Wealth is not his that has it, but his that enjoys it.
Coin collecting is one of the oldest and most popular hobbies in the world. Collectors value coins, notes, and other objects for their beauty, rarity, and connections to people and places. Building a collection is not only about accumulation; it is a means by which individuals learn about history and draw connections between the past and present.
Collectors often remark that they love to hold old coins in their hands and imagine the generations of people who might have spent, treasured, and saved the same coin. It is the human interactions with money that make monetary objects so appealing to many. For some, coin collecting is a pleasing pastime that requires only modest financial investment, but for serious collectors it can be a life’s passion and pursuit.
Examining how an individual approaches building his or her own collection can reveal much about a collector’s personal interests and identity. Some collectors develop their collections around particular metals, valuing the material used to make a coin as well as the history behind it. For example, Josiah K. Lilly Jr. was solely interested in gold; he acquired both gold coins and gold bars from around the globe, and his collection reflects the great beauty and diversity of these items from ancient times to the twentieth century. Similarly, Paul A. Straub collected only coins made from gold and silver. He worked tirelessly to acquire gold and silver coins from across Europe, spanning about 800 years of European history.
Coins can also be an accessible way to collect national history, and many collectors use their purchases to capture a nation’s political and monetary development. Grand Duke Georgii Mikhailovich, a member of the Russian Romanov dynasty, sought to collect and catalog his own national coinage, from thirteenth century silver ingots to skillfully crafted platinum coins made in the nineteenth century. American collector George B. Glover also had an interest in national and regional history, but his passion was not for his own nation’s coinage. Instead, he collected Chinese and East Asian coinage, which he acquired while living and working in China during the nineteenth century.
Although many great coin collections result from a long-term commitment to the hobby, others emerge from moments in time and reflect a unique exchange. President Ulysses S. Grant’s stunning collection of Japanese coins was born out of a diplomatic exchange—a gift from the Japanese Emperor Meiji to celebrate their meeting in Japan in 1879.
Coin and note collections are not only constructed by individuals; they are also created by institutions. National mints and central banks often establish collections of monetary objects relating to their work. In the United States, the Mint and Treasury both built their own collections, which include some rarities that cannot legally be purchased by private collectors or that are unique. These assemblages reflect the development of American money and, in the case of the Mint’s Collection, include coins from around the world, enabling comparison between American and foreign money.
Thanks to the donation of these and many other individual and institutional collections, the Smithsonian’s National Numismatic Collection contains some of the rarest and most valuable numismatic objects in the world. Their greatest value, however, is not in their worth but in their ability to connect people to history and help them see the past in new ways.
Archeological and literary evidence indicates that ancient Roman elites may have collected different types of coins; however, the hobby of coin collecting is usually associated with the Renaissance.2 European elites and royals, such as King Louis XIV of France, actively sought out ancient coins for their private collections (Figures 146–148). Thus, many people refer to coin collecting as the “hobby of kings.”
Figure 146.
Louis XIV medal, France, 1674. Donated by Frederic A. Delano.
Figure 147.
Sestertius coin, Roman Empire, 54–68 CE.
Figure 148.
One shekel coin, Judea, 66–70 CE. Donated by The Chase Manhattan Bank.
Coin collecting in the United States gained momentum in the mid-nineteenth century, when collectors began attending auctions to purchase historic coins (Figures 149 and 150). The shift in 1857 from a large copper cent, slightly bigger than today’s quarter, to the current cent size helped to popularize the hobby because many people suddenly wanted to hold on to the cents they remembered from childhood before the coins left circulation (Figures 151 and 152).3
Figure 149.
One dollar die trial coin, United States, 1794. Donated by Norman and Harvey G. Stack.
Figure 150.
Auction catalog, United States, 1862. Donated by Kolbe and Fanning Numismatic Booksellers.
Figure 151.
“Large” one cent coin, United States, 1857. Transfer from U.S. Mint.
Figure 152.
One cent coin, United States, 1857. Donated by The Chase Manhattan Bank.
The U.S. Mint has played an important role in popularizing the hobby of coin collecting in America. By creating commemorative coins and series, such as the one dollar coins featuring American presidents (Figure 153) and the popular 50 State Quarters, the U.S. Mint has provided an affordable gateway to the hobby for many collectors.
Figure 153.
One dollar coin, United States, 2008. Transfer from U.S. Mint.
Coin collectors often meet to discuss their finds and learn from each other. The American Numismatic Society was founded in 1858.4 The establishment of the American Numismatic Association followed in 1891, and the organization’s periodical, The Numismatist, helped to promote the hobby (Figure 154). Today the American Numismatic Association has more than 25,000 members.5
Figure 154.
The Numismatist, United States, 1904. Donated by Kolbe and Fanning Numismatic Booksellers.
U.S. silver dollars minted between 1878 and 1921 are often called Morgan dollars because they were designed by U.S. Mint engraver George T. Morgan. They are no longer in circulation and have become very popular with coin collectors—so popular, in fact, that they are one of the most collected historic U.S. coins. Collector Jack Lee built one of the finest sets of Morgan dollars ever assembled. The one dollar coin from 1888 shown in Figure 155 is from his private collection, and its holder bears his signature.
Figure 155.
One dollar coin in holder, United States, 1888.
Josiah K. Lilly Jr., chairman of the American pharmaceutical company Eli Lilly and Co., was an avid collector of many things, but his interest in coins was focused solely on gold (Figure 156). Between 1951 and his death in 1966, he carefully acquired 6,125 gold coins, one of the finest collections in the world.
Figure 156.
Josiah K. Lilly Jr. Photo courtesy of The Lilly Library, Indiana University, Bloomington, Indiana.
The Lilly Collection is now part of the National Numismatic Collection. An act of Congress in 1968 brought the coins from Lilly’s estate to the Smithsonian. This acquisition contained 1,227 U.S. gold coins, including the very rare five dollar gold coin of 1822 and a unique Brasher half doubloon coin of 1787 (Figures 157 and 158).6
Figure 157.
Brasher half doubloon coin, United States, 1787. Donated by Estate of Josiah K. Lilly Jr.
Figure 158.
Five dollar coin, United States, 1822. Donated by Estate of Josiah K. Lilly Jr.
Lilly’s interest in gold coins began with seventeenth- and eighteenth-century doubloons from Spanish colonies in Latin America. Over time he developed an interest in gold coins from around the world. His collection includes rare ancient and modern coins from Latin America, East Asia, the Middle East, Africa, and Europe (Figures 159–164).
Figure 159.
Eight escudo coin, Peru, 1708. Donated by Estate of Josiah K. Lilly Jr.
Figure 160.
Two stater coin, Macedon, 336–323 BCE. Donated by Estate of Josiah K. Lilly Jr.
Figure 161.
One hundred ducat coin, Poland, 1621. Donated by Estate of Josiah K. Lilly Jr.
Figure 162.
One and a half ducat coin, Zierikzee (the Netherlands), 1576. Donated by Estate of Josiah K. Lilly Jr.
Figure 163.
Five toman coin, Persia, circa 1896. Donated by Estate of Josiah K. Lilly Jr.
Figure 164.
Twenty won coin, Korea, 1906. Donated by Estate of Josiah K. Lilly Jr.
Paul A. Straub donated his collection of approximately 5,650 European gold and silver coins from the fourteenth to the twentieth century to the National Numismatic Collection in the 1950s (Figures 165–167).7 Straub was passionate about developing his collection with the intention of filling gaps in the Smithsonian’s holdings. He sought coins that he believed would be so impressive that they would inspire a feeling of pride in the national collection.8 His donation is regarded as a cornerstone of the National Numismatic Collection’s international holdings.
Figure 165.
Five ducat coin, Hamburg (Germany), 1679. Donated by Paul A. Straub.
Figure 166.
Fifty zecchino coin, Venice (Italy), 1779–1789. Donated by Paul A. Straub.
Figure 167.
Ten ducat coin, Czechoslovakia, 1934. Donated by Paul A. Straub.
Paul A. Straub collected both gold and silver coins, but he believed that they should be displayed separately. He thought that large silver coins, such as the bulky six thaler coin shown in Figure 168, would overshadow small, delicately engraved gold coins in his collection.9
Figure 168.
Six thaler coin, Brunswick (Germany), circa 1679. Donated by Paul A. Straub.
The Smithsonian holds the most complete collection of Russian coins and medals outside of Russia. The bulk of this collection was assembled by Grand Duke Georgii Mikhailovich (Figure 169). He had a lifelong commitment to collecting and documenting Russian coinage and published the most comprehensive work ever written on the topic.10
Figure 169.
Grand Duke Georgii Mikhailovich.
Grand Duke Georgii Mikhailovich was separated from his collection during the Russian Revolution of 1917.11 The collection changed hands multiple times in Europe before it ended up on the U.S. coin market and was purchased by Lammot du Pont, whose son donated it to the Smithsonian in the 1950s. The collection includes early Russian metal money, such as the thirteenth century silver ingot, called a grivna, shown in Figure 170.
Figure 170.
Grivna, Russia, thirteenth century. Donated by Willis H. du Pont.
Grand Duke Georgii Mikhailovich painstakingly collected the coinage of the House of Romanov, Russia’s second imperial dynasty, which ruled from 1613 to 1917. The history of this powerful family can be traced through the images of the emperors and empresses, their families, and their insignia depicted on the coins in Figures 171–176.
Figure 171.
Two ruble coin, Russia, 1726. Donated by Willis H. du Pont.
Figure 172.
Half poltina coin plate, Russia, 1726. Donated by Willis H. du Pont.
Figure 173.
One ruble coin, Russia, 1740. Donated by Willis H. du Pont.
Figure 174.
Ten ruble coin, Russia, 1762. Donated by Willis H. du Pont.
Figure 175.
One and a half ruble coin, Russia, 1835. Donated by Willis H. du Pont.
Figure 176.
Twelve ruble coin, Russia, 1840. Donated by Willis H. du Pont.
The Constantine ruble is one of the rarest Russian coins (Figure 177). It depicts Russian Grand Duke Constantine Pavlovich, who was expected to ascend to the throne in 1825. He never came to power, having relinquished his succession rights in 1823 because of his controversial marriage, and the coin never circulated.
Figure 177.
One ruble pattern coin, Russia, 1825. Donated by Willis H. du Pont.
George B. Glover was an official of the Chinese Imperial Maritime Customs Service, an agency in China set up in 1854 to collect taxes on maritime trade.12 Over the course of his career he amassed a significant collection of East Asian coins. In 1897, he donated 2,025 objects from his collection to the Smithsonian.13 These coins reflect the breadth and quality of his Chinese coin collection, which spans more than 2,300 years (Figure 178–180).
Figure 178.
Knife, China, fifth–third century BCE. Donated by George B. Glover.
Figure 179.
Spade, China, fourth–third century BCE. Donated by George B. Glover.
Figure 180.
Ch’ing Dynasty coin, China, 1644–1662. Donated by George B. Glover.
The powerful Ottoman Empire lasted from the fifteenth through the early twentieth century, dominating much of southeast Europe and Asia Minor. The National Numismatic Collection holds around 6,000 coins documenting its rich numismatic history. They are gifts from multiple collectors, including Catherine Bullowa, and Raymond and Meryem Hebert, who specialized in different periods (Figures 181 and 182).
Figure 181.
Kharub coin, Ottoman Tunis, circa 1852. Donated by Catherine Bullowa.
Figure 182.
Qurush coin, Ottoman Constantinople, circa 1731–1732. Donated by Raymond and Meryem Hebert.
Ulysses S. Grant traveled the world after his presidency ended in 1877. To mark his visit to Japan in 1879, Grant gifted the Japanese emperor a horse, and in return, the emperor sent him the Japanese coins shown in Figures 183–186.14 Some may have been made principally for collectors or for ceremonial purposes. The gift exchange reflected the growing relationship between the United States and Japan. Grant’s wife, Julia, donated this rare collection to the Smithsonian after his death in 1885.
Figure 183.
Commemorative coin, Japan, 1580–1590. Donated by Julia Grant.
Figure 184.
Commemorative coin, Japan, 1586–1587. Donated by Julia Grant.
Figure 185.
Goryoban coin, Japan, 1837. Donated by Julia Grant.
Figure 186.
Oban coin, Japan, 1860. Donated by Julia Grant.
The National Numismatic Collection holds historic coins from the U.S. Mint, which transferred approximately 18,300 coins in 1923 and many more since.15 This large collection includes pattern coins that the U.S. Mint produced to test new designs before approving them for release. The twenty dollar pattern coin from 1849 is the only one of its kind (Figure 187).
Figure 187.
Twenty dollar “Double Eagle” pattern coin, United States, 1849. Transfer from U.S. Mint.
In 1933, the United States minted 445,500 twenty dollar gold coins, also referred to as double eagles (Figure 188). Before they entered circulation, the government ordered the U.S. Mint to melt them down to conserve national gold stocks. The U.S. Mint chose to preserve two as part of its collection of record and later transferred them to the Smithsonian. Others are thought to have been smuggled from the U.S. Mint. The Secret Service actively seeks information about illicit ownership of these coins; one, however, is legally held in private hands.
Figure 188.
Twenty dollar “Double Eagle” coin, United States, 1933. Transfer from U.S. Mint.
The discovery of gold in California in 1848 provided the raw material for private minters to create their own gold coins, called private issues. The coin in Figure 189 was minted by the Mormons in Utah in 1849. It was subsequently collected by the U.S. Mint and transferred to the National Numismatic Collection, helping to preserve the history of the American gold rush.
Figure 189.
Twenty dollar private issue coin, United States, 1849. Transfer from U.S. Mint.
The U.S. Mint produces proof coins with special surfaces for collection by museums and coin enthusiasts (Figure 190). These pieces are made with dies that are polished to create mirrorlike fields on coins, distinguishing proofs from regular coins. Proofs are sought after by coin collectors and sold above face value.
Figure 190.
Ten dollar proof coin, United States, 1838. Transfer from U.S. Mint.
Eight silver dollars bearing the year 1804 were created in the 1830s solely for government use as gifts to foreign dignitaries. They were part of a wider effort to strengthen international commercial relationships. These rare coins were popular among U.S. Mint employees, some of whom secretly produced additional 1804 dollars for personal use or sale to collectors.16 The National Numismatic Collection is the only collection that holds both the original 1804 dollar, categorized as Class I, and two unofficial versions made by U.S. Mint employees, categorized as Classes II (Figure 191) and III.
Figure 191.
One dollar coin (Class II), United States, circa 1858–1860. Transfer from U.S. Mint.
These notes are thought to be uncollectable because of their rarity. They were donated to the National Numismatic Collection as part of the U.S. Department of the Treasury’s collection of reference. The 10,000 dollar note shown in Figure 192 is not thought to be held in private hands, the 100 dollar note in Figure 193 is illegal for a private individual to own because it was issued solely for use in the Federal Reserve system, and the 500 dollar note in Figure 194 with three signatures is the only one of its kind.
Figure 192.
Ten thousand dollar gold certificate, United States, 1928. Donated by U.S. Department of the Treasury.
Figure 193.
One hundred dollar gold certificate, United States, 1934. Donated by U.S. Department of the Treasury.
Figure 194.
Five hundred dollar silver certificate, United States, 1878. Donated by U.S. Department of the Treasury.
