Numismatics is an ancient study of currency, that is coins, tokens, medals and paper money. It deals with understanding how the currency changes value over the years.
Most of the coin collectors engage in the endeavour as a hobby, but coin collection can also be a profitable venture. There are dedicated collectors and coin shops that exclusively deal with the buying and selling of these antiquities. As time passes, the coins become rarities and gain value. A single dime can be worth a fortune if well preserved.
Value of money
Currency has no intrinsic value in itself. The value of any currency depends on the significance that people give to it. The functions of currency give it its value. The significant features of money include;
- It is a store of wealth
- It is a medium of exchange
- It is a unit of measurement
This value changes from time to time, depending on various market conditions and their availability.
TOP VALUABLE COINS IN THE WORLD
- 1804 Silver dollar (First class burst dollar)
Initially used for diplomatic purposes and minted as gifts; for kings, queens and other VIPs. They are also known as the king of US coins.
Initially, only 1,804 coins were minted. Rumours have it that today only 15 coins left although this information remains unsubstantiated. However, this is one of the rarest coins and most valuable today. In the year 1999, the 1804 Silver dollar sold for 4.14 million dollars.
- The Liberty Head Nickle (V Nickle)
It was an American five cents coins. First minted in 1883, and this currency then replaced from circulation in the year 1912.
They have since become one of the most valuable coins in the world with one auctioned for 4.5 million dollars in 2018
- Gold Maple Leaf Bullion coin
The gold maple leaf coin was produced by the Royal Canadian Mint in 1979 and issued annually by the Canadian government.
The Gold Maple Leaf Bullion coin auctioned in Vienna recently for 4 million dollars.
- 1794 Flowing Hair silver dollar
It was minted back in 1794 and was one of the first coins minted by the US mint and issued by the United States government. It is sporadic and considered the most valuable of all United States coins.
In 2013, a 1794 Flowing Hair silver dollar auctioned for over 10 million dollars. It set the record for the highest price paid for a coin in history.
- The ‘Standing Caliph’ dinar
The ‘Standing Caliph’ dinar, initially minted in 7th century AD, in Damascus. Its made of gold that came from a mine owned by Caliph Abd al-Malik ibn Marwan.
The issuing of the dinars was by the Umayyad Caliphate. A standing caliph dinar in a mint state has a value of over 800,000 dollars.
- Gold 2000 Yuan
Minted in China in the year 1992, the Gold 2000 Yuan recalls Chinese inventions and discoveries. It was produced at the Shenyang mint and considered the rarest of the Chinese coins ever minted.
It has a value of over 1.2 million dollars.