Pawned Perceptions: U.S. Pawn Shops in Modern Society

Pawn shops have existed in some form since medieval times, acting as informal lenders throughout European history. The modern pawn shop industry emerged in the United States during the late 19th century, establishing the basic pawn transaction model still used today. Initially present only in large cities, pawn shops proliferated during the Great Depression as unemployment soared and personal finances suffered. By the 1950s, pawn shops could be found in most American communities, serving niche financial needs.

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