Must a Coin Be Made of Metal?
From stone money and porcelain issues to cryptocurrency and 3-D printing, changing technology challenges some long-held assumptions about what makes a coin a coin.
What is it that makes a coin a coin? If you look at dictionary definitions, they almost always refer to pieces struck on a metal planchet. Many of the definitions also refer to them as being struck by a government. But history and current technologies tell a different story.
There are a few examples of coins that were not struck on metal, such as the Yap Rai stones, the porcelain coins struck in Germany during that nation’s hyperinflation era after World War One, and cardboard coins during the Spanish Civil War and Mexican Revolution. There have been a number of privately struck metal coins in American history that were legal tender until the US government changed the laws.
Look at what used to be called paper money. Today about 60 nations issue polymer currency for circulation or at least for commemorative notes. That list includes Canada, Mexico, the United Kingdom, Australia, New Zealand, Singapore, Hong Kong, Taiwan, Israel, Saudi Arabia, Russia, and Thailand.
Most tokens were struck on metal, but there are extensive issues struck in plastic, gutta-percha, ceramic, fiber, cardboard, and other materials.
Is a cybercoin considered a coin even though it may have no tangible form?
If you think about it, with commerce evolving more and more to electronic transactions, could it be possible to have electronic coins?
Today it is possible for people to arrange to print postage on their own computer printers. Might it be possible in the future for people to print something that would qualify as a coin that could be used for transactions?
Or might it be possible to manufacture “coins” using a 3-D printer that are not necessarily made of metal?
These concepts all assume that coins will continue to be used in commerce, which is another concept to consider.
Like many other objects, technological advances may require that definitions of words may need to adapt.
Last column’s numismatic trivia question.
Last time I asked, what is the origin of the cent sign (¢)? The symbol evolved from handwritten 18th century merchant notations as a shorthand abbreviation for the word cents. At first, a lowercase letter c was used, but this could cause confusion. So, a vertical or diagonal line was crossed through the letter to indicate its use as a monetary unit.
This column’s trivia question.
Here is this column’s question. What was the first U.S. platinum coin? Come back next week for the answer.
Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He is also the recipient of the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, the 2017 Exemplary Service Award, the 2012 Harry Forman National Dealer of the Year Award, and the 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild, Professional Numismatists Guild, National Coin & Bullion Association, and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Michigan, and writes “Liberty’s Outlook,” a quarterly newsletter on rare coins and precious metals subjects. He now volunteers with the National Coin & Bullion Association as its Industry Issues Advisor. Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries, "Things You ‘Know’ That Just Aren’t So,” and “Important News You Need To Know,” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).
Find a hodgepodge of Heller below:
