Woman regularly pawning item (5)
I believe the answer is:
annie
'woman' is the definition.
(woman's name)
'regularly pawning item' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'pawning'+'item'='pawningitem'
The alternating letters of 'pawningitem' are 'ANNIE'.
(Other definitions for annie that I've seen before include "Famous musical about orphan girl" , "-- Laurie, Scots song" , "Musical heroine" , "-- Oakley (Wild West)" , "girl instructed to get gun" .)