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Coins - 10 Facts you don't know about it

Updated on June 24, 2011

1. First coins originate from Anatolia (modern Turkey) and were minted around 600 BC .

2. In most monetary systems the highest value coin made for circulation is worth less then the lowest value note. There are some exceptions though, in countries like Australia or Kenya still circulates notes with smaller values then coins.

3. Circulating coins usually suffered by “shaving”, meaning some people used to cut off small amounts of precious metal from their edges to form new coins. In order to help reduce recoining Isac Newton who was master of Royal Mint of England at the time came up with the idea of milling lines of the edges of coins to make it easier to detect coin clipping.


 4. Although round shape is commonly used for coins there are coins shaped in other forms like  triangular, rectangular or flower shaped coins.

 

5. The oldest coin still used in some areas of the world is Austrian Marie Theresa Thaler. It was first issued in 1741 .

6. Most expensive coin in the world is a 1794 silver dollar called Flowing Hair Dollar. It’s market value is estimated to be 7.85 million USD.

7. Several time in history, as a result of inflation market value of their component metal greatly surpassed the fiat declared value of the coin. In this cases many coins were removed by circulation by illicit smelters interested in the value of their metal content.

World largest coin

8.The world largest coin was minted by Royal Canadian Mint. Only five were made from 99.999% pure gold. Each weighs 100kg and worth over 1 million pounds

9. In Hawaii a law states that coins are not allowed to be placed in one’s ear.

10. In the movie “Pirates of the Caribbean: At world’s end” the pirates must meet together by presenting “nine pieces of eight“. This is actually a silver coin, a Spanish Dollar emitted in 1497 who worth eight reales (another Spanish coin), hence the surname “pieces of eight”. As the Pirate Lords were, at the time, too poor to offer real Spanish dollars, they opted to use personal talismans instead.

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    • Catalin79 profile imageAUTHOR

      Catalin79 

      7 years ago from Bucuresti

      Exactly; another example would be China to be absoulte accurate, where there are still in circulation notes with smaller values then coins;

    • iZeko profile image

      iZeko 

      7 years ago

      Thanks for answering, Catalin79! I see what you mean – the $1 bill still has a legal tender status, but has dropped out of circulation. I was confused because you say that they are still in circulation, but when I go to Australia I never see $1 bills ;-).

    • Catalin79 profile imageAUTHOR

      Catalin79 

      7 years ago from Bucuresti

      You are correct up to a point; there was 1$ notes in Australia and 5 shillings notes in Kenya; although there were replaced, from my knowledge those can still be exchanged even today; i will verify and if that is not the case i will modify my material in consequence; thank you for pointing that to me;

    • iZeko profile image

      iZeko 

      7 years ago

      Very interesting hub! I didn’t understand point 2, though. Australia and Kenya don’t have in circulation notes with smaller values than coins. Do you mean they had those before? The smallest note in Australia is $5 and the highest value coin is $2. In Kenya the smallest note is 50 shillings and the highest value coin is 40 shillings.

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