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67-551: EMD may refer to: Finance and commerce [ edit ] Earnest money deposit , in the United States, a security deposit, especially for real estate Medicine [ edit ] Electromagnetic diaphragm Electromechanical dissociation Emergency medical dispatcher Enamel matrix derivative Esophageal motility disorder Merck Group , known as EMD in Canada and

134-439: A government . Coins often have images, numerals, or text on them. The faces of coins or medals are sometimes called the obverse and the reverse , referring to the front and back sides, respectively. The obverse of a coin is commonly called heads , because it often depicts the head of a prominent person, and the reverse is known as tails . The first metal coins – invented in the ancient Greek world and disseminated during

201-656: A "shilling" and twenty shillings a "pound": consistent with e.g. France. Debasement of coin was widespread. There were periods of significant debasement in 1340–60 and 1417–29, when no small coins were minted, and by the 15th century the issuance of small coin was further restricted by government restrictions and even prohibitions. With the exception of the Great Debasement , England's coins were consistently minted from sterling silver (silver content of 92.5%). A lower quality of silver with more copper mixed in, used in Barcelona,

268-718: A chronology that would leave out the contribution of the Greeks of Magna Graecia and attribute to the Etruscans the burden of introducing the coin in Italy. In this work, constant reference is made to classical sources, and credit is given to the origin of the Etruscan Lydia, a source supported by Herodotus, and also to the invention of coin in Lydia. Charlemagne , in 800 AD, implemented a series of reforms upon becoming " Holy Roman Emperor ", including

335-587: A coin. Exceptions to the rule of face value being higher than content value currently occur for bullion coins made of copper , silver , or gold (and rarely other metals, such as platinum or palladium ), intended for collectors or investors in precious metals. Examples of modern gold collector/investor coins include the British sovereign minted by the United Kingdom, the American Gold Eagle minted by

402-570: A day's subsistence, would have been too valuable for buying a loaf of bread. Maybe the first coins to be used for retailing on a large-scale basis were likely small silver fractions, Hemiobol, Ancient Greek coinage minted by the Ionian Greeks in the late sixth century BC. In contrast Herodotus mentioned the innovation made by the Lydians: So far as we have any knowledge, they [the Lydians] were

469-508: A general publication, including the Etruscan coinage, attributing it the beginning to c.  560 BC in Populonia , a chronology that would leave out the contribution of the Greeks of Magna Graecia and attribute to the Etruscans the burden of introducing the coin in Italy. In this work, constant reference is made to classical sources, and credit is given to the origin of the Etruscan Lydia,

536-641: A hero in a stereotypical manner, showing a bust or the full body but never an actual portrait, on their Sigloi and Daric coinage from c. 500 BC. A slightly earlier candidate for the first portrait-coin is Themistocles the Athenian general, who became a Governor of Magnesia on the Meander , c. 465–459 BC, for the Achaemenid Empire, although there is some question as to whether his coins may have represented Zeus rather than himself. Themistocles may have been in

603-437: A legend. The most ancient inscribed coin known is from nearby Caria . This coin has a Greek legend reading phaenos emi sema interpreted variously as "I am the badge of Phanes", or "I am the sign of light". The Phanes coins are among the earliest of Greek coins; a hemihekte of the issue was found in the foundation deposit of the temple of Artemis at Ephesos (the oldest deposit of electrum coins discovered). One assumption

670-402: A little tin, zinc and especially nickel for their anti-corrosive, ductile and anti-fouling properties. Most coins presently are made of a base metal , and their value comes from their status as fiat money . This means that the value of the coin is established by law, and thus is determined by the free market only in as much as national currencies are used in domestic trade and also traded in

737-407: A source supported by Herodotus, and also to the invention of coin in Lydia. Although many of the first coins illustrated the images of various gods, the first portraiture of actual rulers appears with the coinage of Lycia in the 5th century BC. No ruler had dared illustrating his own portrait on coinage until that time. The Achaemenids had been the first to illustrate the person of their king or

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804-507: A unique position in which he could transfer the notion of individual portraiture , already current in the Greek world, and at the same time wield the dynastic power of an Achaemenid dynasty who could issue his own coins and illustrate them as he wished. From the time of Alexander the Great , portraiture of the issuing ruler would then become a standard, generalized, feature of coinage. The Karshapana

871-653: A while, the copper in US pennies was worth more than one cent, so people would hoard pennies and then melt them down for their metal value. It cost more than face value to manufacture pennies or nickels, so any widespread loss of the coins in circulation could be expensive for the US Treasury . This was more of a problem when coins were still made of precious metals like silver and gold, so strict laws against alteration make more sense historically. 31 CFR § 82.2(b) goes on to state that: "The prohibition contained in § 82.1 against

938-811: Is also influenced to some extent by those factors, but is largely based on the value of their gold, silver, or platinum content. Sometimes non-monetized bullion coins such as the Canadian Maple Leaf and the American Gold Eagle are minted with nominal face values less than the value of the metal in them, but as such coins are never intended for circulation, these face values have no relevance. Collector catalogs often include information about coins to assists collectors with identifying and grading. Additional resources can be found online for collectors These are collector clubs, collection management tools, marketplaces, trading platforms, and forums, Coins can be used as creative media of expression – from fine art sculpture to

1005-664: Is different from Wikidata All article disambiguation pages All disambiguation pages Earnest money deposit In the Middle Ages , the earnest payment was called variously an earnest penny , Arles penny , or God's silver (in Latin Argentum Dei ). It was either money or a valuable coin or token given to bind a bargain , notably for the purchase or hiring of a servant. According to Black's Law Dictionary (sixth ed.), Et cepit de praedicto Henrico tres denarios de Argento Dei prae manibus ("And he took it from

1072-480: Is evident that some were official state issues. The earliest inscribed coins are those of Phanes , dated to 625–600 BC from Ephesus in Ionia , with the legend ΦΑΕΝΟΣ ΕΜΙ ΣHΜΑ (or similar) ("I am the badge/sign/mark of Phanes/light") or just bearing the name ΦΑΝΕΟΣ ("of Phanes"). The first electrum coins issued by a monarch are those minted by king Alyattes of Lydia (died c.  560 BC ), for which reason this king

1139-484: Is sometimes mentioned as the originator of coinage. The successor of Alyattes, king Croesus (r. c. 560–546 BC), became associated with great wealth in Greek historiography. He is credited with issuing the Croeseid , the first true gold coins with a standardized purity for general circulation. and the world's first bimetallic monetary system c. 550 BC. Coins spread rapidly in the 6th and 5th centuries BC, leading to

1206-562: Is that Phanes was a mercenary mentioned by Herodotus, another that this coin is associated with the primeval god Phanes or "Phanes" might have been an epithet of the local goddess identified with Artemis. Barclay V. Head found these suggestions unlikely and thought it more probably "the name of some prominent citizen of Ephesus". Another candidate for the site of the earliest coins is Aegina , where Chelone ("turtle") coins were first minted c. 700 BC. Coins from Athens and Corinth appeared shortly thereafter, known to exist at least since

1273-745: Is the earliest punch-marked coin found in India, produced from at least the mid-4th century BC, and possibly as early as 575 BC, influenced by similar coins produced in Gandhara under the Achaemenid empire, such as those of the Kabul hoard , or other examples found at Pushkalavati and in Bhir Mound . In China , early round coins appeared in the 4th century BC and were adopted for all China by Emperor Qin Shi Huang Di at

1340-487: The Austrian occupation of Genoa in 1746. Variations in the mass of precious metals used in international trade, particularly in imports of spices and textiles into Europe, explain the numerous monetary reforms that occurred in this period. The effect of these transactions on the available reserves of gold and silver was at the origin of the various monetary reforms, which changed the price of silver compared to gold. Faced with

1407-544: The Hellenistic period – were precious metal –based, and were invented in order to simplify and regularize the task of measuring and weighing bullion (bulk metal) carried around for the purpose of transactions. They carried their value within the coins themselves, but the stampings also induced manipulations, such as the clipping of coins to remove some of the precious metal. Most modern coinage metals are base metal , and their value comes from their status as fiat money —

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1474-583: The Venetian sequin , minted from 1284 to 1797, was the most prestigious gold coin in circulation in the commercial centers of the Mediterranean Sea . The Florentine florin was the first European gold coin struck in sufficient quantities since the 7th century to play a significant commercial role. The Florentine florin was used for larger transactions such as those used in dowries, international trade or for tax-related matters. Genoese coins became important in

1541-418: The siege of Pavia in 1524. Auxiliary coins consisted, among the Greeks and Romans as in our modern societies, of coins strongly linked to copper. In particular, the red copper alloy was used for its physical properties, suitable for objects constantly subjected to manipulation: malleability, resistance to impacts, wear and corrosion (only gold has better resistance to corrosion). This alloy was often mixed with

1608-684: The 16th century during the Golden age of Genoese banking , with the Spanish Empire funnelling its massive wealth from Spanish America through the Bank of Saint George . With the decline in the fortunes of the Genoese banks and the Spanish Empire in the 17th century, however, the Genoese lira also depreciated substantially. The silver scudo's value increased to 6.5 lire in 1646, 7.4 lire in 1671, and 8.74 lire just before

1675-459: The 5th and 4th centuries BC. The deposit of the hoard is dated to the Achaemenid period, in approximately 380 BC. The hoard also contained many locally produced silver coins, minted by local authorities under Achaemenid rule. Several of these issues follow the "western designs" of the facing bull heads, a stag, or Persian column capitals on the obverse, and incuse punch on the reverse. According to numismatist Joe Cribb , these finds suggest that

1742-671: The Beautiful quarters . Early metal coinage came into use about the time of the Axial Age in West Asia , in the Greek world, in northern India, and in China. Metal ingots , silver bullion or unmarked bars were probably in use for exchange among many of the civilizations that mastered metallurgy. The weight and purity of bullion would be the key determinant of value. In the Achaemenid Empire in

1809-598: The Ephesian Artemision (which would later evolve into one of the Seven Wonders of the Ancient World ). This was the site of the earliest known deposit of electrum coins. Anatolian Artemis was the Πότνια Θηρῶν ( Potnia Thêrôn , "Mistress of Animals"), whose symbol was the stag . It took some time before ancient coins were used for commerce and trade . Even the smallest-denomination electrum coins, perhaps worth about

1876-543: The Greek city states of the classical period, their coins tended to be more mass-produced, as well as larger, and more frequently in gold. They often lacked the aesthetic delicacy of coins of the earlier period. Still, some of the Greco-Bactrian coins, and those of their successors in India, the Indo-Greeks , are considered the finest examples of Greek numismatic art with "a nice blend of realism and idealization", including

1943-419: The Greek word for rose is rhodon . The use of inscriptions on coins also began, usually the name of the issuing city. The wealthy cities of Sicily produced some especially fine coins. The large silver decadrachm (10-drachm) coin from Syracuse is regarded by many collectors as the finest coin produced in the ancient world, perhaps ever. Syracusan issues were rather standard in their imprints, one side bearing

2010-577: The Lydian coinage as such, and continued to strike Lydia's lion-and-bull coinage. Original coins of the Achaemenid Empire were issued from 520 BC – 450 BC to 330 BC. The Persian Daric was the first truly Achaemenid gold coin which, along with a similar silver coin, the Siglos , represented the bimetallic monetary standard of the Achaemenid Persian Empire . The Achaemenid Empire already reached

2077-752: The Mediterranean and soon after to North Africa (including Egypt), Syria, Persia, and the Balkans. Coins came late to the Roman Republic compared with the rest of the Mediterranean , especially Greece and Asia Minor where coins were invented in the 7th century BC. The currency of central Italy was influenced by its natural resources, with bronze being abundant (the Etruscans were famous metal workers in bronze and iron) and silver ore being scarce. The coinage of

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2144-704: The Mexican Mint was established on May 11, 1535, by order of the Spanish king following the Spanish colonization of the Americas . Opened in April 1536, this mint had the right to mint silver Spanish real which became the basis of the monetary system of the Spanish Empire . Louis XIII had the Louis d'or minted in 1640 to compete with these coins. The first attested siege coins appeared at

2211-552: The Persian Empire after 546 BC, following his conquest of Lydia and the defeat of its king Croesus , who had put in place the first coinage in history. With his conquest of Lydia, Cyrus acquired a region in which coinage was invented, developed through advanced metallurgy, and had already been in circulation for about 50 years, making the Lydian Kingdom one of the leading trade powers of the time. It seems Cyrus initially adopted

2278-593: The Roman Republic started with a few silver coins apparently devised for trade with Celtic in northern Italy and the Greek colonies in Southern Italy, and heavy cast bronze pieces for use in Central Italy. The first Roman coins , which were crude, heavy cast bronzes, were issued c. 289 BC. Amisano, in a general publication, including the Etruscan coinage, attributing it the beginning to about 550 BC in Populonia ,

2345-567: The United States, a German pharmaceutical company Science and technology [ edit ] Electrolytic manganese dioxide Emerin Empirical mode decomposition Equilibrium mode distribution ReadyBoost , disk-caching software Transport [ edit ] East Midlands Parkway railway station , in England Electro-Motive Diesel , an American locomotive manufacturer Electronic Miscellaneous Document in

2412-634: The United States, the Canadian Gold Maple Leaf minted by Canada, and the Krugerrand , minted by South Africa. While the Eagle and Sovereign coins have nominal (purely symbolic) face values, the Krugerrand does not. Commemorative coins usually serve as collectors items only, although some countries also issue commemorative coins for regular circulation, such as the 2€ commemorative coins and U.S. America

2479-482: The Zhou coins are divided up into categories of knives, spades, and round coins, it is apparent from archaeological finds that most of the various kinds circulated together. A hoard found in 1981, near Hebi in north Henan province, consisted of: 3,537 Gong spades, 3 Anyi arched foot spades, 8 Liang Dang Lie spades, 18 Liang square foot spades and 1,180 Yuan round coins, all contained in three clay jars. The Hellenistic period

2546-406: The aforesaid Henry [sealed by a] silver three pence [piece] handed over [in the sight of] God"). A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money. The amount varies enormously, depending upon local custom and the state of the local market at the time of contract negotiations. If

2613-630: The airline industry Emerald Airport , in Queensland, Australia Other uses [ edit ] Schneider Electric EMD an Armenian-Serbian electric company EMD (band) , a Swedish band Earth mover's distance European Marketing Distribution , a European purchasing organization for grocery stores European Maritime Day Engineering and Manufacturing Development , a U.S. defense acquisition phase associated with detailed design and subsequent testing to verify requirements; previously called Full-Scale Development (FSD) Topics referred to by

2680-546: The amount of copper in each penny. Since mid-1982, United States pennies are made of 97.5% zinc, with the remaining 2.5% being a coating of copper. Extreme differences between face values and metal values of coins cause coins to be hoarded or removed from circulation by illicit smelters in order to realize the value of their metal content. This is an example of Gresham's law . The United States Mint , in an attempt to avoid this, implemented new interim rules on December 14, 2006, subject to public comment for 30 days, which criminalized

2747-711: The ancient city Guanzhuang in Henan province in China . The factory produced shovel-shaped bronze coins between 640 B.C. and 550 B.C., making it the oldest securely-dated minting-site. The earliest coins are mostly associated with Iron Age Anatolia of the late 7th century BC, and especially with the kingdom of Lydia . Early electrum coins (an alluvial alloy of gold and silver, varying wildly in proportion, and usually about 40–55% gold) were not standardized in weight, and in their earliest stage may have been ritual objects, such as badges or medals, issued by priests. The unpredictability of

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2814-406: The coins down or hoard them (see Gresham's law ). Currently coins are used as money in everyday transactions, circulating alongside banknotes . Usually, the highest value coin in circulation (excluding bullion coins ) is worth less than the lowest-value note. Coins are usually more efficient than banknotes because they last longer: banknotes last only about four years, compared with 30 years for

2881-484: The composition of naturally occurring electrum implied that it had a variable value, which greatly hampered its development. Most of the early Lydian coins include no writing ("myth" or "inscription"), only an image of a symbolic animal. Therefore, the dating of these coins relies primarily on archaeological evidence, with the most commonly cited evidence coming from excavations at the Temple of Artemis at Ephesus , also called

2948-478: The development of Ancient Greek coinage and Achaemenid coinage , and further to Illyrian coinage . When Cyrus the Great (550–530 BC) came to power, coinage was unfamiliar in his realm. Barter and to some extent silver bullion was used instead for trade. The practice of using silver bars for currency also seems to have been current in Central Asia from the 6th century. Cyrus the Great introduced coins to

3015-515: The distinct monetary systems developed by Genoa , Venice or Florence , the widespread use in the 15th century of the silver thaler , of constant size and mass, allowed conversion operations to be limited and therefore exchanges facilitated. The thaler was the monetary unit of the Germanic countries until the 19th century and is considered the ancestor of the United States dollar . At the same time,

3082-587: The doors of India during the original expansion of Cyrus the Great , and the Achaemenid conquest of the Indus Valley is dated to c. 515 BC under Darius I . An Achaemenid administration was established in the area. The Kabul hoard , also called the Chaman Hazouri hoard, is a coin hoard discovered in the vicinity of Kabul , Afghanistan , containing numerous Achaemenid coins as well as many Greek coins from

3149-541: The early 6th century BC, coinage was yet unknown. The barter system, as well as silver bullion were used instead for trade. The practice of using silver bars for currency also seems to have been current in Central Asia from the 6th century BC. Coins were an evolution of "currency" systems of the Late Bronze Age , when various cultures used standard-sized ingots and tokens such as knife money to store and transfer value. Phoenician metal ingots had to be stamped with

3216-507: The end of 3rd century BC. The round coin, the precursor of the familiar cash coin , circulated in both the spade and knife money areas in the Zhou period, from around 350 BC. Apart from two small and presumably late coins from the State of Qin, coins from the spade money area have a round hole and refer to the jin and liang units. Those from the knife money area have a square hole and are denominated in hua (化). Although for discussion purposes

3283-469: The epicenters of numismatic art during the classical period. Led by the engravers Kimon and Euainetos, Syracuse produced some of the finest coin designs of antiquity. Amongst the first centers to produce coins during the Greek colonization of Southern Italy (the so-called " Magna Graecia ") were Paestum , Crotone , Sybaris , Caulonia , Metapontum , and Taranto . These ancient cities started producing coins from 550 BC to 510 BC. Amisano, in

3350-452: The first people to introduce the use of gold and silver coins, and the first who sold goods by retail. And both Aristotle (fr. 611,37, ed. V. Rose) and Pollux (Onamastikon IX.83), mention that the first issuer of coinage was Hermodike/Demodike of Cyme . Cyme was a city in Aeolia , nearby Lydia. Another example of local pride is the dispute about coinage, whether the first one to strike it

3417-456: The head of the nymph Arethusa and the other usually a victorious quadriga . The tyrants of Syracuse were fabulously rich, and part of their public relations policy was to fund quadrigas for the Olympic chariot race , a very expensive undertaking. As they were often able to finance more than one quadriga at a time, they were frequent victors in this highly prestigious event. Syracuse was one of

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3484-470: The idea of coinage and the use of punch-marked techniques was introduced to India from the Achaemenid Empire during the 4th century BC. More Achaemenid coins were also found in Pushkalavati and in Bhir Mound . According to Aristotle (fr. 611,37, ed. V. Rose) and Pollux (Onamastikon IX.83), the first issuer of Greek coinage was Hermodike of Kyme . A small percentage of early Lydian/Greek coins have

3551-435: The international market. Thus, these coins are monetary tokens , just as paper currency is: their value is usually not backed by metal, but rather by some form of government guarantee. Thus, there is very little economic difference between notes and coins of equivalent face value. Coins may be in circulation with face values lower than the value of their component metals, but they are never initially issued with such value, and

3618-506: The issuance of a standard coin, the silver penny. Between 794 and 1200 the penny was the only denomination of coin in Western Europe. Minted without oversight by bishops, cities, feudal lords and fiefdoms , by 1160, coins in Venice contained only 0.05g of silver, while England's coins were minted at 1.3g. Large coins were introduced in the mid-13th century. In England, a dozen pennies was called

3685-631: The largest coins to be minted in the Hellenistic world: the largest gold coin was minted by Eucratides (reigned 171–145 BC), the largest silver coin by the Indo-Greek king Amyntas Nikator (reigned c. 95–90 BC). The portraits "show a degree of individuality never matched by the often bland depictions of their royal contemporaries further West" (Roger Ling, "Greece and the Hellenistic World"). Coinage followed Greek colonization and influence first around

3752-400: The late 6th century BC. The Classical period saw Greek coinage reach a high level of technical and aesthetic quality. Larger cities now produced a range of fine silver and gold coins, most bearing a portrait of their patron god or goddess or a legendary hero on one side, and a symbol of the city on the other. Some coins employed a visual pun: some coins from Rhodes featured a rose , since

3819-438: The melting and export of pennies and nickels. Violators can be fined up to $ 10,000 and/or imprisoned for up to five years. A coin's value as a collector's item or as an investment generally depends on its condition, specific historical significance, rarity, quality, beauty of the design and general popularity with collectors. If a coin is greatly lacking in all of these, it is unlikely to be worth much. The value of bullion coins

3886-519: The name of a current ruler to guarantee their worth and value, which is probably how stamping busts and designs began, although political advertising – glorification of a state or of a ruler – may also play a role. In the late Chinese Bronze Age , standardized cast tokens were made, such as those discovered in a tomb near Anyang . These were replicas in bronze of earlier Chinese currency , cowrie shells, so they were named "Bronze Shell" . The world's oldest known coin factory has been excavated in

3953-465: The offer is rejected, the earnest money is usually returned, since no binding contract has been entered into. This real estate article is a stub . You can help Misplaced Pages by expanding it . Coin A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender . They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by

4020-520: The penny machines that can be found in most amusement parks. In the Code of Federal Regulations (CFR) in the United States there are some regulations specific to nickels and pennies that are informative on this topic. 31 CFR § 82.1 forbids unauthorized persons from exporting, melting, or treating any 5 or 1 cent coins. This has been a particular problem with nickels and dimes (and with some comparable coins in other currencies) because of their relatively low face value and unstable commodity prices. For

4087-403: The same term [REDACTED] This disambiguation page lists articles associated with the title EMD . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=EMD&oldid=1251702233 " Category : Disambiguation pages Hidden categories: Short description

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4154-400: The seller accepts the offer, the earnest money is held in trust or escrow . These funds may be held directly by the seller's attorney, the real estate broker (as in the State of New York) or by a settlement or title company (as in states like California, Florida, and Texas). When the transaction is settled then the deposit is applied to the buyer's portion of the remaining costs. If

4221-415: The shortfall only arises over time due to inflation , as market values for the metal overtake the face value of the coin. Examples are the pre-1965 US dime, quarter, half dollar, and dollar (containing slightly less than a tenth, quarter, half, and full ounce of silver, respectively), US nickel , and pre-1982 US penny . As a result of the increase in the value of copper , the United States greatly reduced

4288-418: The value of the coin is established by law. In the last hundred years, the face value of circulated coins has occasionally been lower than the value of the metal they contain, primarily due to inflation . If the difference becomes significant, the issuing authority may decide to withdraw these coins from circulation, possibly issuing new equivalents with a different composition, or the public may decide to melt

4355-421: Was Pheidon of Argos, or Demodike of Kyme (who was wife of Midas the Phrygian and daughter of King Agammemnon of Kyme), or Erichthonios and Lycos of Athens, or the Lydians (as Xenophanes says) or the Naxians (as Anglosthenes thought). Many early Lydian and Greek coins were minted under the authority of private individuals and are thus more akin to tokens or badges than to modern coins, though due to their numbers it

4422-413: Was called billon . The first European coin to use Arabic numerals to date the year in which the coin was minted was the St. Gall silver Plappart of 1424. Italy has been influential at a coinage point of view : the Florentine florin , one of the most used coinage types in European history and one of the most important coins in Western history, was struck in Florence in the 13th century , while

4489-429: Was characterized by the spread of Greek culture across a large part of the known world. Greek-speaking kingdoms were established in Egypt and Syria , and for a time also in Iran and as far east as what is now Afghanistan and northwestern India . Greek traders spread Greek coins across this vast area, and the new kingdoms soon began to produce their own coins. Because these kingdoms were much larger and wealthier than

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