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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