The Cassidy family has been serving Stockton for over 100 years. In 1912, William Hands opened a pawn shop at 10 N. El Dorado Street. Hand's son-in-law, Harry F. Cassidy, soon opened his own store and Casidy's Jewelry and Loan was founded. In 1970 Harry's son, Harry W. Cassidy, bought the building at the corner of Sutter and Market Street. There was room for four stores in the building but only three were occupied so they moved into the one empty store at 44 S. Sutter Street. Two years later, they moved to the corner space at 50 S. Sutter Street and stayed there for 25 years.
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Pawnbrokers, also known as collateral loan brokers, make loans based purely on the intrinsic value of the collateral. Checking the customer's credit history is not necessary because only the value of the item being pawned is considered. If the loan, or at least the interest, is not paid off during the specified term (usually three or four months), the item is forfeited and may be resold by the broker.
History of Pawn
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Mankind's oldest financial institution, pawnbroking carries on a tradition with a rich history. Pawnbroking can be traced back at least 3,000 years to ancient China, and has been found in the earliest written histories of Greek and Roman civilizations. During the Middle Ages, certain usury laws imposed by the Church prohibited the charging of interest on loans, thus limiting pawnbroking to people who had religious beliefs outside of the Church. Out of economic necessity and because of problems in the banking system, pawnshops made a resurgence in later years.
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