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Exploring the Mongolian pawnshop institution through the analytical lens of anthropological exchange theory, this article argues that commodification has boosted the flow of dangerous agency and ‘spirit’ by easing the flow and exchangeability of belongings. While the distinction between gifts and commodities appears in Mongolian ethnography, it is neither stable nor definite, and it is argued that commodification at the pawnshop might actually serve to spiritually charge people and objects and thereby enhance their social agency and gift‐like aspects.