The history of pawnbroking

There is evidence that pawnbroking may have existed in China up to 3000 years ago, and it is also said to be a familiar feature in cities of classical Greece and Rome. Pawnbroking as we know it today can be traced to the middle ages but it was only in the mid-eighteenth century that the distinctive symbol of pawnbroking, the three golden balls, was generally adopted by the profession. It derives from the disc that appears on the lower field of the coat of arms of the Medici family, in whose territory the Lombard goldsmiths originated.

The Medici family established themselves as bankers and lenders, in 15th century Florence, Italy. They became so well known in the finance and lending profession that the other lenders, wanting to share their success adopted similar coat of arms, signs shields and symbols, with three golden balls being the most popular. Once other merchants involved in monetary dealings adopted the three golden balls as their symbols, the three balls came to symbolise the entire profession founded on the ethic of mutual trust.

Between 1750 and 1850 pawnbroking in the British Isles experienced its greatest growth, this is in principle due to the industrial revolution and subsequently of urban development. It was in response to the rapidity of that growth that the National Pawnbroker Association was founded in 1892 to provide the profession as a whole with representation. Pawnbrokers in the British Isles were for the most part of the nineteenth century an essential and every day part of life. The Pawnbroker was as much a part of the local community as the grocer, and you would find at least one pawnbroker in most towns. Throughout the twentieth century pawnbroking became less common. But again the reputation and image of pawnbroking as an industry has changed dramatically over the years as more consumers are open minded about using a pawnbroking service. If anyone has a poor image of pawnbrokers today they simply do not know the pawnbroking industry, and they certainly have never been to Tolots.