A Brief History of Coins and Coin Collecting
In ancient times, and in a few places around the world today, goods and services were exchanged for carefully measured amounts of precious metal like gold or silver. This barter system worked well, provided that all the parties involved conducted their business honestly. However, like most transactions involving money, dishonest dealers did occur. Because of less than honest dealers attempting to short change the customer by exchanging a lower quantity of metals, the barter system was eventually replaced by coins, usually made from gold or silver. These coins, which were given a standardized weight and content for each value, offered both the customer and dealer a way to make the exchange of goods more standard. Coins became the new form of payment for both goods and services.
Based on archeological evidence, it is believed that the first coins were minted around 650 B.C. Although not certain, it is also believed that the hobby of coin collecting started soon after. The Greeks began to commission artists to design the faces and figures of their coins in the fifth century. The depictions of gods, goddesses, and mythical heroes most likely made these coins coveted, not only for their monetary value, but also because of the artwork and representations of the various deities and heroes. Just like today, historical coin collecting was most likely undertaken because people enjoyed the novelty of the coin and it intrinsic value of the coin. In fact Alexander the Great began the very popular trend of using realistic designs on the coins instead of the idealistic representations previously used.
If one was to travel through history a bit further, one would get to meet the man considered by many to be the first avid coin collector in history. Francesco Petrarca, a fourteenth century Italian scholar and poet has been called the father and the Renaissance. He was also the first coin enthusiast to bring the art and hobby of coin collecting out into the light of the public eye. The hobby soon became popular with both popes and kings, and quickly became known as the "Hobby of Kings". In fact, evidence indicates that Roman emperors would pay top prices for uncirculated coins, even beyond their face value. Royals such as King Louis XIV and Henry IV of France were avid coin collectors, and even Elector Joachim II of Bradenburg started the Berlin coin cabinet.
As the popularity for coin collecting spread from the royal and upper echelon to the masses, more and more people discovered that they had a passion for it. Eventually enough people became avid coin collectors to hold a large meeting of their fellow enthusiasts. The first international convention for coin collectors was held on August 15th through the 18th in 1962. Held in Detroit, Michigan, it was sponsored by the American Numismatic Association and the Royal Canadian Numismatic Association. These numismatic associations were specifically formed to study and explore the different forms of currency, both coins and paper, in relation to the value of them to the collector. It was estimated that 40,000 people were in attendance at this meeting. It was a solid reminder of how popular the hobby of coin collecting had become.
While coin minting and coin collecting in Europe and other countries had been going on for centuries, the United States did not officially start minting coins until the first part of 1792 with the passage of the Coinage Act. This act legalized the United States dollar as the official unit of monetary exchange throughout the early states. The Philadelphia Mint was the first to manufacture U.S. coins, with the first minting of the U.S. Silver dollar. It was finally joined in creating coins and money by the Denver Mint in 1906. This was followed shortly by the San Francisco Mint, and the West Point Mint. These last two mints mainly produced proof sets and gold coins, items sought almost exclusively by coin collectors and enthusiasts. In order to determine how many coins are being minted at each facility, they are marked with a P, D, S, or W, depending on the mint that put it into circulation.
Today, the number of people with a passion for coin collecting has grown by the millions. Museums such as the Smithsonian in Washington D.C. and the American Numismatic Society in New York City routinely have valuable rare and coin collections on display to aid in the education of the public about coin collecting. While not for everyone, the number of numismatists who enjoy the thrill of coin collecting is growing at a rapid pace.
