Jewelers and Pawnbrokers
What's a Pawnshop?
Pawnshops are one of the worlds oldest financial institutions. Pawnbroking can be traced back at least 3000 years to ancient China, and has been found in the earliest written histories of Greek and Roman civilizations.
During the late Middle Ages, the primary source of lending was the pawn shop. According to legend, Columbus' journey to the Americas was financed by Queen Isabella pawning the crown jewels.
The pawn industry came to America with the earliest settlers, and was regarded as the main source of consumer credit. With the rise of the large financial institutions such as banks, credit unions etc. the pawn shop is no longer the major source of consumer credit, but continues to be an important source.
Pawn shops are regulated by many of the same Federal and State laws that apply to other financial institutions.