Numismatic

Numismatic (pronounced noo-miz-mat-ik, noo-mis-mat-ik or nyoo-miz-mak-ik)

(1) Of or pertaining to currency (coins, paper money etc); of or pertaining to historical coins and coinage.

(2) Of or pertaining to medals, tokens etc, based on the resemblance of many to coins (less common).

(3) Pertaining to the hobby or business of numismatics.

1765: From the late sixteenth century French numismatique (of currency; notes & coins), from the New Latin numismaticus, from the Latin numismat- (stem of numisma (coin, currency, stamp on a coin)) from the Greek nomismat- (stem of νόμισμα (nómisma)) (current coin, piece of money; usage (literally "what has been sanctioned by custom or usage”)) + the Latin –icus (-ic).  The Ancient Greek nomizein (have in use, adopt a custom) was from nómos (custom, law, usage), from the primitive Indo-European root nem- (assign, allot; take).  An earlier form in the same sense was the mid seventeenth century nummary, from the Latin nummarius, from nummus (a coin) and in the late fifteenth century a numelarian was a "money-changer" (from the Latin nummularius).  The adjective numismatical dates from 1716).  The existence of the numismatist (a student of historic coins and coinage) was first noted in 1788, from the French numismatiste, from the Latin numismat-, from numisma; it was one of the most developed and documented fields in archeology because metal coins existed in such volume, survived well in the archeological record and were simple to date.  The noun numismatics (the study of coins and medals with especial reference to their history and artistry) was first used in 1829, describing the discipline of the numismatists.  Numismatic & numismatical are adjectives, numismatically is an adverb and numismatist & numismatics are nouns.

Nummular was from the Latin nummulus ((small amount of) money) + the English -ar (the suffix forming adjectives with the sense “of, pertaining to, or near”).  Nummulus was the diminutive of nummus (a coin; piece of money) + -ulus the (diminutive suffix) and nummus was from the Doric Greek νοῦμμος (noûmmos), from the Ancient Greek νόμος (nómos) (usage, custom; kind of coin), from νέμω (némō) (to deal out, dispense, distribute), from νέμειν (nemein) (to dispense, divide, assign, keep, hold), ultimately from the primitive Indo-European nem- (to distribute; to give; to take”) + -ος (-os) (the suffix forming nouns).

The suffix -ic was from the Middle English -ik, from the Old French -ique, from the Latin -icus, from the primitive Indo-European -kos & -ḱos, formed with the i-stem suffix -i- and the adjectival suffix -kos & -ḱos.  The form existed also in the Ancient Greek as -ικός (-ikós), in Sanskrit as -इक (-ika) and the Old Church Slavonic as -ъкъ (-ŭkŭ); A doublet of -y.  In European languages, adding -kos to noun stems carried the meaning "characteristic of, like, typical, pertaining to" while on adjectival stems it acted emphatically; in English it's always been used to form adjectives from nouns with the meaning “of or pertaining to”.  A precise technical use exists in physical chemistry where it's used to denote certain chemical compounds in which a specified chemical element has a higher oxidation number than in the equivalent compound whose name ends in the suffix -ous (for example sulphuric acid (H₂SO₄) has more oxygen atoms per molecule than sulfurous acid (H₂SO₃).

Numismatics became formalized in the nineteenth century, the Royal Numismatic Society founded in London in 1836, the first meeting of American Numismatic Society conducted in New York in 1858; the US organisation remains one of the nation’s oldest cultural institutions.  Related disciplines include Exonumia (which is the UK is known as paranumismatica) which encompasses coin-like objects such as medals & tokens, whether issued for commemorative purpose or as surrogates for currency.  The surprisingly recent field of notaphily collects and studies paper money (banknotes) which now of course includes the new polymer issues (still mostly refered to as “paper”).  Being in some sense a store of value, paper notes have long been accumulated by many people in many countries but it was only in the 1920s it became an identifiable field.  One aspect which can make notaphily an attractive hobby for a certain sort of collector is that some countries maintain registers of all notes issued which, unlike coins, are individually numbers and therefore unique in a sense minted metal is not.  Many numismatists are both exonumists and notaphilists and some even dabble in scripophily, the study and collection of stocks and bonds, items frequently of artistic as well as historic interest which, being printed usually of paper which was both larger and of higher quality than that used for bank notes, offered designers considerably more scope.  Unlike the metal and paper issues associated with currencies, physical stocks and bonds in the collectable sense are now rare because so much of the transactional record has become digital.  The Numismatic Bibliomania Society (NBS) is an educational association founded in 1979 to support and promote the use and collecting of numismatic literature.

One central bank with a great interest in numismatics is the Reserve Bank of Fiji (RBF) which since 1974 has issued hundreds commemorative and other limited-edition runs of currency, the best known of which are the various seven dollar notes issued in honor of successes enjoyed by the national rugby sevens teams.  Most collectors seem to agree the most attractive were the blue notes issued in 2017 to mark the gold medal won at the 2016 Olympic Games and that series was interesting too because one side was printed in portrait mode rather that the in the more usual landscape aspect (although historically, portrait mode was once not uncommon).  Although of interest to collectors, the seven dollar notes were issued in the normal manner, at face value and are counted as part of the Fiji Dollar (FJD) money supply.  On the basis of advertized sale price, it seems perfect copies of the $7 notes trade at a premium of up to 60% against the face value.

More unusual still was the RBF’s recent 88 cent note which used a Chinese theme.  Issued not through the usual channels but sold directly by the bank for FJ$28 (US$12.77), although legal tender within Fiji, the RFB advised the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) that it was purely a numismatic issue and thus the aggregate value was not be included in the FJD money supply.  Given the spread between the bank’s sell (FJ$28) and buy (FJ$.88) prices, it’s doubtful any will be used as transactional currency.  The design features imagery drawn from Chinese tradition, alongside Fiji’s coat of arms and the RBF were quite open in saying it’s aimed at the Chinese and wider Asian market, cultures in which the number eight is considered lucky and likely to bring wealth and good fortune.  The RBF must have been advised that the more eights the better because the 88 cent collectors' item was released on the eighth day of the eighth month of the year.  Along with all the lucky eights, one side of the note features an image of the Chinese god of wealth and a money tree with the words "Good luck and good fortune. May prosperity be yours" printed in the corner.  On the reverse is a hibiscus flower, the Fijian coat of arms and the signature of the RBF’s governor.

Despite the RBF indicating the note had been introduced purely as a component of their revenue-raising programme, the issue has generated some controversy because of geopolitical tensions associated with concerns over China's increasing interest in seeking to extend its influence in the pacific.  Putting up as solid a defense as that for which Fiji's rugby sevens are renowned, the RBF dismissed any suggestion it was dabbling in foreign affairs and that its issues were "… similar to that of stamp production, whereby hobbyists can purchase the banknotes and coins for their collections" and since 1974 they have issued hundreds of banknotes and coins with themes as varied as Christmas imagery, noted landmarks and Fijian flora & fauna, over the years raising some FJ$8 million.  Opposition politicians seemed suspicious, one noting that while there was nothing unusual about the RBF creating themed numismatics banknotes and coins, they were usually associated with something specific, often a “commemorative event of national and sometimes international significance".  He added that the meaning wasn’t clear asking: “What does it signify? What does this commemorate?"  Commemorative or not, it’s certainly an achievement for the RBF given there can’t have been many who have convinced the Chinese to pay $28 for something worth 88c.

A note with a face value of 88c is certainly unusual but there have been many issued with denominations outside of the long traditional ($1, 2, 5, 10, 20, 50 100) numbers.  Although the US Treasury in 1969 purged the large value notes (ie anything above US$100), they had earlier printed notes with values has high as US$10,000, these almost unknown in general use, restricted to institutional and inter-departmental purposes.  During the 1930s, there was even a US$100,000 note but it was technically a “Treasury Gold Certificate” which never entered circulation, use restricted to transactions between branches of the Federal Reserve.

Better known still were the big-value notes associated with economies suffering hyperinflation, a phenomenon which affected the Papiermark, the currency of the German Weimar Republic (1918-1933) between 1921-1923 and economists differ on exactly when the post-war inflation became hyperinflation but by 1923, the Reichsbank had been compelled to print 50 trillion (50 billion: 50×10¹²) mark notes and photographs of people using wheelbarrows filled with bundles of banknotes to buy a few groceries are still printed by German newspapers when warning of the dangers of inflation.  That sounds big but in 2008, Zimbabwe’s central bank issued Z$100 trillion (100 billion: 50×10¹⁴) notes.  Although, all other attempts at amelioration having failed, the Zimbabwe government had attempted to solve the problem of inflation by ceasing to publish the data, economic reality anyway proceeded and inflation peaked (and estimates vary, the actual number not that significant above a certain point) at around 250,000,000%, the existence of big-value notes both a symptom an cause of the problem.  Eventually the government gave up on the dollar, announcing a basket of foreign currencies would be regarded as local tender and citizen’s Z$ balances and holdings could be exchanged for US$ (up to a certain value at something of a discount), a move necessitated apart from all else by lacking the funds to have banknotes printed.

The hundred billion dollar note is impressive but in 1946, facing their own problems of hyperinflation (consumer prices having long been more than doubling every day), the government of Hungry issued 100 quintillion (100 million trillion: 100×10²⁰) pengő notes and that’s apparently the largest denomination bill ever issued.  As in Zimbabwe, the big notes made the problem worse and the currency was replaced which meant the 1 sextillion (one thousand million million million: 100×10²¹) pengő notes which had been printed were never issued.

Many countries (and some financial institutions have over the years issued notes in what would now seem irregular values.  Even the old lady of Threadneedle Street (the staid Bank of England) once printed £4, £15, £25, £40 & £80 notes.

Lindsay Lohan one dollar novelty note.