PAWNBROKERS

THE THREE BALLS
WERE ALWAYS
THE SIGN OF PAWNBROKERS

Pawnbrokers were a lifeline in the Victorian Age and Charles Dickens advised in his books that the ideal pawnbroker shop is at the corner of a court. It is also helpful if it has a side entrance. The person can have a look at the display and then slip quietly round to enter and do what he really came for without being seen. 

For the poor it was nothing but a lifeline. They pawn their clothes and Sunday best at the beginning of the week and hopefully have enough on the following pay day to redeem it. Also sheet, bedding and anything which has to be spared was pawned. They used to get coppers or one of two shillings and it would be used for putting food on the table. That was the life after working 12 or 14 hours work in any industry, mines or shipyards. In spite of the absolute poverty the men for unknown reason still drank heavily and didn’t care for wife and children not having a bite to eat. This point is incredible.

However, coming back the pawnbrokers the goods which are not redeemed on time will be sold. On larger amounts the pawnbrokers added interest charges till the goods were paid for and taken back.

These situations were a way of life but as the industrialization came in and the wages became better and life improved the pawnbrokers’ chops stated to close.

Till about 20 years ago the pawnbrokers in existence were only 50 left right across the country.  Nowadays with the recession they have great revival. Apparently the pawn-broking industry is increasing. There are now over 1,200 shops opened up again. There also others dealing in the same market but under different name, such as The Money Shop, Cash Converters or charity shops. There are even three pawnbrokers in Hatton Gardens, London the ultimately domineered by diamond dealers for decades.

The pawnbrokers when receive valued goods keep them for six months out of sight and give the person a chance to redeem it without anyone knowing about. During the six months interest charges are added to the loan. If the goods are not taken back by the customer then they will be sold. It is like a bank and lends money for the goods it had received.  It is a falls impression that the pawnbrokers are eager to keep the goods to be sold. They rather have the loan repaid with interest and picked the goods they hold.

The pawnbrokers’ shop have changed drastically. It is not they crummy old shop with anything hanging, standing or laying there. Today’s Pawnbrokers look like a bank inside. Customers realized they can get a loan for short period of time on the gods they provide. At banks they would be scrutinized for overdrafts or credit cards in existence. There is no doubt the revival of the pawnbroker shop is due to the recession and will be more used in the near future.

The oldest of the pawnbrokers in London is Sutton & Robertson and has a nickname “the Harrods of pawnbrokers” It has been known to lend up to £1million in the past. The director Jim Tannahill admits they are much busier these days. The moment the hard times started they saw a great increase in their business.

Nobody would have thought the pawnbrokers would be on the increase again and doing a flourishing 

business whether it is in the upper market or for ordinary people. This is certainly a sign of great hardship and it should never have happen again. Whatever class of people they love their heirlooms or ornaments and they have great sentimental value for them. Having to part with them and not knowing whether they will be able to redeem again must be very upsetting.

TO DRIVE PEOPLE TO PAWN ALREADY THEIR PRECIOUS POSSESSIONS AND YET THE GOVERNMENT IS STILL PLANNING TO CUT MORE BENEFITS MEANS IRRESPONSIBILITY TOWARDS PEOPLE AND UNSCRUPULOUS.