Sterling & Knight Jewelry & Pawn

Bolingbrook: 295 S. Schmidt   (630) 759-9100   

Villa Park: 109 E. St Charles   (630) 833-0800

Hinsdale: 244 E. Ogden Ave   (630) 321-5600

Joliet: 205 N. Joliet Street  (815) 727-2300

The history of pawn shops dates all the way back to over 3,000 years ago in Ancient China. Pawnbrokers were able to give short-term credit to the people. Most of the business was run through pawn shops, but some business owners were able to run their own credit lending operations on the side. China is one of the countries where you will find that pawn shops are strictly regulated. In fact, everything works in the borrower’s favor. The borrower has up to 3 years to buy their items back, and the interest rates are low, not exceeding 3%. Mosaic Law saw pawn shops as having the potential to be a profitable business enterprise, and no interest was allowed to be taken from the borrower.

Greece and Rome also benefited from the history of pawn shops. Merchants were able to get their small businesses up and running because of the concept of borrowing and lending. Moreover, the emperor Augustus took care of the increasing state surplus by using the confiscated property of criminals and turning it into a fund in which cash was lent without having to pay interest for citizens who were able to give valuables equivalent to two times the amount borrowed. In Medieval Europe, a pledge system came into existence where popes would hand out loans to poor people without any interest. All the people had to do was to cover these loans by putting enough of their pledges to equal out the difference. However, this system, although very common throughout Europe, did fail in the end. It is hard to run a system like this when the business that is running it is not taking in any income, but yet it is shedding out dollars to run the business. The Vatican, as a result, had to give in, and start allowing the business to charge customers interest. After a lot of controversy over this subject, Pope Leo X set things straight. He said that pawn shops were extremely valuable as an institution and were also lawful. Those that disagreed on the topic were threatened with excommunication or denial of church membership, a big deal back in those times. European money lending families, such as the Lombard’s of England, found great use in the pawn business. King Edward III of England even pawned his jewels to this family back in 1388 in order to assist with the financing of a war against the French. Even famous Queen Isabella supposedly put up some of her jewels in order to help out Christopher Columbus and his expeditions to the New World.

Modern day pawn shops have different rules of borrowing and lending. It really depends on what country you live in. In the United States, independent pawn shop brokers, such as Sterling & Knight Jewelry & Pawn in Illinois, have their own rules and conditions on the buy, sell, and loan business. Sterling & Knight Jewelry & Pawn does expert appraisals of fine jewelry, scrap gold, diamonds, dental gold, gold pieces, art objects, and much more! It does not matter whether or not you need to borrow $10 or $60,000, our pawn shop will work with you to get you the collateral loan you require. We offer no hassle service, and our professionals bring over 30 years of tremendous experience into the game. Need a loan? No problem, Sterling & Knight Jewelry & Pawn can get you money today, so you can take care of your personal business. Please stop by and speak to one of our professionals, and we will direct the process in the appropriate direction based on your needs and requirements.

 We have four locations to serve you! We are located in:

Bolingbrook

295 S. Schmidt Road Bolingbrook, IL 60440  630.759.9100

Hours:

Monday: 10 – 7:00 PM
Tuesday – Friday: 10 – 6:00 PM
Saturday: 10 – 5:00 PM

Villa Park

109 E. St Charles Road Villa Park, IL 60181 630.833.0800 

Hours:

Monday: 10 – 7:00 PM
Tuesday – Friday: 10 – 6:00 PM
Saturday: 10 – 5:00 PM

Joliet

205 N. Joliet Street, Joliet IL 60432    (815) 727-2300

Hours:

Monday: 10 – 7:00 PM
Tuesday – Friday: 10 – 6:00 PM
Saturday: 10 – 5:00 PM

Hinsdale

244 E. Ogden Ave. Suite 114 (In the Courtyard of Koshgarian Plaza) Hinsdale, IL  60521 630.321.5600

email: info@skjewelryandpawn.com

Hours:

Monday : 10 – 7:00 PM
Tuesday to Friday: 10 – 6:00 PM
Saturday: 10 – 3:00 PM

Sunday by appointment.

*Some restrictions apply. See store for details.