I’m currently reading “A Tree grows in Brooklyn” by Betty Smith and since I’m greek, life in the US in the early 1900 is a totally new world to me (making the book a real time travel machine!)
At some point it mentions that women in poor families were getting their husbands’ suits back from the pawn shop on Saturdays returning them on Mondays (Im guessing to attend Sunday mass and occasionally events on Saturday)
How was that working moneywise? I mean how did the pawn shop benefit from it and why was it worth “getting it back and forth” instead of keeping it at home? I’m so confused, so if anyone can help with this, I’d be grateful!
by melimar86
6 Comments
Ουσιαστικά τα νοίκιαζαν μόνο για την Κυριακή γιατί δεν τα χρειαζοντουσαν άλλες μέρες
I’m assuming the pawn shop charges interest. Further, the amount offered on loan is far below what the resale value of the suit would be if there is a default. So if they get to churn loans, I would think the pawn shop would be happy to do the business.
Yes, Betty Smith tries to explain this in the book. “Uncle Timmy” (I think it’s “Uncle Timmy”; haven’t read it in a while) gets the interest every week. Otherwise the suit just sits in the shop anyway, unless the owner defaults and can’t pay back the loan or give him the weekly interest, after which time he can sell it. Also, to be able to sell it, the pawnbroker has to keep it in good condition, which means he stores it in a room with good ventilation and mothballs so the fabric doesn’t get eaten. The suit actually gets better care at the pawnbroker’s than it might at home.
But, anyway, “Uncle Timmy” is going to get the interest anyway, no matter what.
So the wife would give the suit to the pawn shop- and get some money for it. Let’s say 10 cents. She could then spend that during the week. Then they would get paid on Friday, and she would go to the pawn shop to get the suit back, but have to pay a little interest, maybe 2 extra cents – so 12 cents total. But then they would need money to get through the next week and would pawn the suit again. The pawn shop gets 2 cents each week for each suit by keeping them.
It was like a payday loan. They got paid either Friday or Saturday so they could use the money from the suit all week.
My dad’s mom knew the author snd grew up near there so feel free to ask anything else, I may know.
Fun fact: This practice is believed to be the origin of the song “Pop Goes the Weasel.” “Weasel and Stoat” is Cockney rhyming slang for “coat,” and “pop has long been a synonym for “pawn” in England. “Popping the weasel” therefore translates to “pawning my coat.”
That’s the way the money goes!