What is a Numismatist? | Numismatics and Rare Coins Explained

Do you wonder about the history and events of most of the coins you see, especially if they are rare? People who spend their time obsessing/hunting the little coins are called numismatist. If you explore what is a numismatist then they are a person with a fascinating hobby that increases the value of the items and generates enormous income for the collector in addition to being an academic subject that helps one comprehend the historical context in which the artifacts were released.

In addition, it involves researching and gathering tokens, coins, and other items that have been used as money throughout history.

The rarity and state of the object are significant determinants of a numismatic item’s value. Coin collection or coin collecting is another term for numismatics. In this article, let’s learn about what is a numismatist and numismatics, their history and types of numismatics.

     Who is a Numismatist?

An individual who studies gathers, and examines coins, bills, or medals is known as a numismatist. The word “coin, currency” is derived from the Greek-Latin phrase numisma. Numismatists who employ coins in their studies can be merchants, collectors, or scholars. Another name for them would be coin graders, yet some do specialize in grading, and some have a passion for collecting coins with great expertise.

     History of Numismatics

Numerous scholars hold the belief, expressed in various literary works that the practice of numismatics originated in the early age of the European Renaissance. However, gathering various monetary tokens has been a tradition since ancient times.

The chronology of the history of numismatics is mentioned below.

27 B.C. – 14 A.D.	One of the earliest coin collectors was Caesar Augustus, the first Roman emperor. During Saturnalia, the festival honoring the deity Saturn, he gathered rare coins of all kinds to present as gifts to his visitors.
14th Century	By the early Renaissance, the coin market had steadily grown into a vibrant industry. Coin collectors of that era were especially popular with the Italian scholar and poet Francesco Petrarch.
15th and 16th Century	European aristocracy and nobles, including European kings like Henry IV, Louis XIV, and Emperor Maximilian, began to acquire antique coins, and numismatics became recognized as their pastimes.
1514	Institutions and public collections started to promote numismatics as an academic discipline at this time. This discipline has helped those who collect coins as a hobby or as a means of studying this academic topic become more methodical and organized in their approach.
17th and 18th Century	Institutions and public collections started to promote numismatics as an academic discipline at this time. This discipline has helped those who collect coins as a hobby or as a means of studying this academic topic become more methodical and organized in their approach.
19th Century	Numismatists were inspired by cutting-edge technology like fluorescence spectroscopy to examine the gathered tokens and unearth narratives connected to them. In fact, a number of the associations originated in the United States, Great Britain, and Europe.
20th Century	The public’s interest in numismatics increased during this period as a result of coin exhibits and conferences. Coin collecting started to gain popularity among the general public.

     Types of Numismatic Collections

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  Ancient Coins: Due to the rarity and long period over which they have been in circulation, these coins command a premium over their intrinsic metal value.

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  Medieval Coins: These collections cover the period from the end of the Roman Empire to the beginning of the Renaissance.

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  Modern Coins: Coins from the 17th century to date usually form the focus of modern coin collections.

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  Paper Money and Banknotes: It consists of the collection of coins and currencies issued by international banks and governments.

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  Medals and Tokens: Another fascinating area of numismatics is medals and tokens. Where the latter were often issued by various businesses or at times when there happened a shortage of coins and thus served as a substitute for cash, medals are very often struck in memory of some important event or achievement of some notable person or personality.

     Understanding Coin Grading and Authentication

Numismatic coins have great historical and cultural significance throughout the world, and grading and authentication are essential components of this niche market. Investors, fans, and collectors all need to understand the grading and authentication process.

While authentication confirms a coin’s authenticity and provenance, grading is the evaluation of a coin’s quality and condition. The worth and marketability of numismatic coins are determined in large part by these two procedures.

Grading is significant because it offers a uniform framework for assessing the wear, surface preservation, and general appearance of a coin. This makes it possible for investors and collectors to decide wisely depending on the coin’s grade, rarity, and market demand. However, authentication builds confidence in a coin’s validity by guaranteeing that it is neither tampered with nor counterfeited.

Professional numismatists grade the coins based on a number of criteria, including eye appeal, strike quality, shine, and surface preservation. A coin’s grade establishes its value and aids in the precise appraisal of its value by investors and collectors.

Numerical scales like the Sheldon Scale and the 70-point scale are common coin grading schemes. These systems classify coins according to several classes, from extremely low condition to flawless condition.

Numismatic coin authentication techniques may include expert verification and certification, in which knowledgeable specialists assess the coin’s features and contrast them with recognized authentic coins. Coin authentication also makes use of scientific and technological techniques like spectroscopy, micro-imaging, and X-ray examination.

In order to ensure the value and validity of numismatic coins, grading and authentication are crucial. Coin collectors and investors can buy, sell, and exchange coins with confidence thanks to these procedures, as they assure that their assets are authentic and fairly valued. Grading and authentication are also essential for building confidence in the numismatic market and encouraging openness and just transactions.

Making educated selections requires coin collectors and investors to comprehend the grading and authentication of numismatic coins. Because of their acknowledged quality and genuineness, coins that have been graded and verified are highly sought after and can fetch higher prices. Beyond just financial gain, grading and authenticity provide collectors a sense of pride in possessing legitimate and precisely graded numismatic gems.

     The Value of Rare Coins

While exploring what a numismatist is, it is also important to understand why they collect coins. Rare coins are collected and invested in, owing to their historical significance and potential for financial gain. Several factors help in understanding the value of such coins.

Factors Influencing Coin Value:

1. 
   Scarcity: This is what most affects the value of your coin. All things being equal, coins that have low mintages or few examples existing are worth more.

2. 
   Grade: Another factor would be the grade, or condition. The better-preserved coins—less wear and damage—fetch a higher price.

3. 
   Demand: High interest in coins by collectors, and demand for them, may raise their prices, especially in very popular series or historically important coins.

4. 
   Historical Significance: Coins associated with some momentous historical event or person basically hold greater value because of their cultural significance.

5. 
   Provenance: This is what can add value if a history of the previous owners is documented, especially when a coin is part of some famous collection.

Notable Rare Coins and Their Values:

• 1933 Saint-Gaudens Double Eagle: Sold for over $7 million in 2002.

• 1804 Draped Bust Dollar: Known as the “King of American Coins,” it can fetch over $4 million.

• 1913 Liberty Head Nickel: Only five known specimens, worth up to $3.7 million.

• 1794 Flowing Hair Dollar: The first U.S. silver dollar, sold for over $10 million in 2013.

     How to Start a Numismatic Collection

It can be a bit daunting to make a start when coin collecting, initially as there are so many of them.

Now that you know what is a numismatist, learn as much as it is possible to learn about coins before purchasing any. Begin familiarising yourself with the components, inscriptions, pictures, substance, and type of the coin by beginning with the small change in one’s pocket.

Once you have your feet wet you should be able to figure out which way is better to get your collection off.

Most collectors’ interests will lie in one of these areas:

? Theme

Almost anything would be a theme reason to start a numismatic collection would you like a coin to represent an entity? Just pick a topic and it will have a coin to represent it.

It could either be a fictitious character, a popular personality, a celebrated animal, a vehicle, a train, flowers, a structure, a landmark, a ballgame, or a recreation or sports competition.

It may be quite unexpected, but coin collection, with an Olympic theme could be considered the most variety of collectors abound globally. Soccer and military history come in a close second.

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? Historical significance

History enthusiast value the coins, which were made at that time. An historical period (like the six years of World War II, from 1939 to 1945) or a specific year—in the life of a whole country may be what draws you in.

Perhaps you might like to collect all the coins produced in one year, from the Crown to the Farthing, before moving on to another year and doing the same there.

Another interesting way to collect state quarters by date is to gather up coins with an assortment of mint markings.

     Type or denomination

Collecting coins according to their value allows you to potentially obtain every significant design ever featured, even those found on Pennies and Farthings. Alternatively, you can gather every year’s type or every mint mark.

     Preserving and Protecting Your Collection

? Additional Care.

Before storing a coin that has been handled, always clean it. Hand fats, which are rich in uric acid and provide a perfect environment for the growth of fungi, decompose rapidly even after being cleaned with soap. Additionally, fingerprints left on items after handling and storage without prior cleaning may be challenging to erase.

A cotton flannel can be used for speedy cleaning. It’s best to handle coins and medals at museums and larger collections with cotton gloves on.

Coins should never come into contact with any metal tool or instrument as they could cause permanent scratches.

When pieces need to be transported, they must be kept safe.

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? Care on Cleaning.

Wearing plastic or rubber gloves will shield the parts from direct hand touch throughout the cleaning procedure.

Ancient copper and bronze coins have a greenish patina that is inert, gives the item a protective and appealing layer, and cannot be removed.

As of right now, no surface cover can totally shield against air moisture or corrosive agent attack. Its use must coincide with the ideal circumstances for exhibition and storage.