I’ve been accumulating uncommon cash and financial institution notes for years, and have an ideal assortment that might ship a cocktail party to sleep earlier than the primary course is served. But I’m now fearful that my pastime – referred to as numismatics – is over as we go digital.
What’s numismatics?
In line with 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 research is worried with the bodily points related to the objects, together with their look, yr of manufacturing, metallurgy, place of manufacture, and the traits of the political, financial, and historic surroundings through the time of manufacturing”.
Key phrase in that sentence is ‘bodily’.
As we transfer the whole lot 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 be aware, however is it value it anymore?
Financial institution notes was once artistic endeavors that had been representing nations, economies and governments. For individuals who know me, I like that and have blogged about it recurrently, and even picked up $100 trillion financial institution be aware at one level.
Many financial institution notes have photos of leaders of the cournties they signify, their tradition, their heritage, their nature and extra. You solely have to take a look at the very best banknote on the earth 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 top of banknotes and cash as an identical transfer to the top of stamps. Who sends a letter within the publish anymore?
Surprisingly sufficient, if you happen to do ship a letter within the publish, it stands out extra. Why? Properly, ship an e mail and it’s only a click on; writing a letter takes effort. A hand-written letter acquired within the publish exhibits 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 e 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 identification; our historical past; our sense of being; our sense of being who we’re and why.
It begs a variety of questions on whether or not digitalisation is enhancing our world which, as those that me, I believe it’s. However a bit like shedding some identification and cultural points, digitalisation commoditises the whole lot.
Ultimate thought on this one is simply to take a look at good outdated vinyl.
As a young person, I cherished going to the native file store and shopping for the most recent releases. The album covers of my youth had been extremely particular. Now, we simply stream the tracks and an funding in musical artforms has develop 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% bounce from the earlier yr. Not solely did gross sales rise, however in addition they surpassed CD gross sales for the primary time since 1988, in keeping with a brand new report from the Recording Trade 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 purpose, that a lot of the developments of stamps, notes and music are artwork kinds.
If you wish to take this to an excessive, simply have 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 change and tradition, has worth. Positive, you may NFT it, but it surely’s not the identical. Be happy to debate …