COIN COLLECTING

also called numismatics the systematic accumulation and study of coins, tokens, paper money, and objects of similar form and purpose. The history of coin collecting begins with the Italian Renaissance, and the 14th-century poet Petrarch was characteristic of his time in forming a series of ancient classical coins. During the 15th and 16th centuries many collections were made by princely or noble persons for whom Greco-Roman coins possessed special appeal because these ancient cultures were so much admired. The systematic reproduction of the types of ancient coins, either by casting or from falsified dies, resulted in the inclusion in most collections of spurious and often imaginative pieces. The 17th century initiated a period of more systematic analysis, as numismatic scholars set out to compare, catalog, and publish the existing great collections, both public and private. The advent of such compilations had important results. Distinction between the genuine and the spurious became surer, the recording of new material was all the more keenly undertaken, and the part played by numismatic evidence in historical reconstruction was increasingly understood. The number of collectors grew in the 19th and 20th centuries, and the output of authoritative catalogs and handbooks (including the British Museum series from 1873) also increased. The growth of the avocation was reflected in the foundation in many countries of specialist societies responsible for scholarly publications (beginning in 1836 with the Numismatic Society of London, now the Royal Numismatic Society). The day of the great private collection was not yet done, but in general the small collections of the 20th century have had to specialize somewhat narrowly to achieve scientific value. The number of coin collectors increased greatly in the 20th century. Public museums have taken over the main task of forming large collections of great detail and range; those of London, Oxford, Cambridge, Glasgow, Paris, Berlin, Vienna, Munich, Boston, and New York City are among the richest. London (followed by Zrich) is the world's largest numismatic market, serving the interests of public collections and private collectors in many lands. Inasmuch as the interests of both are directed increasingly toward the systematic elucidation of historical and economic problems, international cooperation has become more important, being exercised chiefly through the International Numismatic Commission (formed in 1936), which is itself associated with the International Committee for Historical Sciences. A frequent justification for collecting coins is their investment value. Since the number of a particular coin issue remains static or decreases as coins are worn, damaged, lost, or destroyed, its value generally increases over time, especially if demand by collectors for that issue increases. Coins are also usually worth at least face value for their metal alone. The physical condition (degree of wear) of a coin is an important determinant of its value and is often graded as follows: Proof: specially struck and polished for sale to collectors (sets of proof coins are issued annually by the governments of the United States and many other countries) Uncirculated: no marks of wear or damage Extremely Fine: no clear signs of wear but finish dulled Very Fine: minor wear Fine: somewhat worn but with detail still sharp Very Good: obvious signs of wear Good: worn but with detail still clear Fair: quite worn or damaged Poor: badly worn but with design still discernible Mint marks may also influence value, since fewer coins of a particular denomination may be produced at a given mint, making them more rare and, thus, more valuable.