It was commanded to be built between 1774 and 1777 by Don Pedro Romero de Terreros, the Count of Regla as part of a movement to provide interest-free or low-interest loans to the poor.

The tezontle stone façade of the current building dates from 1775, and at the peak above the main door is the coat of arms of the Count of Regla.

[1] Terreros (1710–1781) was born in Spain and arrived to Mexico in 1730,[6] where he founded a number of enterprises including the Real del Monte silver mine in the modern-day state of Hidalgo.

He founded the Sacro y Real Monte Pío de Animas between 1774 and 1777 with approval of the Spanish king Charles III,[6][7] authorizing him the use of part of the College of Saints Peter and Paul, where the main office is today.

[6] In 1818, Don Viceroy Apodaca ordered the evacuation of the building due to problems with the Independence movement but this did not happen until 1821, when King Ferdinand VII confiscated Jesuit properties.

[1] The foundation moved to the Franciscan Convent of Saint Bridget that was on Juárez Avenue and San Juan de Letrán Street (now Eje Central).

[1][6] It moved again in 1836 to two houses on Empedradillo Street off a difference section of the Zocalo that were owned by the Duke of Monteleone,[6] a descendant of Hernan Cortés.

[3] In the beginning of the 19th century, mismanagement, loans forced by the government and political unrest caused serious financial problems for Monte de Piedad.

However, before the end of the same century, the institution was so financially solvent that it began to issue its own money (called confidential certificates of deposit) worth up to six million pesos in 1881.

In 1927, by presidential decree, Monte de Piedad was declared legally as an institution of "Beneficiencia Privada" (private charity).

The first and foremost is with respect to loans to families with emergency needs, giving the most favorable conditions possible and without considering possible financial gain to the institution.

[6][7] However, because the foundation lost significant money in its early years, the governing board decided in 1782 that it was necessary to charge fixed interest.

[8] Most of the pawned items are jewelry and watches but the institution will also take a variety of objects such as cars, domestic appliances and even sheets and linens.

This would represent a 58% increase nationwide from 2007, upping the already 33 million pawned items that Monte de Piedad warehouses every year.

[12] Loans can be for any purpose but Monte de Piedad reports that many are to remodel houses, send children to college or to start a business.

[8] However, during every major holiday and vacation period, people can be seen lining up at Monte de Piedad offices to finance their celebrations before or after the fact.

[14] Méndez Tapia, spokesman for Monte de Piedad, states that there is not a credit card mentality in Mexico, but pawning has long been part of the financial culture, especially for Mexicans with scarce resources.

[2] Despite the high recovery rate, every two weeks, furniture, antiques, jewelry, cars, clothing, domestic appliances and other goods which have not been reclaimed by their owners are sold off at public auction at the main office in the Zócalo in Mexico City.