What is the difference between numismatics and exonumia?

Main topic: Science

Other topics: Numismatics

Short answer: Numismatics is the study of the tangible embodiment of different payment mediums, whereas exonumia are numismatic things that are neither coins or paper money, which includes tokens, medals, and scrips.

Value

Numismatics involves units of money that may trade at prices far higher than their face value or the commodity value of their physical substance. The units of currency have numismatic features and are valuable as collectors, they can be used for making payment, whereas Exonumia is a part of Numismatics, which cannot be traded as a part of the payment method.

Collectors

Collectors of Numismatics remove these items from circulation so that they may be used as collections or investments rather than spending as money at the face value of the items. The study of the physical characteristics of coins and other forms of payment, including their metallurgy, appearance, the year they were manufactured, and the location where they were produced, is included in this field. The collectors of Exonumia also collect tokens, but cannot spend them, as it doesn't have a face value for exchange. A significant portion of the field of Exonumia is devoted to the study of commemorative military honors, with awards and medals.

Usage

Historical use of numismatics and exonumia

Numismatics
The amassing of various monetary tokens, including coins and other types of coinage, dates back to ancient times. It is said that many rulers, including Caesar Augustus, while visiting other countries gathererd various types of coins from those countries. Caesar Augustus would then give these coins as presents to the rulers of other countries in order to encourage trade deals. In the 19th century, coin collectors started to organize themselves into professional associations with the purpose of better-documenting coins from their particular locations. A significant portion of contemporary numismatics is devoted to the investigation of the production and circulation of coins, medals, and currencies beginning in the 17th century and continuing today. The historical, cultural, and economic relevance of coin minting, as well as its variations, mintage records, mint-made mistakes, and other complexities, are of interest to researchers as well. India was one of the first nations to issue coins, and Indian money is notable for having a broad range of patterns, sizes, weights, and materials used in its production.

Exonumia
Exonumia Tokens have been around for a very long time in the state of California. During the time of the gold rush, when there was a scarcity of federal currency, some of the most well-known and valuable pieces were created. Between the years 1852 and 1856, private enterprises smelted gold dust into small pieces of $0.25, $0.50, and $1.00 currency in order to ease trade in the West. In 1859, production was restarted and focused exclusively on souvenirs. The majority of the early pieces were either round or octagonal, and they depicted the bust of Miss Liberty. However, in the 1900s, these pieces were frequently counterfeited. Badges, buttons, patches, pins, and ribbons are examples of items that fall within the purview of certain exonumists and are considered part of their field of study.

Modern use of numismatics and exonumia

Contemporary numismatists usually do research on the creation and usage of money in historical settings using data from mints or other sources. This helps them to estimate the relative value of the coins they study. Any flaws made during minting, the consequences of progressive die wear, mintage data, and even the sociopolitical background of coin mintings are all things that are of interest to coin collectors. The advent of the internet and other forms of contemporary communication has made it much simpler to do research on the past of coins and to collaborate on scholarly endeavors with other individuals interested in the same topic. This has made the study of current coinage much more accessible. Local coin clubs and organizations have been founded by coin lovers and researchers in order to facilitate the exchange of information and history pertaining to coins from all over the globe. Numismatists now have free access to a wealth of historical research resources related to coin collecting thanks to the internet.