Brief History of Coins

Perhaps the birth of coins can be traced down in China around 800-1,000 BC. Their coins were made of bronze. While the first coins to be minted in Asia Minor were around 650 BC and were called “starters”. Coinage was only after when the former barter system was cheated and manipulated by deceitful merchants who sabotage the trade by using lower quality of silver and gold metals as an exchange for goods. Shortly after the coins gain standard values, the hobby of coin collecting began.

Evidences retrieved indicated that the first coins in the Western civilization where found in Greece around 5th century BC. Greek artists carved images of their deities on the coins as art designs. While Alexander the Great spread the use of coins for trade among his conquered kingdoms and used realistic figures on them instead.

Coin collecting was renowned among rich families who can afford the hobby and considered it as a practical form to preserve their wealth since banks at that time did not exist yet.

During the Roman era, it was the Roman Emperor Augustus (63BC-14AD) believed to be the first to become fond of collecting coins. He even gave his collected coins as gifts for his friends. According to literary accounts, Romans would bargain the coins at prices higher than their actual cost value.

At the time of early Renaissance, coin collecting was considered as a piece of art and the coins were collected for their artistry not just for their monetary value. During this era, the most famous coin collector and known as the Father of the Renaissance is an Italian scholar and poet named Francesco Petrarch. He even included his collection in his writings. His passion and eagerness for his hobby led to the advent of modern coin collecting. Within this period, various kings, aristocrats and popes became hooked to collecting ancient Greek and Roman coins due to their artistic qualities and historical meaning hence the title, “The Hobby of Kings”. Some of the famous nobility coin collectors are Pope Boniface VIII, Emperor Maximilian of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Elector Joachim II of Brandenburg, and Henry IV of France.

Formerly, early Americans used a different kind of monetary system until foreign traders introduced foreign coins as payment for goods. It was only during 18th century that Americans started manufacturing coins out of copper. After the Coinage Act had been passed in the year 1792, the official minting of coins has been legalized. The US Dollar became the official monetary unit throughout the country’s market. The Philadelphia Mint was the first to produce US coins after minting the first US Silver Dollar. It was then followed by Denver Mint, San Francisco Mint and West Point Mint.

In the year 1858, the American Numismatic Society was established and the American Numismatic Association was founded in 1891. The latter in partner with the Royal Canadian Numismatic Association held the first coin collectors convention in Detroit, Michigan last August 15–18, 1962.

In the 20th century, the coin collecting spread and became even wider through shows, international conventions and conferences, symposiums and clubs. Museums were allotted for coin collections such as the Smithsonian Museum in Washington D. C. as well as the American Numismatic Society in New York City showcasing ancient, rare and some of the most precious coins ever collected.

Beyond the excitement and satisfaction a numismatist get upon completing their collection is the coins worth afar from its currency value. In these small pieces of art lies vast information about its influences and its country’s history, culture, language, art and people.