Started in 1875, pawnbroking was a unique small business sector in Singapore. Its core business activity comprised giving out loans to walk-in pawners who presented valuables as collateral (pledges). Pawnbrokers made most of their profits from the interest differentials between the interests charged on the loans and the cost of capital of providing the loans. They were allowed to auction off unredeemed pledges through approved auction houses to recover their losses. Pawnbrokers were also allowed to purchase unredeemed pledges that had been pawned with themselves at the auction. About 90% of the pledges accepted by pawnbrokers thus were gold and jewelry. This case provides a detailed description of the pawnbroking industry in Singapore and the operations of pawnbrokers. The case is useful for teaching in areas such as industry analysis, company operation and human resource management.