What is Numismatics?

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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. 

Let us introduce you to the world of numismatics, including its history, key terms and concepts and some helpful tips for collectors.

The history of numismatics dates back 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 a long 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 metals, 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 therefore hold more value. 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. Check out our tips for beginning numismatists and storing your collection, along with some Numismatic Links that will give you access to more education.