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History of Pawn Broking

As mankind's oldest financial institution, pawn broking
carries on a tradition with a rich history. Pawn broking can
be traced back at least 3,000 years to ancient China, and
has been found in the earliest written histories of Greek and
Roman civilizations.

During the middle Ages, certain usury laws imposed by the
church prohibited the charging of interest on loans, thus
limiting pawn broking to people who had religious beliefs
outside of the Church. Out of economic necessity, and
because of problems in the banking system, pawnshops
made a resurgence in later years.
The House of the Lombard operated pawnshops throughout
Europe. Legend contends that they even counted royalty,
such as King Edward III of England, among their clients
during the 14th century. The symbol of the Lombard's'
operations was the three gold balls that still remains the
trademark of pawnbrokers.

Pawning has long been a source of capital for people in
times of need, as well as a means of financing business
ventures.

Historical Facts and Legends

Queen Isabella of Spain pawned
the crown jewels to finance Columbus'
voyage to America.
The word pawn originates from the
Latin word "platinum"
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.

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."

There are several versions of this
famous nursery rhyme.
We present our favorite
for your enjoyment.

The monkey chased the weasel,
The monkey thought 'twas all in fun,
Pop! Goes the weasel.

A penny for a spool of thread
A penny for a needle,
That's the way the money goes,
Pop! Goes the weasel.

A half a pound of tupenny rice,
A half a pound of treacle,
Mix it up and make it nice,
Pop! Goes the weasel.

Up and down the London road,
In and out of the Eagle,
That's the way the money goes,
Pop! Goes the weasel.

I've no time to plead and pine,
I've no time to wheedle,
Kiss me quick and then I'm gone,
Pop! Goes the weasel.

The Legendary Origins of the Pawnbroker Symbol

The Least Known Legend

One of the least known origins that have been researched is
the coin known as the "Silver Shekel" or "Shekel of Israel"
which was issued in A.D. 68 after a Jewish revolt against the
Romans. One side of the coin depicted three pomegranates,
with a common stalk.

The Traditional Legend of the Three Balls

The symbol of the three balls was part of the coat of arms of
the Medici family, who established the Medici trading and
banking empire in Florence, Italy. The Medici’s were a 15th
century Italian family of bankers and lenders, with
considerable fame and fortune.

They became so well known in the finance and lending
profession that the other lenders, wanting to share in their
success, adopted similar coats of arms, signs, shields and
symbols, with three golden balls being the most popular.

Once other merchants involved in monetary dealing adopted
the three golden balls as their symbol, the three balls came
to symbolize the entire profession founded on the ethic of
mutual trust.

Throughout the middle ages you can find many coats of
arms bearing three balls, orbs, plates, disks, coins, and
more as symbolic of monetary success.

When Italian bankers began to open branches abroad, the
symbol of the three golden balls spread to the European
west. It is known that there was pawn broking in Spain
because Queen Isabella pawned some of her royal jewels to
finance Columbus' long voyage to the New World. I wonder
if the pawnbroker who made that loan knew just what he was
starting?

The symbol of the three golden balls was brought to the
United States from England, where pawnbrokers st