Since the dawn of recorded history and the rise of civilization, one truth has remained the same, people need money. To that end, ancient societies across the world, and indeed across cultural divides developed their own systems of borrowing money against collateral. From the Buddhist monasteries of 5th century China, to the city-states of ancient Greece, to the vast expanses of the Roman Empire, the practice of pawning valuable personal assets in exchange for cash allowed those in need to make ends meet, and helped establish a fledgling network of ancient pawnbrokers.
Fast forward a few hundred years, and two prominent European families, The Lombards and the Medicis began what we would recognize as the first modern Pawn businesses. The Lombards arrived with many other prominent families following the invasion lead by William the Conqueror. Despite providing a valuable and much needed service to the kingdom, they were treated rather unfairly. Yet the cruelty of the crown and its subjects did little to deter them, and they continued to lend money to both commoners and royalty alike, even going so far as to accept the crown jewels on two separate occasions, to fund wars with France.
By contrast, the Medicis saw great financial success in Italy, thanks to their money-lending and banking ventures. The family was held in such high regard, that the line between reality and fantasy began to blur. According to one legend, a Medici once slew a giant with three bags of rocks, thus leading to the adoption of three golden orbs as the family crest. This symbol is still used by pawnbrokers the world over to this day.
A series of restrictions on their business practices during the late middle ages led to significant changes for both families, and the industry as a whole, a topic we'll cover in a future post.
