Pawn shops are quite common these days. They are a great place to find good deals on electronics, guns and much more. Pawn shops are also popular among those who need quick cash for older items. Almost every town has at least a few, but have you ever wondered how the business of pawning items began? Pawn shops, or at least a version of them, date back over 3,000 years. Ancient China, the Middle Ages and early America all had some sort of pawnbroking business.
The pawnbroking industry has grown a lot since its humble beginnings. To learn more about pawning history and how it relates to pawn shops in Olathe, KS, read on.
When driving past pawn shops in Olathe, KS, you may have wondered, “When did pawn shops start?” Around the 5th century, Chinese pawnbroking establishments started popping up, with most of them being run by Buddhist monasteries. They would lend money to people in need and have them pay the loan back at a small interest rate. Other countries were doing similar types of lending at the same time as well.
The Middle Ages
Pawn shops grew in number during the Middle Ages in Europe, which lasted from the 5th century to the late 15th century. During this time, pawnbrokers were often licensed to conduct their business with locals.
Pawn shops in England were actually run by the House of Lombard, which was a kingdom that controlled much of the Italian Peninsula for some time. The King of England from 1327 to 1377, Edward III, actually pawned some items to the House of Lombard at one point. He would use this money to fund a war with France during the early 1300s.
Appearing in the United States
Pawnbrokers would make their appearance in the United States sometime during the 19th century. During this time, there was plenty of need for pawnbrokers due to the low wages of American workers. These workers needed quick money to feed their families and take care of other needs. Pawnbroking offered them an easy way to fund immediate needs while working to pay off their debt.
Pawn shops were especially prevalent in New York City during the early 1800s. Many people were able to survive thanks to the loans from local pawn shops. Pawn shops were also helpful to many people during the Great Depression, which lasted for roughly a decade beginning in August 1929.
Pawn shops today
As mentioned above, pawn shops are quite prevalent today. It’s easy to find one within driving distance of your home, and they are usually a good option for those in need of a small loan. There are regulations on all pawn shops in the United States, and owners must pass a background check. Specific pawn shop regulations vary from state to state.
Knowledge about pawning history might give you a greater appreciation for the pawn shops in Olathe, KS. If you’re in need of a great local pawn shop, come visit Harrison Street Pawn today!