount of interest that could be charged and set guidelines overall for the industry. This paved the way for a pattern of regulation that still is practiced to this day!

There you have it! The history of pawnbroking in a nutshell. Hopefully, this has been an informative trip through history and join us next time on the Walt’s Pawn Blog!

Thanks for stopping in,

Walt’s Pawn & Jewelry Buyer

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At Walt’s Pawn & Estate Jewelry Buyer, “TRUSTWORTHY Service You Can BANK On!” is way more than a slogan. It is a business practice and personal belief. One that we ALL share here at Walt’s. We want you to know that and to feel that when you come see us.

Relationships in business are everything. How you relate to customers and how you treat customers tells a lot about your business. Walt has taught every one of us to be transparent in what we do, how we think and operate. There are no whispers at the front counter. There is no secret about what we pay on gold. We welcome any questions you may have.

Sometimes, you might inherit jewelry from an estate. Other times, you may have broken jewelry or jewelry you don’t wear anymore that is just sitting around. In these situations, you want a company you can trust to pay you a fair amount. That’s when you remember, “TRUSTWORTHY Service You Can BANK On!” is found at Walt’s Pawn & Jewelry Buyer!

We are here to hep you. Give us a shot and find out just what we are all about. You will be happy you did!

Sincerely,

Walt’s Pawn & Jewelry Buyer

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So let’s first just address the elephant in the proverbial room here: Pawn Shops are not some seedy underbelly of the criminal world. They are not a dungeon with barred windows, neon lights and fronts for all kinds of the bad element. We are a service that operates for one basic purpose. To help our community in times of need. The customers are always the basis for business. Granted, some companies in certain industries don’t value that aspect. They value the dollar. At Walt’s Pawn & Estate Jewelry Buyer, we are different. We value you!

So with that basis in mind for this blog post. I would like to highlight a debate that comes up more often than one would think. Should I buy from a pawn shop? Or should I just buy this new? On eBay? The latter are more reliable than a pawn shop! Right?

Up until about 5 years ago I never realized that pawn shops were home to such deals. I never even knew how much the mark-ups are in a retail shop and that saving that much was an option! Logically speaking, who doesn’t like to save money? I think just about everyone would say yes to more money in their pocket.  I’m not 100% but pretty sure anyway.

Now there is a question as to quality. Is that ring REALLY Vera Wang? Is that a good deal on a 1 ½ ct GIA certified loose round-brilliant diamond? I can get a 2018 MacBook for how much?? It seems like it has GOT to have a catch! Right? Wrong!

At Walt’s, we are all about deals! We are all about buying at a fair price so we get you the most money when you need it. Then, selling said items for a FAIR market value. So, when we say it is Vera Wang, we will show you it is. When we present that RBC with a GIA cert, we will show you the inscription and give you the print dossier to boot. We will scan it and print our report for you too. The point being that we will not only hook you up with a deal that will save you but back it up with a reassurance and exceptional customer service.

I have only been part of this industry for 5 years and I can tell you this. This is YOUR business. We are not here to hurt you or to make a quick buck on you while we pay you next to nothing in a dark showroom. We want you to not only feel like you made the right choice but to want to brag about it. So when it comes to trustworthy service you can bank on, Walt’s has got you! Come see us and find out for yourself.

Sincerely,

Walt’s Pawn & Estate Jewelry Buyer

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