A Window on ... Coin Collecting About Coins and Notes

	The First Coins and Banknotes The first coins were used over 2,000 years ago in Greece. They were egg-shaped pieces of metal, made from a mixture of gold and silver. One side of the coin was marked with the weight that showed its value and the other side had a personal stamp, mark or seal imprinted on the metal. This was the mark of the person who guaranteed the weight and therefore the value of the coin. Stamping the coin in this way was known as 'minting'. Since that time all the great empires have produced their own coins and gradually all the countries of the world introduced a coinage system. The Chinese were the first to use banknotes over 1,000 years ago but they did not become popular until the fourteenth century. A banknote was a promissory note from a bank. The bank who issued the note promised to pay the holder a certain amount of coins in exchange for it. The first European bank notes were issued by a Swedish bank in 1661 but they did not last long because they were not supported by the government and the bank had to close. The first permanent European bank notes were issued by the Bank of England in 1694. Old bank notes are much rarer than coins because they are made of a less durable material.
	Today's Coins and Bank notes The coins of today come in various shapes and sizes and are made from a range of metals including gold, silver, copper, nickle, bronze, aluminium and steel. Just like the first coins, they are 'minted' to show their value. Banknotes are still promissory notes and they too come in various sizes and colours. The currency notes of each country are issued and supported by a country's national bank. For example, £5, £10, £20 and £50 notes are issued by the Bank of England, American dollar notes are issued by the Bank of America, and Scottish notes are issued by the Bank of Scotland. They are accepted at any bank in the country because they are guaranteed by the National Bank.
	All About Coins and Bank notes Almost all coins and notes have a picture, illustration or emblem known as the design indicate their face value display the country where they were issued display the year they were issued For extra security, bank notes are made from special paper have a watermark have a security thread running through the note are given their own serial number are signed by the governor of the bank Pictures or illustrations The front face of a coin, known as the obverse side, usually has a design showing the head of state. The design on the reverse side of a coin is of something relating to the country, perhaps a flower, a coat of arms, a symbolic figure, or a bird. The figure of Britannia has appeared on several British coins for hundreds of years. The artwork on a bank note is more realistic and often uses more than one colour. Some designs are very intricate. This helps to prevent forgeries. Commemorative Coins These are issued to mark a special event or an anniversary. Two of the most recent commemorative coins in Britain are the new Five Pounds coin celebrating the 70th birthday of Queen Elizabeth II and a Two Pounds coin marking the tenth European Football Championship hosted by England. Although they can be used as legal money, most commemorative coins are issued for collectors. Face Value This is the value of the coin or note shown in the currency of the country. Many old coins and notes are no longer legal tender in a country - this means they cannot be used to buy anything. However, they may still be of value to a collector. Some rare coins and notes with very little face value are worth thousands of pounds. A catalogue of coins and notes will tell you what they are worth. Country names Most coins and notes show the name of the country where the coin was issued. It is interesting to find out about some of these places to discover why they have chosen certain pictures or designs for their coins. Year of issue Most modern coins show the date of issue. If this is not shown on a coin, it is often possible to work out when it was minted by the design used. Many of the designs show former kings and queens or their official seals and marks. All bank notes have an individual serial number so that they can be identified. Rims and edges A coin's rim is a ring of raised metal running round each face of the coin next to the outside edge. Many coins have a border just inside the rim. Early coins often had a plain outside rim and edge but many modern coins have a 'milled' edge. This is a pattern of fine grooves.
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Last modified on: Tuesday, July 1, 1997.