What is "mount of piety"

Mont de pi'et'e \Mont" de pi`['e]`t['e]"\ [F., fr. It. monte di piet[`a] mount of piety.] One of certain public pawnbroking establishments which originated in Italy in the 15th century, the object of which was to lend money at a low rate of interest to poor people in need; -- called also mount of piety. The institution has been adopted in other countries, as in Spain and France. See Lombard-house.

A mount of piety is an institutional pawnbroker run as a charity in Europe from the Late Middle Ages times till today, more often referred to by the relevant local term, such as monte di pietà (Italian), mont de piété (French) or monte de piedad (Spanish). Similar institutions were established in the colonies of Catholic countries; the Mexican Nacional Monte de Piedad is still in operation.