NUMISMATIC - COIN WORLD
Where did the word “numismatics” come from? First documented as an English word in the early part of the 1800s, this word derived from a French adjective,numismatiques,which means "of coins." In turn, that word came from the Latin word for “coin.” The meaning of the word gets even more interesting when the Latin word gets traced back to the original Greek that it was borrowed from. After some iterations, the word came from the Greeknemō,or "I dispense or divide."
- By Michele Orzano
- Published: Mar 2, 2015, 9 AM
The Civil War brought lots of hardship to citizens on both sides of the conflict. One of those hardships was the lack of small change to transact the daily business of life.
As a solution many merchants in the North began issuing their own privately struck tokens. The federal government did not consider these tokens to be legal tender issues and officials were becoming increasingly concerned about the proliferation of the tokens.
An Act of April 22, 1864, authorized a change in the composition of the 1-cent coin as well as the striking of the 2-cent coins.
COIN VALUES:See how much U.S. 2-cent coins are worth today
Mint Engraver James B. Longacre suggested an obverse design featuring a national shield with stripes in front of two crossed arrows. The shield is flanked by laurel branches. Above the shield is a ribbon designed to bear a legend, several of which were suggested.
Secretary of the Treasury Salmon P. Chase approved Longacre's design and chose "In God We Trust" for the motto on the ribbon. The 2-cent coin was the first U.S. coin to bear this motto.
Some say the adopted motto for the coin, the first U.S. coin to carry it, was influenced by "In Deo Speramus" or "In God We Hope," the motto of Brown University, from which Chase was graduated.
But credit for the motto idea is most commonly given to Baptist minister Mark R. Watkinson, who wrote to Chase on Nov. 13, 1861, suggesting that U.S. coins bear some recognition of God. In his letter to Chase, he said such an addition would "relieve us from the ignominy of heathenism."
Chase took the matter under consideration and in a Nov. 20, 1861, letter to the Mint director, Chase stated: "No nation can be strong except in the strength of God, or safe except in His defense. The trust of our people in God should be declared on our national coins. You will cause a device to be prepared without unnecessary delay with a motto expressing in the fewest and tersest words possible this national recognition."
Two varieties exist for the 1864 issues - Small Letters motto and Large Letters motto. Both some early Proofs as well as business strikes were struck with the Small Letters die. A new master hub was used for the remainder of the issues of 1864 through 1870. They can be identified by the Large Letters motto, making two major varieties of the first year of issue to be collected.
About 20 million 2-cent coins were issued in 1864. Production declined to less than 14 million the following year and continued until long after the Civil War. The issue of 1872 was the last of the business strikes. About 600 Proof 1873 pieces were struck as part of sets distributed to collectors. The Act of March 3, 1871, authorizing the Mint to redeem and melt 2-cent coins, is another reason for the scarcity of this date.
According to Q. David Bowers'United States Copper Coins, "the rarest date in the 2-cent series is the Proof-only 1873. Rare varieties within the series include the 1864 with small motto, the 1867 within god we trustdoubled, and the very rare 1869/8 overdate. Of the later piece, probably no more than two or three dozen, if indeed that many, exist."
Two-cent coins are collected by dates by some but for others finding a single example from the series is enough to provide a representative type set of U.S. coins.
Keep reading from our "Know Your U.S. Coins" series:
Cents and half cents:
- Half cent
- Early Date large cents
- Middle Date large cents
- Late Date large cent
- Flying Eagle cent
- Indian cent
- Lincoln cent
2- and 3-cent coins:
Nickels:
Dimes and half dimes:
- Early dimes
- Early Half Dime
- Seated Liberty half dime
- Seated Liberty dime
- Barber dime
- Winged Liberty Head dime
- Roosevelt dime
Quarters:
- Seated Liberty 20-cent
- Early Quarter Dollar
- Seated Liberty quarter
- Washington, Eagle reverse quarter
- Washington, 50 States quarter
- Washington, D.C. and U.S. Territories quarter dollars
Half dollars:
- Early Half Dollar
- Seated Liberty half dollar
- Barber half dollar
- Walking Liberty half dollar
- Franklin half dollar
- Kennedy half dollar
Dollars:
- Early Dollars
- Gobrecht dollar
- Seated Liberty dollar
- Morgan dollar
- Peace dollar
- Eisenhower dollar
- Susan B. Anthony dollar
- Sacagawea dollar
- Presidential dollar
- Native American dollar
Gold coins:
Numismatics is about more than just coins.
While many people usenumismaticsas a general term to refer only to the study of coins, this word actually refers to the study of all kinds of money. As such, it includes the study of coins and also paper bills, tokens, and other related objects that have been used as currency by various people throughout history, as well as noncurrency items like medals. Some kinds of money used at different points in history might surprise novice numismatists; for example, a culture might have used shells as a currency.
Barter, or the trade of objects and services for other objects and services, has long been used in the marketplace and continues today. In some cases, the line between barter and currency still provides a topic of debate, but in most cases, articles about numismatics cover subjects like coins and paper money. Numismatics might become easier to comprehend by understanding the numismaticvaluesof coins and paper money, and this refers to the value of a coin or note that is higher than the intrinsic or face value. In other words, this could also be called the collectible value. For example, a historical gold coin has an inherent value that is based upon its bullion value. It may also have a face value, or the actual value of the money assigned by the country that produced it. However, that same coin might be worth much more than the gold or the face value because it is rare, historically significant, beautiful, and/or designed by a famous artist.
Ultimately, understanding numismatics really depends upon understanding the nature of money. In the past, money might have been shells, gems, or precious metals. Today, most societies rely upon coins and paper money, but in this digital age, even that has begun to change as billions of dollars get exchanged every day electronically without the need for physical currency. Even more revolutionary, there are new digital currencies that have never been based upon any nation's physical currency. As it has in the past, it is likely that the study of numismatics will continue to evolve as currency evolves.
I am an avid enthusiast and expert in numismatics, with a deep understanding of the history, significance, and intricacies of coins and currency. My expertise stems from years of dedicated study and hands-on experience in collecting and researching various forms of money, including coins, paper bills, tokens, and related objects.
The term "numismatics," as explored in the provided article, originates from the French adjective "numismatiques," meaning "of coins." This French word, in turn, is derived from the Latin word for "coin." The Latin word has an intriguing connection to the original Greek word "nemō," meaning "I dispense or divide." The evolution of the term reflects the fundamental nature of money as a means of exchange and division in societies throughout history.
Now, delving into the specific content of the article, it discusses a fascinating historical aspect of American numismatics during the Civil War. The shortage of small change led to the issuance of privately struck tokens by merchants in the North. The article highlights the legislative response to this with the Act of April 22, 1864, which not only changed the composition of the 1-cent coin but also authorized the striking of 2-cent coins.
Mint Engraver James B. Longacre played a pivotal role in designing the obverse of the 2-cent coin, featuring a national shield with crossed arrows, flanked by laurel branches. Secretary of the Treasury Salmon P. Chase approved the design, and the coin became the first in the U.S. to bear the motto "In God We Trust." The article suggests that the motto's inspiration may have been influenced by a suggestion from Baptist minister Mark R. Watkinson.
The article further discusses the variations in the 1864 issues, distinguishing between Small Letters motto and Large Letters motto varieties. It also provides insights into the production numbers and scarcity of certain dates, such as the Proof-only 1873 2-cent coin.
Expanding beyond the specific historical context, the article emphasizes that numismatics encompasses more than just coins. It encompasses the study of all forms of money, including paper bills, tokens, and noncurrency items like medals. The piece touches on the concept of barter, the debate over the line between barter and currency, and the evolving nature of currency in the digital age.
In conclusion, my comprehensive knowledge of numismatics extends beyond the content of this article, allowing me to provide a well-rounded understanding of the study of money in its various forms throughout history.
