Close-up view of a vintage coin collection displayed in a wooden case
COINS AND CURRENCY:
Numismatics is the hobby of collecting coins. The French coined the word “numismatique” from the Latin “numma” meaning “a coin” which in turn derived from a Greek word “nomisma” – literally, “what is sanctioned” or authorized by law. The earliest coins, minted in the Kingdom of Lydia in the 7th century B.C., set the form and general design for the production of coins down to the present. Traditionally, the ability to strike coins was evidence of a state’s sovereignty.
The United States began minting its own distinctive coinage about 1792 under authority of the newly approved Constitution. Before then, the British colonies used an amalgam of Spanish, British, French, and other coins – and “twists” of tobacco -- as legal tender. Because of the scarcity of British coinage in the colonies, Americans were more familiar with Spanish coins minted in Mexico City. The Founding Fathers, being practical sons of the Enlightenment, thus adopted the “Spanish milled dollar” as the nation’s basic currency, but divided the dollar into 100 parts or “cents.” Spanish currency freely circulated alongside U.S. coins as legal tender until 1858.
Paper money first appeared in 12th century China. Chinese merchants and government officials found that paper was much easier to transport, especially over long distances, than large quantities of silver. Paper thus represented, or symbolized, specific amounts of silver – and for centuries served as legal tender in China. Marco Polo is said to have brought back samples of paper currency from Yuan dynasty (Mongol) China to amaze his Italian merchant friends. Paper money in both Europe and America has had a somewhat checkered history, as governments found it tempting to print more money rather than mine silver or gold. Inflation during the American Revolution destroyed the value of Continental currency leading to the phrase “not worth a Continental.”
FOREIGN AND DOMESTIC:
As mentioned in our Welcoming Note, I have only two goals: Reduce large surpluses of coins, and find “good homes” where my duplicates will be appreciated and cared for. I especially applaud younger collectors –unfortunately, many young people collect nothing at all. That in my view is a lost opportunity to learn interesting things about the U.S. or foreign countries which their coinage or paper money teach us. I therefore want to help younger persons (you!) get started in a hobby that will teach you much and be rewarding throughout your life. Moreover, I believe that collecting coins or stamps builds mental powers of careful observation, organization, and thrift – all valuable traits.
In recent years the inflation of the price of silver has made collection of silver coins challenging. They are available, certainly. But many silver coins are no longer cheap. Gold coins are prohibitive for young numismatists. Foreign coins, however, are inexpensive and useful “windows” into countries that a person might never visit as a tourist. Here again, I give you my pledge to sell American or foreign coins at the lowest possible price, plus shipping cost. Indeed, if you are a Scout or member of a youth group that encourages coin collecting, I will go out of my way to help you.
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