The History of Coin Currency
Coin currency is a type of money that has been in use since ancient times. While coins have been in existence for thousands of years, the earliest coins we have been able to trace are those that were found in the Kingdom of Lydia. The earliest coins were small, bean-shaped lumps of electrum, and they were engraved with a device on one side of the coin.
At the same time, gold rings were being used as money throughout the Middle East. In Europe, silver was used as currency. A monetary union was formed between Phocaea and Mytilene to facilitate the exchange of electrum.
Electrum was initially kept out of circulation, though. The gold of the East influenced European currency systems. By the late fifth century, bronze coins had started to appear in circulation. They were a replacement for the tiny silver obols that were common at the time.
The U.S. Mint was established in 1792. It is a self-funded government agency, and is responsible for ensuring the security of the mint’s assets. There are several mint facilities in the U.S. including the Treasury locations in Washington, D.C., and Fort Worth, Texas. Unlike many countries, the U.S. does not rely solely on the mint for its money, but has also adopted banknotes.
Although the United States has never been a major producer of true coins, a series of small copper cents from the 19th century drew less than favorable remarks from the public. This design was known as the “flowing hair” design.
A later coin, the Pine Tree Shilling, bears a date of 1652 in the center, surrounded by Roman numerals XII (12 pence) and the inscription, NEW ENGLAND AN DOM. Several cities began to produce their own coins as the demand for gold rose. Some cities, such as New Zealand, changed their currencies from a copper-nickel to a silver one. However, these coins were still unpopular, and the country was forced to remove them from circulation.
During the same period, the United Kingdom also experienced inflation. A new system was created by Robert Morris that centered on a small monetary unit based on three silver denominations. Even though the system did not become a success, it was the first to try to make coins a legal currency.
In the early twentieth century, silver coinage was not considered true coinage. Throughout the period, there were many different types of coins in circulation. Many of them were thin, and were only struck on one side of the coin. Another popular coin is the Belgian one euro. Despite these problems, some countries continue to make coins, and they are now the primary form of currency in some areas.
Modern coins are more like tokens. Each has a phrase on the obverse that translates to “IN GOD WE TRUST.” These phrases change from time to time, but the coin’s value is primarily determined by the government’s fiat, the market’s supply, and the intrinsic value of the component metal.