Pawning Rare Books

When people need to turn their books, particularly more valuable ones, into cash there are a few places they usually go. Generally, they either take them to a bookseller or an auction house, occasionally make a private sale, or if not too valuable, go to eBay. One place we rarely associate with valuable books is the pawnshop. People don't pawn their books, or do they?

In America, to the best of my knowledge, pawning books is a rarity. We occasionally see them on Pawn Stars, generally people with an old book who have no idea what it is worth drop by for an appraisal. But, the Pawn Stars are not our typical image of a pawnbroker. We're more likely to imagine an unsmiling man behind a cage and glass window with just enough room to slide something below it, like a bank teller in a high crime area. People who have hit rock bottom coming in to pawn their jewelry, perhaps a wedding ring, to make it through another day. In Britain, something is going on that no longer fits the old model.

Prestige Pawnbrokers, a chain of pawnbrokers with over 40 locations around Britain, will take in your old books, mostly for loans but will also make a purchase offer on the spot. They specialize in expensive items, collectible cars, coins, gold, antiques, and such. You can bring in your books for an immediate loan or even call them. They will assess your books on the phone to establish a value. If you accept their offer and give them the books, “we can immediately give you cash – no waiting.” The term of a loan is for up to seven months. No payment need be made until the end of that period, but you can redeem them sooner by returning the cash and paying interest up to the day of return (not the full seven months).

The practice is known as “literature loans,” and its guru is James Constantinou. During the recession of 2008, he realized there were people with valuable assets in need of some short term cash. He also has a TV show to promote his idea called Posh Pawn. I have not seen it but imagine it is similar to America's Pawn Stars. It opened the door to opening so many locations as their name was instantly recognizable as the place for high value loans.

According to the Daily Mail, Mr. Constantinou says they have seen a 400% rise in people pawning books. Twenty percent of their profits now come from literature loans. They loaned €125,000 (US $157,000) against a collection including Hemingway and Elliot. Another €60,000 (US $75,000) was loaned against a collection featuring a first edition of Tolkien's The Hobbit. He expects the trend to continue. As long as there are people short of money but owning something of value, he is probably right.

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Pawning Rare Books

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Pawning Rare Books

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