Coin Currency – Money Minted by a Nation and Circulated As a Medium of Exchange
Coin currency is money minted by a nation and circulated as a medium of exchange. The value of a coin depends on its condition, specific historical significance, rarity, beauty and popularity with collectors. Some bullion coins have face values less than their gold, silver or platinum content, but they are not intended for circulation. Historically, the depreciation of a country’s coinage is an important indicator of its financial health.
Throughout history, coins have been used as currency in the world’s great empires and small kingdoms. The gold dinars of Alexander the Great’s vast empire, for example, served as a universally accepted form of payment. The widespread use of Athenian and Corinthian silver in the Levant and Greece testifies to long-established trade connections.
Most modern coins are fabricated from metals with different densities, which help them hold their shape and endure over time. The obverse side, or front of the coin, features the country’s image, while the reverse side has the denomination, date and other relevant design details. The exergue, or space beneath the main design, is usually left blank, but some coins feature a privy mark (a small, decorative symbol) or inscriptions. The size of a coin is also a key indicator of its value and often reflects the power of its king or queen.
The United States mint currently produces pennies, nickels and dimes made of copper-plated zinc alloy. The one-cent coin was minted with pure copper until 1982 and the five-cent piece is made of a blend of nickel and copper. It features Thomas Jefferson on the front and Monticello, his colonial plantation, on the back. The ten-cent coin has Franklin D. Roosevelt on the front and a torch on the back.
Despite the flurry of headlines that tout rare and valuable pennies and other coins, the vast majority of those in circulation are worth only one or two cents each. Consumers can deposit those coins at banks, credit unions and Coinstar kiosks that convert them to cash. Kevin McColly, CEO of Coinstar, a company that runs those coin-cashing machines in many grocery stores, says the American public holds between $60 and $90 in idle coins per household.
To get the most bang for your buck, take your coins to a reputable coin dealer and ask for a fair price. Those with rare or valuable coins may want to visit a specialized dealer to increase their chances of getting top dollar, but the American Numismatic Association recommends checking with your bank before making a trip. Most major banks offer a simple, low-fee process of turning in old coins and can often waive or lower the fees for account holders. You can also sell them to a local collectibles shop, auction or coin show. Alternatively, you can loan them to teachers who might find them useful in their classrooms as educational tools for foreign language students or history and English teachers. Students can use colored pencils, crayons or markers to trace coins and create artwork using their images.