Pawnbroker

one who lends money on the deposit of goods. Wearing apparel, watches, jewelry, and other portable belongings are the articles usually pawned. The traditional pawnbroker loans but a fractional part of the value of the article. He issues a receipt on a ticket redeemable before the expiration of a certain time. He charges a high rate of interest. Pawnbrokers are forbidden by law in many quarters of Europe. In others, charitable or state pawnbroking shops have been established in order to relieve the poor from oppressive charges. In France and Italy the government pawnshops are known as Monts de picte, or Banks of Charity. Those of France alone take in from 1,000 to 2,000 watches a day. In the Middle Ages the business of pawnbroking was entirely in the hands of the Jews. It is said to have originated in Lombardy, the source, also, of our banking system. The pawnbroker's traditional sign of business is a cluster of three golden balls. It is said to have been derived from the coat of arms of the De Medici family. Pawnbroking is now confined chiefly to English-speaking countries. The pawnbroker is regularly licensed. A list of articles pawned must be sent to police headquarters daily. Anyone believing that a stolen article may have reached some pawnbroker's shop is entitled to search the premises on taking out a proper warrant to do so. The rate of interest charged is in many states regulated by law. After the expiration of the time of redemption the pledges become the property of the pawnbroker and may be offered for sale.