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Pawnbrokers Symbol
The pawnbrokers' symbol is three spheres suspended from a bar. The three sphere symbol is attributed to the Medici family of Florence, Italy, owing to its symbolic meaning of Lombard.[12] This refers to the Italian province of Lombardy, where pawn shop banking originated under the name of Lombard banking. The three golden spheres were originally a symbol medieval Lombard merchants hung in front of their houses, and not the arms of the Medici family. It has been conjectured that the golden spheres were originally three flat yellow effigies of byzants, or gold coins, laid heraldically upon a sable field, but that they were converted into spheres to better attract attention.
Most European towns called the pawn shop the "Lombard". The House of Lombard was a banking family in medieval London, England. According to legend, a Medici employed by Charlemagne slew a giant using three bags of rocks. The three-ball symbol became the family crest. Since the Medicis were so successful in the financial, banking, and moneylending industries, other families also adopted the symbol. Throughout the Middle Ages, coats of arms bore three balls, orbs, plates, discs, coins and more as symbols of monetary success. Pawnbrokers (and their detractors) joke that the three balls mean "Two to one, you won't get your stuff back".
Saint Nicholas is the patron saint of pawnbrokers. The symbol has also been attributed to the story of Nicholas giving a poor man's three daughters each a bag of gold so they could get married.[17]
Most European towns called the pawn shop the "Lombard". The House of Lombard was a banking family in medieval London, England. According to legend, a Medici employed by Charlemagne slew a giant using three bags of rocks. The three-ball symbol became the family crest. Since the Medicis were so successful in the financial, banking, and moneylending industries, other families also adopted the symbol. Throughout the Middle Ages, coats of arms bore three balls, orbs, plates, discs, coins and more as symbols of monetary success. Pawnbrokers (and their detractors) joke that the three balls mean "Two to one, you won't get your stuff back".
Saint Nicholas is the patron saint of pawnbrokers. The symbol has also been attributed to the story of Nicholas giving a poor man's three daughters each a bag of gold so they could get married.[17]
Compare Pawn Key West to Pawn Asia
In Hong Kong the practice follows the Chinese tradition, and the counter of the shop is typically higher than the average person for security. A customer can only hold up his hand to offer belongings and there is a wooden screen between the door and the counter for customers' privacy. The symbol of a pawn shop in Hong Kong is a bat holding a coin (Chinese: 蝠鼠吊金錢, Cantonese: fūk syú diu gām chín). The bat signifies fortune and the coin signifies benefits. In Japan, the usual symbol for a pawn shop is a circled number seven (7) because "shichi", the Japanese word for seven, sounds similar to the word for "pawn" (質).
Malaysia, a multi-race country, where Malaysian Chinese consists 25% of total population, initiated the pawnbroker business. Nowadays, the majority of pawnbrokers in Malaysia are managed by Malaysian Chinese. In Malay, pawn is called "pajak gadai". A valid and licensed pawnshop in Malaysia must always declare themselves as a "pajak gadai" or a pawn shop for their company registration. They must also fulfill the requirements of the Ministry of Housing and Local Government which states the pawn counter must not be higher than 4 feet, is bullet-proof, has stainless-steel counters/doors, strong rooms with automatic locks, safes, equipped with fully computerized system, CCTV, alarm, and pawnbroker insurance.
In the Philippines, the operation of pawnshops is managed by private businesses and is duly regulated by the Bangko Sentral ng Pilipinas. Pawn shops usually accept gold jewelry, appliances, gadgets, etc. Many pawn shops in the Philippines have adapted other services into their nationwide branches like Cebuana Lhuillier Pawnshop. Services like international and domestic remittance, insurance, bills payment, b2b money collection, e-loading for mobile phones, ticketing, and even banking are not unusual to see in a regular Filipino pawn shop.
In India, the Marwari Jain community pioneered the pawnbroking business, but today others are involved; the work is done by many agents called "saudagar". Instead of working from a shop, they go to needy people's homes and motivate them to become involved in the business. Pawn shops are often run as part of jewelry stores. Gold, silver, and diamonds are frequently accepted as collateral.
Pawnbroking is also a traditional trade in Thailand, where pawn shops are run both privately and by local governments.
In Sri Lanka, pawnbroking is a lucrative business engaged in by specialized pawnbrokers as well as commercial banks and other finance companies.
In Indonesia, there is a state-owned company called Pegadaian which provides a range of conventional and Sharia-compliant pawnbroking services across the archipelago. The company accepts high-value items such as gold, motor vehicles, and other expensive items as a collateral. In addition to pawnbroking activities, the company provides a range of other services, such as a safe deposit box and gold trading services.
Malaysia, a multi-race country, where Malaysian Chinese consists 25% of total population, initiated the pawnbroker business. Nowadays, the majority of pawnbrokers in Malaysia are managed by Malaysian Chinese. In Malay, pawn is called "pajak gadai". A valid and licensed pawnshop in Malaysia must always declare themselves as a "pajak gadai" or a pawn shop for their company registration. They must also fulfill the requirements of the Ministry of Housing and Local Government which states the pawn counter must not be higher than 4 feet, is bullet-proof, has stainless-steel counters/doors, strong rooms with automatic locks, safes, equipped with fully computerized system, CCTV, alarm, and pawnbroker insurance.
In the Philippines, the operation of pawnshops is managed by private businesses and is duly regulated by the Bangko Sentral ng Pilipinas. Pawn shops usually accept gold jewelry, appliances, gadgets, etc. Many pawn shops in the Philippines have adapted other services into their nationwide branches like Cebuana Lhuillier Pawnshop. Services like international and domestic remittance, insurance, bills payment, b2b money collection, e-loading for mobile phones, ticketing, and even banking are not unusual to see in a regular Filipino pawn shop.
In India, the Marwari Jain community pioneered the pawnbroking business, but today others are involved; the work is done by many agents called "saudagar". Instead of working from a shop, they go to needy people's homes and motivate them to become involved in the business. Pawn shops are often run as part of jewelry stores. Gold, silver, and diamonds are frequently accepted as collateral.
Pawnbroking is also a traditional trade in Thailand, where pawn shops are run both privately and by local governments.
In Sri Lanka, pawnbroking is a lucrative business engaged in by specialized pawnbrokers as well as commercial banks and other finance companies.
In Indonesia, there is a state-owned company called Pegadaian which provides a range of conventional and Sharia-compliant pawnbroking services across the archipelago. The company accepts high-value items such as gold, motor vehicles, and other expensive items as a collateral. In addition to pawnbroking activities, the company provides a range of other services, such as a safe deposit box and gold trading services.