Numismatics studies the physical embodiment of various payment media (i.e., currencies). The study of numismatics as it applies to coins is often used to research the production and use of the coins to determine their rarity.
Numismatics differs from historical and economic studies of money. Numismatists study the physical attributes of the payment media rather than the use and function in an economy. Numismatics is often used interchangeably with coin collection, though it connotes more intensive study than simply collecting coins. It could be said that all numismatists are coin collectors, but not all coin collectors are numismatists. It is widely believed that numismatics began during the early European Renaissance as part of an effort to re-discover all things classical.
The first English usage of the word “numismatics” was in 1829, stemming from the adjective numismatic, which translates to "of coins”, and stemmed from the French word numismatiques, which derives from the Latin word numismatis.
Numismatics refers to the study and analysis of how people use money and the collection of various types of money, coins, and other forms of consideration. The history of numismatics dates back centuries. However, coin collecting likely began at the time currency was invented.
Before the 19th century, coin collecting was an individual hobby—one most often enjoyed by nobles, the religious elite, and rulers. During the Roman Empire, emperors like Caesar Augustus collected coins from various places to use as leverage in trade negotiations and to gift to guests.
Because of their properties and value as collectibles, rare currency units can trade well above their face value or the commodity value of their physical substance. For example, some 20th-century U.S. silver quarters, with a face value of 25 cents and a silver melt value of a few dollars, can trade for tens of thousands of dollars apiece.
Numismatic Fun Facts
- Florence, Italy, was the first world city to mint its own gold coins in the year 1252.
- Although collecting old coins is a global hobby practiced by the masses, in ancient times, it was deemed a royal hobby solely enjoyed by kings and queens.
- The United States Secret Service, established in 1865, was originally created to fight counterfeit money during a time when one-third of federally issued paper money was thought to be fake. It wasn't until 1902 that the Secret Service shifted its responsibility to protecting the president following the assassination of President William McKinley.
