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ABOUT US THE PAWN INDUSTRY FACTS & FIGURES In the United States of America:  -Membership in the National Pawnbrokers Association of America has in risen from 50 in 1988 to more than 3,000 today. -In 1911, there were approximately 69,000 pawnbrokers in the country, or about one for every 45,700 citizens. -In 1988, there were approximately 6,900 pawnshops in the United States, one for every two commercial banks. -There are between 12,000 and 14,000 pawnshops on operation throughout the United States today. -Pawnshops made about 35 million loans in 1988. -Between 70 and 80% of all items pawned are redeemed. -As many as 10 percent of the adult population are served by pawnshops each year. -According to an article entitled "Cash Customers" in Forbes Magazine (May 1993), 25 million households representing more than 75 million people do not have a bank account. People without bank accounts would find it extremely difficult, and most likely impossible, to obtain a loan from any other legitimate source than a pawnbroker.  In the Philippines: Number of pawnshop in operation now including branches: Head office - 5,931 Branch - 6,177 Around the World: -Free enterprise in the form of pawn broking has reappeared in Russia and communist states such as China to fill the gaps of their national banking system. Historical Facts: -The Nursery Rhyme "Pop Goes The Weasel" refers to pawning A weasel is a shoemaker's tool and "pop" is to pawn. "That's the way the money goes. / Pop goes the weasel." -Queen Isabella of Spain pawned the crown jewels to finance Columbus' voyage to America. -The world pawn originates from the Latin word "patinum" which means cloth or clothing. The French word "pan" refers to a skirt or blouse. In the early centuries, the principles assets people had were their clothes and borrowed money by pawning their clothing. -The universal symbol of pawn broking is three gold balls and is one of the most easily recognized in the world. The Medici family in Italy along with the Lombards in England were money lenders in Europe. Legend has it that one of the Medicis in the employ of Emperor Charles The Great fought a giant and slew him with three sacks of rocks. The three balls or globes later became part of their family crest, and ultimately, the sign of pawn broking. Miscellaneous Facts:  -Many pawnshops around the country cater to the likes of the actors, producers and directors. -High quality merchandise such as gold and diamond jewelry, VCRs and musical instruments can be found in pawnshops for about half the price compared with retail stores. The 1980s provided a boom period for pawn broking, with new shops opening in all parts of the country. This upturn, in part is due to increase in the number of Americans excluded from mainstream credit markets and small bank closings and in significant part to the upgrading by the industry of the products and service offered to the public. |
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