Brief History of Coins and Coin Collecting
Posted: Saturday, March 14, 2009
by Ben Goodness
http://www.CoinCollectingSolutions.com
Numismatics, or coin collecting as it is more popularly known, originated from the Greek word "nomisma," which means legal currency or coin. If today we use checks, paper notes, and quite more often, plastic cards, the ancient societies used coins for their day to day purchases. The first coins known to have been minted were from Lydia in Asia Minor which today is part of Turkey but was under Greek influence then. They date back to more than 2,600 years ago. Those first coins were made of gold and silver alloy. The Lydians then were keen about business and they were able to build a wealthy society which made advances in trade and commerce. Coins from this era shows the progress of coin design throughout history.
It is thought that the hobby of coin collecting begun as soon as the first coin was minted. Since banks were non existent at the time, collecting them seemed to be a practical way to store them. They were being hoarded not only for their intrinsic value but because of their rarity too. These coins have become family legacy, being passed from one generation to the next.
There are scholars who believe that real coin collecting began in the late Middle Ages when many European kings actually sought out and collected rare coins used as tenders by ancient societies. One interesting fact they found out was that no two coins were identical owing to the methods of striking the coins. Coins were struck by hand then and it was only during the 1500's that coins begun to be minted using machines. Because those European kings started collecting coins, this hobby is often referred to as the "Hobby of Kings."
Coin collecting gained popularity during the Renaissance and many enterprising people began to create many high quality forgeries. Today, even these forgeries have been given a high value because of their quality, age and historical significance.
In the United States, the first coins were made of copper and were struck at the Philadelphia Mint starting in 1793, as part of the Coinage Act. Production at that time was manually done and coins were struck one at a time. The government eventually opened more US mint branches so to distinguish coins minted in each one; a system for mint marks was established on March 3, 1835. Regulations were prescribed for identifying coins stamped at each branch. They were to assure control of all coinage and production of coins was standard for all.
Modern numismatics involves the study of mid 17th to the 21st century coins. It is during this period that coins began to be struck using machines. If ancient coins attracted interest from professional scholars, historians and archeologist due to their historical and archeological significance, modern numismatics caters to the needs of collectors and amateur enthusiasts. It focuses on the determination of the coin's relative rarity, based on their production and use. Other matters of interest in modern numismatics include coin varieties, mint-made errors, the outcome of progressive die wear, mint marks and figures.
In 1858, a group of collectors founded the American Numismatic Society (ANS) as an international non-profit organization that upholds the preservation and study of coins and other numismatic materials such as medals and paper money. The coins most sought after by coin collectors of today include those that have historical interest, have mint errors, limited issue and commemorative coins. In connection with this, one of the most valuable skills a coin collector can possess is learning how to grade coins accurately.
Ben Goodness is a coin collecting expert. For more great information on collecting coins be sure to visit http://www.CoinCollectingSolutions.com.
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