What is numismatics

Numismatics, or coin collecting, is one of the most famous and oldest hobbies in the world. It comes from the Greek word "nomisma," which means currency or coin. Numismatics is defined as the systematic collection and study of coins, tokens, paper money and similar articles. A scholar who studies the science of Numismatics is called a numismatist. Serious collectors are also referred to as numismatists.

In ancient times, pieces of gold and silver ingots were the most common form of medium of payment. Since there were no standards, each transaction called for deliberate weighing and scrutiny because of dishonest merchants. Coins were invented in Lydia around 660 BC. Today, Lydia, a territory of western Asia Minor, belongs to Turkey but in that time was under Greek influence. The coins, which were printed on standardized weights of precious metals, were stamped with a government guarantee of value.

As soon as the first coins were minted, the hobby of coin collecting began. That time, there were no banks available in which to store money so coin collecting was only practical. Even back then, coins were being hoarded due to their rarity and value. Often these coins were being passed down within families. The late Middle Ages and the early Renaissance saw the great demand for numismatics.