What is a pawn shop? What do the three gold balls mean? How much can you borrow?

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What is a pawn shop? What do the three gold balls mean? How much can you borrow?

What is a Pawn Shop?

A Business that offers secured loans to people, with items of personal property used as collateral. Federal, state, and local laws govern every aspect of pawn transactions. The items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral. While many items can be pawned, pawnshops typically accept jewelry, gold, diamonds, musical instruments, home audio equipment, computers, video game systems, televisions, cameras, power tools and other relatively valuable items as collateral.

What do the three gold balls mean?

The “three balls” were originally part of the coat of arms of the Medici family, who established the Medici trading and banking empire in Florence, Italy. 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 pawnbroking.

How much money can you borrow?

At Chesapeake Square Pawn, you can borrow any amount. The max is based on the value of your collateral and the minimum loan amount is $5. Just come in, bring your collateral and your ID and we will do our best to loan you what you need.

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