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Also referred to as "Option to Buy-Back"
A pawnbroker is anyone whose business or occupation involves receiving personal property as security for the payment or repayment of
money. A customer is given an amount of money, reserving the option to buy back the pawned item at the determined value, plus interest, within an established time period. If the customer has not
exercised the buy-back option when the time period expires, the item becomes the property of the pawnbroker. Pawnbroking is a profession frequently misunderstood. While the majority of today's
pawnshops are clean, attractively maintained establishments, the industry has difficulty shaking the "pawnbroker stigma." The composite image of the pawnbroker is that of a shady, unkempt character working out
of a filthy, run-down, back street hock shop with barred windows. Many a consumer has considered visiting a pawnshop but then hesitated to do so because of this pervasive stereotype. While public perception may
continue to identify pawnbrokers with the antiquated image of sleazy accomplices to criminal activity, industry data show that less than one-tenth of one percent of all pawned property turns out to be stolen. The
risk of buying stolen property from a pawnbroker has been nearly eliminated through strict reporting requirements and other laws governing stolen property, as well as through the cooperative determination of members of
the pawnbroking profession to upgrade their image.
Historical Facts
- The Nursery Rhyme "Pop Goes The Weasel" refers to pawning. A weasel is a shoemaker's tool and to "pop" is to pawn. "That's the way the money goes... Pop goes the weasel."
- Queen Isabella of Spain pawned the crown jewels to finance Columbus' voyage to America.
- The word pawn originates from the Latin word "patinum" which means cloth or clothing. The French word "pan" refers to a skirt or blouse. In the early centuries, the principle assets people
had were their clothes and borrowed money by pawning their clothing.
Miscellaneous Facts
- Many pawnshops around the country cater to the likes of actors, producers and directors.
- High quality merchandise such as gold and diamond jewelry, VCRs and musical instruments can be found in pawnshops for about half the price compared with retail stores.
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