An introduction to Collecting

INTRODUCTION TO COLLECTING

The Scope

Coin collecting, numismatics, is a fascinating hobby. It requires very little physical exertion and only as much mental effort as one wishes or is able to put into it at any time. There is vast scope and boundless ramifications and byways encompassing not only things historical and geographical, but also touching on economics, metallurgy, heraldry, literature, the fine arts, politics, military history and many other disciplines. This catalogue is solely concerned with British coinage from its earliest times right up to date. From the start the beginner should appreciate that the coinage of our own nation may be seen as a small but very important part of the whole story of world currency.

The first coins, made of electrum, a natural alloy of gold and silver, were issued in western Asia Minor (Lydia) in the later seventh century B.C. Over the next century or so coinage of gold and silver spread across the Aegean to mainland Greece, southwards to the eastern Mediterranean lands and eventually westward to the Greek colonies in southern Italy, Sicily (Magna Graecia) and beyond. The coins of the Greeks are noted for their beautiful, sometimes exquisite craftsmanship, with many of the coin types depicting the patron deities of their cities. Coins of Philip II of Macedon (359-336 B.C.), father of Alexander the Great, circulated amongst the Celtic peoples of the Danubian Basin and were widely copied through central Europe and by the Gauls in France. Gold Gaulish staters were reaching Britain around the beginning of the first century B.C. and the earliest gold to be struck in the island must have been produced shortly afterwards. Although their types and designs copy the Apollo head and racing charioteer of Philip II’s gold coins, they are stylistically much removed from the original representation and very individually Celtic in concept.

The coins of the Romans cover some seven centuries and include an enormous number of different types that were current throughout a major part of the civilized world from Spain to Syria and from the Rhine in the north to the Sudan in the south. The Roman province of Britain was part of this vast empire for four hundred years from AD 43 until the early fifth century. Innumerable Roman coins have been recovered from sites in this country, most being made of brass or bronze. Many of these are quite inexpensive and very collectable. In recent years many hoards of gold and silver coins have been found, usually by use of metal detectors.

Following the revival of commerce after the Dark Ages, coinage in Western Europe was virtually restricted to silver until the thirteenth century, though gold was still being minted in Byzantium and in the Islamic world. In the Middle Ages many European cities had their own distinctive coinage and money was issued not only by the kings but also by nobles, bishops and abbots. From the time of the later Crusades gold returned to the West, and the artistic developments of the Renaissance in the fifteenth century brought improved portraiture and new minting techniques.

Large silver crown-size thalers were first minted at Joachimsthal in Bohemia early in the sixteenth century. The substantial shipments of silver coming to Europe from the mines of Spanish America over the next couple of centuries led to a fine series of larger coins being issued by the European states and cities. The larger size allowed greater artistic freedom in the designs and the portraits on the coins.

Both Germany and Italy became unified nation states during the later nineteenth century, thereby substantially reducing the number of mints and coin types. Balancing the reduction in European minting authorities were the new coins that were issued by the independent states of South and Central America. Since the 1950s many new nations have established their independence and their coinage provides a large field for the collector of modern coins.

It can be seen that the scope for the collector is truly vast, but besides the general run of official coinage there is also the large series of token coins—small change unofficially produced to supplement the inadequate supply of authorized currency. These tokens were issued by merchants, innkeepers and manufacturers in many towns and villages in the seventeenth, eighteenth and nineteenth centuries and many collectors specialize in their local issues.

Some coins have designs of a commemorative nature; an example being the Royal Wedding crown of 1981, but there are also large numbers of commemorative medals which, though never intended for use as coinage, are sometimes confused with coins because they are metal objects of a similar shape and sometimes a similar size to coins. This is another interesting field for collectors as these medals often have excellent portraits of famous men or women, or they may commemorate important events or scientific discoveries. Other metallic objects of coin-like appearance that can be confusing for the beginner are reckoning counters, advertising tickets, various other tickets and passes, and items such as brass coin weights.

Minting processes

From the time of the earliest Greek coins in the late seventh century BC to about the middle of the sixteenth century AD, coins were made by hand. The method of manufacture was simple. The obverse and reverse designs were engraved or punched into the prepared ends of two bars of bronze or iron, shaped or tapered to the diameter of the required coin. The obverse die, known as the pile, was usually spiked so that it could be anchored firmly into a block of wood or metal. The reverse die, the trussel, was held by hand or grasped by tongs.

The coin was struck by placing a metal blank between the two dies and striking the trussel with a hammer. Thus, all coinage struck by this method is known as ‘hammered’. Some dies are known to have been hinged so there would be an exact register between the upper and lower die. Usually a ‘pair of dies’ consisted of one obverse die (normally the more difficult to make because it had the finer detail, such as the ruler’s portrait) and two reverse dies. This was because the shaft of iron bearing the reverse design eventually split under the constant hammering; two reverse dies were usually needed to last out the life of the obverse die.

Sometime toward the middle of the sixteenth century, experiments, first in Germany and later in France, resulted in the manufacture of coins by machinery.

The term ‘milled’, which is applied to all machine-made coins, comes from the type of machinery used – the mill and screw press. With this machinery the obverse die was fixed as the lower die and the reverse die brought down into contact with the blank by heavy vertical pressure applied by a screw or worm-drive connected to a cross bar with heavy weights at each end. These weights usually had long leather thongs attached which allowed a more powerful force to be applied by the operators who revolved the arms of the press. New blanks were placed on the lower die and the struck coins were removed by hand. The screw press brought more pressure to bear on the blanks and this pressure was evenly applied, producing a far better and sharper coin.

Various attempts were made during the reigns of Elizabeth I and Charles I to introduce this type of machinery with its vastly superior products. Unfortunately problems associated with the manufacture of blanks to a uniform weight greatly reduced the rate of striking and the hand manufacture of coins continued until the Restoration in 1660, when Charles II brought to London from Holland the Roettiers brothers and their improved screw press.

The first English coins made for circulation by this new method were the silver crowns of 1662, which bore an inscription on the edge, DECVS ET TVTAMEN, ‘an ornament and a safeguard’, a reference to the fact that the new coins could not be clipped, a crime made easy by the thin and often badly struck hammered coins.

The mill and screw press was used until new steam-powered machinery made by Boulton and Watt was installed in the new mint on Tower Hill in London. This machinery had been used most successfully by Boulton to strike the large ‘cartwheel’ two- and one- penny pieces of 1797 and other coins, including ‘overstriking’ Spanish eight-reale pieces into Bank of England ‘dollars’ since the old Mint presses were not able to exert sufficient power to do this. This new machinery was first used at the Mint to strike the ‘new coinage’ halfcrowns of 1816, and it operated at a far greater speed than the old type of mill and screw presses and achieved a greater sharpness of design.

The very latest coining presses now operating at the Royal Mint at Llantrisant in South Wales, are capable of striking at a rate of up to 800 coins a minute.

Condition

One of the more difficult problems for the beginner is to assess accurately the condition of a coin. A common fault among collectors is to over-grade and, consequently, to overvalue their coins.

Collectors normally require coins in the best condition they can afford and, except in the case of a really rare coin, a piece that is considerably worn is not wanted and has little value. Condition in numismatics follows a recognised grading system from mint condition (FDC, fleur de coin), through extremely fine (EF), very fine (VF), fine (F), fair, and poor. . A ‘fine’ (F) coin may be worth anything between one quarter and a half of the price in ‘very fine’ (VF); on the other hand, a piece in really mint condition will be valued substantially higher than the price quoted for ‘extremely fine’ (EF). The value of coins depend on the exact state of preservation and the demand for it in the market at any given time.

Most dealers will gladly spare a few minutes to help new collectors. Many dealers issue price lists with illustrations, enabling collectors to see exactly what the coins look like and how they have been graded.

Coins cannot always be graded according to precise rules. Hammered coins often look weak or worn on the high parts of the portrait and the tops of the letters; this can be due to weak striking or worn dies and is not always attributable to wear through long use in circulation. Milled coins usually leave the Mint sharply struck so that genuine wear is easier to detect. However a x5 or x10 magnifying glass is essential, especially when grading coins of Edward VII and George V where the relief is very low on the portraits and some skill is required to distinguish between an uncirculated coin and one in EF condition.

The condition or grade of preservation of a coin is usually of greater importance than its rarity. By this we mean that a common coin in superb condition is often more desirable and more highly priced than a rarity in poor condition. Coins that have been pierced or mounted as a piece of jewellery generally have little interest to collectors.

One must also be on the lookout for coins that have been ‘plugged’, i.e. that have been pierced at some time and have had the hole filled in, sometimes with the missing design or letters re-engraved.

Badly cleaned coins will often display a complexity of fine interlaced lines and such coins have a greatly reduced value. It is also known for coins to be tooled or re-engraved on the high parts of the hair, in order to ‘increase’ the grade of coin and its value. In general it is better to have a slightly more worn coin than a better example with such damage.

Cleaning coins

Speaking generally, do not clean coins. More coins are ruined by injudicious cleaning than through any other cause, and a badly cleaned coin loses much of its value. A nicely toned piece is usually considered desirable. Really dirty gold and silver can, however, be carefully washed in soap and water. Copper coins should never be cleaned or washed, they may be lightly brushed with a brush that is not too harsh.

Buying and selling coins

Exchanging coins with other collectors, searching around the antique shops, telling your relatives and friends that you are interested in coins, or even trying to find your own with a metal detector, are all ways of adding to your collection. However, the time will come when the serious collector needs to acquire specific coins or requires advice on the authenticity or value of a coin.

At this point an expert is needed, and the services of a reputable coin dealer are necessary. the B.N.T.A. (The British Numismatic Trade Association) have members all over the UK and buying or selling to B.N.T.A. members assures you of an established dealer working within the strict code of conduct of the organisation. Many dealers publish their own lists of coins. Studying these lists is a good way for a collector to learn about coins and to classify and catalogue their own collections.

Numismatic Clubs and Societies

There are well over one hundred numismatic societies and clubs in the British Isles. For details of how to contact them see page 562. Joining one is the best way to meet fellow enthusiasts, learn about your coins and other series and acquire coins in a friendly and informative way.

Useful suggestions

Security and insurance. The careful collector should not keep valuable coins at home unless they are insured and have adequate protection. Local police and insurance companies will give advice on what precautions may be necessary.

Most insurance companies will accept a valuation based on The Standard Catalogue. It is usually possible to have the amount added to a householder’s contents policy but particularly valuable individual coins may have to be separately listed. A ‘Fire, Burglary and Theft’ policy will cover loss only from the insured’s address, but an ‘All Risks’ policy will usually cover accidental damage and loss anywhere within the U.K.

For coins deposited with a bank or placed in a safe-deposit box a lower insurance premium is usually payable.

Keeping a record. All collectors are advised to have an up-to-date record of their collection and, if possible, photographs of the more important and more easily identifiable coins. This should be kept in a separate place from the collection so that a list and photographs can be given to the police should loss occur. Note the price paid, from whom purchased, the date of acquisition and the condition of the coin.

Storage and handling. New collectors should get into the habit of handling coins by the edge. This is especially important as far as highly polished proof coins are concerned.

Collectors may initially keep their coins in paper or plastic envelopes housed in boxes, albums or special containers. Many collectors will eventually wish to own a hardwood coin cabinet in which the collection can be properly arranged and displayed. If a home-made cabinet is being constructed avoid using oak and cedar wood; mahogany, walnut and rosewood are ideal. It is important that coins are not kept in a humid atmosphere; especial care must be taken with copper and bronze coins which are very susceptible to damp or condensation which may result in a green verdigris forming on them.

From beginner to numismatist

The new collector can best advance to becoming an experienced numismatist by examining as many coins as possible, noting their distinctive features and by learning to use the many books of reference that are available. It will be an advantage to join a local numismatic society, as this will provide an opportunity for meeting other enthusiasts and obtaining advice from more experienced collectors. Most societies have a varied programme of lectures, exhibitions and occasional auctions of members’ duplicates.

Those who become members of one or both of the national societies, the Royal Numismatic Society and the British Numismatic Society, receive an annual journal containing authoritative papers and have access to the societies’ library and programme of lectures.

Many museums have coin collections available for study, although they may not always be displayed, and a number of museum curators are qualified numismatist