What is numismatics, and what types of items does it encompass beyond just coins?

Numismatics is the scientific study of money and its history in all its varied forms. While often associated with coins, the discipline also includes the study of other monetary items such as banknotes, stock certificates, medals, medallions, and tokens, which are also referred to as exonumia. This field provides insights into economic history, art, and culture through the examination of currency.

What are some related disciplines to numismatics mentioned in the text?

Related disciplines to numismatics include exonumia, which is the study of coin-like objects like token coins and medals; notaphily, the study of paper money or banknotes; philately, the study of postage stamps; and scripophily, the study and collection of company share certificates and bonds. These fields often overlap with numismatics due to their connection with monetary and collectible items.

What does the term "adjustment" refer to in the context of coin minting?

In coin minting, "adjustment" refers to the process of filing down a metal blank to achieve the correct mass before it is struck with a design. Evidence of this filing process, known as file marks, can sometimes still be visible on the surface of the finished coin, indicating it underwent this preparatory step.

Can you provide an example of "alliance coinage"?

Alliance coinage refers to coins that are minted through the cooperation of two or more state governments. A prime example of alliance coinage mentioned is the Euro coins, which are used across multiple European Union member states, representing a collaborative monetary effort.

What is an "anepigraphic coin"?

An anepigraphic coin is a coin that lacks any inscription or text. Historically, some ancient coins featured only a simple image, such as an animal, to denote their value or weight instead of using written words, relying solely on iconography.

Explain the process of "annealing" in relation to coin production.

Annealing is a metallurgical process involving the heating and cooling of metal to reduce its brittleness and relieve internal stresses. In coin production, this process is often applied to metal blanks to make them more pliable and suitable for striking with the coin's design, ensuring a cleaner impression.

What is an "assay" in numismatics?

An assay in numismatics is a test performed to determine the precise weight and purity of a coin. This process is crucial for verifying the metal content and authenticity of coinage, especially for precious metal coins, ensuring they meet specified standards.

What is a "bag mark" on a coin?

A bag mark is a small surface nick or abrasion found on a coin, typically caused by contact with other coins while they are stored or transported in a mint bag. These marks are more commonly observed on larger gold or silver coins and are a common feature on uncirculated coins.

How does a "banker's mark" differ from a "chop-mark"?

A banker's mark is a small countermark applied to a coin by a bank or trader to signify that they have verified its authenticity and weight. The term "chop-mark" is used specifically for these marks when found on silver coins that circulated in China and Japan, often applied by merchants to indicate acceptance.

What are "base metals" in coinage?

Base metals in coinage refer to any non-precious metal or alloy that does not contain gold or silver. Common examples of base metals used in minting coins include nickel and copper, often chosen for their durability and cost-effectiveness compared to precious metals.

Define "billon" as an alloy.

Billon is a low-grade alloy of gold or silver that contains a significant proportion of another metal, typically copper. This type of alloy was often produced when the intrinsic value of circulating silver coinage needed to be reduced, sometimes due to economic pressures like hyperinflation, making the coins less valuable.

What distinguishes a "bi-metallic coin"?

A bi-metallic coin is a coin constructed from two different types of metal. Typically, it features one metal in the center and a different metal forming an outer ring, with examples including the 1 and 2 Euro coins, which combine different alloys for distinct visual and material properties.

What are the alternative names for a "blank" in coin production?

In the context of coin production, a blank is the prepared disk of metal that will be struck with a design. It is also commonly referred to as a "planchet" or a "flan," with these terms often used interchangeably.

What is "brockage" in numismatics?

Brockage originally referred to wasted metal during coin production. Today, it specifically means a coin that has been struck when the previous coin remained stuck to the die, resulting in an incuse (impressed) impression on the next coin struck. This error is primarily found on ancient coins where striking methods were less precise.

How is "bullion value" determined for a coin?

The bullion value of a coin represents the current market price of its raw precious metal content. For instance, if silver is trading at a certain price per troy ounce, the bullion value of a silver coin would be calculated based on its silver content and the prevailing market rate, independent of its numismatic value.

What is the difference between "coin alignment" and "medal alignment"?

Coin alignment and medal alignment describe how the obverse (front) and reverse (back) designs of a coin are oriented relative to each other. In medal alignment, if the obverse is upright, turning the coin on its vertical axis also results in the reverse being upright. In coin alignment, the coin must be flipped top-to-bottom to view the reverse upright. U.S. coins are struck with coin alignment, while many European coins use medal alignment.

What is a "cud" on a coin?

A "cud" is a type of defect found on a coin, characterized by a raised area of metal near its edge. This defect occurs when the die used for striking the coin chips, leaving an imperfection that transfers to the coin, resulting in a missing portion of the design on the coin's edge.

What does it mean to "debase" a coin?

To "debase" a coin means to reduce its intrinsic value, typically by lowering its precious metal content (like silver or gold) while maintaining its original face value. This practice was often employed during periods of economic difficulty or high inflation to conserve valuable metals or increase the money supply.

What are "denticles" on a coin?

Denticles are small, decorative elements that resemble tooth-like projections found along the inner edge of a coin's rim. They serve as a design feature and can help protect the coin's surface from wear, contributing to its overall aesthetic.

How does a "die clash" occur during coin production?

A die clash happens when the two dies used for striking a coin collide directly without a metal blank (planchet) in between them. This impact can cause the design of one die to impress onto the surface of the other, leading to a "shadow" of the design appearing on subsequent coins struck with the damaged dies. Die clashes can also lead to die cracks.

What is a "doubled die" in numismatics?

A "doubled die" refers to a die that has received two misaligned impressions from a hub during its creation, or more commonly, a coin that was struck using such a die. This results in a doubling effect on the coin's design elements, such as letters, numbers, or imagery.

What is an "electrotype" in the context of numismatics?

An electrotype is a reproduction of a coin or medal created through an electrochemical process called electrodeposition. These are often used for museum displays or educational purposes, providing a replica without using the original artifact, thus preserving valuable historical items.

What is "electrum" and why is it significant in coinage history?

Electrum is an alloy of gold and silver, which occurs naturally or can be artificially created. It holds historical significance as it was used in the minting of some of the world's very first coins, marking an early stage in the development of coinage.

What is the definition of "exergue" on a coin?

The exergue is a segment of a coin's design, typically separated by a horizontal line, where an inscription or legend is placed. It often represents the ground or base upon which elements of the main design stand, and it's a common location for dates or mint marks.

What is the "face value" of a coin, and how does it relate to its collectable worth?

The face value of a coin is the monetary worth officially assigned to it and usually printed on its surface, such as "one cent" or "one dollar." For collectible or bullion coins, their actual market value, especially to collectors, often far exceeds this nominal face value due to rarity, condition, or metal content.

What is a "fantasy issue" in numismatics?

A fantasy issue is a coin or banknote that is not official legal tender and is created for purposes such as honoring a person or event, advertising, humor, or artistic expression, rather than for circulation as currency. These are unofficial issues made to look like real coins or notes but lack official government backing.

How is "fineness" used to describe the purity of precious metals in coins?

Fineness is a measure of the purity of precious metals, expressed in terms of one thousand parts. For example, a metal that is 90% pure gold would be described as ".900 fine," indicating that 900 out of every 1,000 parts are pure gold, a standard used for coinage and bullion.

What does "fleur de coin (FDC)" signify regarding a coin's quality?

"Fleur de coin" (FDC), meaning "flower of the die," denotes a coin of exceptionally high quality. This assessment considers not only the coin's condition but also the artistic quality and wear of the dies used to mint it, which is particularly important for evaluating ancient coinage where variability was greater than in modern mints.

What are the common grading terms used for coins in North America, from worst to best?

Common coin grading terms in North America, from lowest to highest condition, include Poor (Po), Fair (Fr), About Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extra/Extremely Fine (EF or XF), Almost Uncirculated (AU), Uncirculated (UNC), and Brilliant Uncirculated (BU). Grading also takes into account factors like color, strike strength, and overall eye appeal.

What is "hacksilver"?

Hacksilver refers to fragments of silver items that were cut or bent and used as currency or bullion by weight in ancient times. It represents a form of money based on the weight of the precious metal rather than a standardized coin form, common before the widespread adoption of coinage.

What is a "hub" in the context of coin die production?

A hub is a tool used in the minting process that has a positive image of the coin's design. This hub is used to impress the design onto a blank die, creating the negative image that will eventually strike the coin. Using hubs allows for the mass production of identical dies.

What does "incuse" mean in relation to a coin's design?

"Incuse" describes a part of a coin's design that is impressed below the surface, essentially an intaglio or sunken design. This is the opposite of "relief," where the design is raised above the surface. Incuse designs were common in early coinage due to simpler striking methods.

What is the difference between "carat" and "karat"?

"Carat" is a unit of measurement for the weight of precious stones, while "karat" (often marked K or k) is used to measure the purity of gold, with 24K representing pure gold. Both terms historically relate to the seed of the carob tree, but they measure different properties.

What is a "key coin" in numismatics?

A "key coin" is a term used to identify a coin within a specific series that is particularly rare or highly valued compared to others in the same series. For example, certain years might be considered key coins in a collection of Canadian small cents, making them essential for completing the set.

What is "legal tender"?

Legal tender refers to any form of money that must be accepted by law in payment of debts. This includes coins and currency officially recognized and issued by a government, providing a standardized medium of exchange.

What is the distinction between "milled coinage" and "hammered coinage"?

Milled coinage refers to coins that are produced using machinery, a process that became widespread with technological advancements. This contrasts with hammered coinage, which was struck by hand using dies and a hammer, a method used for centuries before the advent of mechanical striking.

What is a "mint mark"?

A mint mark is a small symbol, typically a letter, found on a coin that indicates the specific mint facility where the coin was produced. For example, an "S" on a U.S. coin signifies it was struck at the San Francisco Mint, helping collectors identify the origin of their coins.

What is a "mule" in the context of coin striking?

A "mule" is a coin that has been struck using two dies that were never intended to be paired together. This often results in unusual combinations of obverse and reverse designs, making such coins rare and interesting to collectors.

What does "NCLT" stand for, and what are these types of coins?

NCLT stands for "Non-circulating legal tender." These are coins issued by governments, often in limited editions, primarily for collectors rather than for general commerce. While technically legal tender, their face value is usually much lower than their bullion value or the price at which they are sold, making them more collectibles than currency.

Notgeld, meaning "emergency money" or "necessity money," refers to currency issued by institutions during times of economic or political crisis. It served as a temporary medium of exchange when official currency was scarce or unavailable, often featuring unique designs reflecting local conditions.

What is the "obverse" side of a coin?

The obverse side of a coin is considered the front or "heads" side. It typically features the main design, such as a portrait of a ruler or a national symbol, and is often the side considered primary.

What is a "pattern" coin?

A pattern coin is a coin minted using official dies but is not part of the regular circulation issue. These coins are created to test new designs, alloys, or denominations before they are potentially adopted for mass production, serving as prototypes or experimental pieces.

What is "patina" on a coin?

Patina is a surface film that develops on older coins, primarily those made of silver, copper, or bronze, due to oxidation. It often appears as a green or brown coloration and can be a sign of a coin's age, though its desirability among collectors can vary.

What is a "piedfort"?

A piedfort is a coin that has been struck on a metal planchet that is significantly thicker than the standard issue, often twice the normal thickness. The term "piefort" is a common misspelling. These thicker coins were sometimes produced as patterns or special issues.

What is the purpose of a coin's "rim"?

The rim is the raised border along the edge of a coin. Its primary functions are to protect the coin's design from wear, make the coins easier to stack, and facilitate rolling them into tubes by machine. It also provides a surface for inscriptions on some coins.

What is "seigniorage"?

Seigniorage is the profit a government makes from issuing currency. It is calculated as the difference between the face value of a coin or banknote and the cost of producing and distributing it. When this difference is negative, it results in a loss for the government.

What is a "slab" in numismatics?

A "slab" refers to the protective plastic case in which a coin is sealed after being authenticated and graded by a professional coin grading service. This encapsulation preserves the coin's condition and displays its assigned grade, providing security and standardization for collectors.

What was the "Spanish dollar"?

The Spanish dollar, also known as the "piece of eight," was a silver coin issued by Spain and its colonies from 1497 to 1864. It was widely used internationally and served as legal tender in the United States until 1857, significantly influencing early American currency.

What is the "spot price" in numismatics?

In numismatics, the spot price refers to the current market value of one troy ounce of a precious metal, such as gold or silver, when traded in its bullion form. This price is a key factor in determining the intrinsic value of precious metal coins.

What is a "token" in the context of numismatics?

A token is a privately issued piece that has a redeemable value for specific goods or services, but it is not an official coin issued by a government. Examples include subway tokens or casino chips, which function as currency within a limited context and are collected by numismatists.

What is "tombac," and why was it used for Canadian coins?

Tombac is a brass alloy that was used to mint Canadian 5-cent coins in 1942 and 1943. This substitution occurred because of a shortage of nickel during World War II, and later, a copper shortage necessitated a switch to chromium-plated steel. Tombac provided a temporary alternative metal for coinage.

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Numismatic Glossary

What is Numismatics?

Numismatics is the scientific study of money and its history in all its varied forms. While numismatists often focus on coins, the discipline also encompasses banknotes, medals, tokens, and other related items.

Related Fields

Numismatics intersects with several related fields:

Exonumia: The study of coin-like objects such as tokens and medals.
Notaphily: The study of paper money or banknotes.
Philately: The study of postage stamps.
Scripophily: The study of company share certificates and bonds.

Navigating the Terms

This glossary provides definitions for key numismatic terms. Use the navigation or scroll down to explore the alphabetical listing of terminology.

Currency & Its Forms

Coins

Coins are typically metal discs issued by a government or mint, used as a medium of exchange. They feature specific designs, denominations, and often historical or symbolic imagery.

Banknotes

Banknotes, or paper money, are government-issued certificates representing a specific monetary value. Their study is known as notaphily.

Tokens & Exonumia

Tokens are privately issued pieces with redeemable value, often used for specific goods or services (e.g., subway tokens). Exonumia broadly covers coin-like objects not used as legal tender, such as medals and commemorative pieces.

Historical Context

Ancient Origins

The study of numismatics traces the evolution of money from early forms like electrum alloys used in ancient coinage to the standardized minting processes of later eras.

Global Evolution

From Roman currency and ancient Chinese coinage to medieval systems and modern national currencies, numismatics explores the diverse history of monetary systems across civilizations.

Monetary Systems

Understanding historical currencies involves studying their alloys, minting techniques, denominations, and the economic and political contexts in which they were issued.

Minting & Production

The Minting Process

Coins are produced through processes like striking, where metal blanks are impressed with designs using dies. Techniques such as annealing, milling, and the use of collars are crucial for quality production.

Design & Engraving

The creation of a coin involves skilled designers and engravers who craft the obverse, reverse, and edge designs. The quality of the dies and the striking process significantly impact the final appearance and value.

Materials & Alloys

Coinage utilizes various metals and alloys, including gold, silver, copper, nickel, zinc, and bronze. The choice of material affects the coin's durability, appearance, and intrinsic value.

Collecting & Grading

The Collector's Pursuit

Coin collecting involves acquiring, studying, and preserving coins. Collectors often specialize in specific series, countries, or historical periods, seeking items based on rarity, condition, and historical significance.

Grading Standards

The condition of a coin, known as its grade, is critical for its numismatic value. Grading systems assess factors like wear, luster, strike quality, and eye appeal, ranging from Poor (Po) to Gem Uncirculated (GEM UNC).

Key Terms

Understanding terms like "proof," "uncirculated," "mint luster," and "cameo" is essential for collectors to accurately assess and value coins.

Diving Deeper

Numismatic Terminology

This glossary defines terms such as 'obverse' (the front side), 'reverse' (the back side), 'edge' (the side between faces), 'legend' (inscription), and 'device' (design element).

obverse: The front or "heads" side of a coin.
reverse: The back or "tails" side of a coin. The opposite of obverse.
edge: The surface of the coin between the faces; the edge may be plain, ridged or patterned with lettering or other decoration.
legend: The principal inscription on a coin.
device: A pattern or emblem used in the design of a coin.
alloy: A homogeneous mixture of two or more chemical elements, where the resulting compound has metallic properties. Common coin alloys include cupro-nickel and bronze.
mint mark: A small letter or other symbol inscribed on a coin, indicating at which mint the coin was struck.

Understanding Value

Terms like "bullion value" (metallic content value) and "face value" (stated value) are crucial. "Seigniorage" refers to the profit a government makes from issuing currency.

bullion value: The current market value of the raw precious metal content of a coin.
face value: The value that is written on a coin.
seigniorage: The difference between the face value of money and the cost to produce and distribute it.
intrinsic value: The current market value of a coin based on its metallic content.

Identifying Varieties

Numismatists identify "varieties" based on minor differences in the dies used, such as "overdates" or "doubled dies," which can significantly impact a coin's rarity and value.

variety: Fine details of a coin's design which set it apart from the normal issue.
overdate: A date shown made by superimposing numbers on a previously dated die.
doubled die: A die that received two misaligned impressions from a hub; more commonly, a coin struck by such a die.
die crack: A fine raised line on a coin that was caused by a crack in the die.

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References

Jonathan Edwards. Catalogue of the Greek and Roman Coins in the Numismatic Collection of Yale College, Volume 2. Tuttle, Morehouse & Taylor, 1880. p. 228.

A full list of references for this article are available at the Glossary of numismatics Wikipedia page

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Important Notice

This page was generated by an Artificial Intelligence and is intended for informational and educational purposes only. The content is based on publicly available data and may not be entirely accurate, complete, or up-to-date.

This is not financial advice. The information provided on this website is not a substitute for professional numismatic consultation, appraisal, or investment advice. Always consult with qualified professionals regarding the value, authenticity, or investment potential of numismatic items. Never disregard professional advice because of something you have read on this website.

The creators of this page are not responsible for any errors or omissions, or for any actions taken based on the information provided herein.

The Numismatic Lexicon

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Numismatic Glossary 📖

🪙 What is Numismatics?

🔗 Related Fields

🗂️ Navigating the Terms

Currency & Its Forms 💰

🪙 Coins

💵 Banknotes

🎟️ Tokens & Exonumia

Historical Context ⏳

📜 Ancient Origins

🌍 Global Evolution

🏛️ Monetary Systems

Minting & Production 🏭

⚙️ The Minting Process

🎨 Design & Engraving

🔬 Materials & Alloys

Collecting & Grading 🔍

🛍️ The Collector's Pursuit

⭐ Grading Standards

💎 Key Terms

Diving Deeper 🎓

📚 Numismatic Terminology

💡 Understanding Value

🧐 Identifying Varieties

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📜 Important Notice

Dive in with Flashcard Learning!

Numismatic Glossary

What is Numismatics?

Related Fields

Navigating the Terms

Currency & Its Forms

Coins

Banknotes

Tokens & Exonumia

Historical Context

Ancient Origins

Global Evolution

Monetary Systems

Minting & Production

The Minting Process

Design & Engraving

Materials & Alloys

Collecting & Grading

The Collector's Pursuit

Grading Standards

Key Terms

Diving Deeper

Numismatic Terminology

Understanding Value

Identifying Varieties

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Important Notice