The Evolution of Coin Currency
Coin currency is used as a medium of exchange for goods and services. It has been a crucial milestone in the evolution of payments, facilitating trade and spurring economic growth. The evolution of coins and currency has also showcased the complicated interplay between money, power and human interaction.
From trading animal skins to minting gold and silver coins, the development of coins has transformed our world. It is important to keep in mind, however, that even though coin currency can be a form of money, not all forms of coin currency are considered currency. Some forms of coin currency have a ceremonial or prestige value and do not function as money at all.
Although most of us are familiar with paper money, coins still hold a unique place in our everyday lives. The American Numismatic Association (ANA) notes that coins have been used as a means of payment for thousands of years. Coins can be made of metals such as silver and gold, and they can have designs on them that depict emperors, statesmen or animals. Some coins are also inscribed with dates and other information such as weight, purity or metal content.
In ancient times, the popularity of Athenian or Corinthian silver coins in the Levant and Magna Graecia testified to established trade links. The widespread acceptance of Philip II of Macedon’s gold coins was another indication of trade connections. Coins could also be minted to reflect the prevailing religious beliefs of a people, as with the gold dinars of the Caliphate and the tremissis coins of the Visigothic Kingdom.
Precious metals, such as gold and silver, added value to a coin by establishing its intrinsic worth. The availability and desirability of these metals influenced the value of coin currency, as did the rise and fall of civilisations. The coins of certain empires became internationally renowned, as with the coins of Alexander of Macedon and of the Byzantine and Sassanid dynasties.
Besides their monetary value, coins are often interesting works of art. The inscriptions, designs and shapes of coins from different periods can be very educational. They can reveal many facts about a country’s history, such as the political and economic events of the time when the coin was made. Some decisions about a coin’s content and value were based on favoritism, nepotism or competition among mint executives and these details can make an old coin come alive for the collector.
Coins and paper money need to be stored in a dry, temperature-controlled environment. The ANA recommends using acid-free envelopes or “flips,” and it advises against storing coins in plastic containers that contain PVC, polyethylene or polyester. Collectors can also store coins in mylar cases that are designed to protect them from scratches and other damage. Whether you’re collecting coins or simply enjoying their beauty, a good storage method can prolong the life of your collection. Stack’s Bowers Galleries suggests a dry, dark place, such as a drawer or a safe, for long-term storage.