Steve Krupnik's new book, "Pawnonomics: A Tale of Historical, Cultural and Economic Significance of the Pawnbroking Industry" (Cloud Ten, Inc. 2009, $12.99), provides new insight into what Krupnik describes as the oldest form of consumer credit.

Krupnik, a pawnbroker for 30 years in South Bend, and now a consultant for the industry, gives historical context to the business.

"We go back 500 years or so and show the different forms of collateralized lending because pawnbroking has been around since there was a monetary system," says Krupnik.

"Through the years there have been interesting pawn loans and famous people like Queen Elizabeth and Napoleon who used pawnbrokers. Queen Isabella of Spain said she would be happy to pawn the crown jewels to finance Christopher Columbus' voyage to the New World."

Calling himself a pawnbroker historian, Krupnik describes his colleagues as a "colorful clan." And for those of us who have just a shadowy knowledge of pawnbroking gained mostly from movies, Krupnik's book offers insight into the industry including its customers.

"The pawnbroker's clientele depends upon their location and who they market to," says Krupnik. "When I was a pawnbroker I had a lot of wealthy patrons. It was just as common for me to make a $10,000 loan as a $10 loan. A watch is not only a customer's time piece but also his credit card."

Pawnbrokers quickly learn to be spot on appraisers and it's a rewarding profession says Krupnik, noting every day is different. But he also points out the industries disadvantages.

" It is the only source of credit where the borrower has the choice of whether to repay," he says.

"There is no recourse for pawnbrokers."

Krupnik's book can be ordered through his Web site, pawnonomics.com or through other online booksellers.