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The Truth About Pawn Shops

How well did you do on the small quiz from last week? I'm pretty sure you got all the questions correct, right?

If you like more information on the answers, please continue reading!

1. When did pawnbroking start?

A.) During the 5th century in China. - Evidence shows that the earliest pawnbrokers were the Buddhist monasteries in China during the 5th century.

2. Who is the patron saint of pawnbrokers?

B.) Saint Nicholas. - Saint Nicholas became associated with pawnbroking in the early 14th century. The equivalent of today's pawn shops, montes pietatius, were established by the Franciscan friars and only gave out low-interest loans to the poor who needed necessities such as food.

3. What percentage of items are reported stolen in the pawn industry?

C.) Less than 0.1% of pawn transactions deal with stolen property. - For all pawn and selling transactions that come in, we are required to collect government issued picture IDs, signatures, and right thumb prints. We type down model numbers, serial numbers, and descriptions such as writing or markings on all items. Honestly, it would be a pretty dumb move to bring any stolen items into a pawn shop since we collect all this information plus have surveillance cameras all around the shop.

4. What is the international symbol for pawnbrokers?

This symbol was from the Medici family in Florence, Italy. Legend has it that a member of the Medici family slew a giant with three bags of rocks hence making the three gold balls on a bar their family crest. Since the Medici family were so successful in the financing and banking services, this symbol was widely adopted and used for pawn shops.

5. Who comes to a pawn shop for a short term loan?

D.) Anybody with or without financial issues. - We have all sorts of people come in for a short term loan, not just the ones that need financial help. Occasionally, we would have customers just borrowing money for the day; maybe so they can purchase something for their kid's birthday or are in a similar situation.

6. Do pawn shops need to be licensed and regulated?

B.) Pawn shops are both licensed and regulated by state and local governments. - All pawn shops are regulated by both the state and local governments, making the rules and laws a bit different depending on the state and region.

7. What do pawn shops have for sale?

D.) Pawn shops sell good quality items at a low price. - Have you ever been in a pawn shop? You should check us out soon! We have all kinds of quality items at a low cheap price. Game consoles including the PS4, gold and silver jewelry, flat screen TVs, musical instruments, quality tools like Snap-On and Dewalt, and much much more. Check out our inventory online!

8. In Florida, how long are pawn shops obligated to hold on an item taken in on pawn?

C.) Thirty days. - It is the law. All pawn shops in Florida must hold an item taken in on pawn, or even if it was sold, for at least thirty days before being able to put it out available for the public.

9. How long does MoneyMan Pawn promise to hold items in on pawn?

D.) Sixty days plus additional thirty days when service charges are paid. - This question was a bit tricky. Yes, technically the answer A.) Sixty days is correct. However, I just wanted to point out that we can hold a pawn for as long as you need. The only thing you would need to do is pay the service charge for the extra thirty days. That's it! It's that simple. There is no limit on the number of times you can do this either.

10. What type of transactions occur in a pawn shop?

B.) Pawning, Selling, Buying, and Trade-Ins. - We do all sorts of stuff here. Pawn loans are an obvious answer (other wise we wouldn't be called a pawn shop :D). We also can just buy your items that you just don't want anymore. A lot of times, people do not want to deal with the hassle of yard sales. And I agree! There's a ton of preparation. Also, many residential areas regulate on what you can do on your property and how often you can do it. Again, a ton of hassle saved by just selling to MoneyMan Pawn… Now don't forget that we have many items here for sale too! So there is tons of people buying awesome products from us. Did I mention that we have a huge selection of jewelry with a gemologist and jeweler on staff? :3 Another transaction that occurs here is a trade-in. Not all the time do we just accept cash. We also accept your items to put towards your purchase here. Please keep that in mind!

Well, I hopefully this helps you understand pawn shops better and even inspires you to come on in and check us out. If you have any questions or need directions to us, call or email us! We'll help you find your way.

Sources:
1. https://en.wikipedia.org/wiki/History_of_pawnbroking#China
2. http://www.stnicholascenter.org/pages/pawnbrokers/
3. "Smart Moves" by John Thedford
4. https://en.wikipedia.org/wiki/Pawnbroker#Symbol
5. Our MoneyMan Pawn experts

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