What is Numismatics?

Numismatics is the study and collection of currency, including coins, tokens, paper money, medals, and related objects. It goes beyond just coins, covering all forms of money used throughout history. While many people associate numismatics with coin collecting, it also includes a broader exploration of money and its role in societies, from ancient times to the present. Specialists in this field, known as numismatists, often study the various materials that have been used as currency over time, such as precious metals, shells, and even livestock.

The History of Coin Collecting

Coin collecting has a rich history, with evidence of its existence dating back to ancient times. Notably, Emperor Augustus gave “coins of every device,” including foreign and ancient pieces, as gifts during the Saturnalia festival. The first Renaissance collector, Petrarch, began acquiring Roman coins in the 14th century and even presented a collection to Emperor Charles IV in 1355.

Royalty and nobility played significant roles in early numismatics, with collectors like Pope Boniface VIII, Emperor Maximilian, and King Louis XIV. The field earned the title “Hobby of Kings” due to these esteemed figures.

In the 19th century, numismatics became more formalised, with the Royal Numismatic Society being founded in 1836 and the American Numismatic Society in 1858. These institutions helped advance numismatics, publishing journals that encouraged research and expanding the field beyond hobbyists to professional scholars.

By the 20th century, coins were increasingly recognised as important archaeological objects, providing scholars with valuable historical context. This led to projects such as the registration of coin finds in Germany after World War II, emphasising their significance in understanding historical periods.

The Rise of Modern Numismatics

Modern numismatics focuses on coins from the mid-17th century onward, particularly those that were machine-struck. This area of study is more about the needs of collectors than historians, though it often involves examining mint records, coin rarity, and the sociopolitical context of coin production. Collectors are especially interested in the various types of coins, including rare varieties, mint-made errors, and the wear patterns on coins over time.

Subfields of Numismatics

Exonumia

Exonumia, or “Paranumismatica,” is the study of coin-like objects that are not legal tender. These include tokens, medals, souvenir items, encased coins, and even credit cards. Though exonumia is closely related to traditional numismatics, it covers items that were never intended as official currency. Many coin collectors also delve into exonumia, appreciating the diversity of items within this category.

Notaphily

Notaphily is the study of paper money and banknotes. While the practice of collecting paper money has existed as long as the currency itself, the systematic collection of banknotes began in the 1920s in Germany. This field became formally recognised in the 1970s, when major countries began publishing national catalogs of paper money. Notaphily enthusiasts study both the historical significance of banknotes and the artistry behind their design.

Scripophily

Scripophily involves the collection and study of stock certificates and bonds. This field is valued not only for the beauty of historical documents and engravings but also for the historical context each certificate provides. Occasionally, collectors may find that an old stock certificate still holds value in the form of shares from a successor company, adding an investment element to this form of collecting.