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NUMISMATICS
The word ‘Coin’ is derived from the Latin word “cuneus” and it is believed that the first Recorded use of coins was in China and Greece in around 700 BC and in India in the sixth century B.C.
A Coin is a piece of metal of prescribed weight, embellished with design and product under the Directions of an authority, for its use as a medium of exchange and commercial transactions and so it has become a part of our daily life.
Numismatics is the study or collection of currency including coins, tokens, paper money, and related objects. The term numismatist applies to collectors and coin dealers as well as scholars using coins as source or studying coins.
The practice of numismatics that is, the collection and study of coins, paper money, tokens and medals offers the collector many different areas to specialize in. With the many specializations of coins, there is a wealth of material out there for coin collectors to concentrate on which makes it such an interesting and diverse hobby.
Acquiring a coin collection of scope, interest and value takes some time and effort. This is due to the fact that there are many branches of the numismatics hobby to explore and study. Some of these take years to master but this is part of the secret of this hobby’s interest and charm.
Coins are fascinating because they often reflect stories of royalty, great leaders, history, power and patriotism relating to their respective countries of issuance. Famous figures become real and alive when depicted on an old coin. For example, Julius Caesar and Alexander the Great, in ancient times; Henry VIII, Napoleon, George Washington and Abraham Lincoln are all portrayed on coins just as they appeared at the time.
It’s best to start your collection by choosing WHAT you want to collect. It’s difficult to say “I just want to collect coins” because there are hundreds and hundreds and hundreds to choose from. If you want to just amass a few stray coins for your own pleasure, by all means, do so, but this is not really coin collecting.
True collectors strive to complete sets of coins. That’s part of the allure – hunting out the coins that will fit into their set. Do not try to specialize in too many categories as it can become time consuming and expensive. You may want to attend a coin show to see some of the specialized collections often on display and find one that interests you.
Graded, certified coins are available all over the world, minted by many governments. With coin collecting and the quantity of coins minted around the planet, there’s always information to discover and learn. There are always more coins, more designs, and more periods in history to explore. As a result, collecting coins can be never ending. There will always be more coins to collect. As I mentioned, I have found collecting, graded collectible coins to be rewarding and an ongoing learning experience. And, there is always more to study on coins and coin accumulating.
And, as we have already mentioned, there is also the tangible rewards with coin collecting. Take a look at history and you will realize that coins increase in value. So there are financial rewards as well as the personal rewards. In fact, gold and silver coins aren’t becoming more common. To the contrary, our earth has a limited quantity of gold and silver that can only result in these precious metals continuing to rise in value over a period of time.
And don’t forget, coin collecting has its more tangible rewards. Coins do have a tendency to increase as the years pass on, so there are financial rewards as well as the psychological rewards. In fact, gold and silver coins aren’t getting any commoner, so there is a real likelihood they are only going to rise in value over a period of time.
KEY DETAILS ABOUT NUMISMATICS:
1. Handling of a Coin
A Coin should always be held by its RIM / EDGE, with thumb and index finger. It should never be held from OBVERSE& REVERSE side; otherwise it will lose its weight and beauty .If possible the coins should be seen/checked where carpet or mat is spread over the floor, so as to reduce the damage to the coin in case it falls down.
2. Sides of a Coin
Every coin has two sides OBVERSE & REVERSE. Obverse is also called head. It is the main side of a coin carrying the portrait head of the ruler or a Symbol and name of the country. Reverse is the back side of a coin and is called Tail. It depicts the denomination or issue price of the coin with year and mint mark underneath. However in all the commemorative coins issued in India, the denomination is given under the ASHOKA LION CAPITAL.
3. Edges of Coins
There are four types of edges of coins.
Reeded Edge (Milled Edge, with cross serrations on Rim).
Plain edge (No mark on Rim).
Security Edge (with a deep Indentation on the Rim as if in Two parts).
Oblique Edge (with serration at an Angle of 30°-45° to the Rim).
During the period 1835-2002, coins with first three types of edges have been issued.
4. Technique Of Minting Coins
There are four methods of Minting Coins
Punch Marked
Casting
Repousse
Die-Struck (Milled)
Since nineteenth century, the die-struck milled method is being followed in every country.
Machine minted coins have better finish, the labour cost is much reduced and output is manifold. In 1790, the above machines were brought from England, and manufacturing of Milled Coins started at Calcutta.
5. Mint Mark On Coins (local & Foreign)
Indian coins since 1835-2002 have the following Mint Marks which are found under the date (year of issue) of the coin. Specific Mint Mark is assigned to a specific Mint, which are explained below:
BOMBAY MINT (Mumbai) : The Bombay Mint has a small dot or diamond mint mark under Date of the Coin.
CALCUTTA MINT (Kolkata) : The Calcutta Mint has No Mint Mark beneath the date of coin.
HYDERABAD MINT : The Hyderabad Mint has split diamond or a dot in diamond or five pointed STAR Under the date of coin.
LAHORE MINT : The Lahore Mint has a letter “L” mint mark under the date of the coin.Production started on 5th October 1943 A.D.
NOIDA MINT : The Noida Mint has a small or thick dot under the date of the Coin. Production Started in 1988.
PRETORIA MINT : The Pretoria Mint has diamond mark under the date 1943.
SEOUL MINT : The Seoul mint has a “Five Pointed Star” under the date of the coin but exactly below the first or Last Digits of dates 1985 and 1997.
ROYAL MINT LONDON : The Birmingham Mint has a small dot under the date of the coin but exactly below the First Digit of Date 1985.
HEATON PRESS MINT : This Mint has Ornamental/ Decorated Letter “H” under the last digit of the date 1985.
ROYAL CANADIAN MINT, OTTAWA : This Ottawa Mint has a “C” mint mark under the date of the coin.
MEXICO MINT : The Mexico City Mint has an ” M “ mint mark under the date of the coin.
6. Composition of metals used in minting Indian coins
Gold (1835-1918) 91.7% or 22 Carat.
Standard Silver (1835-1939) 91.7%SiLver+8.3% Copper.
Silver Alloy (1939-1945) 50%Silver+ 40%Copper+ 5%Nickel+ 5%Zinc.
Silver Alloy (1969-71) 80%Silver+ 15%Copper+ 5%Nickel.
Silver Alloy (1972-2002) 50%Silver+40% Copper+ 5%Nickel+5%Zinc.
Copper (1835-1906) Pure Copper.
Bronze (1906-64) 95-97% Copper+ 4%-21/2%Tin+1.00%;0.50%Zinc.
Copper-Nickel (1906-2002) 75%Copper+ 25%Nickel.
Nickel Brass (1964-71) 79%Copper+ 20%Zinc+ 1%Nickel.
Nickel (1946-1974) Pure Nickel.
Aluminum (1965-93) 96%Aluminium+4% Magnesium.
Aluminum Bronze (1969-71) 92% Copper+ 2%Nickel+6%Aluminium.
Stainless Steel (1988-2002) Ferritic Stainless Steel (Iron 83%,Chromium17%)
7. Cleaning Dirty Coins
The collector should take great care in the cleaning of the coins. The coins should never be cleaned with any chemical or wire brush. The coins should be cleaned as under :
Silver Coins may be cleaned with soap or tooth-paste and rubbed between the thumb and the index finger.
Copper, brass and bronze coins should be dipped in sour curd (Khatta dahi) and rubbed with soft tooth-brush. The coins can also be cleaned in Tamarind (Imli) and later and Lemon juice diluted with water.
Copper and Bronze coins may have greenish deposit (Patina) on them. These can be cleaned by dipping them in coconut or seasame oil and rubbing with hard tooth-brush. Tamarind water or Lemon juice can also be used. Any edible oil may also be applied to all obsolete copper; Bronze and Brass Coins, for protecting them from the greenish deposit. However nothing should be applied to UNC coins.
8. Selection of collection based on condition
Good Coin: A coin which remained much in circulation but its legend on both sides should be easily legible. There should be no CUT or DENTURE mark on the coin. Such coins get minimum price, which is 15-20percentabove the metal value.
Very Good Coin: A coin which remained less in circulation but its legend on obverse and Reverse should be legible without the help of magnifying glass and its letters and figure should be tangible if touched by the index finger. There should not be any cut or denture mark and also no spot of any chemical. Such coins gather more value than good coins, but these should be kept carefully in such a way that they don’t lose their shine and luster by rubbing to each other.
Un-Circulated (UNC) Coin : The Coins for daily use by general public are regularly issued by Reserve Bank of India. All these coins are uncirculated coins (UNC) at the time of issue. However these coins should be collected a few, as otherwise there maybe shortage of change in the country and it will be less economical. UNC coins are also issued for collectors by India Government Mints, Mumbai& Kolkata, in Special packing. These coins are sold at premium. The Mints advertise in prominent newspapers for sale and advance orders are to be booked and paid in advance by bank draft at the following address:
The General Manager,
India Government Mint,
Shaheed Bhagat Singh Marg,
Fort, Mumbai- 400 023
Or
The General Manager,
India Government Mint
Alipore , Kolkata- 700 053
9. Proof sets
Proof sets are issued by Government of India Mints Mumbai & Kolkata. The sets contain all the coins to be issued, with mirror-like luster and are specially packed. It also carries specification like: Weight, Diameter. Metal Contents and Serration on the edge. The coins in the proof set of Mumbai have a special Mint mark “B” or “M” under the date on the reverse side. These coins are also sold at higher premium than UNC Coins. The Mint advertises for sale and advance orders are to be booked and paid in advance by bank draft, as in case of UNC sets as stated above. There is no mint mark of Calcutta/Kolkata Mint on proof coins also.
10. Mints In India
EAST INDIA COMPANY set up the following three mints in the seventeenth and eighteenth century.
MADRAS MINT in 1640 A.D.
BOMBAY MINT in 1671 A.D.
CALCUTTA MINT in 1759 A.D.
These mints were again reset up as bigger one and with the latest technology, at Bombay & Calcutta in 1829 A.D. However Madras Mint was closed in1869.
Before1947, i.e. pre-partition of India : There were four mints, namely at Bombay, Calcutta, Lahore and Madras.
After 1947, i.e. Post partition of India : There are four mints, namely Bombay, Calcutta, Hyderabad and Noida. After minting, they hand over the Coins to the respective Reserve Banks of India, within their zones for putting into circulation.
Due to scarcity of Coins, the Govt. of India got coins minted from several foreign mints.
11. Card Board &Thick Paper Coins
During the British India period many states issued coins made of thick paper and card-board, in smaller denominations for their Local use. These coins were issued in addition to the coins issued by British Government of India. Queen Victoria had, after the Independence War of 1857, given the privilege to the Indian Princely States to issue coins in metal and paper, in their own names. The paper and card board coins Were issued by smaller states who could not afford to issue the metal currency .Though there were more than 500 princely states and Estates, but only 110 could issue their own currency.
12. Legend on Coins
You will find URDU legend on almost all the coins from 1835 to 1947.In addition to URDU legend, TELGU & BENGALI legends are also found on coins from 1907-1947.
13. Commemorative Coins
No commemorative coin was issued from 1835-1964 AD. First Commemorative coins set of two coins, was issued of Shri Jawaharlal Nehru on 14-11-1964. Since 1964 commemorative coins in all the denominations have been issued except 1, 2, and 3 paisa coins, on different themes.
14. Weight of Coins
Weight of all the coins from 1835-1956 is in Grains/grams and from 1957-2002 is in Grams. One gram is equal to 15.432 grains.
180 grains are equal to 1 Tola= 12 Mashe= 96 Ratties = 11.66 grams.
15. Kowri & Phooti Kowri, Pie & Damri
Kowri & Phooti Kowri, Pie &Damri, were the lowest denominations in India during the period prior to 1950.
In 1833 A.D.2400 Cowries = 1 Rupee =64 pices/paise=192 pies=256 Damries
In 1900 A.D.1800 Cowries = 1 Rupee=64 paise/pices=192 pies
In 1950 A.D. 640 Cowries = 1 Rupee = 64 pices/paise=192 pies=960 Ries
3 Phooti Cowries=1 Cowri
Phooti Cowri or Kani Cowri means Punched, Damaged/Broken (at Top).
(This ratio was constant before 1936 A.D.Later on Phooti Cowri was not in use, being the smallest denomination & rise in prices due to world war – II)
These Cowries were in circulation as lowest denomination for use as media of Transaction in those days up to 1950 A.D.
16. Monetary System
Coinage for whole India (Including Pakistan &Bangladesh & Burma, except Goa, Daman &Diu)
1 pie = 1/12 Anna (One Twelfth Anna)
3 Pies = 1 paisa / pice (One Quarter Anna)
2 Half pices or 2 Dhelas = 1 Pice ( one quarter Anna)
12 Pies = 1Anna
4 Pices = 1Anna
16 Anna’s = 1 Rupee
15 Rupees = 1 Mohur(Gold)