NUMISMATIC - COIN WORLD

Where did the word “numismatics” come from? First documented as an English word in the early part of the 1800s, this word derived from a French adjective, numismatiques, which means "of coins." In turn, that word came from the Latin word for “coin.” The meaning of the word gets even more interesting when the Latin word gets traced back to the original Greek that it was borrowed from. After some iterations, the word came from the Greek nemō, or "I dispense or divide."

Bessent gets Senate nod as Treasury secretary

Scott Bessent (left, shown with South Carolina senator Tim Scott) has been named as the latest Secretary of the U.S. Treasury following Senate confirmation January 27.

Image courtesy of Wikimedia Commons.

By a vote of 68-29, the U.S. Senate confirmed Scott Bessent as the next secretary of the Treasury. He replaces Janet Yellen, who was appointed to the position on Jan. 26, 2021.

Prior to the vote, Senators Elizabeth Warren, D-Mass. and Ron Wyden, D-Ore., spoke in opposition to confirmation, alleging that Bessent was not qualified for the position because he owes Medicare taxes. Republican senator Mike Crapo of Idaho disputed the allegations saying the Senate’s finance committee had done a thorough investigation of Bessent’s finances and the allegations were without merit.

At a recent gathering commemorating her public service, Secretary Yellen cited achievements of her term. “Over the past four years, I am proud that we tackled an array of hard issues head-on,” she said. “We drove an historic economic recovery from the pandemic, one distinguished not only by its speed, but also by its inclusiveness. We ensured that investments in manufacturing and clean energy reached people and places that had long been overlooked. We strengthened the resilience of the U.S. financial system while navigating a regional bank crisis, two debt limit impasses, and a downgrade of U.S. sovereign debt.”

Bessent was the founder of Key Square Capital Management and served as an advisor during Donald Trump’s successful campaign for the presidency. Bessent is a graduate of Yale University and is a supporter of President Trump’s idea of implementing tariffs, which will influence economic policy moving forward.

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Community Comments

Numismatics is about more than just coins.

While many people use numismatics as a general term to refer only to the study of coins, this word actually refers to the study of all kinds of money. As such, it includes the study of coins and also paper bills, tokens, and other related objects that have been used as currency by various people throughout history, as well as noncurrency items like medals. Some kinds of money used at different points in history might surprise novice numismatists; for example, a culture might have used shells as a currency. 

Barter, or the trade of objects and services for other objects and services, has long been used in the marketplace and continues today. In some cases, the line between barter and currency still provides a topic of debate, but in most cases, articles about numismatics cover subjects like coins and paper money. Numismatics might become easier to comprehend by understanding the numismatic values of coins and paper money, and this refers to the value of a coin or note that is higher than the intrinsic or face value. In other words, this could also be called the collectible value. For example, a historical gold coin has an inherent value that is based upon its bullion value. It may also have a face value, or the actual value of the money assigned by the country that produced it. However, that same coin might be worth much more than the gold or the face value because it is rare, historically significant, beautiful, and/or designed by a famous artist.

Ultimately, understanding numismatics really depends upon understanding the nature of money. In the past, money might have been shells, gems, or precious metals. Today, most societies rely upon coins and paper money, but in this digital age, even that has begun to change as billions of dollars get exchanged every day electronically without the need for physical currency. Even more revolutionary, there are new digital currencies that have never been based upon any nation's physical currency. As it has in the past, it is likely that the study of numismatics will continue to evolve as currency evolves.