pawnshop


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pawnshop

the premises of a pawnbroker

Pawnshop

 

(Russian, lombard), a money-lending institution dealing in pledges. It lends money on the security of pawned personal property. The first pawnshop was established in France during the rule of Louis XI (1461-83) by moneylenders who were immigrants from Lombardy (Italy). In the 15th century pawnshops appeared in Italy, Germany, and other countries. In the 19th century pawnshops existed in all capitalist countries; the majority of them were in the hands of big capitalists. In the 20th century the pawnshop business has been dominated by the monopolies, which levy high interest rates and receive big profits mainly from the poor.

In Russia in 1733, some pawnshop operations were started by the Monetary Office on the security of gold and silver objects. In 1772 in St. Petersburg and Moscow, government pawnshops were opened. The development of a network of pawnshops financed on the shareholding principle dates from the late 19th and early 20th centuries. In 1917, in addition to the joint-stock pawnshops, there were 109 municipal (city) pawnshops. When in 1918 the prerevolutionary lending institutions were liquidated, the old pawnshop system was also abolished. In 1922-23 in the USSR, state pawnshops were established on a self-supporting basis under the management of the local Soviets within the system of public service institutions. Their goals are to safeguard for a small fee objects of personal and household use and also to lend money on the pledge of these objects as security. The accepted property is insured at the expense of the pledger. The amount of the loan can reach 75 percent of the value of the pledged objects; for precious metals and stones, pearls, and gold watches it can go as high as 90 percent.

The maximum amount of the loan that may be given in a single transaction, the rate of interest on loans, and the term of the loan are fixed. The volume of credit issued to Soviet people in 1972 amounted to approximately 40 million rubles. The pawnshops have the right to use bank credit for the expansion of their operations.

A. K. BIRKIN

References in periodicals archive ?
The symbol of pawnshops (three gold circles) that continues to hang on most pawnshop storefronts today has its roots in the coat of arms of the Lombards, who first began pawning items in Britain (Caskey 1994).
The economic slump is fuelling the growth of the pawnbroking industry nationwide and the total number of pawnshops is expected to grow from around 1,500 nationwide to around 3,000.
That's why I got into the pawn business, to offer an alternative to traditional pawnshops," he said.
In that time they have worked hard to open 5 highly-regarded pawnshops in Broward County.
Arizal left his wallet on the roof of the pawnshop, Chief Superintendent George Regis of Quezon City Police said.
Police reports frequently have named pawnshops as suspected of trading in stolen goods without sanction, and for a long time, it was felt that there was a need for proper rules.
The growth has been fueled, in part, by an influx of new customers turning to pawnshops for quick cash.
Dyer as a frequent customer at the pawnshop, made off with jewelry and cash after shooting the two men.
Marie Francois uses pawnshops to tell us a great deal about housekeeping, gender, ethnicity, technology, consumption, crime, honor, economics, culture, and political power in Mexico over a period of a hundred and seventy years, from the Bourbon reforms of the late eighteenth century to the Revolution of 1910.
Another rebel unit struck the town of Maasim, leaving two civilians dead as they ransacked a pawnshop and looted a drug store for medicines.
ZEV800) PAWNSHOP, PAYDAY LENDERS & DEBT RECOVERY - RICHARD ECKERT - ROTH CAPITAL PARTNERS, LLC.