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What is Numismatics?
Numismatics is the collection of currency such as coins, banknotes (paper money), tokens and other related objects. It is also the study of various means of payment; currency, this study is often applied to the production and embodiment of coins and other related currencies to know how rare they are. Students of numismatics are called numismatists, they are also regarded as the collectors of coins. The study of numismatics is not limited to coins, it captures other payment media and related objects such as medals. There are several subfields of numismatics, but the major ones are Notaphily (the study of banknotes), Exonumia (the study of coins) and Scripophily (the study of securities.
How Does Numismatics Work?
Rather than study the use and development of currency and payment media, numismatics focuses on the study of the physical features of a coin, paper money, tokens, and other related objects. The term numismatics was first used in 1829 during the renaissance period as part of the discovery of the physical attributes of coins. Numismatics originated from a French word; numismatiques, which was derived from numismatic, a Latin word. By translation, numismatics means of coins. The students of numismatics are called numismatists, they are coin collectors who have undergone the in-depth study of the payment media. Other coin collectors exist, these are related to scientific research and are different from numismatists. There are several organizations and societies committed to the study and science of numismatics, these include; The American Numismatic Society, Oriental Numismatic Society, The Ancient Coins Collectors Guild, The Israel Numismatic Society, Archaeological Institute of America, The Czech Numismatic Society, The Numismatic Association of Australia, The Canadian Numismatics Association, The Royal Numismatic Society of New Zealand and a bunch of others. Here are some quick facts you should know about numismatics;
- The first gold coins in the world were made in Italy in 1252. The city of Florence was the first place in history where gold was minted.
- In 1865, the United States government established the United States Secret Service, an anti-graft agency which was to curb counterfeit money. However, the State Secret Service failed to perform the duty it was created for as the agency turned to a protective force for President William McKinley, who was subsequently assassinated.
Related Topics
- Legal Tender
- Numismatics
- Gresham's Law
- Barter
- Double Coincidence of Wants
- Parity
- Functions of Money
- Medium of Exchange
- Unit of Account
- Store of Value
- Time Value of Money
- Standard of Deferred Payment
- Liquidity Preference Theory
- National Savings and Investment Identity
- Circular Flow of Money
- Commodity Money
- Gold Exchange Standard
- Bretton Woods System
- Fiat Money
- Money Supply
- M1 and M2 Money Supply
- Monetary Base
- Savings, Demand, and Time Deposits
- Banks
- How Do Banks Create Money?
- Financial Intermediary
- Bank Balance Sheet
- Money Multiplier Formula
- Velocity of Money
- Multiplier Effect
- Quantity Equation of Money
- McCallum Rule
- Neutrality of Money
- Real Bills Theory
- Banking System?
- Central Bank
- Federal Reserve System
- Federal Open Market Committee (FOMC)
- Fed Balance Sheet
- Term Auction Facility
- Taylor Rule
- How is the Federal Reserve Bank Organized?
- What is Bank Regulation?
- CAMELS Rating
- FDIC
- CFPB
- Bank Supervision
- Bank Runs
- What is Deposit Insurance?
- Federal Deposit Insurance Corporation
- Lender of Last Resort
- Central Banks Carry Out Monetary Policy
- Open Market Operations
- Bank Reserve
- Discount Rate
- Federal Funds Rate
- Monetary Policy
- Contractionary and Expansionary Monetary Policy
- Loose vs Tight Monetary Policy
- Easy Monetary Policy
- Accommodative Monetary Policy
- Dove & Hawk (Monetary Policy) - Explained
- Tight Monetary Policy - Explained
- Stabilization Policy
- Pushing on a String
- The Effect of Monetary Policy on Interest Rates
- Federal Funds Rate
- Gibson Paradox
- Vasicek Interest Rate Model
- Equation of Exchange (Economics)
- The Effect of Monetary Policy on Aggregate Demand
- Quantitative Easing
- Reserve Currency
- What are Excess Reserves?
- Unpredictable Movements of Velocity
- Central Banks - Unemployment and Inflation
- Inflation Targeting
- Fisher Effect
- Asset Bubbles and Leverage Cycles
- Countercyclical
- Money Capital Market
- Quantity Theory of Money
- Aggregate Expenditure Model
- IS-LM Model
- European Capital Market Institute