Pawn

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Pawn

1. To give at item to a pawnbroker in exchange for a loan. When one pawns an item, one receives the loan and gives the pawnbroker possession of the item. One may receive the item back within a certain period of time if one repays the loan with interest. If the loan is not repaid, the pawnbroker may sell the item in his/her shop. Because the pawnbroker already has possession of the item, he/she does not report non-payment of a loan and it does not affect the borrower's creditworthiness.

2. A fairly uncommon term for collateral.
References in classic literature ?
I have a story to tell you all, so listen to what I have to say," quoth he; whereupon, without more ado, he told them all about Sir Richard, and how his lands were in pawn.
Why, Rodya, this morning we had only three roubles in our pocket and Dounia and I were just planning to pawn her watch, so as to avoid borrowing from that man until he offered help.
I'll pawn your watch to-morrow and bring you the money, and everything can be arranged then.
PawnSearcher is a new way for consumers to send inquiries to hundreds of pawn shops.
Nasdaq:DGSE), which wholesales, retails and auctions fine watches, jewelry, diamonds and precious metal and rare coin products via traditional and Internet channels and makes consumer loans through pawnshops in Dallas, Texas and Pay Day stores in New Mexico announced the expansion of pawn activities in the Dallas Market.