Tag: pawn shop

5 Interesting Facts You Probably Didn’t Know About Pawn Shops

5 Interesting Facts You Probably Didn’t Know About Pawn Shops

Pawn shops first turned up more than 3,000 years ago. A pawn shop used to provide credit to the peasants while being regulated by Imperial authorities. While pawnshops once had an ugly disgrace for taking advantage of the poor, its business model was also misunderstood. The upturn in the pawnbroking industry came during the 1980’s credit boom, and it continued to thrive today serving as the most convenient way to raise cash in short-term financial needs.

Pawnbrokers, including your trustworthy local pawnbroker in London, come with a fascinating historical background. If you are interested to know, take a look at some of the facts given below that you probably did not know about pawn shops:

1. Pawnbroking for voyage

Queen Isabella of Spain was reportedly known to have pledged her crown to fund the first journey of Christopher Columbus to the New World in 1492. Recently, this notion has been deflated, and it is said that Queen Isabella already had pawned many of her jewellery before Columbus was ready to sail.

The pawned jewellery items of the queen included a necklace adorned with ruby and pearls that she received as a wedding gift from King Ferdinand and the crown of Castile. While Queen Isabella pawned her jewellery to pay for the campaigns against the Moors and to raise money for the Spanish Inquisition, it is also believed that she may have pawned some small pieces to Columbus. This was an endorsement that brought many other investors like the Santa Hermandad Police Organisation.

2. The Patron Saint of Pawnbrokers

The patron saint of pawnbrokers, Saint Nicholas preserves a legacy as one of the most kind-hearted human beings to have ever existed on the earth. As the story goes, Saint Nicholas who was known for his benevolence gave three bags of gold each to three impoverished girls so that they could get married.

It is also often believed that he dropped the bags in secret, down the chimney so that no one could know the benefactor.

3. The Symbol of Pawnbrokers

The three gold spheres hanging from a bar is the international symbol of pawnbrokers. While there are many stories related to the origin of this symbol, some people associate it with the famous Medici family of bankers, monarchs and also, Popes.  As the legend goes, a member of this clan killed a giant with the help of three bags of rocks.

Some believe that the three balls represent these three bags of rocks, while others say the three spheres are symbolic of the story of Saint Nicholas and his three bags of gold.

4. The Pawn song ‘Pop! Goes the Weasel’

The nursery classic ‘Pop Goes the Weasel’ dates back to at least the mid-19th century. In one of the British versions, the song seems to be tied to pawnbroking.

Take a Look at these lines:

‘Up and down the City Road

 In and out of the Eagle

That’s the way that money goes

Pop! Goes the Weasel’

Here, the word ‘Eagle’ may refer to the popular Eagle Pub of London and ‘weasel’ has been assumed to be the ‘Cockney slang’ for jackets. Thus, the song may indicate that a patron has spent much on alcohol and so, had to pawn his coat.

5. Jewellery is the most common pawned item

Although the assets accepted as collateral may vary from one pawnbroker to another, the most common item that people consider to pawn and also universally accepted is jewellery. Gold, silver, diamonds and other precious gems possess inherent value.

Moreover, jewellery items often bear a sentimental value, and it ensures that customers will return to reclaim them by paying off the loan amount and the interest due.

Tips on Pawning Your Diamond Jewellery

pawning your diamond jewellery

If you have a diamond ring and want to raise some quick cash, you may wonder whether it is worthwhile to pawn it for generating quick cash. When fast money sounds requisite to you, and you do not also mind to part with one of your precious items for a particular term, pawning may be the best option for you. You can pawn your diamond ring to any reliable high street pawnbrokers in London or any other big city and raise the money you need, while still retaining the right to retrieve your asset after the loan time expires or whenever you want, paying the loan amount along with the due interest.

But before you head out to visit a pawn shop near you, have a look at these tips to get the most out of your precious diamond jewellery:

Know your asset first

Diamonds are priceless gems and absolutely, for a good reason. Whether your diamond ring is a family heirloom that passed down to you or an engagement ring from a broken relationship, the more you know about the asset, more comfortable it will be to determine the price that you can expect to obtain.

While it is requisite to know the actual value of your diamond jewellery you are interested in keeping as collateral for a pawn loan, you should also have a good idea of its quality and authenticity. And that is when a pawnbroker may come in handy. Getting an appraisal from some of the well-established and trustworthy pawnbrokers in London is always a good idea, usually for two reasons:

One, you will be able to know about your diamond’s characteristics like shape or cut and condition.

Second, the pawnbroker can estimate the real value of your asset based on these aspects and the current market price as well as explain to you the factors that may influence the value of your diamond jewellery item.

Professional and long-established pawnbrokers also have a convenient online platform where you can fill up a free quote form and receive a no obligation valuation in less than no time.

It is about the carat Marks

As with any diamond jewellery, a pawnbroker will determine the value of your diamond piece according to its carat. Although diamonds are priced based on four standards, the most significant of the four is carat.

Thus, it is essential for you to pay attention to the gold carat markings like 14ct, 10ct and 18ct on the diamond jewellery item you are about to pawn, as your pawnbroker will explicitly look for these markings to appraise your item accordingly.

Clean your diamond jewellery

Ideally, cleaning your diamond ring or other diamond items is the best way to exhibit the carat markings and make it presentable as much as possible to ensure a good deal. While streaks or smears can undoubtedly dull the brilliance of your diamonds, such wear and tear may also result in a significant cutback on the loan amount that a pawnbroker is willing to offer. Thus, cleaning your asset is prerequisite before you pave the way to a local pawn shop as it may add a lot to the value you expect to secure from it.

For those who are wondering:

How to clean a diamond ring or any other diamond jewellery?

You can use mild dish soap and mix it in water to make a handy de-greasing solution. Clean your gem once or twice in a week and make sure to use a toothbrush or any soft utensil for scrapping.

Conversely, you can use a jewellery cleaning solution formulated especially for cleaning diamond jewellery. Such solutions can indeed help you to weed out even the most robust junk and dirt, and eventually, bring in a good deal in the end.

It is always smooth and hassle-free to get a loan against diamond jewellery from a trustworthy local pawnbroker in London or any other big city, online or via appointment. With professional evaluators on hand and secure online platform, you can opt for a pawn loan filling up an online form from the comfort of your home or any other place. Alternatively, you can bring in your diamond ring to their brick and mortar office (by appointment) and receive an instant cash loan offer without any credit check.

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