Numismatics

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Numismatics is the study or collection of currency, including coins, tokens, paper money, medals and related objects.

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Specialists, known as numismatists, are often characterized as students or collectors of coins, but the discipline also includes the broader study of money and other means of payment used to resolve debts and exchange goods.

The earliest forms of money used by peoples is referred to as "Odd and Curious", but the use of other goods in barter exchange is excluded, even where used as a circulating currency (e.g., cigarettes in prison). As an example, the Kyrgyz people used horses as the principal currency unit, and gave small change in lambskins; [1] the lambskins may be suitable for numismatic study, but the horses are not. Many objects have been used for centuries, such as cowry shells, precious metals, cocoa beans, large stones, and gems.

Etymology

First attested in English 1829, the word numismatics comes from the adjective numismatic, meaning "of coins". It was borrowed in 1792 from French numismatiques, itself a derivation from Late Latin numismatis, genitive of numisma, a variant of nomisma meaning "coin". [2] Nomisma is a latinisation of the Greek νόμισμα (nomisma) which means "current coin/custom", [3] which derives from νομίζω (nomizō), "to hold or own as a custom or usage, to use customarily", [4] in turn from νόμος (nomos), "usage, custom", [5] ultimately from νέμω (nemō), "I dispense, divide, assign, keep, hold". [6]

History of money

Throughout its history, money itself has been made to be a scarce good, although it does not have to be. Many materials have been used to form money, from naturally scarce precious metals and cowry shells through cigarettes to entirely artificial money, called fiat money, such as banknotes. Many complementary currencies use time as a unit of measure, using mutual credit accounting that keeps the balance of money intact.

Modern money (and most ancient money too) is essentially a token – an abstraction. Paper currency is perhaps the most common type of physical money today. However, goods such as gold or silver retain many of the essential properties of money, such as volatility and limited supply. However, these goods are not controlled by one single authority.

History of numismatics

A Roman denarius, a standardized silver coin. Maximinus denarius - transparent background.PNG
A Roman denarius, a standardized silver coin.

Coin collecting may have possibly existed in ancient times. Caesar Augustus gave "coins of every device, including old pieces of the kings and foreign money" as Saturnalia gifts. [7]

Petrarch, who wrote in a letter that he was often approached by vinediggers with old coins asking him to buy or to identify the ruler, is credited as the first Renaissance collector. Petrarch presented a collection of Roman coins to Emperor Charles IV in 1355.

The first book on coins was De Asse et Partibus (1514) by Guillaume Budé. [8] During the early Renaissance ancient coins were collected by European royalty and nobility. Collectors of coins were Pope Boniface VIII, Emperor Maximilian of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Elector Joachim II of Brandenburg who started the Berlin coin cabinet and Henry IV of France to name a few. Numismatics is called the "Hobby of Kings", due to its most esteemed founders.

Professional societies organised in the 19th century. The Royal Numismatic Society was founded in 1836 and immediately began publishing the journal that became the Numismatic Chronicle. The American Numismatic Society was founded in 1858 and began publishing the American Journal of Numismatics in 1866.

In 1931 the British Academy launched the Sylloge Nummorum Graecorum publishing collections of Ancient Greek coinage. The first volume of Sylloge of Coins of the British Isles was published in 1958.

In the 20th century coins gained recognition as archaeological objects, scholars such as Guido Bruck of the Kunsthistorisches Museum in Vienna realised their value in providing a temporal context and the difficulty that curators faced when identifying worn coins using classical literature. After World War II in Germany a project, Fundmünzen der Antike (Coin finds of the Classical Period) was launched, to register every coin found within Germany. This idea found successors in many countries.

In the United States, the US mint established a coin cabinet in 1838 when chief coiner Adam Eckfeldt donated his personal collection. [9] William E. Du Bois’ Pledges of History... (1846) describes the cabinet.

C. Wyllys Betts' American colonial history illustrated by contemporary medals (1894) set the groundwork for the study of American historical medals.

Helen Wang's "A short history of Chinese numismatics in European languages" (2012-2013) gives an outline history of Western countries' understanding of Chinese numismatics. [10] Lyce Jankowski's Les amis des monnaies is an in-depth study of Chinese numismatics in China in the 19th century. [11]

Modern numismatics

Two 20 kr gold coins from the Scandinavian Monetary Union. Two 20kr gold coins.png
Two 20 kr gold coins from the Scandinavian Monetary Union.

Modern numismatics is the study of the coins of the mid-17th century onward, the period of machine-struck coins. [12] Their study serves more the need of collectors than historians and it is more often successfully pursued by amateur aficionados than by professional scholars. The focus of modern numismatics lies frequently in the research of production and use of money in historical contexts using mint or other records in order to determine the relative rarity of the coins they study. Varieties, mint-made errors, the results of progressive die wear, mintage figures and even the sociopolitical context of coin mintings are also matters of interest.

Subfields

Exonumia (UK English: Paranumismatica) [13] is the study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration. This includes elongated coins, encased coins, souvenir medallions, tags, badges, counterstamped coins, wooden nickels, credit cards, and other similar items. It is related to numismatics proper (concerned with coins which have been legal tender), and many coin collectors are also exonumists.

Notaphily is the study of paper money or banknotes. It is believed that people have been collecting paper money for as long as it has been in use. However, people only started collecting paper money systematically in Germany in the 1920s, particularly the Serienscheine (Series notes) Notgeld. The turning point occurred in the 1970s, when notaphily was established as a separate area by collectors. At the same time, some developed countries such as the United States, Germany and France began publishing their respective national catalogues of paper money, which represented major points of reference literature.

Alexander the Great tetradrachm from the Temnos Mint circa 188-170 BC Alexander the great temnos tetradrachm.jpg
Alexander the Great tetradrachm from the Temnos Mint circa 188-170 BC

Scripophily is the study and collection of stocks and Bonds. It is an area of collecting due to both the inherent beauty of some historical documents as well as the interesting historical context of each document. Some stock certificates are excellent examples of engraving. Occasionally an old stock document will be found that still has value as a stock in a successor company.

Numismatists

The term numismatist applies to collectors and coin dealers as well as scholars using coins as source or studying coins. [14]

The first group chiefly derive pleasure from the simple ownership of monetary devices and studying these coins as private amateur scholars. In the classical field amateur collector studies have achieved quite remarkable progress in the field. Examples are Walter Breen, a well-known example of a noted numismatist who was not an avid collector, and King Farouk I of Egypt was an avid collector [15] who had very little interest in numismatics. Harry Bass by comparison was a noted collector who was also a numismatist.

The second group are the coin dealers. Often called professional numismatists, they authenticate or grade coins for commercial purposes. The buying and selling of coin collections by numismatists who are professional dealers advances the study of money, and expert numismatists are consulted by historians, museum curators, and archaeologists.

The third category are scholar numismatists working in public collections, universities or as independent scholars acquiring knowledge about monetary devices, their systems, their economy and their historical context. [16] An example would be G. Kenneth Jenkins. Coins are especially relevant as source in the pre-modern period.

List of publicly displayed numismatic collections

CountryState/CityDescription (Museum Name, etc.)
Argentina Retiro, Buenos Aires Casa de Moneda de la República Argentina
Argentina Buenos Aires Museo numismático Héctor Carlos Janson  [ es ] at the Central Bank of Argentina
Armenia Yerevan History Museum of Armenia
Austria Vienna Kunsthistorisches Museum
Bahrain Manama Central Bank of Bahrain Currency Museum [17]
Bangladesh Dhaka Bangladesh Bank Taka Museum [18]
Belgium Brussels Coins and Medals Department of the Royal Library of Belgium
Belgium Brussels Museum of the National Bank of Belgium [19]
Brazil Brasília Museu de Valores do Banco Central  [ pt ]
Brazil Rio de Janeiro National Historical Museum
Brazil Rio de Janeiro Banco do Brasil's Cultural Center
Brazil São Paulo Instituto Itaú Cultural
Brunei Bandar Seri Begawan Currency Gallery Brunei Darussalam [20]
Bulgaria Sofia Bulgarian National Bank Museum [21]
Canada Ottawa Currency Museum Bank of Canada
China Beijing China Numismatic Museum [22]
China Shanghai Shanghai Museum
Colombia Bogotá Casa de Moneda de Colombia
Costa Rica San José Numismatic Museum [23]
Cuba Havana Numismatic Museum [24]
Denmark Copenhagen National Museum of Denmark
Ecuador Quito Museo Numismático del Ecuador  [ es ]
France Paris Cabinet des Médailles, Bibliothèque nationale de France
France Paris Monnaie de Paris
Georgia Tbilisi National Bank of Georgia
Germany Berlin Bode Museum, Museumsinsel
Germany Dresden Münzkabinett in Dresden Castle [25]
Germany Frankfurt Numismatic Museum/Münzkabinett Historical Museum, Frankfurt [26]
Germany Jena Oriental Coin Cabinet Jena
Germany Munich Staatliche Münzsammlung Munchen
Greece Athens Numismatic Museum of Athens
Guatemala Guatemala City Museo Numismático de Guatemala [27]
Hungary Budapest Visitor centre [28] of the Hungarian National Bank
India New Delhi National Museum, New Delhi
India Mumbai Reserve Bank of India Museum [29]
India Nasik Coin Museum, Nasik [30]
India Chennai Government Museum
Indonesia Jakarta Bank Indonesia Museum Collection : Money
Indonesia Purbalingga Museum Uang Purbalingga
Israel Jerusalem Israel Museum
Italy Florence Museo della Moneta a Firenze
Italy Florence National Archaeological Museum in Florence
Italy Lucca Lucca Mint  [ it ] [31]
Italy Naples Naples National Archaeological Museum
Italy Rome National Museum of Rome Crypta Balbi/Museo Nazionale Romano: Crypta Balbi
Italy Rome Banca d'Italia Banca d'Italia Museo della Moneta sSchool groups only and by appointment only). [32]
Italy Rome Vatican Philatelic and Numismatic Museum  [ it ] [33]
Italy Venice Museo Correr
Japan Tokyo Bank of Japan Money IMES BOJ Currency Museum [34]
Lebanon Tripoli The Northern Lebanon & Akkar Museum
Malaysia Kuala Lumpur, Federal Territory Bank Negara Malaysia Museum and Art Gallery [35]
Mexico Mexico City Mexican Mint [36]
Morocco Rabat Bank Al-Maghrib museum [37]
Morocco Rabat Musée de la monnaie (Tunisie)  [ fr ]
Nepal Kathmandu National Museum of Nepal
Netherlands Amsterdam Numismatic collection of De Nederlandsche Bank [38]
North Macedonia Skopje Narodna Banka na Republika Severna Makedonija [39]
Paraguay Asuncion Numismatica Independencia [40]
Pakistan Karachi SBP Museum [41]
Peru Lima Museo Numismático del Perú [42]
Philippines Manila Museo ng Bangko Sentral ng Pilipinas [43]
Poland Cracow The Emeryk Hutten-Czapski Museum [44]
Portugal Lisbon Museu Numismático Português
Qatar Doha Sheikh Faisal Bin Qassim Al Thani Museum
Romania Bucharest The Museum of the National Bank of Romania [45]
Russia St. Petersburg Hermitage Museum
Russia St. Petersburg The Russian Money Museum [46]
Sri Lanka Colombo Currency museum, Colombo
Serbia Belgrade National Bank of Serbia (Народна Банка Србије) [47]
Singapore Singapore Singapore Coins and Notes Museum [48]
Slovakia Košice Golden treasure of Kosice  [ sk ], East Slovak Museum [49]
Spain Madrid Museo Casa de la Moneda [50]
Spain Barcelona Museu Nacional d'Art de Catalunya, numismatic collection [51]
South Africa Johannesburg Absa Money Museum
Suriname Paramaribo Museum of the Centrale Bank van Suriname [52]
Sweden Stockholm Royal Coin Cabinet
Sweden Uppsala Uppsala University Coin Cabinet
Switzerland Zurich Money Museum
Thailand Bangkok Pavilion of Regalia, Royal Decorations and Coins [53]
Trinidad and Tobago Port of Spain Central Bank of Trinidad and Tobago [54]
Turkey Ankara CBRT Numismatics Museum  [ tr ]
Ukraine Odessa Odessa Numismatics Museum
Ukraine Feodosiya Feodosia Money Museum
United Arab Emirates Emirate of Dubai Coins Museum Dubai [55]
United Arab Emirates Emirate of Abu Dhabi UAE Currency Museum [56]
United Kingdom Cambridge Fitzwilliam Museum
United Kingdom Glasgow Hunterian Museum and Art Gallery [57]
United Kingdom Birmingham Barber Institute of Fine Arts, University of Birmingham
United Kingdom London British Museum Department of Coins and Medals
United Kingdom London Bank of England Museum
United Kingdom Llantrisant Royal Mint Museum
United Kingdom Manchester Manchester Museum [58]
United Kingdom Oxford Ashmolean Museum
United States Colorado Springs American Numismatic Association Money Museum
United States Washington, D.C. National Numismatic Collection (NNC), Smithsonian National Museum of American History
Uruguay Montevideo Museo del Gaucho y la Moneda  [ es ]
Venezuela Caracas Banco Central de Venezuela

List of important numismatic scholars

See also

Related Research Articles

Coin grading is the process of determining the grade or condition of a coin, one of the key factors in determining its value. A coin's grade is generally determined by five criteria: strike, preservation, luster, color, and attractiveness. Several grading systems have been developed. Certification services professionally grade coins for tiered fees.

American Numismatic Association

The American Numismatic Association (ANA) is an organization founded in 1891 by Dr. George Francis Heath. Located in Colorado Springs, Colorado, it was formed to advance the knowledge of numismatics along educational, historical, and scientific lines, as well as to enhance interest in the hobby.

1913 Liberty Head nickel Rare United States coin

The 1913 Liberty Head nickel is an American five-cent piece which was produced in extremely limited quantities unauthorized by the United States Mint, making it one of the best-known and most coveted rarities in American numismatics. In 1972, one specimen of the five cent coin became the first coin to sell for over US$100,000; in 1996, another specimen became the first to sell for over US$1 million. In 2003, one coin was sold for under three million dollars. In 2010, the Olsen piece sold for US$3.7 million at a public auction.

American Numismatic Society

The American Numismatic Society (ANS) is a New York City-based organization dedicated to the study of coins and medals. Founded in 1858, it is the only American museum devoted exclusively to their preservation and study. Its collection encompasses nearly one million items, including medals and paper money, as well as the world's most comprehensive library of numismatic literature. The current President of the Society, Dr. Ute Wartenberg, served as the Executive Director for two decades and was succeeded in this role by Dr. Gilles Bransbourg.

Q. David Bowers

Quentin David Bowers is an American numismatist, author, and columnist. Beginning in 1952, Bowers’s contributions to numismatics have continued uninterrupted and unabated to the present day. He has been involved in the selling of rare coins since 1953 when he was a teenager.

Farran Zerbe

Joseph Farran Zerbe, usually called Farran Zerbe, was an American coin collector and dealer who was the president of the American Numismatic Association (ANA) in 1908 and 1909. He served as chief numismatist, responsible for selling government coins, at the World's Fairs in St. Louis (1904), at Portland (1905) and at San Francisco (1915).

Bank of Canada Museum

The Bank of Canada Museum, formerly known as Canada's Currency Museum, opened in 1980 on the ground floor of the Bank of Canada building in Ottawa, Ontario, Canada. Temporarily closed in 2013 for major building renovations, the museum reopened in a new space on July 1, 2017, in a new building, with a completely new design and concept. It is, however, connected to the main building through the Bank of Canada's underground conference centre.

National Numismatic Collection National coin cabinet of the United States

The National Numismatic Collection is the national coin cabinet of the United States. The collection is part of the Smithsonian Institution's National Museum of American History.

Francesco Gnecchi

Francesco Gnecchi was an Italian painter and numismatist.

Joe Cribb

Joe Cribb is a numismatist, specialising in Asian coinages, and in particular on coins of the Kushan Empire. His catalogues of Chinese silver currency ingots, and of ritual coins of Southeast Asia were the first detailed works on these subjects in English. With David Jongeward he published a catalogue of Kushan, Kushano-Sasanian and Kidarite Hun coins in the American Numismatic Society New York in 2015.

Eric P. Newman American numismatist (1911–2017)

Eric Pfeiffer Newman was an American numismatist. He wrote several "works about early American coins and paper money considered the standards on their subjects", as well as hundreds of articles. Newman sold his coins over auctions in 2013–2014 for over $70 million and used most of that money to fund the Newman Numismatic Education Society and its Newman Numismatic Portal to "make the literature and images of numismatics, particularly American numismatics, available to everyone on a free and forever basis."

A numismatist is a specialist in numismatics. Numismatists include collectors, specialist dealers, and scholars who use coins and other currency in object-based research. Although use of the term numismatics was first recorded in English in 1829, people had been collecting and studying coins long before this, all over the world.

John J. Ford Jr. was an American numismatist from Hollywood, California known for his extensive collection of historical currency and medals. Ford largely collected American coinage, particularly U.S. colonial coins, medals, and obsolete U.S. and colonial currency. Ford was one of the premier experts in the field of numismatics, and it is estimated that the total value of his numismatic holdings was upwards of $55 million at the time of his death.

Howard Franklin Bowker (1889-1970) was a numismatist and philatelist, collecting and specialising in Chinese coins, stamps and banknotes. He created the first bibliography of Western language publications on East Asian numismatics.

Gene Hessler is an American musician and numismatist, specialising in paper money.

Numismatic associations bring together groups of numismatists. They may be commercial, hobby or professional. Membership is sometimes by election.

Lyce Jankowski is a numismatist, specialising in East Asia, and an art historian, specialising in Chinese material culture.

Eduard Kann (1880–1962) was an Austrian banker and a specialist in Chinese numismatics. His book The Currencies of China (1926) was "immediately the standard work on the subject of metallic currencies in China"

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