Commemorative coin
Encyclopedia
Commemorative coins are coins that were issued to commemorate some particular event or issue. Most world commemorative coins were issued from the 1960s onward, although there are numerous examples of commemorative coins of earlier date. Such coins have a distinct design with reference to the occasion on which they were issued. Many coins of this category serve as collectors items only, although some countries are also issuing commemorative coins for regular circulation. Vast numbers of thematic coins are continuously being issued, highlighting ancient monuments or sites, historical personalities, endangered species etc. While such thematic coins may or may not commemorate any particular event or jubilee, the distinction between commemorative coins and thematic coins is often blurred or ignored.
Regular issue coinage
are the normal coins intended to be used in commerce every day and are typically issued with the same design for several years, e.g. euro coins
.
Circulating commemoratives are intended to be used for commerce, but the design will only be issued for a limited time, is intended to draw some attention to a specific event or person. Examples include the €2 commemorative coins
, or U.S. 50 State Quarters
.
Non circulating legal tender (NCLT) are coins which are legal tender
, and thus can in theory be used to purchase goods or services, but are not intended to be used in such a manner. Rather, they are intended to be used only as souvenirs, and are often produced in gold
or silver
with a proof
finish.
Historically, the coins issued by any state have always reflected the current political or economic situation. Many ancient and pre-modern coins certainly commemorate events in contemporary times. For instance, Roman coins
often have references to military campaigns and the defeat of foreign powers. These reverse types often symbolically represent the subordination of recently conquered territories to Roman authority. Such coins are examples of ancient political propaganda. The Roman Empire
may be represented by a proud warrior 'raising' an undersized figure, representing the defeated enemy.
Throughout history, coins have commonly been issued on special occasions, without necessarily citing that occasion explicitly. In some cases, emergency money have been issued under unfavourable conditions, such as a city under siege. Such emergency coins were issued in Vienna in 1529, while the city was besieged by the troops of the Ottoman Empire. Due to the conditions at the time, such coins are frequently minted on square flans, rather than round ones (it was easier and quicker to produce a square flan than a round one). European square coins of this era are known by their German name 'klippe
'. Coins might also be issued with the specific purpose of financing a military campaign, or for the payment of tribute or war indemnity by a feudal lord to his sovereign.
During recent centuries, specially prepared coins have been issued to proclaim the coronation of a new monarch. Such coins are known as 'largesse' coins. This type of coins were issued in India during the Mughal era (the 'nisar' coinage), and in Europe in the age of absolutism. In Europe, such coins were scattered from the royal chariot, to achieve attention and applause from the public. In Sweden, coins of this type were issued as late as 1873 (known as 'kastpenning').
During the era of the formation of the European nation states, the issuance of special coins explicitly commemorating various events became increasingly common. These coins were frequently devised to establish a public notion of nationhood, and also to honor the ruling monarch and his dynasty. During the economically exhaustive Napoleonic wars, a 1/6 rigsdaler was issued in Denmark from voluntary contributions from the public, intended to finance the creation of a new fleet. Another notable coin is the Prussian thaler of 1871, commemorating the victory of the Franco-Prussian war, opening the gates for the Prussian king to be crowned as Emperor of the unified German nation. After the (political and monetary) unification of Germany, some German states continued issuing separate coins on special occasions, such as the jubilee of a ruling monarch. The issuance of these royal jubilee coins became common throughout Europe in the late 19th and early 20th century. In some cases, these became collector items already at the time of their minting.
Before World War II
, commemorative coins were always made of precious metals. The base metal coins were probably not considered appropriate for, or worthy of, honoring the nation or the ruling dynasty. However, during the 20th century, the use of precious metals for circulating currency became increasingly scarce. World War I and the world economic crisis of the 1930s brought about temporary or permanent abolition of the convertibility of bank notes to silver and gold coins. Gradually, the issuance of precious metal coins became increasingly restricted, and definitively abandoned about 1970. While the commemoratives of these decades continued to be issued predominantly in precious metals, their use as circulating currency became scarce or ceased entirely. Thus, the commemoratives developed into a separate class of coins with no immediately recognisable link to the coins and notes used in everyday transactions. This class of coins were collectors items, or in some cases objects for economic investment. With the ascendance of coin collecting as a hobby for larger numbers of people in the decades after World War II, commemorative coins came to be seen as treasured items, their beauty and impressive appearance readily appealing to many.
From this point in time, we can distinguish quite clearly between two classes of commemorative coins. Apart from the non-circulating medal-like coins referred to above, increasing numbers of circulating base metal commemorative coins have been issued in recent decades. When West Germany replaced the silver 5 mark coin with a copper-nickel one in 1975, the silver 5 mark commemoratives also reverted to copper-nickel (in 1979). Already in 1965, the Soviet Union issued a copper-nickel-zinc rouble commemorating the victory in World War II. This, and the next four commemorative roubles, were issued in several millions of copies, and circulated as regular currency.
In the United Kingdom
, before decimalisation
of the money system in 1971, the usual commemorative coin was a crown, or five shilling
piece. These were issued to mark coronation
s of monarch
s; one was also issued on the occasion of the death of Winston Churchill
. Some decimal crowns (worth 25 pence
) were issued, but since 1990 the £5
has been the usual non circulating commemorative coin. Other denominations such as the 50 pence
and £2
are issued as circulating commemoratives.
The circulating and non-circulating commemoratives may be issued jointly, but have quite different purposes. Denmark
, for instance, has since 1990 developed a pattern of issuing aluminium bronze
20 kroner commemaratives and accompanying silver 200 krone
commemoratives. The aluminium bronze coins are circulating along with the non-commemorative 20 krone coins, while the silver coins are never circulated. The circulating commemoratives brings variation into the circulating coin mass, while the silver coins are collectors items and a source of revenue for the state. Likewise, in East Germany, some commemorative coins were issued with a primary purpose of earning foreign currency, while others actually circulated, albeit in smaller quantity than the bank notes of the corresponding denominations.
The number of independent nations has grown rapidly since World War II, and so has the number of coin issuing authorities. Countries of the third world generally have a very small domestic demand for collector coins, hence the non-circulating commemoratives issued are oriented towards the international market for collector items. Circulating commemoratives are found in the third World as well as in western nations. India has been issuing circulating commemoratives frequently since the 1960s. Almost every nation in the world have issued commemorative coins.
Not only has there been a rapid increase in the number of commemorative coins issued. Also the ingeniousness and imagination involved is amazing. Non-circulation commemorative coins are now issued in any thinkable shape, size and colour. They are issued with enamel finish, with holograms, with stone inlay, coins made of glass, in the form of jig-saw puzzles, with a countdown ticker built in, and numerous other unusual features.
has recently issued coloured commemorative coins into (albeit limited) circulation.
Commemorative coins by area:
Subcategories
Coins can be seen as being of one of three types:Regular issue coinage
Regular issue coinage
Business strike is a term that distinguishes coins created for commerce from commemorative coins and proof coins. Regular issue coins are normally produced in relatively large numbers, and are primarily meant to be used as pocket change, not collected...
are the normal coins intended to be used in commerce every day and are typically issued with the same design for several years, e.g. euro coins
Euro coins
There are eight euro coin denominations, ranging from one cent to two euros . The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different...
.
Circulating commemoratives are intended to be used for commerce, but the design will only be issued for a limited time, is intended to draw some attention to a specific event or person. Examples include the €2 commemorative coins
€2 commemorative coins
€2 commemorative coins are special euro coins minted and issued by member states of the eurozone since 2004 as legal tender in all eurozone member states. The coins typically commemorate the anniversaries of historical events or draw attention to current events of special importance...
, or U.S. 50 State Quarters
50 State Quarters
The 50 State Quarters program is the release of a series of circulating commemorative coins by the United States Mint. Between 1999 and 2008, it featured each of the 50 U.S. states on unique designs for the reverse of the quarter....
.
Non circulating legal tender (NCLT) are coins which are legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
, and thus can in theory be used to purchase goods or services, but are not intended to be used in such a manner. Rather, they are intended to be used only as souvenirs, and are often produced in gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
or silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
with a proof
Proof coinage
Proof coinage means special early samples of a coin issue, historically made for checking the dies and for archival purposes, but nowadays often struck in greater numbers specially for coin collectors . Many countries now issue them....
finish.
History
Roman currency
The Roman currency during most of the Roman Republic and the western half of the Roman Empire consisted of coins including the aureus , the denarius , the sestertius , the dupondius , and the as...
often have references to military campaigns and the defeat of foreign powers. These reverse types often symbolically represent the subordination of recently conquered territories to Roman authority. Such coins are examples of ancient political propaganda. The Roman Empire
Roman Empire
The Roman Empire was the post-Republican period of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean....
may be represented by a proud warrior 'raising' an undersized figure, representing the defeated enemy.
Throughout history, coins have commonly been issued on special occasions, without necessarily citing that occasion explicitly. In some cases, emergency money have been issued under unfavourable conditions, such as a city under siege. Such emergency coins were issued in Vienna in 1529, while the city was besieged by the troops of the Ottoman Empire. Due to the conditions at the time, such coins are frequently minted on square flans, rather than round ones (it was easier and quicker to produce a square flan than a round one). European square coins of this era are known by their German name 'klippe
Klippe (coin)
A klippe is a square coin minted on more easily produced square flans either using round or square dies. These coins were originally issued under unfavourable conditions, such as a city under siege. Such emergency coinage were issued in Vienna in 1529, while the city was besieged by the troops of...
'. Coins might also be issued with the specific purpose of financing a military campaign, or for the payment of tribute or war indemnity by a feudal lord to his sovereign.
During recent centuries, specially prepared coins have been issued to proclaim the coronation of a new monarch. Such coins are known as 'largesse' coins. This type of coins were issued in India during the Mughal era (the 'nisar' coinage), and in Europe in the age of absolutism. In Europe, such coins were scattered from the royal chariot, to achieve attention and applause from the public. In Sweden, coins of this type were issued as late as 1873 (known as 'kastpenning').
Before World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, commemorative coins were always made of precious metals. The base metal coins were probably not considered appropriate for, or worthy of, honoring the nation or the ruling dynasty. However, during the 20th century, the use of precious metals for circulating currency became increasingly scarce. World War I and the world economic crisis of the 1930s brought about temporary or permanent abolition of the convertibility of bank notes to silver and gold coins. Gradually, the issuance of precious metal coins became increasingly restricted, and definitively abandoned about 1970. While the commemoratives of these decades continued to be issued predominantly in precious metals, their use as circulating currency became scarce or ceased entirely. Thus, the commemoratives developed into a separate class of coins with no immediately recognisable link to the coins and notes used in everyday transactions. This class of coins were collectors items, or in some cases objects for economic investment. With the ascendance of coin collecting as a hobby for larger numbers of people in the decades after World War II, commemorative coins came to be seen as treasured items, their beauty and impressive appearance readily appealing to many.
In the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, before decimalisation
Decimalisation
Decimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100....
of the money system in 1971, the usual commemorative coin was a crown, or five shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
piece. These were issued to mark coronation
Coronation of the British monarch
The coronation of the British monarch is a ceremony in which the monarch of the United Kingdom is formally crowned and invested with regalia...
s of monarch
Monarch
A monarch is the person who heads a monarchy. This is a form of government in which a state or polity is ruled or controlled by an individual who typically inherits the throne by birth and occasionally rules for life or until abdication...
s; one was also issued on the occasion of the death of Winston Churchill
Winston Churchill
Sir Winston Leonard Spencer-Churchill, was a predominantly Conservative British politician and statesman known for his leadership of the United Kingdom during the Second World War. He is widely regarded as one of the greatest wartime leaders of the century and served as Prime Minister twice...
. Some decimal crowns (worth 25 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
) were issued, but since 1990 the £5
British Five Pound coin
The British five pound coin is a redenominated commemorative coin, a continuation of the former crown, being identical with it in size and weight. The crown had continued to be minted occasionally after decimalisation, with a value of twenty-five pence, although, as was the case with most...
has been the usual non circulating commemorative coin. Other denominations such as the 50 pence
British Fifty Pence coin
The British decimal fifty pence coin – often pronounced "fifty pee" – was issued on 14 October 1969 in the run-up to decimalisation to replace the ten shilling note...
and £2
British Two Pound coin
The British two pound coin was first issued as a commemorative coin in 1986 to celebrate the Commonwealth Games in Scotland. Six further commemorative issues followed between 1989 and 1996...
are issued as circulating commemoratives.
The circulating and non-circulating commemoratives may be issued jointly, but have quite different purposes. Denmark
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...
, for instance, has since 1990 developed a pattern of issuing aluminium bronze
Aluminium bronze
Aluminium bronze is a type of bronze in which aluminium is the main alloying metal added to copper, in contrast to standard bronze or brass...
20 kroner commemaratives and accompanying silver 200 krone
Danish krone
The krone is the official currency of the Kingdom of Denmark consisting of Denmark, the Faroe Islands and Greenland. It is subdivided into 100 øre...
commemoratives. The aluminium bronze coins are circulating along with the non-commemorative 20 krone coins, while the silver coins are never circulated. The circulating commemoratives brings variation into the circulating coin mass, while the silver coins are collectors items and a source of revenue for the state. Likewise, in East Germany, some commemorative coins were issued with a primary purpose of earning foreign currency, while others actually circulated, albeit in smaller quantity than the bank notes of the corresponding denominations.
The number of independent nations has grown rapidly since World War II, and so has the number of coin issuing authorities. Countries of the third world generally have a very small domestic demand for collector coins, hence the non-circulating commemoratives issued are oriented towards the international market for collector items. Circulating commemoratives are found in the third World as well as in western nations. India has been issuing circulating commemoratives frequently since the 1960s. Almost every nation in the world have issued commemorative coins.
Not only has there been a rapid increase in the number of commemorative coins issued. Also the ingeniousness and imagination involved is amazing. Non-circulation commemorative coins are now issued in any thinkable shape, size and colour. They are issued with enamel finish, with holograms, with stone inlay, coins made of glass, in the form of jig-saw puzzles, with a countdown ticker built in, and numerous other unusual features.
Significance of non-circulating commemoratives
Coin collectors are often divided on the relative merits of non circulating legal tender. Many countries issue large quantities of non circulating legal tender purely as a profit making exercise. The events that these coins commemorate are often chosen based on a perceived market, rather than events of significance to the country. Detractors comment that circulating coins are intended to showcase the culture of the country which issues them, and therefore have historical interest. Proponents will point out that non circulating coins are often used to showcase the art form and technology of minting. Technology developed for non circulating coins has moved to circulation issues - coloured coins were first issued as non circulating legal tender, but CanadaCanada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
has recently issued coloured commemorative coins into (albeit limited) circulation.
See also
- Chinese lunar coinsChinese lunar coinsIn 1979, China began minting commorative modern coins. In 1981, China began minting coins to commemorate the Chinese New Year. Typically the obverse features a historical building while the reverse features the lunar animal reproduced from historical Chinese drawings or paintings.- 1981–1992 :The...
- €2 commemorative coins€2 commemorative coins€2 commemorative coins are special euro coins minted and issued by member states of the eurozone since 2004 as legal tender in all eurozone member states. The coins typically commemorate the anniversaries of historical events or draw attention to current events of special importance...
- Euro gold and silver commemorative coinsEuro gold and silver commemorative coinsThis article covers the gold and silver issues of the euro commemorative coins . It also includes some rare cases of bimetal collector coins . See :€2 commemorative coins for circulating commemorative coins....
- Shooting thalerShooting ThalerShooting thalers are commemorative coins minted to commemorate the shooting festival or free shoots tournaments that were held in various Cantons within the Swiss Confederation...
Commemorative coins by area:
- AustriaCommemorative coins of AustriaThis is the list of commemorative coins of Austria in schilling, minted by Münze Österreich.-50 schilling:* 50 schillings - bi-metallic Au/Ag - "Ostarrîchi" - 1996* 50 schillings - bi-metallic Au/Ag - "Vienna Succession" - 1997...
- AustraliaAustralian commemorative coinsCoins of the Australian dollar are circulated with different designs depicting various anniversaries or significant Australian events, these differing coin designs being labelled Australian commemorative coins...
- BermudaCommemorative coins of BermudaBermuda has issued commemorative coins at various times. Most of these coins have been for the purpose of collecting, although Bermuda has also issued commemorative coins for regular circulation. All coins here were minted by the Royal Mint unless otherwise noted....
- BulgariaCommemorative coins of BulgariaCommemorative coins have been issued in Bulgaria since 1965 by the Bulgarian National Bank, headquartered in Sofia, and minted by the Bulgarian Mint ....
- Costa RicaCommemorative coins of Costa RicaSince the Central Bank of Costa Rica was created, many coins designed to commemorate special events have been issued. The following is a complete list of all commemorative coins ever issued by the bank.-1970 Emissions :a) 2 colones...
- Czech RepublicCommemorative coins of the Czech RepublicThe Czech National Bank issues 200 / 500 Koruna silver commemorative coins and golden commemorative coins of various denominations. The golden coins are issued in thematic sets - Bohemian crown set, Charles IV set, Ten centuries of architecture set, Industrial Heritage Sites set and Bridges in the...
- CzechoslovakiaCommemorative coins of CzechoslovakiaThe commemorative coins of Czechoslovakia were minted by State Bank of Czechoslovakia...
- Federal Republic of Germany
- GreeceCommemorative coins of Greece-Commemorative drachma coins:Commemorative Greek drachma coins have been issued by the Bank of Greece throughout the 20th century. Early coins were minted in Birmingham, Paris, Vienna, and Prague, but since 1978 all of Greece's commemorative coins have been minted in Athens.-1940 - restored...
- IndiaCommemorative coins of IndiaCommemorative coins are coins that were issued to commemorate some particular event or issue. Indian commemorative coins were issued from the 1964s onwards. Such coins have a distinct design with reference to the occasion on which they were issued...
- IrelandCommemorative coins of IrelandVarious commerative coins denominated in Irish currency were issued up until 2002, when the Irish pound came to an end and was superseded by the euro. Since then there have been Irish commerative coins denominated in euro.-10 Shilling:-50p:...
- LithuaniaCommemorative coins of LithuaniaThe Commemorative coins of Lithuania are minted by the Lithuanian mint , headquartered in Vilnius, Lithuania.-Commemorative coins issued 1993-2009:...
- PakistanCommemorative Coins of PakistanThese coins were issued on special occasions to commemorate occasions or services of national heroes or dignitaries who have rendered special services of great significance in the annals of National history. Commemorative coins are not part of circulation and are kept as a separate balance. The...
- PolandCommemorative coins of PolandCommemorative coins in Poland are special coins minted by the Polish Mint and issued by the National Bank of Poland...
- Soviet UnionCommemorative coins of the Soviet UnionCommemorative coins were released in the USSR between 1965 and 1991. Most of them were made of copper-nickel alloy, but there were also silver coins, gold coins, palladium coins and platinum coins. All of the coins were minted either by the Moscow Mint or by the Leningrad Mint...
- Ukraine
- United KingdomCommemorative coins of the United KingdomCommemorative coins have been issued by the Royal Mint in the United Kingdom since 1935. Initially they only came out to mark events of great interest, but since the turn of the millennium have been minted yearly....
- United StatesUnited States commemorative coinCommemorative coinage of the United States consists of coins that have been minted to commemorate a particular person, place, event, or institution. They are legal tender but are not intended for general circulation....