I’ve been gathering uncommon cash and financial institution notes for years, and have an incredible assortment that might ship a cocktail party to sleep earlier than the primary course is served. But I’m now apprehensive that my interest – referred to as numismatics – is over as we go digital.
What’s numismatics?
Based on the Company Finance Institute, it’s somebody who collects “cash, tokens, and different coin-like objects that individuals used as currencies all through historical past”. Particularly, “the examine is worried with the bodily facets related to the objects, together with their look, 12 months of manufacturing, metallurgy, place of manufacture, and the traits of the political, financial, and historic atmosphere in the course of the time of manufacturing”.
Key phrase in that sentence is ‘bodily’.
As we transfer every thing to digital, the bodily manifestation of cash is turning into irrelevant. Positive, you possibly can purchase an NFT (Non-Fungible Token) of a financial institution observe, however is it price it anymore?
Financial institution notes was artistic endeavors that have been representing nations, economies and governments. For individuals who know me, I like that and have blogged about it commonly, and even picked up $100 trillion financial institution observe at one level.
Many financial institution notes have photos of leaders of the cournties they characterize, their tradition, their heritage, their nature and extra. You solely have to have a look at the very best banknote on this planet competitors – sure, it does exist! – to see what I imply.
Financial institution notes are illustrations of our world and context … however now they’re all going to be digitalised. They’ll simply be 1’s and 0’s in a CBDC community. In some ways, I see the tip of banknotes and cash as the same transfer to the tip of stamps. Who sends a letter within the submit anymore?
Unusually sufficient, for those who do ship a letter within the submit, it stands out extra. Why? Properly, ship an electronic mail and it’s only a click on; writing a letter takes effort. A hand-written letter acquired within the submit reveals that you just care.
I’m of that age the place it p’s me off that I’ve stopped sending Christmas playing cards, and that the method has been changed by the Christmas round-robin electronic mail.
The important thing right here is that, as digital replaces all issues bodily, we lose one thing of ourselves. We lose one thing of our cultural id; our historical past; our sense of being; our sense of being who we’re and why.
It begs a spread of questions on whether or not digitalisation is bettering our world which, as those that me, I feel it’s. However a bit like shedding some id and cultural facets, digitalisation commoditises every thing.
Remaining thought on this one is simply to have a look at good outdated vinyl.
As a young person, I beloved going to the native report store and shopping for the newest releases. The album covers of my youth have been extremely particular. Now, we simply stream the tracks and an funding in musical artforms has turn into nugatory … or has it?
Over the previous decade, vinyl information have made a significant comeback. Folks bought US$1.2 billion of information in 2022, a 20% soar from the earlier 12 months. Not solely did gross sales rise, however additionally they surpassed CD gross sales for the primary time since 1988, based on a brand new report from the Recording Business Affiliation of America.
Supply: The Dialog, March 2023
Possibly the identical will occur with banknotes and stamps.
All in all, there’s a worth in this stuff if, for no different cause, that a lot of the developments of stamps, notes and music are artwork kinds.
If you wish to take this to an excessive, simply take a look at wine. The art work of Chateau Mouton Rothschild is famous, and consists of wine labels created with Picasso, Francis Bacon, Jeff Koons and even King Charles.
Physicality, when it comes to art work on our conventional types of trade and tradition, has worth. Positive, you possibly can NFT it, but it surely’s not the identical. Be at liberty to debate …
