Pawnbroking in Denmark dates from 1753, when the Royal Naval Hospital was granted the monopoly of advancing money on pledges and of charging higher interest than the law permitted. The duration of a loan is three months, renewals being allowed. The old law was extended in 1867, and now all pawnbrokers have to be licensed by the municipalities and to pay a small annual licence fee. The rate of interest varies from 6 to 12% according to the amount of the loan, which must not be less than 7d., and unredeemed pledges must be sold by auction.