Economics and Finance History

Do you know the giant gold coin of 21 cm ?

Around the sixth or the fifth century BCE coins were introduced as a method of payment. According to Herdots (I, 94), coins were originally introduced by the Lydians, and Aristotle says that the first coins were minted by the King Midas of Phrygia, Demodike of Kyrme. The invention of coins is still in mystery. Numismatists ( include collectors, specialist dealers, and scholars who use coins and other currency in object-based research) believe that the first coins were minted by local government or by King Pheidón of Argos on the Greek island of Aegina. All coins for the Egyptians were minted by Aegina, Samos and Miletus in Naucratis’ Greek commercial post in the Nile delta. It is clear that coins were introduced to Persia when Lydia was conquered by the Persians in 546 BCE.

The Phoenicians minted no coins until the middle of the 15th century BC and spread quickly among the Carthaginians who minted coins in Sicily. Only on 326 BCE the Romans began to mint coins.  Successor Kingdoms of Alexander the Greater have been brought coins to India through the Achaemeni Empire. In particular, in the second century BC, Indo-Greek kingdoms minted (often bilingual) coins.

Samudragupta (335-376 CE), a conqueror as well as an artist, is said to have been the most beautiful pieces of the classical age. The first coins was manufactured of electrum, silver and gold alloys. It seems that many early Lydian coins have been minted as tokens for trading by merchants. The state of Lydia also minted coins, most of which are mentioned by King Alyattes of Lydia.

Amazing Facts about Coin

  • The first U.S. Mint production was 11,178 cents in 1793. Now the Mint produces 14.7 million coins per day on average.
  • The first real woman in the American memorial coin (not a symbolic figure) was also the only foreign woman – the Queen Isabella of Spain, with a quarter dollar in 1893.
  • That Lincoln Penny was the first (non-memorial) U.S. coin to show a real human being in 1909.
  • The first coin reference can be found in the Vedas in the Indian context. The term Nishka was used for metal coins.
  • Due to the multiple findings of gold-coined coins of that period, GUPTA (4th CE- mid sixth century CE) is considered the Golden Age of Indian coinage.
  • The giant gold coin of 21 cm in diameter minted by the Mughal Emperor Jahangir. These coins weighed approximately 12 kg and were donated to foreign dignitaries. One such huge ‘Mohur’ was sold for an incredible 10 million dollars in a private auction in Europe !
  • The first collection of memorial coins in India was made in 1964 in honour of the first prime minister of the Indian Republic, Jawaharlal Nehru.
  • Many of the new coins, representing the image and name of Queen Victoria, were introduced in the Indian market in 1862. After the end of East India Company rule in 1858, Queen Victoria was the new Empress of India.
  • Indian Five Rupee coins have been smuggled to Bangladesh occasionally. They have been melted and made rasers. This company depreciated the coins and damaged the economy considerably. Thus, the government illegally had coins melted or currency bills destroyed.
  • The quality of coins should not be disregarded when assessing their value and the old coins. If a coin has beautiful characteristics such as a general design, aesthetic and striking, it is much more appreciated even if it is not at the top of the list of registers.
  • Another important factor directly affecting their value is the coin storage environment. Give your coins lovingly and preferably with your hands gloved with cloth. Do not stack your coins as they may damage the surface, scratch and scuff. The best way to store your precious coins is with individual acetate pockets.

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