Wondering what the name is for an individual that collects coins? That would be a Numismatist. (Pronounced new-miss-ma-tist.) It means “someone who studies and collects things that are used as money, including coins, tokens, paper bills, and medals.”
Interested in the art of coin collecting? This type of collection was once called “The Hobby of Kings”. Today, numismatics is a hobby available to anyone. With coins flooding the internet, anyone with access and a desire to hold history their hand is able to join in on this passion. Believe it or not, the origins of this captivating hobby are quite unusual. Until the 20th century, coin collecting was exclusively a pastime of royalty and wealthy.
The first recorded person to have a coin collection was Augustus Caesar, the first emperor of Rome. He lived from 63 B.C. to A.D. 14, and the eighth month of our year is named after him.
Not only did Augustus keep adding coins to his collection, but he also gave them as gifts. Starting this trend, many of the Roman emperors who ruled after Augustus also had large coin collections. The hobby became even more popular during the Middle Ages, when wealthy individuals and royal families built awesome collections.
This question may have crossed your mind from time to time, how long do coins last? And what happens to them once worn out? Most coins can circulate for about 25 years before they become too worn to be used anymore. That’s a long time when you consider that the average dollar lasts for only 18 months.
The United States Mint recycles worn-out coins it receives from a Federal Reserve Bank. The Mint then sends any usable metal that’s recovered to a fabricator, then repurposes for new coinage.
At first glance, many coins may look almost identical, but when you see the difference in the price tag you may think twice about how similar they really are. The things that affect the value of the coin most are age, rarity, condition, and precious metal. The value of any one coin can be surprising. For example, you can buy some Roman coins that are more than 1600 years old for less than $10. But then there are some worn 1909 wheat pennies that sell for hundreds of dollars, or more!
Usually, the harder a coin is to find and the more people who want it, the more it’s worth. This is known as the law of supply and demand. It holds true no matter what the collectible.
The motto IN GOD WE TRUST first appeared on a U.S. coin in 1864, during the Civil War. In particular, the two-cent piece; first minted in that year, was the first coin with the slogan.
Since gaining independence, the U.S. has minted coins in denominations that today may seem odd. For example, the U.S. has minted half cents (1793-1857), two-cent pieces (1864-1873), three-cent pieces (1851-1889), twenty-cent pieces (1875-1878), $2.50 gold pieces (1796-1929), $3.00 gold piece (1854-1889), $4.00 gold pieces (1879-1880), $5.00 gold pieces or half eagles (1795-1929), $10.00 gold pieces or eagles (1795-1933), and $20.00 gold pieces (“double eagles”) (1849-1933). Currently, the only coin denominations for circulation being minted are the penny, nickel, dime, quarter, half dollar, and dollar.
Coin collecting is a pastime that has been around for thousands of years. It can grow with you as you find interest in different time periods in history, art-work of a particular coin and culture. There are as many avenues in coin collecting as you wish to travel, and with coins you can venture virtually anywhere around the world and to any period of time back to early human civilization right from the comfort of your home. Coin collecting can be a journey into history that lasts a lifetime – and the first coin to strike your interest may be sitting in your pocket or local coin shop right now.
Enjoy your journey in this very exciting hobby!