A mint is an industrial facility which manufactures coins that can be used in currency. The history of mints correlates with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions. With the mass production of currency, the production cost is weighed. For example, it costs the United States Mint much less than 25 cents to make a quarter, the difference in production cost and face value helps fund the minting body; the earliest metallic money did not consist of coins, but of unminted metal in the form of rings and other ornaments or of weapons, which were used for thousands of years by the Egyptian and Assyrian empires. Metals were well suited to represent wealth, owing to their great commodity value per unit weight or volume, their durability and rarity.
The best metals for coinage are gold, platinum, tin, aluminum, zinc and their alloys. The first mint was established in Lydia in the 7th century BC, for coining gold and electrum; the Lydian innovation of manufacturing coins under the authority of the state spread to neighboring Greece, where a number of city-states operated their own mints. Some of the earliest Greek mints were within city-states on Greek islands such as Crete. At about the same time and mints appeared independently in China and spread to Korea and Japan; the manufacture of coins in the Roman Empire, dating from about the 4th century BC influenced development of coin minting in Europe. The origin of the word "mint" is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta; this goddess became the personification of money, her name was applied both to money and to its place of manufacture. Roman mints were spread across the Empire, were sometimes used for propaganda purposes; the populace learned of a new Roman Emperor when coins appeared with the new Emperor's portrait.
Some of the emperors who ruled only for a short time made sure. Ancient coins were made by striking between engraved dies; the Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, but because it was not suitable for such large masses of metal. Casting is now used only by counterfeiters; the most ancient coins were cast in bulletshaped or conical moulds and marked on one side by means of a die, struck with a hammer. The "blank" or unmarked piece of metal was placed on a small anvil, the die was held in position with tongs; the reverse or lower side of the coin received a “rough incuse” by the hammer. A rectangular mark, a “square incuse,” was made by the sharp edges of the little anvil, or punch; the rich iconography of the obverse of the early electrum coins contrasts with the dull appearance of their reverse which carries only punch marks. The shape and number of these punches varied according to their weight-standard. Subsequently, the anvil was marked in various ways, decorated with letters and figures of beasts, still the anvil was replaced by a reverse die.
The spherical blanks soon gave place to lenticular-shaped ones. The blank was struck between cold dies. One blow was insufficient, the method was similar to that still used in striking medals in high relief, except that the blank is now allowed to cool before being struck. With the substitution of iron for bronze as the material for dies, about 300 AD, the practice of striking the blanks while they were hot was discarded. In the Middle Ages bars of metal were hammered out on an anvil. Portions of the flattened sheets were cut out with shears, struck between dies and again trimmed with shears. A similar method had been used in Ancient Egypt during the Ptolemaic Kingdom, but had been forgotten. Square pieces of metal were cut from cast bars, converted into round disks by hammering and struck between dies. In striking, the lower die was fixed into a block of wood, the blank piece of metal laid upon it by hand; the upper die was placed on the blank, kept in position by means of a holder round, placed a roll of lead to protect the hand of the operator while heavy blows were struck with a hammer.
An early improvement was the introduction of a tool resembling a pair of tongs, the two dies being placed one at the extremity of each leg. This avoided the necessity of readjusting the dies between blows, ensured greater accuracy in the impression. Minting by means of a falling weight intervened between the hand hammers and the screw press in many places. In Birmingham in particular this system became developed and was long in use. In 1553, the French engineer Aubin Olivier introduced screw presses for striking coins, together with rolls for reducing the cast bars and machines for punching-out round disks from flattened sheets of metal. 8 to 12 men took over from each other every quarter of an hour to maneuver the arms driving the screw which struck the medals. The rolls were driven by horses, mules or water-power. Henry II came up against hostility on the par
Counterfeit money is imitation currency produced without the legal sanction of the state or government in a deliberate attempt to imitate that currency and so as to deceive its recipient. Producing or using counterfeit money is a form of fraud or forgery; the business of counterfeiting money is as old as money itself: plated copies have been found of Lydian coins which are thought to be among the first Western coins. Before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. Another form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions. During World War II, the Nazis forged American dollars. Today some of the finest counterfeit banknotes are called Superdollars because of their high quality and likeness to the real US dollar. There has been significant counterfeiting of Euro banknotes and coins since the launch of the currency in 2002, but less than for the US dollar.
Some of the ill-effects that counterfeit money has on society include a reduction in the value of real money. Traditionally, anti-counterfeiting measures involved including fine detail with raised intaglio printing on bills which allows non-experts to spot forgeries. On coins, milled or reeded edges are used to show that none of the valuable metal has been scraped off. Counterfeiting is as old as money itself, is sufficiently prevalent throughout history that it has been called "the world's second oldest profession". Coinage of money began in the Greek city of Lydia around 600 B. C. Before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A common practice was to "shave" the edges of a coin; this is known as "clipping". Precious metals collected in this way could be used to produce counterfeit coinage. A fourrée is an ancient type of counterfeit coin, in which a base metal core has been plated with a precious metal to resemble its solid metal counterpart.
When paper money was introduced in China in the 13th century, wood from mulberry trees was used to make the money. To control access to the paper, guards were stationed around mulberry forests, while counterfeiters were punished by death. In the 13th century Mastro Adamo was mentioned by Dante Alighieri as a counterfeiter of the Florentine fiorino, punished with death by hanging; the English couple Thomas and Anne Rogers were convicted on 15 October 1690 for "Clipping 40 pieces of Silver". Thomas Rogers was hanged and quartered while Anne Rogers was burnt alive. Evidence supplied by an informant led to the arrest of the last of the English Coiners "King" David Hartley, executed by hanging in 1770; the extreme forms of punishment were meted out for acts of treason against state or Crown, rather than simple crime. In the late eighteenth and early nineteenth centuries, Irish immigrants to London were associated with the spending of counterfeit money, while locals were more to participate in the safer and more profitable forms of currency crime, which could take place behind locked doors.
These include selling it wholesale. In America, Colonial paper currency printed by Benjamin Franklin and others bore the phrase "to counterfeit is death"; the theory behind such harsh punishments was that one who had the skills to counterfeit currency was considered a threat to the safety of the State, had to be eliminated. Another explanation is the fact that issuing money that people could trust was both an economic imperative, as well as a Royal prerogative. Far more fortunate was an earlier practitioner of the same art, active in the time of the Emperor Justinian. Rather than executing Alexander the Barber, the Emperor chose to employ his talents in the government's own service. Nations have used counterfeiting as a means of warfare; the idea is to overflow the enemy's economy with fake bank notes, so that the real value of the money plummets. Great Britain did this during the American Revolutionary War to reduce the value of the Continental Dollar; the counterfeiters for the British were known as "shovers" for the ability to "shove" the fake currency into circulation.
Two of the most well-known shovers for the British during the Revolutionary War were David Farnsworth and John Blair. They were caught with 10,000 dollars in counterfeits. George Washington took a personal interest in their case and called for them to be tortured to discover further information, they were hanged for their crimes. During the American Civil War, the Confederate States dollar was counterfeited by private interests on the Union side without the sanction of the Union government in Washington; the Confederacy's access to modern printing technology was limited while many Northern-made imitations were printed on high quality banknote paper procured through extralegal means. As a result, counterfeit Southern notes were equal or superior in quality compared to genuine Confederate money. In 1834, counterfeit copper coins manufactured in the United States were seized from several ships with American flags in Brazil; the practice seemed to end after that. A form of counterfeiting is the pro
Coins of the Achaemenid Empire were issued from 520 BCE-450 BCE to 330 BCE. The Persian daric was the first gold coin which, along with a similar silver coin, the siglos, represented the bimetallic monetary standard of the Achaemenid Persian Empire which has continued till today, it seems that before a continuation of Lydian coinage under Persian rule was likely. Achaemenid coinage includes the official imperial issues, as well as coins issued by the Achaemenid governors, such as those stationed in ancient Asia Minor; when Cyrus the Great came to power, coinage was unfamiliar in his realm. Barter and to some extent silver bullion was used instead for trade; the practice of using silver bars for currency seems to have been current in Central Asia from the 6th century. Cyrus the Great introduced coins to the Persian Empire after 546 BC, following his conquest of Lydia and the defeat of its king Croesus, whose father Alyattes had put in place the first coinage in history. With his conquest of Lydia, Cyrus acquired a region in which coinage was invented, developed through advanced metallurgy, had been in circulation for about 50 years, making the Lydian Kingdom one of the leading trade powers of the time.
It seems Cyrus adopted the Lydian coinage as such, continued to strike Lydia's lion-and-bull croeseid coinage. The stater coins had a weight of 10.7 grams, a standard created by Croesus, adopted by the Persians and became known as the "Persic standard". The Persians minted posthumous Croeseid half-staters, with a weight of 5.35g, which would become the weight standard for the Sigloi, introduced at the end of the 6th century BCE. Soon after 546, Cyrus had full control of Asia Minor, including other kingdoms such Lycia, Caria or Ionia, following the conquests of his general Harpagus. With the conquest of Lydia and the adoption of Lydian coinage, the nascent Achaemenid Empire thus obtained access to the most modern coinage of its time and the economic power that goes with it; the mint was located in Sardis, now capital of all the Western Satrapies of the Achaemenid Empire, continued minted operation under Cyrus. This coinage would supply the western part of the Achaemenid Empire. Technically, these early coins used incuse punches on the reverse, while the obverse die would consist in some pictorial design.
The Lydian coins used double punches on the reserve, a technique which would be simplified in the time of Darius by using a single reverse punch on some coinage. Some of the earliest Lycian coins under the Achaemenids used an animal design on the obverse and incuse punches on the reverse, which developed into geometrical forms, such as two diagonals between projecting rectangular lugs; as late as the time of the foundation of the Apadana Palace in Persepolis, circa 515 BCE, it seems that the Achaemenid had not yet designed the Sigloi and Darics. This is known because no Darics or Sigloi were found in the Apadana hoard, under the Apadana foundation stones of the Apadana Palace in Persepolis, whereas the hoard contained several gold Croeseids of the light type from Sardis and several imported Archaic Greek silver staters; the coinage of the Achaemenid Empire started to move away from copying Lydian coinage to introducing changes with the reign of Darius I. Under Darius I, the minting of Croeseids in Sardis was progressively replaced by the minting of Darics and Sigloi.
From around 510-500 BC, Darius simplified the coining procedure by replacing the double reverse punch of Lydian coins, by a single, oblong reverse punch, he introduced the image of the Persian king in place of the lion and bull design. This is known because no Darics or Sigloi were found in the Apadana hoard, under the Apadana foundation stones of the Apadana Palace in Persepolis, whereas there were gold Croeseids of the light type and Greek silver staters. However, a clay tablet, issued in year 22 of the reign of Darius I, contained the impression on clay of two Type II Sigloi, showing that the new Sigloi had been issued by 500 BCE; because of these and other discoveries, the creation of the Darics and Sigloi is dated to the last decade of the 6th century BC, during the reign of Darius I. The new Achaemenid coins were only made in silver, the Lydian gold design of Croesus was maintained. Darius introduced his new design for gold coins as well, which came to be known as Darics, from Old Persian Daruiyaka, meaning "Golden".
Although the Achaemenids had developed their own currency, they still accepted local monetary production including civic issues, throughout the land under their control, in particular in Western Asia. Minting activity Although the Achaemenids exploited and developed coinage production from Western Asia, it seems the barter economy remained quite important in the Iranian heartland throughout the Achaemenid period, the Achaemenids did not develop their own mints in Iran: minting coinage in Iran would only start from circa 330 BCE under Alexander the Great and the Seleucid Empire; the circulation of the Daric was confined to the Western part of the Achaemenid Empire. It seems that all the minting activity for the Darics and the Sigloi for the whole Empire was centralized in one mint, or two mints at Sardis in Lycia. Sardis remained the central mint for the Persian Darics and Sigloi of Achaemenid coinage, there is no evidence of other mints for the new Achaemenid coins during the whole time of the Ac
A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges. The card issuer creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. A credit card is different from a charge card, which requires the balance to be repaid in full each month. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card differs from a cash card, which can be used like currency by the owner of the card. A credit card differs from a charge card in that a credit card involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card defers payment by the buyer until a date; the size of most credit cards is 85.60 mm × 53.98 mm and rounded corners with a radius of 2.88–3.48 mm, conforming to the ISO/IEC 7810 ID-1 standard, the same size as ATM cards and other payment cards, such as debit cards.
Credit cards have a printed or embossed bank card number complying with the ISO/IEC 7812 numbering standard. The card number's prefix, called the Bank Identification Number, is the sequence of digits at the beginning of the number that determine the bank to which a credit card number belongs; this is the first six digits for Visa cards. The next nine digits are the individual account number, the final digit is a validity check code. Both of these standards are maintained and further developed by ISO/IEC JTC 1/SC 17/WG 1. Credit cards have a magnetic stripe conforming to the ISO/IEC 7813. Many modern credit cards have a computer chip embedded in them as a security feature. In addition to the main credit card number, credit cards carry issue and expiration dates, as well as extra codes such as issue numbers and security codes. Not all credit cards do they use the same number of digits. Credit card numbers were embossed to allow easy transfer of the number to charge slips. With the decline of paper slips, some credit cards are no longer embossed and in fact the card number is no longer in the front.
The concept of using a card for purchases was described in 1887 by Edward Bellamy in his utopian novel Looking Backward. Bellamy used the term credit card eleven times in this novel, although this referred to a card for spending a citizen's dividend from the government, rather than borrowing, making it more similar to a Debit card. Charge coins and other similar items were used from the late 19th century to the 1930s, they came in various sizes. Each charge coin had a little hole, enabling it to be put in a key ring, like a key; these charge coins were given to customers who had charge accounts in department stores, so on. A charge coin had the charge account number along with the merchant's name and logo; the charge coin offered a simple and fast way to copy a charge account number to the sales slip, by imprinting the coin onto the sales slip. This sped the process of copying done by handwriting, it reduced the number of errors, by having a standardized form of numbers on the sales slip, instead of various kind of handwriting style.
Because the customer's name was not on the charge coin anyone could use it. This sometimes led to a case of mistaken identity, either accidentally or intentionally, by acting on behalf of the charge account owner or out of malice to defraud both the charge account owner and the merchant. Beginning in the 1930s, merchants started to move from charge coins to the newer Charga-Plate; the Charga-Plate, developed in 1928, was an early predecessor of the credit card and was used in the U. S. from the 1930s to the late 1950s. It was a 2 1/2" × 1 1/4" rectangle of sheet metal related to military dog tag systems, it was embossed with the customer's name and state. It held a small paper card on its back for a signature. In recording a purchase, the plate was laid into a recess in the imprinter, with a paper "charge slip" positioned on top of it; the record of the transaction included an impression of the embossed information, made by the imprinter pressing an inked ribbon against the charge slip. Charga-Plate was a trademark of Farrington Manufacturing Co.
Charga-Plates were issued by large-scale merchants to their regular customers, much like department store credit cards of today. In some cases, the plates were kept in the issuing store rather than held by customers; when an authorized user made a purchase, a clerk retrieved the plate from the store's files and processed the purchase. Charga-Plates speeded back-office bookkeeping and reduced copying errors that were done manually in paper ledgers in each store. In 1934, American Airlines and the Air Transport Association simplified the process more with the advent of the Air Travel Card, they created a numbering scheme that identified the issuer of the card as well as the customer account. This is the reason the modern UATP cards still start with the number 1. With an Air Travel Card, passengers could "buy now, pay later" for a ticket against their credit and receive a fifteen percent discount at any of the accepting airlines. By the 1940s, all of the major U. S. airlines offered Air Travel Cards.
By 1941, about half of the airlines' revenues came through the Air Travel Card agreement. The airlines had started offering i
Coinage of India
Coinage of India, issued by imperial dynasties and middle kingdoms, began anywhere between the 1st millennium BCE to the 6th century BCE, consisted of copper and silver coins in its initial stage. Scholars remain divided over the origins of Indian coinage. Cowry shells was first used in India as commodity money; the Indus Valley Civilization dates back between 3300 BCE and 1750 BCE. What is known, however, is that metal currency was minted in India well before the Mauryan Empire, as radio carbon dating indicates, before the 5th century BCE; the practice of minted coins spread to the Indo-Gangetic Plain from West Asia. The coins of this period were called Karshapanas or Pana; these earliest Indian coins, are unlike those circulated in West Asia, were not disk-shaped but rather stamped bars of metal, suggesting that the innovation of stamped currency was added to a pre-existing form of token currency, present in the Mahajanapada kingdoms of the Indian Iron Age. Mahajanapadas that minted their own coins included Gandhara, Kuru, Shakya and Surashtra.
The tradition of Indian coinage was further influenced by the coming of Turkic and Mughal invaders in India. The East India Company introduced uniform coinage in the 19th century CE, these coins were imitated by the modern nation states of Republic of India, Sri Lanka, Bangladesh. Numismatics plays a valuable role in determining certain period of Indian history. There is evidence of countable units of precious metal being used for exchange from the Vedic period onwards. A term Nishka appears in this sense in the Rigveda. Texts speak of cows given as gifts being adorned with pādas of gold. A pāda a quarter, would have been a quarter of some standard weight. A unit called Śatamāna a'hundred standard', representing 100 krishnalas is mentioned in Satapatha Brahmana. A commentary on Katyayana Srautasutra explains that a Śatamāna could be 100 rattis. All these units referred to gold currency in some form but they were adopted to silver currency. Panini's grammar text indicates, he mentions that something worth a nishka is called naishka and something worth a Śatamāna is called a Śatamānam etc.
The units were used to represent the assets of individuals, naishka‐śatika or naishka‐sahasrika. Panini uses the term rūpa to mean a piece of precious metal used as a coin, a rūpya to mean a stamped piece of metal, a coin in the modern sense; the term rūpya continues into the modern usage as the rupee. Some scholars state; the gold to silver ratio in India was 10 to 1 or 8 to 1. In contrast, in the neighbouring Persia, it was 13 to 1; this value differential would have incentivised the exchange of gold for silver, resulting in an increasing supply of silver in India. India developed some of the world's first coins, but scholars debate which coin was first and when. Sometime around 600BC in the lower Ganges valley in eastern India a coin called a punchmarked Karshapana was created. According to Hardaker, T. R. the origin of Indian coins can be placed at 575 BCE and according to P. L. Gupta in the seventh century BCE. According to Page. E, Kasi and Magadha coins can be the oldest ones from the Indian Subcontinent dating back to 7th century BC and kosambi findings indicate coin circulation towards the end of 7th century BC.
It is noted that some of the Janapadas like shakiya during Buddha's time were minting coins both made of silver and copper with their own marks on them. Punch-marked coins were a type of early Coinage of India, dating to between about the 6th and 2nd centuries BCE. There are vast uncertainties regarding the actual time punch-marked coinage started in India, with proposal ranging from 1000 BCE to 500 BCE. However, the study of the relative chronology of these coins has established that the first punch-marked coins only had one or two punches, with the number of punches increasing over time; the first coins in India may have been minted around the 6th century BCE by the Mahajanapadas of the Indo-Gangetic Plain, The coins of this period were punch-marked coins called Puranas, Karshapanas or Pana. Several of these coins had a single symbol, for example, Saurashtra had a humped bull, Dakshin Panchala had a Swastika, like Magadha, had several symbols; these coins were made with an irregular shape.
This was gained by cutting up silver bars and making the correct weight by cutting the edges of the coin. They are mentioned in the Manu and Buddhist Jataka stories and lasted three centuries longer in the south than the north. Shurasena SurashtraEarly coins of India were made of silver and copper, bore animal and plant symbols on them. Saurashtra Janapada coins are the earliest die-struck figurative coins from ancient India from 450-300 BCE which are perhaps the earliest source of Hindu representational forms. Most coins from Surashtra are 1g in weight. Rajgor believes they are therefore 0.93 gm. Mashakas of 2 rattis and double mashakas of 4 rattis are known; the coins appear to be uniface. However, most of the coins appear to be overstruck over other Surashtra coins and thus there is the remnant of a previous symbol on the reverse, as well as sometimes under the obverse symbol as well. Coin finds in the Chaman Hazouri hoard in Kabul or the Shaikhan Dehri hoard in Pushkalavati have revealed numerous Achaemeni
Coin collecting is the collecting of coins or other forms of minted legal tender. Coins of interest to collectors include those that circulated for only a brief time, coins with mint errors and beautiful or significant pieces. Coin collecting can be differentiated from numismatics, in that the latter is the systematic study of currency. A coin's grade is a main determinant of its value. For a tiered fee, a third party certification service like PCGS or NGC will grade, authenticate and encapsulate most U. S. and foreign coins. Over 80 million coins have been certified by the four largest services. People have hoarded coins for their bullion value for as long. However, the collection of coins for their artistic value was a development. Evidence from the archaeological and historical record of Ancient Rome and medieval Mesopotamia indicates that coins were collected and catalogued by scholars and state treasuries, it seems probable that individual citizens collected old, exotic or commemorative coins as an affordable, portable form of art.
According to Suetonius in his De vita Caesarum, written in the first century CE, the emperor Augustus sometimes presented old and exotic coins to friends and courtiers during festivals and other special occasions. Contemporary coin collecting and appreciation began around the fourteenth century. During the Renaissance, it became a fad among some members of the privileged classes kings and queens; the Italian scholar and poet Petrarch is credited with being the pursuit's first and most famous aficionado. Following his lead, many European kings and other nobility kept collections of ancient coins; some notable collectors were Pope Boniface VIII, Emperor Maximilian I of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Henry IV of France and Elector Joachim II of Brandenburg, who started the Berlin Coin Cabinet. Because only the wealthy could afford the pursuit, in Renaissance times coin collecting became known as the "Hobby of Kings."During the 17th and 18th centuries coin collecting remained a pursuit of the well-to-do.
But rational, Enlightenment thinking led to a more systematic approach to study. Numismatics as an academic discipline emerged in these centuries at the same time as coin collecting became a leisure pursuit of a growing middle class, eager to prove their wealth and sophistication. During the 19th and 20th centuries, coin collecting increased further in popularity; the market for coins expanded to include not only antique coins, but foreign or otherwise exotic currency. Coin shows, trade associations, regulatory bodies emerged during these decades; the first international convention for coin collectors was held 15–18 August 1962, in Detroit and was sponsored by the American Numismatic Association and the Royal Canadian Numismatic Association. Attendance was estimated at 40,000; as one of the oldest and most popular world pastimes, coin collecting is now referred to as the "King of Hobbies". The motivations for collecting vary from one person to another; the most common type of collectors are the hobbyists, who amass a collection purely for the pleasure of it with no real expectation of profit.
Another frequent reason for purchasing coins is as an investment. As with stamps, precious metals or other commodities, coin prices are periodical based on supply and demand. Prices drop for coins that are not in long-term demand, increase along with a coin's perceived or intrinsic value. Investors buy with the expectation that the value of their purchase will increase over the long term; as with all types of investment, the principle of caveat emptor applies and study is recommended before buying. As with most collectibles, a coin collection does not produce income until it is sold, may incur costs in the interim. Coin hoarders may be similar to investors in the sense that they accumulate coins for potential long-term profit. However, unlike investors, they do not take into account aesthetic considerations; this is most common with coins. Speculators, be they amateurs or commercial buyers purchase coins in bulk and act with the expectation of short-term profit, they may wish to take advantage of a spike in demand for a particular coin.
The speculator might hope to sell at profit within weeks or months. Speculators may buy common circulation coins for their intrinsic metal value. Coins without collectible value may be melted down or distributed as bullion for commercial purposes, they purchase coins that are composed of rare or precious metals, or coins that have a high purity of a specific metal. A final type of collector is the inheritor, an accidental collector who acquires coins from another person as part of an inheritance; the inheritor type may not have an interest in or know anything about numismatics at the time of the acquisition. Casual coin collectors begin the hobby by saving notable coins found by chance; these coins may be pocket change left from an international trip or an old coin found in circulation. If the enthusiasm of the novice increases over time, random coins found in circulation are not enough to satisfy their interest; the hobbyist may trade coins in a coin club or buy coins from dealers or mints. Their collection takes on a more specific focus.
Some enthusiasts become generalists and accumulate
Company scrip is scrip issued by a company to pay its employees. It can only be exchanged in company stores owned by the employers. In the UK, such truck systems have long been formally outlawed under the Truck Acts. In the United States and logging camps were created and operated by a single company; these locations, some quite remote, were cash poor. With this economic monopoly, the employer could place large markups on goods, making workers dependent on the company, thus enforcing employee "loyalty". In 19th century United States forested areas, cash was hard to come by; this was true in lumber camps, where workers were paid in company-issued scrip rather than government issued currency. In Wisconsin, for example, forest-products and lumber companies were exempted from the state law requiring employers to pay workers' wages in cash. Lumber and timber companies paid their workers in scrip, redeemable at the company store. Company-run stores served as a convenience for workers and their families, but allowed the companies to recapture some of their labor expenses.
In certain cases, employers included contract provisions requiring employees to patronize the company stores. Employees who wanted to change their scrip to cash had to do so at a discount. Lumber company scrip was redeemable in lumber as well as other merchandise. According to the Wisconsin Historical Society, such an option may have appealed to new settlers in the region, who worked in the lumber camps in winter to earn enough money to establish a farm. Taking some of their wages in lumber may have helped them build a much-needed house or barn. Coal scrip is "tokens or paper with a monetary value issued to workers as an advance on wages by the coal company or its designated representative"; as such, coal scrip could only be used at the specific coal town of the company named. Because coal scrip was used in the context of a coal town, where there are no other retail establishments in that specific remote location, employees who used this could only redeem their value at that specific location.
As there were no other retail establishments, this constituted a monopoly. The country musician Merle Travis makes a reference to coal scrip in the song, "Sixteen Tons" on the Folk Songs of the Hills album and made famous by Tennessee Ernie Ford; the practice has been documented as as 2008. On September 4, 2008, the Mexican Supreme Court of Justice ruled that Wal-Mart de Mexico, the Mexican subsidiary of Wal-Mart, must cease paying its employees in part with vouchers redeemable only at Wal-Mart stores. Company town Truck system Private currency Disney dollar Harte, C. J. "Coal mine scrip collectors to meet". Middlesboro Daily News. Retrieved July 21, 2012. Cawood, past president National Scrip Collectors AssociationScrip Definition