Portraying the Pawnshop Business of Macau
Housed in a historic building that once used to be a traditional pawnshop in 1917, Pawnshop Museum portrays Macau's age old pawnshop business. This interesting museum is situated on the main street of Macau between Senado Square and the Inner Harbour.
Referred to by locals as 'Tak Seng On' which means 'The Virtue and Success Pawnshop' this traditional pawnshop was originally owned by an affluent Macau merchant, Kou Ho Ning. The architectural styles, equipments used and interior decor of the building is believed to have been similar to the many pawnshops seen in Mainland China.
The traditional pawnshop business in China dates back to about 1,500 years. During the heyday of this business in Macau, most pawnshops were categorised by Tong, On or Ngat which were different types of pledges. Pawnshops involved in Tong usually provided the highest levels of capital investment based on scale and resources. Items under the pledge 'Tong' are generally pawned for a period of three years under very low interest rates. Meanwhile, shops involved in providing' On' pledges arrange loan facilities for a period of around one or two years while the interest rates are a bit on the high side. With the least levels of operating funds, Ngat generally provides loans for four months to one year and the interest rates of Ngat is the highest. Despite relatively high interest rates, Ngat was popular among gamblers and clients seeking fast cash. These clients usually pawned items such as jewellery, watches and even fountain pens.
Back then, buildings of unique architectural styles were built in order to provide maximum safety for these pawned items. Large safes, racks and even separate multi-storey storage towers were built to protect these valuables. Early pawnshops were also constructed in a way that was carefully protected from fire, floods and even theft.
Today the Pawnshop Museum depicts the cultural heritage of Macau and offers both locals and tourists the perfect place to discover the climax of the pawn business in this prestigious Chinese territory. Visitors who wish to get a glimpse of this traditional business can stay at a luxury hotel in Macau such as Sands Macau Resort Hotel which is an excellent resort hotel in Macau that provides top class facilities for a pleasant, relaxing and memorable stay.
About the Author:
Pushpitha Wijesinghe is an experienced independent freelance writer. He specializes in providing a wide variety of content and articles related to the travel hospitality industry.