State the importance of Numismatics. (Answer in 40 to 50 words)
Answers
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterised as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the exchange of goods. Early money used by people is referred to as "Odd and Curious", but the use of other goods in barter exchange is excluded, even where used as a circulating currency (e.g., cigarettes in prison). The Kyrgyz people used horses as the principal currency unit and gave small change in lambskins;[1] the lambskins may be suitable for numismatic study, but the horses are not. Many objects have been used for centuries, such as cowry shells, precious metals, cocoa beans, large stones, and gems.
Today, most transactions take place by a form of payment with either inherent, standardized, or credit value. Numismatic value is the value in excess of the monetary value conferred by law, which is known as the collector value.[citation needed]
Economic and historical studies of money's use and development are an integral part of the numismatists' study of money's physical embodiment.
The study of coins is called Numismatics. It is highly trusted upon by the Historians as coins disclose the meticulous time line of historical events. It also provides information about the commercial and the economic prosperity during a specific age.
The obverse is the head side of the coin which had the face of the monarch engraved upon it whereas the tail side or the reverse of the coin consists of the value of it.
Legend is the inscription found on the outline or the edge of the coin. It may contain abbreviations particularly in Roman Coins this can be seen.