Coins are reflections of history. They reflect changes in society, culture and technology over time. They mirror the changing political landscapes of our world and the economic aspirations of nations. Thus, they form an invaluable guide to studying history. Each coin has a story to it. Uncovering these stories can increase one’s knowledge of the countries issuing the coins. Someone once said that to hold a coin is to hold history and geography – to freeze time and to collapse distance simultaneously.
Coins often undergo change to reflect changes in production technology, cost of production, or even as a result of rapid devaluation of a country’s currency. In 1971, Britain discontinued Shilling for Penny. Australia changed from Shilling to Cents in 1966. Poland revamped its Zloty in 1995. To adapt to changing costs, the material used to mint the US cent has changed six times – starting with copper and ending in zinc with copper coating. Vietnam discontinued its coin Xu in the mid 70’s because the production cost was more than the face value.
Coins come in all kinds of shapes, sizes and color. From the triangular coins of Cook Island to the heptagonal 50 cents coin recently released by Cyprus, one can find almost every geometrical shape: from square to scalloped. The subjects of the obverse (head) range from flower, wildlife, national heroes to monuments. Most coins from the African nations depict the flora and fauna of these nations. Often coins are struck to commemorate special events and the obverse will reflect that. Normally coins have the colors of the metals used to mint them. However, some countries like Congo, Namibia, and Palau have colored coins.
Normally, the name of the issuing country is inscribed on the reverse (tail) of the coin. Special symbols characterize a country’s coin so that it is easy to identify the issuing country even if the coin may not have the country name inscribed in English. Special catalogs can aid that identification. India’s coins have the famous Ashoka Pillar and Bangladeshi coins have a Lotus. Sometimes, the country name is stamped on the rim of the coin as commonly found in the coins of the Scandinavian nations.
The most common denominations are 1, 5, 10, 25, 50 and 100. However, odd denominations are also found. The Netherlands had a “two and half” Guilder coin before switching to Euro. Coins often have pet names. Like the US Nickel and Dime, Spanish 5 Peso is called a Duro. Bolivar, the coin of Venezuela, is named after Simon Bolivar, the liberator of South America.
Given the long history of coins and the variety out there, collection also varies significantly. Geography, time, grade, material and subject matter of the obverse all separates one collection from the other. Some collector concentrate on a particular country or region, some on an extended region, while others collect world coins. It is easy to start with one’s own country and then branch out. Focus can be on ancient coins, on medieval times and, while limited in number, on modern times. The reason for lack of interest in modern times is simple. The coins won’t appreciate in value in the collector’s lifetime. Collection can vary based on the metals of the coin - some collect coins made of rare metals only, some prefer bimetallic, others collect just hand-painted coins. Then, there are few collectors who collect only commemoratives or coins with errors. Some focus on a specific theme or two for the obverse. For example, these people will collect coins with images of animals or sports from around the world.
While the ideal collection should be mint fresh, one can always start collecting from circulation, from friends or while traveling overseas. Depending on the reasons behind an individual’s collecting and resources available to him or her, any combination of the above is possible.
Why do people collect coins? Satisfaction, enjoyment and enthusiasm for a hobby are all key factors. While some collector finds fulfillment in doing so, others find it a worthwhile investment. Collectors range from novice to hobbyists, from serious collectors to investors. Coin collectors try to educate themselves about coins and tend to focus on the characteristics of different coins. Irrespective of the type, they all tend to have something in common. They are passionate about their hobby and they all collect something that they like.
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© 2007 Sanjoy Haldar
