As time ticked down in a recent auction, and I suspected that my bid would win, my mind turned immediately to an impending mini-crisis of classification. Is this pair of 18^th-centuryHolstein-Gottorp-Rendsburg coins German or Danish? The frontier between Germany and Denmark had been hotly contested for centuries, and the small state of Holstein-Gottorp-Rendsburg (Holsten-Gottorp-Rendsborg in Danish) shared traits of both. Had this question only been academic, I would have hardly batted an eye, but this was about something more important than geopolitics or scholarly pedantry; this was about real problems for coin collectors…this was about choosing the proper album for storing these coins for the long term.

Organization is both a bane and pleasure of numismatics. Whether we use albums, folders, boxes, or some other contraption, we all rely on some form of organizational tool to help us enjoy the hobby. But what happens, as it so often does, when coins seem to fit into two (or more!) categories that we use to organize our collection? With separate albums for Germany and Denmark, how do I decide where to place these coins,which, truly, are German and Danish?

The case for Germany: The territory in question is located in what is today Germany. Though passed back and forth for centuries, the town of Rendsburg is now a sleepy hamlet of almost 30,000 in the northern-German state of Schleswig-Holstein. Within the hobby, there really is no separate niche for Danish states. Rather, these territories on the German-Danish frontier are almost always lumped into the much larger German states category. To strengthen the case further, the well-respected international dealer who hosted the auction sold the pair as German.

The case for Denmark: Holsten-Gottorp-Rendsborg was a territory of the Danish king, Frederick IV. Asa result of the Great Northern War, Denmark had established dominance in the region, and had stripped less powerful German and Swedish princes of their territory. The coins themselves also tell a story…and the story they tell is in Danish. With the monogram of Frederick IV on the obverse and “I Skilling Danske” on the reverse, there is little room for doubting their Danish provenance.

While this dilemma offers some nice food for thought for numismatists, the so-called “Schleswig-Holstein” question had perplexed observers for a very long time. Speaking in the 1860s, the British Prime Minister Lord Palmerston purportedly remarked about the true nature of this territory: “Only three people have ever really understood the Schleswig-Holstein business—the [Danish] Prince Consort, who is dead—a German professor, who has gone mad—and I, who have forgotten all about it.” It’s no wonder then that I should struggle so mightily to determine the fate of these otherwise delightful coins in my collection.

I’m curious to know what strategies you use to organize coins that may fit many niches in your collection.   

Last month, Pope Francis traveled for the first time to the United States. The Argentinian-born Pope charmed admirers in New York, Washington, D.C., and Philadelphia with his humility,social awareness, and commitment to interfaith dialogue.

The highest figure in the Catholic Church was stateside during two of the holiest days on the Jewish and Islamic calendars; Yom Kippur and Eid al-Adha, respectively. Call it what you will; a testament to the founding fathers, a manifestation of American exceptionalism, or just pure luck, but last month’s sharing of the stage among three of the world’s great religions was a breath of fresh air given the recently renewed hostilities in this complicated three-sided relationship.

The deepest riff in this thorny history harkens us back to the 11^th-13^th century crusades and the petty rivalries between medieval popes, princes, and sultans. The convolutions of this wretched period are enough to occupy the curious mind for a lifetime. In fact, some coin collectors are content doing just this.

Crusader coins are among the most challenging niches in all of numismatics. The almost-universal poor condition of surviving coins is a turnoff for most collectors, though those collectors who do push forward are usually rewarded intellectually and financially. Put simply, crusader coins are difficult, ugly, and cheap.

At the broadest level, we might put Crusader coins into two categories; Christian and Muslim. Christian crusaders from all parts of Western and Northern Europe established dozens of short-lived Crusader States (for example, the Principality of Antioch and the Kingdom of Thessalonica), from where they struck any number of small billon and silver coins. Europe’s lack of great wealth is evident in the crude nature of its coins

The Byzantine Empire—the former eastern half of the Roman Empire—was an Orthodox Christian realm centered at Constantinople. Its wealth allowed for the circulation of an abundance of gold coins, unlike in relatively impoverished Western and Northern Europe. The breadth of Christian crusader coins is daunting. Patience, good eyes, and a Dan Brown-like ability to parse symbols should be formalized prerequisites.

The Muslim world, like the Byzantines, was also on the gold standard. Also like the Byzantines, copper rather than silver accounted for most ordinary transactions. The coins of the Muslim empires reflect their considerable wealth and technological advances. Stunning gold pieces laced with artistic Arabic script make a stunning first impression,though an expert’s eye is needed for proper attribution. Coinage of the Seljuks of Rum (“Rum” designated “Rome” in Arabic and was a reference to the growing Islamic presence in the Byzantine territory of Anatolia) or the Ayyubid Dynasty, under the famed Emperor Saladin, are both good places to start, though the opportunities to branch out are numerous.

The Christian/Muslim divide is just one port of entry into this challenging niche. Like elsewhere in numismatics, opportunities abound to collect by denomination, metal type,ruler, etc. Unique to crusader-era coins is their association with this fascinating yet deeply disturbing history. For this reason, and many more, Pope Francis’s visit to the United States carried with it a historical burden and,more importantly, hopes for a peaceful future. 

Very few traits of pre-democratic regimes so radically differ from today’s governments as hereditary claims to rule. Before the winds of democratic change swept through Europe and its overseas empires, governing was almost always a family affair. Strict rules determining succession gave rise to myriad dilemmas, with murderous disputes between family members and incestuous relations often providing the fix. One of the more curious resolutions to succession problems was the placing of a child on the royal throne.

Child monarchs were found in all parts of the world. King Tutankhamen of ancient Egypt, who ascended to the throne at age 9, and Puyi, who was less than 5 years of age when he ruled the early twentieth-century Qing dynasty, are just two well-known examples. King Louis XIV of France, the famous “Sun King,” took over Europe’s most important throne before the ripe age of 6. Though always the exception rather than the rule, child monarchs were a recurring feature in global politics before democracy replaced heredity as the preferred method of selecting a ruler.

Coins document this history in a way that can only be described as…well…cute.

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King Alfonso XIII of Spain was installed on the throne at birth because his father, Alfonso XII, had passed away the year before. Although his first 16 years of “rule” necessitated the regency of his mother, Maria Christina of Austria, Alfonso XIII would sit atop Spain’s throne until 1941, when he abdicated in favor of his son, Juan.

Silver and gold coinage, beginning with the 1888 5 Pesetas (25g, .9000 Ag, .7234 ASW), bear the portrait of the adorable infant king. Facing left, the portrait is “bare,” meaning without robe or military insignia. In 1893 and 1894, 50 Centimos, Peseta, 2 Pesetas, and 5 Pesetas coins were struck with the adolescent king’s bust, still facing left, but now with a fine head of curly hair. Two other regency types (1896-1902, 1903-1905) were struck with the bust of the child king. Only the fourth type portrays the king, approaching his 16^th birthday, wearing his military attire.

The same decade, the 1890s, saw the ascension of another child monarch, Queen Wilhelmina I of the Netherlands. Like Alfonso XIII, Wilhelmina’s reign would continue into the 1940s, though her legacy is far more politically sound and stamped with courage compared to that of the young Spanish king. Wilhelmina (though not without some accusations of Nazi sympathy) would be the face of Dutch resistance against German occupation in World War II. She spoke (in fluent English) before the U.S. Congress in 1942, where she linked the shared histories of the Netherlands and the United States in an effort to seal an ongoing, democratic alliance. For her courage in Europe, the United States awarded Wilhelmina a WWII Victory Medal.

Only one type from Wilhelmina’s regency period exists, which may explain its high collectability. From 1892-1898, the Netherlands issued denominations of 10 cents, 25 cents, 1 Gulden (100 cents), and a gold 10 Gulden, all with the facing-left bust of the young queen. Unlike later types with an older queen donning the royal crown, Wilhelmina appears somehow commoner-like in this regency-period bust, with a peasant’s face and the grimy, dirty blondish hair of a working-class youth. It is a startling type for this reason alone.

There are yet still other coins with the cherub faces of child monarchs. It is curious to see, as with both cases here, the aging of the monarch over long stretches of time. Many specialists in British coins have this in mind when collecting the over 60-years’ worth of “Vicky” (Queen Victoria) portraits. But while we can still appreciate these lovable faces, we should all be thankful that the age of the child monarch has come and gone.        

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The question seems to come up frequently; does the act of collecting politically tainted coins necessarily taint the collector? Occasional flare-ups over the morality of trading Nazi coins or dealing in the coinage of “unfriendly” states like Cuba does add an element of political consciousness into the hobby, but is there anything sinister about it?

While preparing a lecture on the African slave trade this past week, I came across a reference to the Royal African Company (RAC), a London-based mercantile monopoly that bought and sold captive Africans in the decades before and after 1700. I immediately recalled reading a fine article about a year ago by Greg Reynolds about English coinage with the provenance mark of the Royal African Company, and was driven to dig deeper into the operations of the English tradesmen. The deeper I dug, the heavier my heart became.

Gold, the raison d’être of the RAC, was soon complemented by the trade in slaves, fueled in large part by the increasing demand for labor in the Caribbean and the American colony of Virginia. Although the RAC’s monopoly on slaves would soon be erased by the entrance of free market ideals on all shores of the Atlantic (and the ensuing explosion of the slave trade), the horror of its legacy is as visible as the letters R-A-C branded across the chests of its captives.

Thankfully, little remains of the Royal African Company other than the highly prized coins manufactured from its mined gold. Several issues from the Royal Mint of England in the period 1688-1722 bear the “elephant and castle” (or sometimes just the elephant), the provenance mark of the RAC. Elephants are found on shillings, half-crowns, crowns, and gold guineas. Collectors of English coins jump at the opportunity to acquire RAC-marked examples, though the high demand and rarity of such coins warrant a high premium.

Collectors of English (or, after the 1707 union with Scotland, British) coinage are blessed with an array of nuance beyond the traditional scope of ruler, denomination, and condition. One such nuance is the provenance mark, of which the elephant of the Royal African Company belongs. Other provenance marks include “Lima” for silver captured from the Spanish during the naval wars of the 1740s, and “SSC,” designating silver supplied from the infamous South Sea Company. The nuances of British coins offer spectacular thrills for those willing to engage, rather than run from, such complexities.   

Collectors of provenance marks must face the question about the morality of RAC coins. The almost-four centuries that separate us from the actions of the Royal African Company have deadened the screams of its victims, but does our collecting of these coins justify the actions of the RAC or somehow further assail those whose lives were robbed? No matter how we independently answer this question, perhaps we all share the obligation to be aware of the blood underfoot the elephant.       

It’s a misleading question. Simply by asking it, I’m already suggesting the answer. And really, is such a question even measurable? Of course not, but please allow me to explain.

Coins have long been used for nationalistic purposes, either to project the identity of a nation to the outside world or to brand a sense of unity among insiders around a common symbol; for example, the Brandenburg Gate, an image of Charlemagne, the Magna Carta, etc. These coins often feel more like tourist tokens than authentic pieces of a nation’s identity.

The 1914 2 Kroner (15g, .8000 Ag,.3858 ASW) from Norway, on the other hand, captures its time and place beautifully. Minted to commemorate the Centennial of the Norwegian Constitution, the sparse reverse features an older woman, alone in traditional dress, gazing longingly above the placid sea. The royal crest on the obverse is surrounded by an almost-complete circle of spruce trees, ubiquitous in Norway’s dense, sacred forests. The coin is an ideal evocation of early-20th century Norway, when Nordic mythology and a burgeoning civilization collided in the spectacular western fjords and on the damp streets of its fledgling capital city, Kristiania (today Oslo). 

Norwegian literature, from the late-nineteenth century naturalist dramas of Henrik Ibsen to today’s New York Times bestsellers by Karl Ove Knausgaard, is suggestive of an otherworldly nature, somehow European, but with a rugged, de-populated landscape somehow so unlike Europe. The world-weary protagonist in Knut Hamsun’s Hunger as well as the unforgettable face in Edvard Munch’s painting The Scream seem to share the same combination of solitude and angst of the alone, yet not lonely woman on the 2 Kroner.

1914 matters, too. While Norway was celebrating its constitutional centennial, the rest of Europe was bumbling into the deadliest war the world would until then know. By 1918, about 18 million would perish. The woman’s gaze on the coin reminds us of the fortunate distance between Norway and the guns of war while also alerting us to the great danger then, in 1914, looming on the horizon.

Is this the most beautiful coin of the twentieth century? It’s not a question of appearance. Yet, I can’t think of another coin that captures its issuing-country’s atmosphere and culture so profoundly. The majestic yet empty imagery of the landscape and the brooding interior underneath the modest exterior of the people described or painted into Norwegian culture is the same as that featured on the coin.    

Yes, this is the most beautiful coin of the 20th century.

It’s that time of year; school is back in session, traffic is trending heavier, days are trending shorter, and summer vacations are coming to an end. To add insult to injury, many of us had to watch from the sidelines as the hobby gathered in Chicago last weekend for the World’s Fair of Money, perhaps the busiest coin show on the yearly circuit.

If ever a shot in the arm was needed for a bad case of numismatic envy, it was this past week. Fortunately for collectors in the Southeast, the antidote was available in the form of the 56th Blue Ridge Numismatic Association (BRNA) show, held in Dalton, GA, August 21-23.

Dalton, an easy daytrip from Atlanta, Nashville, and Birmingham, is an ideal location for the show’s 300+ dealers to cast a wide net. The show this year—on Saturday at least—seemed less-well attended by collectors than in years past, but this hardly dampened the mood. Entering the showroom reminded me of walking through a bleacher tunnel at a football stadium. Just like when seeing the freshly painted white lines atop the lush green grass and hearing the intoxicating roar of the crowd, I was overawed with the enticing task of scrutinizing a few hundred tables.

Although the BRNA show is geared more towards collectors of U.S. coins than world coins, there were enough well-stocked dealers in foreign types to make the trip worthwhile. I didn’t find anything on my “want” list, but I was happy to leave with a 1622 Nuremberg 15 Kreuzer, a relatively large denomination from the “Kipper and Wipper” period, a time when rulers in Central Europe debased their currencies in an effort to pay for the wars then engulfing the continent.

As always seems to happen, I regretted passing on a few coins as soon as I pulled out of the parking lot. And as usual, I considered turning around until about 20 minutes into the drive. Alas, a pristine 5 Batzen from the Swiss Canton of Aargau that should have been riding shotgun with me likely will by this point have traveled home on the same horse that it rode in on.  

Despite the fact that I struck out with my want list, and that I was cautious to a fault when faced with spontaneous purchasing decisions, the Blue Ridge show did what I had hoped; it injected a dose of fun into an otherwise busy time of year and cured a nasty case of World’s Fair of Money envy. I’m already looking forward to getting sick with envy again next year.    

Living in a popular convention city like Atlanta has its privileges. I was reminded of this as the annual gathering of the Orders and Medals Society of America (OMSA) descended upon the leafy confines of suburban Dunwoody last weekend.

Though I’ve picked up a few table medals here and there, I don’t consider myself an avid—or even casual—medals collector. This weekend may have changed that. Frank Draskovic, 45-year member of the ANA, co-author of the Standard Price Guide to World Crowns & Talers, President of the California Orders & Medals Society, and super-sharp guy,was kind enough to spend an hour with me, sharing his passion for medals and introducing me to the OMSA domain.

Frank was quick to clear up someterminological matters. “Medal” is too broad a term. What most numismatists refer to as medals (including myself) are not actually part of the repertoire of a medals and decorations collector at all. Nor is this exonumia, or the various tokens, chips, badges, wooden nickels, elongated coins, etc., that many coin collectors dabble in. OMSA members collect so-called portable medals and decorations, often issued by various orders, militaries, and governments. The sources and types of these medals are vast. They can include, for example, aUS-government issued lapel piece, complete with ribbon, commemorating a soldier’s service in the Spanish-American War, or a pin issued by the RoyalOrder of Vasa for service to state and society in Sweden. Thousands of beautiful and collectable orders, medals, and decorations were on display this weekend inAtlanta.

It was fun and enlightening tocompare and contrast numismatists and OMSA collectors. Things that we place areal premium on, including toning, condition, and metal content are incidentalto orders, medals, and decorations collectors. On the other hand, they tak every seriously some things that we hardly consider, including attribution, or being able to identify the original recipient of a decoration or medal. Another difference is geographic. At the risk of trumpeting American exceptionalism, I think it’s fair to say that while worldwide numismatics is centered in theUnited States, the global hobby of orders, medals, and decorations is clearly anchored in Great Britain.  

For all of the differences between the hobbies, there is much that unites us. We all share a passion for history, and we revel in nuance. There is an element of artistic appreciation in both hobbies, though I would venture to say that orders, medals, and decorations are even more aesthetically appealing than coins. Even though it was my first time walking the bourse floor at the OMSA convention, this was not an unfamiliar experience. Passionate collectors, many of whom were long-time friends, joyfully discussed the latest trends and news. The only missing pieces were the coins.

I encourage any numismatist to give this sibling hobby a look. The path is well-trodden by former coin collectors, including Frank Draskovic.  

I came to the show armed with an old adage in coin collecting (“buy the book before the coin”) and left with a pair of hefty catalogs on German and British medals. I don’t think it will be too long before I put these books to work.  

You can learn more about theOrders and Medals Society of America here:  http://www.omsa.org/

It has been a great privilege blogging on Coinworld.com these past few months. An occasional reader email with a comment or question makes it even more worthwhile. In the spirit of community, I’d like to share two recent inquiries, as I think they are relevant for many people in the hobby.

Eli from Texas asks “How important is [condition] in collecting world coins? It seems like only U.S. coins get graded.”

While there are certainly more U.S. coins being sent to grading companies than world coins, there is a growing number of world collectors who are willing to pay more for the assurance of third-party authentication and grading. Even more important is that condition is essential whether coins are slabbed and graded or not. I have often purchased coins in worn condition that I otherwise could not afford in extra fine or uncirculated condition. While I’m happy to own these coins, I admit that I don’t often “enjoy” them as much as I do pristine coins, despite their rarity. 

However, I would never suggest to any collector that she only seek out uncirculated coins. There are in fact many reasons why worn coins are collectible. In addition to being less expensive, they can feel more “real,” as they were once part of the great mass of circulating issues used to purchase bread, clothing, and beer. Condition is important in determining value, but it’s not essential for deriving pleasure from the hobby. 

Luca from Washington wants to know if coins are good investments.

We all wonder about this. Coins can be good investments, but they could also be dogs. In other words, they are not much different than stocks, bullion, and real estate. While I personally don’t collect with investing principles in mind, I don’t disparage those who do.

Certain truisms hold water when it comes to investing in world coins. East Asia and the Middle East probably have a greater upside than Europe (in fact, I consider several of my core areas to be risky long-term investments). Of course, more is at play here than crude geography, as condition, rarity, and eye appeal all matter considerably.

Coins have been great investments for those smart or lucky enough to have bought and held. Imagine having stashed away rolls of Morgan dollars or certain U.S. commemorative halves. But even selective purchases at the top of the market can yield sizable long-term gains. This requires careful research and considerable liquidity. Although opportunities abound for those willing to put in the time and effort, I find myself satisfied by simply collecting the coins that I like at prices that seem fair.

Here’s a cheers to those who have sent inquiries in the past and an invitation for others to do so in the future. Let’s remember that we are a community of collectors.    

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While a defense of Frankfurt’s worthiness as a tourist destination lies beyond the scope of this article, I do wish to call attention to the city’s importance in numismatics, past and present. Home to the European Central Bank, one of the largest monetary institutions in the world, Frankfurt is arguably the epicenter of global currency policy. Its Messe, the busiest in Europe, brings in almost $1 Billion in sales annually. Frankfurt is the wind that powers the EU’s and Germany’s economic sails.

Frankfurt is centrally positioned along a North-South and East-West crossroads in Europe, a privileged location that has for over a millennium attracted merchants, bankers, and hard specie. By the 1100s, Frankfurt had secured its reputation as a commerce-friendly town and had begun to benefit from the imperial privileges that would later allow it to prosper as a Free City, unencumbered by the squabbling of petty princes and noblemen. Even the Messe can be traced to this same century, with one its earliest documented mentions found in a Hebrew literary text written by Rabbi Eliezer ben Nathan of Mainz. Without question, the late middle ages were a boom time for this former Frankish fort on the Main River.

Frankfurt’s history as a coining city dates back about 700 years. The Holy Roman Emperor granted Frankfurt the right to mint small coins in 1346, though permission to mint a full gamut of silver and gold coinage (and, more importantly, to keep the revenue derived therefrom) was not gained until 1555. From the start, the city’s coins were in high demand because the mint had earned a reputation for not skimping on precious metal content, another factor which attracted traders to Frankfurt.

Although Frankfurt had established itself as the preeminent commercial city in German territory by 1600, the city council had to navigate an environment in which multiple currency types and weights passed through town gates, especially at its by-then renowned Messe. In short, there were three general currency systems to balance between 1400 and 1600; Rhenish, North-German, and Bavarian-Swabian (South-German). The Rhenish contingency, led by the Archbishop of Cologne, would soon falter, leaving North and South German currency associations salivating at the prospect of greater alignment with Frankfurt’s mounting wealth. The accounting system at Frankfurt was a concern for traders across the continent, and the city became a hub for the vital, Europe-wide currency trade. In this fertile commercial field, the international banking houses of Metzler, Oppenheimer, and Rothschild (among others) would rise to international fortune.

The nineteenth century was no less dramatic for Frankfurt. Due to its reputation for progressive economics and politics, the city played host to the parliamentary crusaders of 1848. Revolutionaries from across the land attempted to unify Germany under a constitution and to liberalize the economy, in part by creating a common currency. The movement failed, but Frankfurt further solidified its reformist stance vis-à-vis the reactionary courts in Berlin and Munich. In fact, Frankfurt would stubbornly hold on as a Free City until its seizure by Prussia in 1866. Frankfurt’s coinage had come to an abrupt end, though the city's mint would still operate in the new German Empire.      

Fortunately for collectors, Frankfurt’s coins capture the city’s former beauty and stateliness. The coins appeal to all types of collectors, including those seeking breadth with attractive small denominations as well as those desiring depth and a striking centerpiece for their showcase. While Frankfurt may be unfairly deemed not worth visiting today, collectors of German States coinage would be remiss overlooking its brilliant numismatic past.

Holland is an enigma. The Holland of our popular imagination—libertine, tolerant, and progressive—is but one side of a startlingly complex society. Another equally important side of Holland—stoic, sober, and rooted in Calvinist tradition—still pervades several historic Dutch settlements in locations as far removed as Indonesia and Michigan. But in Holland, as with all things Dutch, things are not always as they seem.

Today, Holland is a synonym for the Netherlands, home to the Dutch. Before 1800, Holland was only one constituent part of the Dutch Republic, or what later developed into the Netherlands, of which Holland is today synonymous. Confused yet? Well, the Dutch are too.

All of this confusion, linguistic or otherwise, has made Dutch (or Netherlandish?) coinage a feast for the specialized collector. 

As elsewhere in Europe, the mere longevity of circulating coinage in this crucially important cultural and trading zone (where the Rhine empties into the North Sea) means that collectors have many centuries of coins to explore. The tumultuous history of the Netherlands (really, Dutch history is more volatile than the old Amsterdam stock exchange) also means that its coinage was constantly in upheaval, with religious revolts, foreign monarchs, and global ambitions all taking center stage at one point or another.

For many collectors, the period of the Dutch Republic (aka Republic of the Seven United Provinces), 1581-1795, is the most compelling. The Dutch Republic emerged following years of anguish under the political and religious sway of the Spanish monarchy and died amidst the swirling chaos of French-infused Republicanism. While the Republic’s 200+ years’ existence is frequently simplified to fit the smooth narrative of a steep incline and then decline in Dutch influence, its two centuries worth of coinage endures as a highly collectible treasure trove in today’s numismatic world.

At the meta-level, the coins of the Dutch Republic lay somewhere between national and provincial issues (for sake of comparison, this is similar to the state issues of the German Empire, 1871-1918, when more than a dozen states still had minting rights). The distinct provinces of the Dutch Republic technically issued their own coins, though higher level agreements mandated uniform types and weights. For example, nearly all provinces struck duits, stuivers, daalders, and ducats. This uniformity in denomination and weight allowed for easier circulation across provincial borders. There is always a clue, usually a provincial symbol or at least an indication in the coin’s legend, which reveals the actual issuer. Of course, the reality of provincial consolidation over time, fluctuations in the price of metals, and political unrest made sure the system did not function flawlessly.

Coins from the major provinces, including Gelderland, Groningen, Holland, Overyssel, Utrecht, West Friesland, and Zeeland are readily available. Smaller issuers, including Elburg and Zutphen, may be more difficult to locate but do not necessarily command a rarity premium. We must remember that the Netherlands was an economic powerhouse; coins were never in short supply. Nor were these coins relegated to the European continental periphery. Thanks to the global trade networks operated by Dutch merchants, the Republic’s coins circulated widely in the colonial Americas, Asia, and Oceania.

Let us return to the Holland enigma. It was during this period that Holland and the Netherlands became synonymous. As the home province (technically, Holland was a County) of the prospering cities of Amsterdam, the Hague, Leiden, and Rotterdam, Holland was the most populous, wealthiest, and most influential of all Dutch provinces. The great port at Rotterdam was the gateway between the Republic and the World. Over time, the County of Holland came to stand for the Dutch Republic as a whole, particularly in the minds of outsiders. We might say that Holland, as the cream of the provincial crop, earned its right to posterity. We numismatists are fortunate heirs to the Dutch Republic’s great wealth.