Coin collecting is a great practice that enjoys a rich history, filled with dramatic and exciting events. Some of these facts are fun facts every new collector needs to be familiar with, while others are vital knowledge required to succeed in the coin collection industry. As a collector looking to make the most out of the industry, it is crucial to conduct research regarding the industry to appreciate the space better.
Most expert numismatics, dealers, and hobbyists strive to fully understand some facts about the space they are involved in. Understanding events in the area helps you better predict future incidents. Below are some interesting facts about coin collecting:
- Romans Were the First Coin Collectors
The practice of coin collecting is an old hobby traceable to the Italian Renaissance period. The practice is said to have begun around 100 AD, during the reign of Emperor Augustus, who is one of the most prestigious Roman Emperors in history. The emperor was actively interested in coin collecting and frequently gave out old and foreign coins to his close friend. The first commemorative coins ever minted were created during Trajanus Decius’s reign, and they depicted all deified leaders of Rome.
- Stamps Have Replaced Coins Before
Stamps once replaced coins as a form of currency. This occurred during the start of the US civil war when members of the public hoarded coins ahead of the war in fear that the war may disrupt coin circulations. There was a fall in the amount of copper and nickel coins, and in response, the Postal Currency Act was signed to allow people to use postal stamps as a form of currency. Together with coins stored during the period, these stamps are now part of currencies gathered by coin collectors and with exceptional values too.
- Uzbekistan Possess the Least Valuable Currency
The landlocked Asian country has the world’s least valuable currency, with one domestic Tiyin equalling around 2,000 American cents. Other countries with the least valuable currency include Burma, Tanzania, North Korea, etc. Finding their coins is always tricky in these countries, given their diminished value. However, it is expected that their coins will become sought after later in the future for their perceived intrigue and scarcity, all of which are vital components of coins collected.
- Coins are Not Dirty Money
One myth around coin collection is that coins are dirty money. After holding your coins, the odor in your palms results from you and not the coin. As such, it is necessary to note this fact while hunting for your next coins!
- Past US Presidents were Coin Collectors
Aside from Emperor Augustus of ancient Rome, former US presidents such as John Adams and Thomas Jefferson were zealous coin collectors and students of antiquity. Their interest was responsible for introducing the practice into the USA, which hosted the premier international convention for coin collectors in 1962, with over 40,000 collectors in attendance.
Coin collecting is a profession with a rich history and events you need to be knowledgeable about. So, if you are looking to further your knowledge, the above facts are helpful information to guide you.