Antique Coins and Banknotes
The collection of antique coins and banknotes is both an interesting, exciting and endless hobby. Many collect antique coins and banknotes for merely pleasure, possession or knowledge rather than for their value. The condition of the coins and banknotes is very important, and determining values can be difficult, although there is a particular grading system for banknotes, which is useful. The rarity and demand will also effect the price, how many were originally produced and are still in existence. You may wish to choose one country to collect banknotes or coins from or just be on the look out for a single coin or indeed an entire collection.
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History of money
Money has been part of human evolution for at least 3,000 years, before the exchange of money people used to barter and trade in goods and services. In China roughly 1,100BC small bronze circles became a form of exchange instead of tools, these are thought to be some of the earliest forms of coins.
The first minted coins were printed in Lydia (now known as Western Turkey), made from a mixture of gold and silver, they were stamped with pictures. In 600BC China is believed to have moved towards paper money; whilst it is documented Europeans used coins all the way to 1,600. When paper money was introduced into Europe international trade increased significantly, originally issued by private banks these banknotes could be exchange for silver or gold coins.
In the UK until 1280 the only royal coins in circulation were silver pennies, by the mid 14th C gold coins had also been introduced. There was an increase in production of coins in the 19th C and 20th C, until 1816 coins had been made by hand, but the Industrial Revolution altered this with the introduction of steam powered coin presses.
Information on Antique Banknotes and Coins
There are certain banknotes that are extremely valuable such as un-circulated banknotes, old rare notes; sometimes notes with printing errors are also valuable. Antique banknotes can sell for huge amounts of money, as can be seen from the sale of 1891 US Red Seal banknote to the value of $1,000, which sold for $2.5million.
Antique banknotes use the following grading system: UNC stands for un-circulated, these are very desirable, AU/UNC- almost uncirculated but may have a small fold, GEF- good, extremely fine and EF extremely fine, from there it is VF, very fine, F, fine and downwards.
Antique banknotes are very eye-catching and there are a huge array to choose from including many attractive World Bank notes. If you purchase an antique bank note it is important to store it in a dark place away from exposure. It is important to note the paper money antique market can fluctuate greatly.
Antique coins universally embody the concept of money, the most famous and collected are Roman and Greek coins. There are many UK antique coins to collect, including farthings, pennies, half farthings, maundys, groats, sixpences, shillings, half crowns, crowns, double florins, florins and guineas to name but a few.
From Charles II onwards there was a visible link between the monarchy and monetary system in the UK with monarchs represented on coins. Until the 19th C the royal mint was still based in the Tower of London. When purchasing antique banknotes or coins it is important to know the country of issue, also whether it was a general issue or commemorative. Antique commemorative coins/banknotes will be of greater value due to the rarity.
