National Pawnbrokers Day is celebrated annually on December 6 and is the perfect time to explore the fascinating world of pawnbroking, a resilient industry with a rich history that has been an integral part of American commerce for over a century.
Although its origins can be traced back about 3,000 years, pawnbroking has been a regulated industry in the US since 1892 and has played a vital role in providing financial services to individuals across the nation, contributing significantly to the economic fabric of our society. “Being able to help people within our own community when they need it most is a good feeling,” states Ben Levinson of Dynasty Jewelry and Loan. Beth Anundi, owner of Capital Pawn concurs, “For those facing a financial shortfall, pawnshops serve as a crucial link offering them the opportunity to meet their immediate needs.”
There are approximately 10,000 pawnshops in the United States, the majority of which are independently owned. These establishments are not just business entities but are integral parts of local communities, often passed down through generations. Joel Levinson with Dynasty Jewelry and Loan , a fifth-generation pawnbroker explains, “Many people don’t know that most pawn shops do a lot more than loan money. Many pawnbrokers are experts in jewelry, musical instruments, electronics and much more. I happen to be a GIA Diamond Graduate, and can not only order brand new pieces from some of the largest jewelry manufacturers, but can also help custom design jewelry of all kinds!”
A Vanderbilt University study found that only about 20% of consumers have ever engaged in business with a pawnshop. “Pawnbroking is often misunderstood,” says Seth Gold, “so I enjoy any opportunity that I have to help people understand how pawnshops really work.” A fourth-generation pawnbroker, Gold and his family, who own American Jewelry and Loan in Detroit, were the subject of the record-breaking reality show Hardcore Pawn.
National Pawnbrokers Day aims to demystify the industry and showcase the valuable services offered by pawnbrokers. “If you’ve never been in a pawnshop, it can be quite the experience. Depending on the store, you can find hidden gems such as antique jewelry, art, sports memorabilia and so much more,” claims Nick Fulton of USA Pawn.
Pawnshops have been a part of sustainable shopping since their origins and pawnbrokers have a unique perspective on the value of pre-owned items. Many specialize in high-end goods including luxury watches, designer handbags, fine jewelry, or other coveted items. Vito Granters, from Granters Pawn Shop in California, explains “Pawnbrokers spend a lot of time educating customers on the topic of worth. It boils down to this—an item is typically worth what someone is willing to pay for it.”
Pawn shops employ approximately 73,000 men and women across the country, contributing significantly to the success and sustainability of local economies. These workers play key roles in customer service, appraisal, and day-to-day operations. Jennifer Collins with Jeweler’s Cut Pawn in Cullman, Alabama, explains, “Setting a culture based on customer service is key.”
Bob Moulton, whose company National Pawn was named one of North Carolina’s Best Employers, says “Skilled team members that are outgoing and have passion for the things they like to do, help to ensure a true focus on the customer.”
Pawnbroking can be rewarding work, adds Kelly Swisher of Arlington Jewelry and Pawn in Illinois, “I think one of the most rewarding things about being a pawnbroker is seeing customers reach their goals. As pawnbrokers, we often see people when they’re in need of some financial help. Nothing is more rewarding than seeing them a month or so later when they are back on their feet and prospering. I can’t tell you how many customers thank us for being there when nobody else would help them. I have learned that most people can take care of themselves financially but every now and then, they just need a little help to get through a rough spot. If they can take care of those issues right away without a lot of red tape, they can usually be back on track in no time. It’s rewarding knowing that as a pawnbroker, I was there to help in some small way.”
Jeff Wilhelm, National Pawn’s Director of Store Operations, adds, “Knowing we have the ability to find solutions for our customers and our team members’ needs is by far the most rewarding part of the job.”
In celebration of National Pawnbrokers Day, we invite you to explore the unique stories of pawnshops in your area, showcasing the people, history, and economic impact that make this industry a vibrant and essential part of our society. More information is available at www.nationalpawnbrokersday.com.
