Also referred to as "Option to Buy-Back"

A pawnbroker is anyone whose business or occupation involves receiving personal property as security for the payment or repayment of money.   A customer is given an amount of money, reserving the option to buy back the pawned item at the determined value, plus interest, within an established time period.   This is called a "Pawn".  If the customer has not exercised the buy-back option when the time period expires, the item becomes the property of the pawnbroker.

Pawnbroking is a profession frequently misunderstood.  While the majority of today's pawnshops are clean, attractively maintained establishments, the industry has difficulty shaking the "pawnbroker stigma." The composite image of the pawnbroker is that of a shady, unkempt character working out of a filthy, run-down, back street hock shop with barred windows.  Many a consumer has considered visiting a pawnshop but then hesitated to do so because of this pervasive stereotype. While public perception may continue to identify pawnbrokers with the antiquated image of sleazy accomplices to criminal activity, industry data show that less than one-tenth of one percent of all pawned property turns out to be stolen.  The risk of buying stolen property from a pawnbroker has been nearly eliminated through strict reporting requirements and other laws governing stolen property, as well as through the cooperative determination of members of the pawnbroking profession to upgrade their image.

Historical Facts

• The Nursery Rhyme "Pop Goes The Weasel" refers to pawning. A weasel is a shoemaker's tool and to "pop" is to pawn. "That's the way the money goes... Pop goes the weasel."
• Queen Isabella of Spain pawned the crown jewels to finance Columbus' voyage to America.
• The word pawn originates from the Latin word "patinum" which means cloth or clothing. The French word "pan" refers to a skirt or blouse. In the early centuries, the principle assets people had were their clothes and borrowed money by pawning their clothing.

Miscellaneous Facts

• Many pawnshops around the country cater to the likes of actors, producers and directors.
• High quality merchandise such as gold and diamond jewelry, VCRs and musical instruments can be found in pawnshops for about half the price compared with retail stores.

Hours:

SILK CITY EXCHANGE

634 Center Street  Manchester, CT  06040  860-647-9117

BUY / SELL / PAWN

WHERE should you sell your unwanted jewelry?  Here are some TIPS!