We have all gone through several coins in our day-to-day life. We all use them in our daily life. All these coins say something to us. Study of coins is called as Numismatics, it has various sub fields, some of them are listed below :-
Exonumia – the study of coin-like objects, for instance, medals used in place of currency
Notaphily – the study of paper money, such as banknotes
Scripophily – the study of securities, such as stocks and bonds
The definition of Numismatic is the study or collection of coins, tokens, paper money, and sometimes related objects (such as medals). The person who collects coins is called a Numismatist.
Numismatic is derived from the Latin word numismatics, genitive of numisma, a variant of nomisma meaning “coin”. The English term “numismatics” was first used in 1829.
Numismatics has many specialized areas, usually formed by collectors who share the same passion. Each sub field focuses on a specific type of numismatic collectible.
Understanding Numismatics as a Subject
The concept of money is changing since the Ancient age. During the ancient period, people used to trade using rare objects like cowry shells, precious metals like gold and silver, and other scarce materials. The collection of coins is a discipline of studying coins and currencies, understanding their physical attributes and history, culture, and economy of that era.
Who are Numismatists ?… What do they Do?
Numismatists are the people who collect and study coins. These are the people who collect coins for study and research purposes. They look at coins as a study from a historical, cultural, and artistic viewpoint. The study of coins helps to gather knowledge about civilization and cultural and economic policies.
The person who collects coins is interested in the varieties, mintage figures, mint-made errors, and social, political, and economic context of coin minting.
In the 19th century, coin collectors started organizing published journals to document coins found within their territories. The American Numismatic Society keeps a collection of over 800,000 coins, medals, and currencies, dating back to 650 BCE, and a library with over 100,000 books. some of the professional societies established across the world are :
The Royal Numismatic Society
The American Numismatic Society
The Canadian Numismatic Association
The Israel Numismatic Society
The Royal Numismatic Society of New Zealand
The Numismatic Association of Australia
The Czech Numismatic Society
The scope of Numismatics in India
The Indian coinage system started long back during the 6th century B.C. During ancient period when there was a Barter System, people used to sustain their lifestyle by exchanging things.
Barter system was very difficult to carry out; there was a need of something which can give people the right value of their product, hence coins, were introduced. First coin issued in Ancient India was Punch Marked Coins.
Numismatics in India
The Indian coinage tradition was influenced mostly by the coming of Mughal and Turkic invaders to India. In the 19th century, the East India Company introduced uniform coinage, which was later replicated by the modern nation-states of the Republic of India, Pakistan, Sri Lanka, and Bangladesh. Numismatics plays a valuable role in determining a certain period of Indian history.
Collectors or museums organize expos periodically to attract visitors and enhance their knowledge about the past glory of India.