The History of Gifting Coins & Money

Have you given or received money during a recent holiday? If so, it’s part of a longstanding tradition that goes back millennia – right back to good ol’ “Saint Nick.” Nicholas of Myra, the historical figure who inspired the tradition of Santa Claus, was indeed a real person, and tradition says that in the fourth century he gifted gold coins to a father who couldn’t afford to provide dowries for his three daughters. To help ensure they could marry, Nicholas of Myra threw small purses of gold coins through a bedroom window in their home under the cover of dark to protect the family’s modesty and help keep their pride intact.

And that’s only the beginning of a long history of gifting money during the holidays that traces through the ages. The ritual of giving money during Hanukkah goes back to at least the 17th century, when Jewish children and religious teachers received gifts of gelt while playing the ceremonial Dreidel game. This eventually spun into the more recent tradition of giving foil-wrapped chocolate coins during Hanukkah celebrations.

Meaningful gift giving is also a tradition during Kwanzaa, an annual Pan-African holiday celebrated from December 26 through January 1. The holiday’s seven principles of unity, self-determination, collective work and responsibility, cooperative economics, purpose, creativity, and faith can be respectfully honored by way of giving coins and medals that celebrate the many cultural contributions of those with African heritage.

Coins and money have long been associated with many other forms of gift giving. The United States gold dollar was a popular gift during the 1880s, and after the minting of that denomination ceased in 1889 the quarter eagle grew in popularity as a holiday gift. In the latter decades of the 20th century, paper gift certificates for department stores and restaurants became en vogue for gift giving, eventually to be superseded by the plastic gift card. Along with gift cards, United States savings bonds are a popular gift, especially for children and younger adults who can eventually cash them out upon maturity of the note, which may take several years.