What you can learn
You learn the history of money through stories and images of coins — from the days when the first coins appeared to today’s banks and inflation. Once you know how money was born and how it has changed, the money news starts to make sense, and so do the tricks of fraudsters. These are not courses for guessing coin prices.
What you will come to understand
You will be able to answer the following six questions in your own words, with examples from history.
What is money?
Starting from the story of the first coins, the three jobs of money — exchanging for things, measuring prices, and saving — come into view.
When someone asks “what is money, anyway?”, you can answer in your own words.
What inflation really is
You see, through examples from history, how money gradually loses its worth.
You understand the difference between “things are getting dearer” and “money is worth less”, and the news about prices starts to make sense.
Trust and the state
You understand why plain paper can work as money, and the moment it stops working.
When a currency is starting to lose people’s trust, you know what to watch out for.
Gold and paper
You follow, in order, the age when money was tied to gold, up to the point where that tie was cut.
You can explain to others what today’s money is backed by.
Bad money and good money
From the history of coins whose gold and silver were reduced, you understand what happens when money loses quality.
The weight and markings of a single coin start to show you the circumstances of the age that made it.
How far can past and present be compared?
You learn to tell apart the events that look very alike then and now, and the points where they clearly differ.
When you hear “this time is just like that event in the past”, you can say what is alike and what is different. NOMISMA does not try to predict future price movements.
Curriculum
First, the free Part One (five chapters) takes you once around the history of money. After that you choose the courses that interest you — by era, theme, people or everyday money — and read on. For newcomers, the free course “Fraud Schemes and How to Protect Yourself” is also a good start.
First steps, and how to look at a coin
Faced with a single coin, what can you tell, and what is still unknown? Weighing it, looking at the design, reading the lettering, following its change of owners. You begin with the basics of looking at a coin.
What you will understand here You will be able to find out yourself “when and where is this from?” for a coin in your hand or in a display case.
Money in today’s life
Not being deceived, reading numbers and paperwork, household money, the state and you, the basics of growing and protecting, the money of the future, money and the human mind. The basic ideas are the same everywhere; the examples come from many countries. The history is connected to the money of everyday life today.
What you will understand here You will be able to read your own bankbook, statements and contracts, and decide for yourself. You will also know the common tricks of fraud. NOMISMA recommends no products.
The history of money, start to finish
From before the first money to the present, in the order of the ages. Each age is gathered into one illustrated book, with images of coins and the threads that lead to today’s money.
What you will understand here You will know in which age, and within what kind of system, a coin was used.
Money by theme
Recoinage, inflation, war and money, paper money, forgery, the end of a currency. Across countries and ages, the same things happen again and again. You look at that repetition theme by theme.
What you will understand here You will be able to say which past events today’s events resemble, and where they differ.
Money through people
Those who changed the workings of money, and those caught up in the change. You read the stories of both — the people who decided, and the people who bore the pain.
What you will understand here When a system changes, you can say, with names, who decided and who carried the burden.
Fields connected to money
Money cannot be understood by looking at money alone. The craft of working metal, law, religion, art, mathematics, geography — you look at money from the neighbouring fields.
What you will understand here You will enjoy a coin not only as a record of the economy but also as a piece of technology, belief and art.
Suggested reading order by goal
There is a lot to read, so we have prepared four orders, one for each goal. Each goes from one course to the next.
- New to the subject
GoalSee in one pass how money moved from the age when it was weighed, to the age when a stamp made it pass, and on to today’s money, which passes on a promise.
Read this far firstFinish chapter 1 of book 11 and say in a word how money weighed on a scale differs from money that passes by its stamp.
Knowledge needed beforehandNone. Every order can be started from its first course. Background that helps with a course is noted on that course’s page
- Understanding money today
GoalUnderstand, from how they came about, how deposits, government bonds, central banks and digital money are connected. Starting from an event such as the 2007–09 financial crisis is fine.
Read this far firstFinish one event in book 19 and, for each of its figures, say what yardstick it is measured by.
Knowledge needed beforehandNone. Every order can be started from its first course. Background that helps with a course is noted on that course’s page
Easier if read firstTracing the Era of the Gold Standard — Read it first, and the story of how the gold standard began and ended becomes much clearer.
- Money in Japan
GoalGet to know twelve centuries of Japanese money through recoinage (the remaking of coins) and the changing rules of money.
Read this far firstFinish chapter 1 of book 16 and say what served as money before coins were used.
Knowledge needed beforehandNone. Every order can be started from its first course. Background that helps with a course is noted on that course’s page
- The coin in your hand
GoalBecome able to find out yourself when and where the coin in your hand was made, in three steps: look closely, compare, write it down.
Read this far firstTry filling in the observation sheet of lesson 1 in book 13 with a coin from your purse.
Knowledge needed beforehandNone. Every order can be started from its first course. Background that helps with a course is noted on that course’s page
What you can read here
Everything here is made by NOMISMA. After purchase, all of the following is open to you at no further cost.
Languages: Japanese plus English, Chinese, French, German, Spanish and Italian (books and courses; 7 in all)
If you would like to help make the material
Material cannot be made by one person alone. Lending us photographs of coins you hold, or reviewing a course as a specialist — we welcome enquiries of that kind.
If you would like to try it first
No registration needed. Part One of the history of money (five chapters), the first chapter of each country’s money history, the course “Fraud Schemes and How to Protect Yourself” and trial readings of the illustrated books are free to read.