Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.
The United States Assay Commission was an agency of the U.S. federal government from 1792 to 1980. Its function was to supervise the annual testing of the gold, silver, and (in its final years) base metal coins produced by the United States Mint to ensure that they met specifications. Although some members were designated by statute, for the most part the commission, which was freshly appointed each year, consisted of prominent Americans, including numismatists. Appointment to the Assay Commission was eagerly sought after, in part because commissioners received a commemorative medal. These medals, different each year, are extremely rare, with the exception of the 1977 issue, which was sold to the general public.
The Mint Act of 1792 authorized the Assay Commission. Beginning in 1797, it met in most years at the Philadelphia Mint. Each year, the president appointed unpaid members, who would gather in Philadelphia to ensure the weight and fineness of silver and gold coins issued the previous year were to specifications. In 1971, the commission met, but for the first time had no gold or silver to test, with the end of silver coinage. Beginning in 1977, President Jimmy Carter appointed no members of the public to the commission, and in 1980, he signed legislation abolishing it. (Full article...)
The silver center cent was an early attempt to reduce the size of the cent while maintaining its intrinsic value.The Silver center cent is an American pattern coin produced by the United States Mint in 1792. As a precursor to the large cent it was one of the first coins of the United States and an early example of a bimetallic coin. Only 12 original examples are known to exist, of which one is located in the National Numismatic Collection at the Smithsonian Institution. Two more specimens (Morris and California) exist but contain fabricated plugs added after minting.
Due to their rarity and historical significance Silver center cents are highly prized by collectors with one graded PCGS MS61 being sold in an online auction in April 2012 for $1.15 million. (Full article...)
... that medievalist Edward Rand rang the doorbell of Harvard president Charles William Eliot and asked him: "I would like to go to Harvard; do you have any money?"
Image 19Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
Image 28A 640 BC one-third staterelectrum coin from Lydia. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by modern scholars that these first stamped coins were minted around 650 to 600 BC. (from Money)
