On this date in 1791, US Congress passed a resolution ordering the US Mint to be established. In 1849 the US Gold Coinage Act passed, allowing Gold coins to be minted. In 1851 Congress authorised the smallest US Silver coin, the three-cent piece. With all these coin related historical events, today is the perfect day to present ten fascinating facts about coins.
The oldest coin factory, or mint, was excavated in the ancient city Guanzhuang in Henan province in China. The factory produced shovel-shaped bronze coins between 640 B.C. and 550 B.C.
The most valuable coin in the world is the 1794 Flowing Hair Silver Dollar, worth $10 million. It’s said to be the first silver coin to have been minted and issued by the US Federal Government. The most expensive coin ever sold in Britain was an Edward VIII gold sovereign from 1937 which was bought by a private collector for £1 million.
At the other end of the scale, the least valuable coin in the world is Uzbekistan’s tiyin coin. Two thousand of them are worth one American cent.
The oldest coins in circulation in the UK are the 1p and 2p piece which only date back to 1971, when decimal currency was introduced.
Since the time of Charles II, the image of a new monarch faces in the opposite direction on coins than their immediate predecessor. The only exception was Edward VIII, as he preferred his left portrait to his right.
Flipping a coin to decide the outcome of something (you could describe a coins as two sided dice) has been around since Roman times. They called it navia aut caput ("ship or head"), as some coins had a ship on one side and the head of the emperor on the other. There is something like a 1 in 6000 that a coin could land on its side (stuck in the ground, or leaning against something, like a shoe). Sigmund Freud recommended a coin toss as a way to make a difficult decision – not necessarily abiding by the result, but analysing how the result made the decision maker feel, so they’d know which result they actually wanted. The technical terms for the two sides of a coin, heads or tails, are obverse and reverse, respectively.
A coin or two is often placed under the keel block of a new ship to bring good luck. This superstition dates back to Roman times.
Convicts being transported to Australia used coins to leave messages for their loved ones. They would smooth and/or engrave the coins with loving messages. These coins were called "convict love tokens" or "leaden hearts".
There are about 1 trillion coins in circulation worldwide. It’s estimated that about 28,850,000,000 of them are UK coins. That’s almost 4 billion pounds worth of coins. However, there are limits on how many 1p coins you can spend at once. Legally, a recipient can refuse to be paid in 1p coins for amounts over 20p.
Ever wondered why some coins have ridges around the edge? You have Isaac Newton to thank for that. In his time it was common for people to shave the edges of coins and keep the metal. As warden of the Royal Mint, it was Isaac’s job to come up with a way to put a stop to that. His solution was to put ridges round the edges.
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