How to Identify a Coin
Money is the standard by which goods and services are exchanged. It comes in two forms: paper and metal, which are mostly found in flat, round pieces called coins. Historically, the metal standard was usually gold, silver, copper, and bronze. It was not easy to handle large metal weights, especially when negotiating a trade with a merchant, so the value of the metal was established by comparing it to the cost of various goods and services. To make this process easier, people began to cast the metal into smaller lumps and stamp them with official symbols. Thus the coin was born.
The value of a coin is determined by its metal content, its condition (extremely fine: no signs of wear; very fine: slight and indistinct signs of wear; good: considerable wear and still clearly discernible); and the symbols or designs on it. Moreover, the history of the coin and its mint is important. An early coin may contain information about the culture and social organization of a people that no other source can provide.
Identifying a coin requires careful scholarship. The scholar needs to understand where and when the coin was minted, by whom, and under what authority. He or she also needs to know the iconography that appears on it and the meaning of those images. This is why a library is so useful to the scholar, providing the resources needed to find and understand these objects.
Coins are often very valuable and are kept in specialized collections. The Rutgers University Libraries has embraced numismatics because of the many ancient and modern coins it contains. Its collection has been made possible by the generosity of Dr. Ernst Badian, a noted classicist and coin collector who donated his vast collection of Roman Republican and Hellenistic coins to the library.
Modern coins are produced from alloys of accurately weighed and combined pure metals. Copper, zinc, and nickel are melted together in electric furnaces and poured into molds to form ingots. These ingots are then rolled to reduce their thickness and cut into circular blanks. Higher denomination coins are made from strips of the alloy cupronickel bonded, or “clad,” to pure copper.
The coins are then shaped to their final forms, struck with a die, and polished. The final coin is a small piece of metal with the design of the nation or person who issued it stamped on it. The circulating coins must have a date of issue and the name and initials of the mint official who struck it. The coin also should state the amount of money it represents. It is never a good idea to clean coins, as the removal of dirt and tarnish reduces their value. The best way to store coins is in a holder that protects them from damage and oxidation. A well-made coin should last about 30 years in circulation before it is too worn to continue being used. At that point, the Federal Reserve takes it out of circulation and melts it down for other uses.