You got PAWN'ed. [ 5 min read time ]

in funfacts •  last year


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Pawning is as old as the need for instant cash. Some people find themselves caught in one problem and that is the need for fast cash. The quick solution, to pawn personal items of value for a cash loan to meet the budget and one's financial needs.

The word "PAWN" from the Latin word "PATINUM" meaning clothes or clothing since, during the ancient times, clothes were often the most valuable items they possess.

Pawnshops has its own story and history



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Record shows that it is the Chinese that started the practice of loaning and pawning since the Western Han Dynasty in 206 BC.

It was back in the middle ages that Norman Conquest introduced the transaction from China to England to which the term "Lombard" eventually becomes synonym to the word "Pawnshop".

It is considered as one of the oldest financial institutions especially for people who periodically experience an unexpected need for short-term funds.


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It was said that pawning was poor people's way of making it through the week. However, did you know that even famous people and whose on the spotlight and showbiz had an experience pawning their one most priced stuff to all of their possessions?

  • From King Edward III of England who pawed his jewels year 1388 to finance voyage war of his land against France.

  • Queen Isabella of Spain has also used her signature jewelry to help fund Christopher Columbus on his expedition to the world.

  • Lindsay Lohan pawned her designer clothes for $14,000.00

  • Burt Reynolds lets go of his 1988 Golden Globe Awards in exchange for cash.

  • Carly Rae Jepsen experienced pawning for a bag she paid for $25.00

  • Toni Braxton pawned the ownership of her best song hits for $20,000.00. All that was left to her was her was the music rights of "Unbreak my heart".

  • Annie Leiboutz pawned all photography materials she has ever produced.

  • Willie Nelson lost all his possessions to finally pay his multi-million tax bill/

  • Billy Sims also pawned his signature items including football helmets and his trophies. The act made him out of debt before he left New York.


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In today's time, society still experiences the sudden need of pawning. Pawn loans sustain most people's life from food, electricity, gas, to house rents.


Compare to the first pawnshop store design, recent architectures are now way attractive, safer and welcoming to both costumers and clients as well as to the employees.

From the time being, most pawnshops are family owned, operated and supervised. One of the goals was for one branch to eventually stand independently that it can produce funds enough to branching out to another area eventually.


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PROCESS:

  1. Decide which item of value to pawn.

  2. Pawnshops officers will extend an estimate value of item worth.

  3. Negotiation.

  4. Fill up forms for documentations.

  5. Take the cash and leave the item as collateral.

Bear in mind that one must have a presence of mind all the time especially during the transaction to detect any falsification and avoid tempt of being take advantage of.


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REGULATION:

  • The pawnbrokers must disclose all credit terms including interest rates, delay fees, other charges as well as the date of coverage for the agreement. As per TILA (Truth in Lending Act) all terms should be written, explained and signed by both parties.

  • Establishment is required to protect our personal information such as customer's name, contact numbers, address, especially bank account numbers and credit card informations.

  • Federal laws safeguard the inclusion of background check requirements for both buyers and sellers.

  • Report cash liquidations to the Bureau of Internal Revenue accordingly.

  • Follow cap or limit of standard interest rates

  • Record-keeping of detailed records of items pawnshops will buy or take as collateral. Up to the smallest detail like model and serial numbers, brand name; precious metal type, size, color and gemstone descriptions.


TRIVIA

Like all other occasion and celebrations, Pawning has also a patron saint names Saint Nicholas also known as Sta. Claus.

Yes! Christmas and pawnbrokers have the same Patron!

Telltale says that Saint Nicholas have given 3 small bags of gold to an unfortunate man for him to pay his debt, made him no longer have to sell his daughters to slavery and save them from prostitution.

Whilst Sta. Claus' hat, socks, sleigh and Christmas tree are all Christmas' symbols, the 3 gold balls has been the representation of 3 bags of gold Saint Nicholas gave to the peasant that night.


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So there you have it. So the next time you go broke and you need to run to the nearest Pawnshop. You now know the history and some trivias about pawning , and should you want to have an ice breaker with the hot person beside you while waiting in line in the Pawnshop you're covered.

Let me know if you've enjoyed this article on the comment section. Any word of encouragement or criticism are welcome.

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Aha! All right! I'm gonna use these new learnings to sound smart and finally chat with someone next time.
Fascinating that the patron saint of Christmas and Pawnbrokers is the same! Saint Nicholas is confirmed a good man then. :P

Well done, buddy! May Sta. Claus won't forget you next gift giving. Haha!

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The thing is, since both men can be considered fictional. There really is no way to verify it. It's an interesting thought right?

Hi @frost04! I believe in your potential and I've upvoted you with 50%-75% of my voting power for your article to have more presence.

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Very interesting! Most people would like to share articles or stories that is very timely. I never thought one would tell something about this particular subject that majority of millennials (I think) do not have any idea about.

Great post! Thanks for your submission, We look forward to reading more amazing posts! :)♥

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As @japanguide pointed out, this thing may be a thing of a past soon if pawnshops wont keep up with the times. It could be another interesting article I could look at, its gonna be a bit futuristic with a lot of boring forecast so I should park that idea for now.

This is a very interesting article, a place where people in need can easily get some cash by leaving something for a while then come back to return the money and get the thing again.

interesting. i wonder they will disappear as more people will sell their items online?

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I think for them to survive they have to adapt, something along the lines of online lending. In the future we can maybe pawn digital assets like STEEM :)

Very interesting thought though.

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thats also an interesting thought of pawning digital asset. I think there is already a coin called lend or lending (check google) and they lend oud Eth

I like post you ... I have shared your post @frost04

wow...heppy life...dear @frost04..

amazing sir thanks to give us some musch information.

nice work. it was fun to read these facts

i resteemed your post because voting power is low keep sharing dear have a nice day