What is Exonumia? | Definition, Examples, Collecting Tips, and More

 

What is Exonumia? 

Coin collectors tend to distinguish between two different types of investments: numismatic coins and bullion. Numismatic coins are coins that are valued for more than their precious metal content, typically because of their rarity, age, condition, or collectability. Bullion, on the other hand, refers to highly pure coins that are primarily valued for their precious metal content. If you’ve ever been into a coin shop, you might notice that some collectible objects don’t fit into either of these two categories. We often refer to this other category of numismatic items as exonumia. 

What is exonumia? Exonumia is a blanket term used to describe collectible numismatic items that are not coins or paper currency. Tokens, mining scrip, and certain specialized currencies (i.e., casino chips) are considered exonumia, since these items are not coins or paper money but may carry numismatic value. Collecting exonumia can be a great way to expand and diversify your numismatic portfolio. 

On this page, learn everything you need to know about exonumia, including the term’s definition, examples of exonumia, and tips to help you start your very own collection.

Types of Exonumia

Exonumia is a category of numismatic item that includes everything except for coins and paper currency. Most numismatists don’t consider modern bullion rounds or silver bars to be exonumia, because these items don’t typically have numismatic value. As you may have already guessed, a wide variety of different items can be called exonumia. 

Some common types of exonumia that numismatists may collect include: 

• Tokens
• Medallions or medals
• Scrip
• Old local currencies
• “Hobo” nickels 

Of course, this isn’t a comprehensive list. There are hundreds of different types of exonumia, but all exonumia items have two things in common. To be considered exonumia, a numismatic item needs to be:

1. Not a coin or paper currency.
2. Valuable for more than precious metal content alone. 

Exonumia vs. Currency

One common misconception is that exonumia have never been used as currency.

Can currency be considered exonumia? Some exonumia items have been used as currency in small cultures, communities, or even businesses, like in the case of mining town scrip. Most communities or governments of a sufficient size eventually standardize their currency using either paper notes or coins, so it’s relatively rare to find exonumia that was used as a currency for significant nations. Still, a few examples of currency exonumia exist. 

For the most part, though, the most commonly collected exonumia objects were never used as official currencies. Coal mining scrip and war medallions are two very popular types of exonumia, and neither of these items was adopted by official governments as legal tender. 

What is Exonumia Used For? 

Exonumia items are mainly used as collectibles today. Numismatists, people who study the history of money, often also specialize in exonumia. People who collect exonumia are called exonumists, and some exonumists create massive collections of rare exonumia items. 

Despite the popularity of exonumia, the market for exonumia items is not nearly as large as the market for numismatics. Typically, most exonumia items are cheaper and easier to collect than numismatic items of a similar rarity. There are exceptions, though. Certain exonumia objects have significant historical value. For example, a lottery ticket signed by George Washington was considered a piece of exonumia and sold for a whopping $25,713 at a 2021 auction. 

Collecting Exonumia 

How do you collect exonumia? Finding and buying exonumia is relatively easy, considering that demand for non-coin numismatic items tends to be calmer than for coins and paper currency. The hardest part about starting an exonumia collection is figuring out what you would like to collect. 

Deciding which type of exonumia you want to collect is a call only you can make. Think about the historical periods, cultures, and phenomena that interest you. Some new collectors are fascinated by the coal mining era of Appalachian America, so they begin collecting scrip tokens from mining and railroad towns. Other collectors are more interested in foreign exonumia, including small currencies like old currency shells, buttons, or thimbles. 

Long story short, you have quite a few options if you want to expand your collection using exonumia, and the first step is to figure out what kind of collector you are!

Exonumia vs. Numismatics 

What’s the difference between numismatics and exonumia? Exonumia items can have numismatic value, but not all numismatic objects are exonumia. Numismatics is the study of money, particularly coins and paper currency. Exonumia refers to numismatic objects that fall into neither of those two categories. Most exonumia objects have numismatic value, especially if they are old, in excellent condition, or rare. 

It is important to remember that exonumia objects have often been used as a type of currency. Since the vast majority of widely used currencies throughout human history have been either coinage or paper notes, exonumia currencies tend to have been isolated, alternative, or community currencies. That’s why scrip is such a good example of exonumia. Scrip tokens distributed by coal companies were used as a medium of exchange in certain so-called “company towns,” but these tokens held no objective value outside of these towns and were not considered government currency. 

Bottom line: Exonumia refers to numismatic objects that are not either coins or paper currency. 

Should You Collect Exonumia? 

Collecting exonumia can be a fun and engaging way to expand your collection as you develop an interest in numismatics. Since many exonumia items don’t include precious metals, they can be cheaper to purchase than popular numismatic silver coins, such as rare silver dollars or 90% silver early American dimes and half-dollars. 

Exonumia also offers collectors a unique insight into historical communities, currency trends, and societies. Certain exonumia categories are so isolated that it’s hard to find another historical analog for the objects you procure for your own collection. A combination of affordability and historical value makes collecting exonumia a fantastic hobby for new numismatists. 

Where To Buy Exonumia

If you’re interested in collecting exonumia, we have some good news for you: it is not hard to find. One of the most popular modern ways to purchase collectible exonumia is to use online marketplaces like Amazon or eBay, although these marketplaces often don’t have the rarer or more valuable exonumia objects that you may need. 

Coin and collectibles shops often stock exonumia items, and getting acquainted with your local exonumists scene by frequenting coin and numismatic stores is a good way to start getting more involved in the hobby. 

But the best place to find high-quality, hard-to-source exonumia may be surprising – antique stores. If you look closely in your local antique shop, you’ll probably find hundreds of exonumia objects from multiple periods throughout American history. Tokens, medals, and other fun pieces of exonumia are littered throughout nearly every antique store across the country, and you may be able to build a respectable collection of your favorite types of exonumia without ever leaving antique row! 

How to Get Started as an Exonumia Collector 

The best way to get started as an exonumia collector is to just get out there and start researching. Before you start purchasing pieces for your collection, you’ll need to figure out which historical periods, types of exonumia, and price ranges you’re looking for. While many pieces of exonumia are less costly than popular numismatic coins, building a full collection of your favorite items can get expensive quickly. 

We recommend starting by shopping around and getting a feel for what exonumia categories interest you. Filtering by a specific time period can make it even easier for you to make a list and set a budget for your dream collection. Once you know which products you need, where to look, and how much you’re willing to spend, it’s time to hit the shops and get started on your collection! 

Final Thoughts: The Basics of Collecting Exonumia 

Exonumia, a class of numismatic objects that are neither coins nor paper currency, can be a great way for numismatists to expand their collections with historically valuable tokens, medallions, and other items. Whether you’re a brand new collector or a seasoned numismatist, we hope these tips help you start to build a great collection of exciting, historically relevant, and fascinating exonumia items. 

You might also be interested in: 

• What is a Numismatist? | Numismatics and Rare Coins Explained
• Numismatic vs. Bullion Coins – What’s the Better Investment?
• How Much is a Silver Dollar Worth?