What is Coinage Metals?
Name for metallic alloys that have traditionally been used to mint coins in the past. To prevent smelters from melting down the coins for precious metals, most coins for circulation are composed of stable metal alloys. These metals tend to be the least exotic, but the most expensive: copper, gold, nickel, platinum, and silver to name a few.
History
The origins of coin use date back to before 800 BC. However, the origin of where coin usage first arose vary according to different traditions. Some histories claim coins were first used in Greece, specifically in either Ephesus or on the island of Aegina located in the Argo-Saronic Archipelago. Other histories claim that coins were first used in Lydia, a region located in what is now modern-day Turkey, or in Ancient India. What is known is that all these ancient cities in some form used and circulated coins in market places.
A coin-based monetary system was first used in the Persian Empire. In fact, the Persian Daric and Siglos, gold, and silver respectively were the official money standard in the Empire. Gold coins circulated within the Persian Empire were made of almost pure gold, coins cold have over 90% gold.
Remnants of coins from other empires reveal that they were made of a naturally occurring alloy called Electrum. Electrum consisted of precious metals gold, silver, copper, and other metals. Due to different levels of metals in the alloy, coin color ranged from light yellow-gold to a deeper yellow-gold.
Modern Day Coinage Metals
Coinage metals are precious metals used to strike coins. Coinage metals must meet certain requirements that ensure that minted coins will stand up against wear and tear, and corrosion and be able to be in circulation for many years. When selecting coinage metals, Mints must consider the value of the precious metals in the alloys. Certain precious metals can be worth more than the face value of the coin, which in some instances can lead to coins being melted down for their precious metal content. One coin where the base metal has changed to address this problem is the U.S. penny. The U.S. penny was made of copper, but after 1982 U.S. pennies are minted using an alloy of copper-plated zinc.
To combat this issue, alloys comprised of less expensive metals are used in coin striking. One particular alloy is called cupronickel, a silver-colored alloy made of copper and nickel used in modern coin minting of most coins.
Cupronickel is silver in color and is quite robust. Cupronickel also has excellent striking qualities that are critical for the design process of the coin and produces wear-resistant coins.
However, it is only one alloy used as a modern coinage metal. Examples of coinage metals in other coins include the following:
- Copper-plated Zinc: One Cent
- Cupronickel: Nickel
- Cupronickel: Dime
- Cupronickel: Quarter-Dollar
- Cupronickel: Half-Dollar
- Manganese-brass: Presidential $1 Coin
- Manganese-Brass: Native American $1 Coin
The monetary value of copper and nickel has started to increase in the last few decades. To combat this, many mints have started to create coins struck with alloys of less expensive metals. In particular, Mints are experimenting with other lesser priced alloys including stainless steel.
Some other metals used in coins minted for circulation include:
- Aluminum
- Antimony
- Carbon
- Hafnium
- Chromium
- Copper
- Magnesium
- Platinum
- Tin
- Zinc
Metals used in coins minted for collection (non-circulation include):
- Cadmium
- Cobalt
- Hafnium
- Iridium
- Molybdenum
- Niobium
- Palladium
- Rhenium
- Rhodium
- Ruthenium
- Selenium
- Silicon
- Tantalum
- Tellurium
- Titanium
What people ask…
Why are they called coinage metals?
Why coinage metals are good conductors?
Why are coinage metals unreactive?
How are coinage metals different from other metals?
See Also…
Coin, Numismatic, Mint, Central Bank
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