The Hindu Business Line : Coin collectors

WHILE the evolution of money is interesting, its history in recent centuries has been fascinating. After the era of barter, money came into existence both as an acceptable medium of exchange and as a standard store of value. In course of time, numerous denominations had to be introduced, if only for convenience and smooth operation. Thus came coins, now an integral part of the monetary system.

As economies grew and trade expanded, capital formation became essential for growth, and savings assumed importance. But mere accumulation of wealth does not serve any useful purpose.

Still, there are some curious instances such as that of a man at Haridwar, who tenaciously collected a bewildering variety of coins over several decades. He had hardly sufficient space in his humble dwelling to store all of it. Nor could he secure the safety of the collection. And yet, he would not part with his `stockpile' for any consideration or gift them to a museum or an art gallery. Sentimental value? It is not easily understandable.

There was another instance in San Francisco, where investigators found coins worth over $24,000 hidden in the house of a municipal worker, the money was found to be ill-gotten! His lawyer seems to have pleaded that coin collection was his client's hobby.

More puzzling is the case of a man in Bangkok from whose stomach doctors removed more than 2 kg of coins, after what must have been a complicated surgery. Could it be that the man had been swallowing the coins over a period of time?

Again, there was a report from China about a beggar having brought a bag of 20,000 small denomination notes to a bank. It is interesting to learn that the beggar had collected the amount in a month.

What does one make of a bidder in Beverly Hills, US, who paid a fabulous $437,000 for a copper penny minted in 1792! It is for the readers to decide whether these instances typify a craze, mania or fad.

K. Gopalan

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