Numismatists Work As Coin Dealers!

What's It About?

Numismatics is the study/ collection of currency (coins, banknotes, or money in some other form like beads, tokens, and related objects). Historians use these to understand the past. A lot of people collect coins/banknotes and exchange them as well with other collectors. Some buy them for investment purposes.

Clock Work

An average day in the life a young numismatist working in an auction house:

9.30-10am: Reach office. Meet clients who have come to sell coins directly to you or to give consignments (for auction). List the coins to go in a catalogue. Consult books and online database to research coins that I have bought. Inspect those which have come in the new consignment.

2pm: Lunch

2.30pm: Visit clients and inform them about new coins available in the market, advise them about those coming up for auction, and make outright sales

5pm: Back in office. Prepare catalogues for upcoming auction

7pm: Plan for a trip to another city to meet clients

8pm: Return home

The Payoff

As a scholar in an academic institution, you'll earn according to government pay scales for professors. If you trade coins/banknotes yourself, the money depends on how rare the item is, which mint issued it, its condition etc. Any auction house auctioning it would charge a commission.

Skills

• Good grasp of history and knowledge of the language used on coins you want to study/collect and invest in

• Business (investment) acumen; an eye for spotting the right coin, to tell a genuine coin/note from a fake

• Networking/interpersonal skill

How Do I Get There?

You can get into this field even without formal training in history or numismatics, but a qualification will definitely help. So, your options include a degree in history, followed by a masters in history, which includes a paper/module or two on numismatics or an MA in numismatics. A PhD is desirable. Learn how to collect coins (and/or notes). Would you like to build a random collection or a specific one (by country/region, denomination, period, number, year etc)? Visit exhibitions, forums and websites to learn about coins and to check out pricing.

Institutes & URLs

• MA in numismatics and archaeology, Mumbai University www.mu.ac.in

• MA in ancient Indian history, culture and archaeology, Banaras Hindu University, Varanasi www.bhu.ac.in

• MA in history, University of Calcutta, Kolkata http://www.caluniv.ac.in/academic/academic_frame.htm

• MA, department of ancient Indian history, culture and archaeology, Dr Harisingh Gour University, Sagar, Madhya Pradesh www.sagaruniversity.nic.in

• Indian Institute of Research in Numismatic Studies, Nasik www.iirns.org

Pros & Cons

• It's a very niche field, not really a regular career

• You need a good amount of money and an eye for the right coin, to begin with

• Not many universities in India offer full-fledged courses in numismatics

 

Author: Rahat Bano (HT Horizons)

Date: 16th December, 2010

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