What is Numismatics
Numismatics is the study and collection of currency, including coins, tokens, paper money, and related objects. It is a fascinating field that encompasses a wide range of historical, cultural, and
economic information. This pamphlet will introduce you the world of numismatics, including its history, key terms and concepts, and some helpful tips for collectors.
The history of numismatics dates to ancient times when people used various objects as forms of currency. This could include anything from seashells and beads to livestock and precious metals. Over time, societies began to mint coins with specific designs and values, which allowed for more standardized and efficient trade. Numismatists, or people who study and collect currency, are often drawn to the historical and cultural significance of coins and other forms of money. For example, a coin from ancient Rome may provide insight into the society and economy of that time. Similarly, a paper note from along-defunct bank may tell a story about a specific place or era. There are many diverse types of currency that numismatists collect. This can include coins, such as those made of gold, silver, copper, or other metals. It can also include paper money, such as banknotes, bonds, and other forms of government-issued currency. Additionally, there are many other objects that fall under the umbrella of numismatics, which is called, Exonumia, these items consist of medals, tokens, and even credit cards. One of the key concepts in numismatics is the concept of rarity. This refers to the scarcity of a particular coin or note and is often a factor in determining its value. For example, a coin that was only minted for a brief period of time, or in small quantities, may be considered rare and therefor more valuable. Another important concept in numismatics is the grading of coins. This refers to the process of evaluating a coin's condition, which can also affect its value. Coin grading is done on a scale of AG (About good) to MS70 (MS=Mint State), with MS70 being a perfect, uncirculated coin and AG being a heavily worn or damaged coin. Collecting currency can be a rewarding hobby, but it's important to do some research and learn about the field before getting started. Here are some tips for beginning numismatists:
● Start by learning the key terms and concepts in numismatics, such as rarity and grading.
● Consider joining a numismatic organization or club, where you can learn from experienced collectors and access a wealth of resources and knowledge.
● Set a budget for your collection and stick to it. Collecting coins/currency can be expensive, so it is important to be realistic about what you can afford.
● Be cautious when buying coins or notes from online sellers, as there are many fakes and counterfeits on the market. Always do your research and buy from reputable dealers. Numismatics is a fascinating field that offers insight into the history and culture of different societies. Whether you are interested in ancient coins or modern currency, there is something for everyone in the world of numismatics. As you dive deeper into the world of numismatics, you will come across many different terms and concepts that are important to understand. Here are some key terms that every numismatist should know:
● Mintage:
The number of coins that were minted in a particular year or series. This can be a key factor in determining the rarity of a coin.
● Denomination:
The face value of a coin or note. For example, a coin with a denomination of "1 Dollar" means it can be used as legal tender for goods and services valued at one dollar.
● Type: A specific design of a coin within a series. For example, the "Lincoln Cent" series may include many different types, such as the Wheat Back reverse, the Memorial reverse, and the Shield reverse.
● Obverse: The front or "heads" side of a coin, which typically displays the main design or portrait.
● Reverse: The back or "tails" side of a coin, which typically displays a secondary design or emblem.
● Circulated: A coin that has been used in everyday transactions and may show signs of wear and tear.
● Uncirculated: A coin that has never been used in transactions and appears as it did when it was first minted.
● Bullion: Precious metals, such as gold and silver, which are valued based on their weight and purity.
● Pattern: A trial or experimental coin that was never officially issued for circulation.
One of the most important things to consider when starting a collection of coins or currency is how to properly store and protect your items. Improper storage can lead to damage and loss of value, so it's important to take the necessary steps to safeguard your collection. Here are some tips for storing and protecting your numismatic items:
● Use protective sleeves or holders: These are clear plastic or vinyl sleeves that fit around a coin or note, protecting it from dust, moisture, and other potential sources of damage.
● Keep your items in a cool, dry place: Extreme temperatures and humidity can damage coins and notes, so it's important to store them in a room with stable temperature and humidity levels. Avoid storing your collection in a basement, attic, or other damp or humid location.
● Handle your coins and notes carefully: When handling your items, be sure to use gloves or clean hands to avoid transferring oils or dirt that can damage the surface of the coin or note. Avoid touching the obverse or reverse of the item directly and avoid stacking coins or notes on top of each other. Hold coin by the edge only when viewing them.
● Use a display case or album:
If you want to display your collection, consider using a display case or album to organize and protect your items. These cases and albums come in a variety of sizes and styles and can help keep your collection organized and safe from dust and other potential sources of damage. In addition to proper storage, it's important to properly insure your collection. Coins and notes can be valuable, and they may be vulnerable to theft, fire, or other hazards. Consider purchasing a specialty insurance policy that covers your numismatic items and be sure to keep a detailed inventory of your collection for insurance purposes. Another important aspect of collecting coins and notes is learning how to properly care for your items. Over time, coins and notes can become dirty, damaged, or tarnished, and it's important to know how to clean and restore them to their original condition. Here are some tips for caring for your collection:
● Never clean coins unless you know what you are doing. It can and in most cases does reduce the value of them.
● If your coins or notes are damaged, it is best to leave them as they are. Attempting to repair or restore a damaged coin or note can decrease its value and make it less attractive to collectors. By following these tips for storage, insurance, and car e, you can help ensure that your collection of coins and notes remain valuable and enjoyable for years to come. In addition, to coins, numismatists also collect paper money, or banknotes. These are government-issued notes that are used as legal tender for goods and services. Paper money has been in use for centuries, and it offers a fascinating glimpse into the history and culture of different societies. There are many different types of paper money that numismatists collect. This can include:
● Banknotes:
These are notes issued by banks and financial institutions, and they can be national or local in scope. Banknotes often feature intricate designs and signatures, and they may include various security features to prevent counterfeiting.
● Bonds:
These are securities that represent a debt obligation, and they may be issued by governments, corporations, or other entities. Bonds may be payable in cash or in the form of
goods or services, and they may be traded or held as investments.
● Emergency notes:
These are notes that are issued during times of war, economic crisis, or other emergency situations. Emergency notes may be issued by governments, banks, or other entities, and they may be used as a temporary form of currency.
● Military payment certificates:
These are notes that are issued to military personnel and are used as a form of currency within specific military theater of operations. Military payment certificates may be issued in different denominations and may be redeemable for goods and services within the military. In addition to these types of paper money, numismatists may also collect other objects that fall under the umbrella of numismatics. This can include:
Exonumia:
● Medals:
These are decorative objects that are often issued to commemorate a particular event, person, or achievement. Medals may be made of precious metals, such as gold or silver, or they may be made of other materials, such as bronze or plastic.
● Tokens:
These are small, often coin-like objects that are issued by businesses, organizations, or individuals. Tokens may be used as a form of currency, a souvenir, or a membership
badge. They may be made of metal, plastic, or other materials, and they may be decorated with designs, inscriptions, or other information.
● Credit cards:
These are small, rectangular cards that are issued by banks and other financial institutions. Credit cards are used to pay for goods and services, and they may be linked to a credit line or other account. Credit cards may feature designs, inscriptions, or other information that reflects the issuing institution or the cardholder. As you can see, the world of numismatics is vast and varied, and it encompasses many different types of currency and related objects. Whether you are interested in ancient coins, modern banknotes, or other forms of money, there is something for everyone in the field of numismatics.