Building up a collection of medals can be a hugely satisfying hobby that can even turn into a lucrative business if you learn how to choose the right pieces to invest in. Owning a medal collection can offer fascinating insights into historical stories, key people and events that have shaped the world as we see it today. Medals can mark the changing of a monarch, birth or death of someone significant. They can tell stories about acts of heroism in war or conflict, or the achievement of something truly spectacular, either by an individual, a group or a whole country.
Add to that the monetary value of medals, particularly rare ones, and it is easy to see the attraction of starting a medal collection. So, how do you get started, which medals should you collect, how do you go about medal valuation and what exactly do the experts mean by ‘provenance’? What is the most valuable medal in the UK? Here are some answers to commonly asked questions around how to get into medal collecting, discovering collectible medals and understanding coin provenance.
What is a collector of medals called?
Someone who collects medallions for a hobby or for profit is called a numismatist. The same term can be applied to someone who is a collector of coins and medals, as well as different types of currency, including paper money. Numismatist derives from ‘numismatic, which means the collection or study of currency.
People interested in collectable medals often study the history, technology and heritage behind money and coins to extend their knowledge as far as possible. They are keen to answer questions such as: ‘do medals have any value?’ This is not a straightforward question, as it all depends on the materials used to make the medal, as well as the subject matter, condition and rarity (or otherwise) of the piece.
What are some of the factors affecting valuation?
So, how do you value old medals? Alongside age, condition and which grade of metals have been used, there are several other factors to take into account. War medal valuations, for example, can depend heavily on which campaign they are commemorating and who the maker is – don’t forget that medals can be made by both sides of a conflict to mark their contributions to the battle, campaign or war. The rarity of historical medallions can also directly enhance their desirability and market value. Silver and gold medals continue to grow in scarcity. This is because, over time, they tend to be more susceptible to being melted down for cash returns than other metals.Medal production hit its peak towards the end of the 19th Century, with occasions such as Queen Victoria’s Diamond Jubilee producing more than 250,000 of one particular medal. Six-figure medal quantities were also produced for her son, King Edward VII’s Coronation in 1902. Consequently, values for these two particular versions rarely reach more than £50 on the current market.
Sometimes, the ribbon, cloth or other materials to which a medal is attached, or the box, stand or container in which a coin is stored or displayed can also add to its value. Especially if this is still the original method that was used to show off, attach or protect the item when it was brand new.
Some well-known military campaigns that produced notably high-value medals include the First and Second World Wars, Boer War, Battle of Waterloo and Crimean War. Another aspect of collecting war medals is to look for Gallantry medals and awards rewarding acts of bravery or unusual courage. One of the most valuable medals in the UK is the Victoria Cross, awarded for bravery and considered the most prestigious military decoration in the gift of the British military. If you have a Victoria Cross medal in your collection, or examples of coins or medals from any of the conflicts listed above, it is well worth taking them to a specialist in collecting military medals for a professional coin medal valuation.
Why is provenance important when it comes to valuing medals?
Provenance in the world of coin and medal collectors is key. Collecting and provenance go hand in hand, especially if the collection is intended to make the owner a profit one day when they are ready to sell. Provenance is all about the history of the medal or coin. It confirms who owned it, why the medal was struck and when, as well as details of how it got from its original owner to being part of a modern-day collection.Provenance is very important as it affects the value of the coin or medal, especially if it can be proved beyond doubt by accompanying paperwork, proof of ownership or certification. Collectors and curators can also use the provenance of a piece to tell its story, for example in an exhibition, on a website or as part of a wider display.
There are many legal and ethical considerations connected to collecting coins and medals, not least the requirement to prove that the pieces are what you claim them to be. Not only does this matter hugely when it comes to selling a piece, but it can mislead people if they come specifically to admire or study a coin or medal believing it is something that it is not.
How can you document provenance?
Now that we have ascertained that provenance is vital when it comes to proving the monetary and cultural worth of a medal or coin, it is important to understand how to document or identify that provenance. Proof of purchase and ownership are essential and can be gathered in the form of bills of sale (original and form subsequent sales), auction catalogue listings, archival documents, letters, artist or manufacturer correspondence, signatures or markings on the item itself and official valuations from accredited experts.Provenance documents must be kept securely, preferably in the same place or close to the item itself in case you need to prove authenticity quickly. Store delicate items of provenance, e.g. paper receipts, letters etc, in a fireproof, damp-proof container, pouch or safety deposit box. You can make digital copies too by using a scanner or camera to capture the details as a photograph or scan. This can be stored on a computer or online as a password-protected file for added security.