Numismatics is the study of the physical embodiment of various payment media, such as coins, banknotes, and similar forms of currency. The field encompasses everything from their production technologies to their use, rarity, and historical context.
Key Takeaways
- Numismatics is the extensive study of coins, banknotes, and other currency units, often linked with the collection and appraisal of rare coins.
- Numismatists analyze the physical properties, production methodologies, and the rich historical context of currency specimens.
- Rare and collectible coins can trade well above their nominal face value or melt value, making them prized investments rather than just money.
- Numerous clubs, societies, and organizations thrive to support the study and passion for numismatics.
- To become a numismatist in the U.S., aspirants need to complete specialized courses and pass a rigorous 200-question exam.
Delving Deeper into Numismatics
Numismatics is distinct from historical and economic studies of money as it focuses on the physical attributes and craftsmanship of payment media rather than its economic functions. The term is often interchangeably used with coin collecting, but numismatics implies a deeper analytical approach.
Believed to have originated during the early European Renaissance, numismatics aimed at rediscovering classical antiquities. The first noted use of the term “numismatics” in English dates back to 1829.
Numismatists focus on coinage technology and producing historical narratives. Rare or unique examples, often with production errors or distinct histories, hold immense interest and value among collectors.
Rare Currency Value
Rare currency units often trade significantly above their face value or melt value. For example, certain 20th-century U.S. silver quarters, originally valued at 25 cents, can fetch tens of thousands of dollars.
Rather than using these coins at face value, collectors and investors withdraw them from circulation to trade as valuable collectibles. This dynamic mirrors the principle known as Gresham’s Law, whereby lesser-valued money drives more valuable money out of circulation.
Organizations Promoting Numismatics
Numerous organizations support the study of numismatics. Noteworthy examples include:
- American Numismatic Society: Founded in New York City in 1858 to foster public appreciation of coins, medals, and currencies.
- Ancient Coins Collectors Guild
- Archaeological Institute of America
- The Royal Canadian Numismatic Association
- Czech Numismatic Society
- International Numismatic Council
- Israel Numismatic Society
- Oriental Numismatic Society
- Professional Numismatists Guild
- Royal Numismatic Society
- Numismatic Association of Australia
- Royal Numismatic Society of New Zealand
The Legacy of Numismatics
The practice and study of how people interact with and use money go back several centuries. Coin collecting presumably began close to the invention of currency itself.
Historically, coin collecting was an exclusive hobby of elites, nobles, and rulers. During the Roman Empire, figures like Caesar Augustus used coins strategically—trading or gifting them to nobles and guests. Guillaume Budé’s book in the 16th century is recognized as the first major work dedicated to numismatics.
The Renaissance sparked renewed enthusiasm for coin collecting, as Europeans admired relics from bygone civilizations. Italian scholar Francesco Petrarca is considered to have energized this practice.
With technological advancements and the Internet, coin collecting has extended its reach, appealing to a more expansive demographic of enthusiasts.
Specialized Fields Within Numismatics
Numismatics branches into various subfields, each with a specialized focus. Key subfields include:
- Notaphily: The study and collection of paper money, deriving from Latin “nota” meaning paper money.
- Exonumia: The study and collection of non-standard coinage like tokens and medals. It comprises items commemorating events and achievements.
- Scripophily: It involves the collection of securities such as stocks and bonds, celebrated for their rarity and historical significance.
Steps to Becoming a Numismatist
A professional numismatist, or coin grader, collects, analyzes, and evaluates collectible coins, currency, and related items. In the U.S., aspiring numismatists must join the American Numismatic Association (ANA), complete six specialized courses, and pass a daunting 200-question examination.
Post-certification, additional training from ANA and other professional bodies strengthens one’s expertise and skill set.
Fun Facts About Numismatics
- Florence, Italy, was the first global city to mint its own gold coins in 1252.
- Historically considered a royal hobby, coin collecting was exclusive territory for kings and high nobles.
- The United States Secret Service initially aimed to combat counterfeit money when established in 1865, transitioning to presidential security following President McKinley’s assassination in 1901.
Unpacking Numismatic Terminology and Facts
- Numismatic Gold: Collectible gold coins that are valued higher than the market price of gold itself due to rarity and historical factors.
- Numismatic Value: The perceived market price for a collectible coin, determined by quality, rarity, and market demand.
- Biggest Coin Collection: The Smithsonian National Numismatic Collection is hailed as the largest collection in the United States and potentially worldwide, housing approximately 1.6 million objects.
Experience the rich history and intricate study of numismatics and join a community that appreciates the fascinating world of currency and coin collecting!
Related Terms: Notaphily, Exonumia, Scripophily, Coin Grading, Numismatic Gold
References
- Alan M. Stahl. Numismatics in the Renaissance. The Princeton University Library Chronicle 69, no. 2, 217–40.
- Online Etymology Dictionary. “Numismatic (Adj)”.
- Federal Reserve Bank of Cleveland. “The Tale of Gresham’s Law”.
- American Numismatic Society. “About Us”.
- Littleton Coin Company. “The World’s First Coin Collector?”
- Coin World. “First Book Ever Printed About Coins Donated to ANA Library”.
- Italian Renaissance Learning Resources. “A New World of Learning”.
- Mintage World. “What Is Notaphily?”
- First Class Coins. “What Is Exonumia?”
- ABC 4. “Scripophily: The Art of Collecting Stock and Bond Certificates Excites Collectors Around the World”.
- American Numismatic Association. “Price for American Numismatic Association Diploma Program to Increase”.
- ArcaMax. “Which City Was First With Its Own Coins?”
- United States Secret Service. “150+ Years of History”.
- Smithsonian. “National Numismatic Collection”.
