February 4th, 2012 — Chinese Paper Money, paper money
The Chinese actually invented paper money, and the process of making it dates back to the early 9th century. Collectors are always seeking Chinese paper money due to its rich history and value, and this is a currency that is very unique. Although it is nearly impossible to find many of these notes outside of a museum, Chinese paper money is very popular and if you can get your hands on a note, you may have a treasure on your hands.
Chinese paper money was originally called “Flying Money” because it was so light, and if the owner did not hold on to it, it could easily blow away. The first notes were made from very delicate paper and they were used almost like IOUs. The owner would write down on the note what they were willing to pay for something, and the recipient could then take that to the bank to cash it. This bank draft system is very similar to our own checking system now.
Chinese paper money changed slightly when the Mongols took over. Instead of paper, the notes were then produced from silk and they were backed by a silk standard, much like the gold standard that would later be used in the Western hemisphere. This was a new idea, and in order to use the notes, the owner would have to actually deposit a set amount of silk yarn in the bank.
The silk form of Chinese paper money endured, and was used throughout the world. It has been discovered in far flung parts of the world by archeologists, but it is very rare to find any that are available to private collectors. After this period in Chinese history, the Ming Dynasty changed the currency, moving back towards paper.
The main problem they faced with this new Chinese paper money was that there was only one set denomination. This forced many to rely on coins since the notes were hard to use for smaller purchases. Due to these problems, paper money actually fell out of use and inflation rose. It wasn’t until modern times that paper money would return and become widespread.
We can thank the Chinese for our current paper money system and their innovations which are centuries old are still in use today. Collectors of Chinese paper money will typically be able to find notes for sale from other private collectors or at auctions. The advent of the internet made it easier to locate many of these notes and business is booming on online auction sites.
For those interested in collecting Chinese paper money, it is best to find notes that are in good condition. The most common are the ones from the Ming Dynasty period, but every once in awhile you can find older notes. The paper is very thin, so these notes should be treated with extreme care and sealed off from air and dust. They are an important part of monetary collectibles and should be treasured as such by collectors.
Photo Credits: kevindooley
Originally posted 2008-09-29 14:00:46. Republished by Blog Post Promoter
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January 12th, 2012 — Coin Collecting, English Coins, English Gold Sovereign, Gold Coins
There are many coins which have been used for a long time, but few have been used longer than the English Gold Sovereign. This is a coin which has been used for over 500 years. It has gone through different obverses and has even gone through periods where it has not been coined. Other than that, it is still the most widely used coin in England and in other countries which are a sovereign nation of England or once were a part of the British Empire. The rich history of the coin makes it a highly collectible item for numismatics.
There are a few things which you should know about the English Gold Sovereign if you are considering collecting them. These points are more points of interest than they are to provide any statistics on what makes the coins valuable. Of course, the more you know about a coin, the easier it is to determine what value they have. It is interesting to know about the amount of gold present and the weight of the English sovereign. It is also interesting to know about the use of coining of the sovereign. Most importantly to numismatics, it is interesting to get to know all of the different variations which have evolved out of the sovereign.
Weight and Gold Content
It is easy to spot an original gold sovereign by judging how many carats the coin is made out of. The original coins used 23 carats of gold while the current coin only has 22 carats. This was a change which was put into effect by Henry VIII. This is what is known as the gold standard or the crown gold. The weight is something which has also been toned down from the original. The coin which used to weight 240 grains (15.552 grams) now weighs a total of 113 grains (7.322 grams).
Coining the Sovereign
The gold sovereign is a coin which is made out of nearly pure gold. It has a 91% purity level. This means it is possible for the Mint to melt down the gold coins and re-coin them as new coins. This means that while some people might have just received a coin from the mint, they might have metal which was mined over 500 years ago. This is because of the practice of regularly reclaiming coins once they become worn and melting them down to create new coins.
Variations of the Numismatics
The basic gold sovereign has a value of one pound even though they do not have any kind of denomination on it. These include the half sovereigns (10 Shillings), the quarter sovereigns (5 shillings), the double sovereigns (2 pounds) and the quintuple sovereigns (10 sovereigns). While the values of the different sovereigns has changed over the years, the fact that the Mint has a policy to reuse coins for Minting means that those which survive from year to year will increase in value very quickly for those who want to collect them.
Photo Credits: practicalowl
Originally posted 2010-08-16 03:51:09. Republished by Blog Post Promoter
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December 20th, 2011 — Coin Collecting, Rare Coins
There are many reasons why a coin will become rare and collectible. It may be that it was a commemorative coin which was intended to be rare and instantly collectible. It can also be because the coin was taken out of circulation or was not authorized for striking by the U.S. Mint. Of all the different stories which exist, one of the most interesting stories in rare coin collecting is the one which surrounds the 1933 Saint-Gaudens Double Eagle. This is the only coin which has been made illegal to own all except for one coin.
About the Original Coin
The 1933 Saint-Gaudens coin was in a series of coins which was designed by the sculptor Augustus Saint-Gaudens. It is dubbed by the U.S. Mint simply as a double Eagle, but it is well known in rare coin collecting as the Saint-Gaudens Double Eagle. It is a coin which was created in 1907 by Theodore Roosevelt as a way to beautify the national currency. This was achieved as the coin is still to this day considered to be one of the most beautiful of all American coins by those who collect coins.
The Recall
In 1933, Franklin D. Roosevelt decided that America needed to abolish the gold standard. He signed an executive order which called a halt to all gold coin production. Further, the order indicated that the coins had to be melted down to be turned into bullion. The executive order made it illegal for anyone to own any of the coins. All other coins before 1933 had been distributed to the public, so it is impossible for the government to make it illegal for the public to possess them. What Roosevelt did not count on is that the coins would be stolen by mint cashier George McCann.
The Heist
A daring move which has lived in history for all those in the rare coin collecting world is the day when McCann made off with 20 to 30 of these 1933 Saint-Gaudens Double Eagle coins. They have since been hunted down by the Secret Service. To date, about 20 have been recovered and are being kept by the United States government at Fort Knox. These are the only coins other than those on display in the National Museum of American History and the U.S. National Numismatic Collection which are known to exist. This is to say all except one highly controversial 1933 Double Eagle.
The King of Egypt
The King of Egypt in 1944, Farouk was an avid collector of more than just coins. As a part of his thirst for rare coin collecting he acquired one of the 1933 Double Eagles. He applied for the right to export it from the U.S. and thus gaining legal permission to own it. He was granted the right to do so right before the treasury discovered that a number of the 1933 coins had been stolen. To date, it is the only coin of the vintage which is legal to be owned.
Photo Credits: roberthuffstutter
Originally posted 2010-08-18 03:04:49. Republished by Blog Post Promoter
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