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Cryptocurrency News Articles
Why Do Coins Have Grooved Edges? It's All About Preventing Scams
Sep 07, 2024 at 06:04 am
The crafting of our coins is a highly considered process, encompassing everything from hue to silhouette. Yet, have you paused to ponder the purpose
Coins are crafted with great care, considering everything from their color to their shape. But have you ever wondered why the edges of your loose change are grooved?
One Redditor claims that historical coins were made of gold or silver and didn't have ridged edges. Instead, the value of each coin was determined by its gold or silver content.
People would slowly shave bits of gold or silver off the coins, which went unnoticed, but ultimately reduced the value of the original precious coin. In order to counteract this scam, the state began milling or engraving the coins.
"This means back then people could just make the coin smaller, keep the gold they took off the coin, and still use the coin as usual, so they put grooves on it. So it would be a lot harder to do that. Now it's just tradition."
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