pawnbroker
PAWN-broh-ker
/ˈpɔːnˌbroʊkər/
A person or business licensed to lend money at interest on the security of personal property pledged.
Refers specifically to a retail lender who deals in physical goods as collateral, rather than a bank or digital lender.
The story behind the word. The word 'pawn' comes from the Old French 'pan,' meaning a piece of cloth or garment, which was the most common item pledged for small loans in the Middle Ages. Combined with 'broker' (an agent or dealer), it describes the merchant of these fabric pledges.
Word relationships
- collateral lender: Collateral lender is a modern, corporate term, whereas pawnbroker has historical and retail connotations.
Commonly confused with
- loan shark: A loan shark operates illegally and often uses violence, whereas a pawnbroker is a licensed, legal business operator.
Word family
- pawn (verb/noun): To deposit an object as security; the object itself.
- pawnbroking (noun): The business of a pawnbroker.
Collocations
- licensed pawnbroker
- pawnbroker's shop
- visit a pawnbroker
Example sentences
- "The pawnbroker carefully examined the gold coins through his magnifying loupe." A description of a local shop.
- "In Victorian London, the local pawnbroker was often the only source of quick credit for poor families." Historical reference to the trade.
Memory hook
Think of a 'pawn' in chess. It is the smallest piece, just as a pawnbroker deals in small, everyday items for loans. The pawnbroker trades your small pawns (items) for cash.
When not to use
Do not use to describe a standard bank officer or mortgage lender; they do not deal in physical retail pledges.
Fun facts
- The traditional symbol of a pawnbroker is three gold balls hanging outside the shop, which historically traces back to the coat of arms of the Medici family of Florence, famous for banking.
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