Where and when did the story of Coin collecting start? We Investigate!

When did coin collecting begin? Who was the first person to start the hobby? When did someone first place a value on a country’s currency, be it banknotes or coins, for the sake of collecting? Let’s take a look into the world of numismatics, or coin collecting.

Originator for coin collections

The first coin collector was a person by the name of Petrarch. Petrarch was credited as the first Renaissance Collector. He knew which coins belonged to which countries and the worth of the coins, if they had any at all. Petrarch was often approached by vine diggers who had found old coins and asked to either buy them or identify the person on the coin. His collection of Roman coins was presented to Emperor Charles V in early 1335 as a priceless gift. It could be considered the first coin collection! The term “numismatic” also came from the same period and Petrarch’s numismatic collection was presented as a jeweled gift to the second King of Bohemia from the House of Luxembourg in 1335.

“Of Coins” meaning

As a real collector you probably would know that “Numismatic” means to study or act of collecting of coins, paper money, and medals. The term first appeared in English in 1829, and the word numismatics comes from the adjective numismatic, meaning "of coins". For our coin collectors who call themselves a numismatist, or anyone you know who wants to became one, Lavky.com has a treasure trove of old coins and medals to explore.

Lavky Marketplace's treasure trove of old coins and medals to explore

Numismatic Terminology & Values

There are many different terms and designations used to categorize coins of various values.

Coin Pricing – coin collectors and enthusiast used this term to determine the value of the coin. There are four terms often used when talking about coin pricing- catalog price, retail price, face value, and wholesale bid.

· Catalog Price – an inflated price published on the web sites, coin books or coin magazines

· Retail Price – a price the collectors usually pay for the coin to the coin seller and from other collectors

· Face Value – a value that is shown on the face of the coin itself.

· Wholesale Bid – an amount coin dealers are willing to pay when they buy coins from other collectors and the general public

Monetary system in all dimensions and variations

Wear of the coin - is the condition of the coin. Coin wear could wear you out too and many numismatic collectors use simple adjectives such as worn, average circulated, little or no wear and mirror-like surface. Wear comes from the time when the coin was in use and basically refers to the coin’s life. Wear is one way of viewing a coin’s condition, but there is also what is called eye appeal.

Eye appeal - is very subjective because even though a coin might appear worn and damaged, if it has eye appeal in regards to its presentation, such as coins from ancient times, the coin has value, at least to its owner. These old coins might have crowns, portraits of Imperial families, orders and other valuable decorations.

There are several factors that control the value or price of a coin. These include:

· The condition, or wear of the coin (the less wear or damage the more valuable it is)

· The material the coin is made from (for example silver and gold)

· The age and scarcity of the coin. Older coins are usually more valuable that newer ones because fewer are available, and some special coins were minted in such limited supplies that they are considered more valuable

· The coin genre. Each genre ties back to ancient, medieval, or recent civilizations, empires, and nations.

Whether you are a knowledgeable Numismatist or would like to become one, you can add some rare antique coins or banknotes to your collection while keeping a piece of history as well!