Pawn Shop Culture

The Illustrious Origins of the Pawnshop Around the World

As no economy or money-based society can prosper without any credit, pawn broking has a long history in the eastern and western cultures. This article will focus on the Eastern history of pawn shop culture.

In China the business model existed some 3000 years ago and overtime imperial authorities have strictly regulated it.

In Hong Kong the practice follows the Chinese tradition. As a security measure the counter is usually taller than the average person so that a customer can hold up his/her hand to offer their collateral. There may be a wooden screen between the door and the counter to protect the customer’s privacy. The symbol of a pawn shop in Hong Kong is a bat (signifying fortune) holding a coil (signifying benefits).

In Japan, the usual symbol for a pawn shop is a circled digit seven, because “shichi”, the Japanese word for seven, sounds similar to the word for “pawn” in Japanese.

In India, between the 9th and 6th century B.C. the Marwari Jain community pioneered the pawn broking business. Today, the job is done by many agents called “saudagar”. However, instead of working from a shop, they may go to people’s homes to solicit offers.

In Thailand, pawn broking is also a tradition where pawnshops are run both privately and by local governments.