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Commemorative coins are coins issued to commemorate some particular event or issue with 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 also issue commemorative coins for regular circulation.


Subcategories

Commemorative coins can be seen as being of one of three types: *'' 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 There are eight euro coin denominations, ranging from one cent to two euros (the euro is divided into a hundred cents). The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozon ...
. *''Circulating commemoratives'' are intended to be used for commerce, but the design will only be issued for a limited time to commemorate an event, anniversary, person or location, among other items. Examples include the €2 commemorative coins and U.S. 50 State Quarters. *'' Non-circulating legal tender (NCLT)'' are coins which are
legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in p ...
, 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 as collector's items with numismatic value, and are often produced in
gold Gold is a chemical element with the Symbol (chemistry), symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a Brightness, bright, slightly orange-yellow, dense, s ...
or
silver Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...
, either in uncirculated condition or with a
proof Proof most often refers to: * Proof (truth), argument or sufficient evidence for the truth of a proposition * Alcohol proof, a measure of an alcoholic drink's strength Proof may also refer to: Mathematics and formal logic * Formal proof, a co ...
finish.


History

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 The Roman Empire ( la, Imperium Romanum ; grc-gre, Βασιλεία τῶν Ῥωμαίων, Basileía tôn Rhōmaíōn) was the post- Republican period of ancient Rome. As a polity, it included large territorial holdings around the Medit ...
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. Suc
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 350px, Schematic overview of a thrust system. The shaded material is called a window_(geology).html"_;"title="nappe._The_erosional_hole_is_called_a__window_(geology)">window_or_fenster._The_klippe_is_the_isolated_block_of_the_nappe_overlying_aut ...
'. 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 one sixth 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. 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 The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and No ...
, before
decimalisation Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10. Most countries have decimalised their currencies, converting them from non-decima ...
of the money system in 1971, the usual commemorative coin was a
crown A crown is a traditional form of head adornment, or hat, worn by monarchs as a symbol of their power and dignity. A crown is often, by extension, a symbol of the monarch's government or items endorsed by it. The word itself is used, partic ...
, or five
shilling The shilling is a historical coin, and the name of a unit of modern currency, currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 1 ...
piece. These were issued to mark
coronation A coronation is the act of placement or bestowal of a crown upon a monarch's head. The term also generally refers not only to the physical crowning but to the whole ceremony wherein the act of crowning occurs, along with the presentation of ot ...
s of
monarch A monarch is a head of stateWebster's II New College DictionarMonarch Houghton Mifflin. Boston. 2001. p. 707. for life or until abdication, and therefore the head of state of a monarchy. A monarch may exercise the highest authority and power ...
s; one was also issued on the occasion of the death of
Winston Churchill Sir Winston Leonard Spencer Churchill (30 November 187424 January 1965) was a British statesman, soldier, and writer who served as Prime Minister of the United Kingdom twice, from 1940 to 1945 during the Second World War, and again from 1 ...
. Some decimal crowns (worth 25
pence A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is ...
) 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 ) , song = ( en, "King Christian stood by the lofty mast") , song_type = National and royal anthem , image_map = EU-Denmark.svg , map_caption = , subdivision_type = Sovereign state , subdivision_name = Danish Realm, Kingdom of Denmark ...
, for instance, has since 1990 developed a pattern of issuing
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 (copper and tin) or brass (copper and zinc). A variety of aluminium bronzes of differing compositions have found in ...
20 kroner commemoratives 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 East Germany, officially the German Democratic Republic (GDR; german: Deutsche Demokratische Republik, , DDR, ), was a country that existed from its creation on 7 October 1949 until German reunification, its dissolution on 3 October 1990. In t ...
, 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.


Significance of non-circulating commemoratives

Many countries issue large quantities of non-circulating legal tender purely for seigniorage 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. Technology developed for non circulating coins has moved to circulation issues - coloured coins were first issued as non circulating legal tender, but
Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world ...
and Australia have issued coloured commemorative coins into circulation.


See also

* Chinese lunar coins * Commemorative banknote (disambiguation) * €2 commemorative coins * Euro gold and silver commemorative coins * Shooting thaler Commemorative coins by area: * Commemorative coins of Australia * Commemorative coins of Austria * Commemorative coins of Bermuda * Commemorative coins of Bulgaria * Commemorative coins of Canada * Commemorative coins of Costa Rica *
Commemorative coins of the Czech Republic The Czech National Bank issues 200 / 500 Koruna (Kč) 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 archite ...
* Commemorative coins of Czechoslovakia * Commemorative coins of France * List of commemorative coins of the Federal Republic of Germany * Commemorative coins of Greece * Commemorative coins of India * Commemorative coins of Ireland * Commemorative coins of Lithuania * Commemorative coins of Pakistan * Commemorative coins of the Philippines * Commemorative coins of Poland * Commemorative coins of the Soviet Union * Commemorative coins of Switzerland * List of Commemorative coins of Ukraine * Commemorative coins of the United Kingdom * United States commemorative coins


References

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