The Value of Coin Currency
Money is anything that people will accept in exchange for goods or services, but coins have been particularly prized throughout the ages and frequently used as tokens of wealth. Coins are also useful for recording events in history, establishing trade links and even representing symbols of power.
Almost all modern currencies are minted in the form of coins. The type of metal used, the size and the images depicted on the sides are all important factors in determining the value of a coin. The face side, displaying an image of a monarch or other authority and sometimes the year of minting, is known as the obverse; the reverse side, showing various types of information such as denomination and mint marks, is called the legend. The relation of these two sides of a coin is called its orientation: if the obverse is facing up and turning the coin left or right reveals that the reverse is also facing up, it is said to have medallic orientation, as is characteristic of many Euro and British pounds; if, however, the obverse is down and turning the coin shows that the reverse is up, it is said to have coin orientation, which is characteristic of most American coins.
The most valuable coins, those with inscriptions such as dates and names of rulers or other famous events, can be worth hundreds or even thousands of dollars. Even common-looking coins, especially older ones from discontinued series, may have collector value. It is advisable to have coins that are potentially valuable appraised by an expert before exchanging them for new ones.
Because they are so easy to carry, coins have been widely used as a means of conducting transactions throughout history. Their widespread use in ancient times is reflected in huge hoards of coins that have been found in all sorts of places. Study of these finds can help to establish the dates and geographic areas of the earliest states and cities, as well as the extent of their trade connections with other regions.
Coins continue to play a significant role in the economy today, despite the rise of easy-to-use electronic payment options such as tap-to-pay apps and credit cards. In fact, cash is used in about 14% of all transactions.
Many Americans collect idle change, but rather than allowing it to pile up in swear jars and piggy banks, it is often better to cash it in. Aside from earning a small cut of interest, this will help the Mint avoid having to make more and more pennies and nickels, which cost the government nearly three cents to produce each. In some locations, banks and credit unions offer automated coin counting machines where customers can simply dump their change to have it automatically counted and deposited into their accounts. Some companies also collect rolled change, which are coins that have been flattened into squares for easy transport and storage. These can be deposited for free at many banks or paid for at certain coin exchanges.