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

The post A History of Pawn Shops appeared first on Walt's Pawn and Estate Jewelry Buyer | Ocala Florida.

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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