A Wide and Welcoming Forum for Collectors

In the 1960s, interest in collecting coins and banknotes in Iceland increased significantly. At that time, numerous collectors, whose exact numbers are unknown, had been independently pursuing their hobby for years or even decades, with little or no contact with each other. This surge in interest can partly be attributed to new currency issues from “Landsbanki Íslands-Seðlabankinn” in 1960 and subsequent issues from the Central Bank of Iceland. Media coverage on various aspects of coin and banknote collecting became more frequent, exemplified by a prominent interview in the newspaper Vísir in the summer of 1961 with policeman Ólafur Guðmundsson, dubbed the most prolific coin collector in Iceland.

Interest Grows and Coverage Increases

As public and media interest grew, so did the number of collectors. Shops that had previously catered only to stamp collectors began selling albums for storing coins and banknotes, price lists, and books about collecting. Individuals, including one Sigurður Þ. Þorláksson, started advertising in newspapers for Icelandic coins, banknotes, bread tokens, and various other private currencies used in Iceland over the years. The participation of Helgi Jónsson, a master cabinetmaker, in a coin exhibition in East Germany in 1968 also drew public attention. He was reportedly the first Icelander to participate in such an exhibition and received a bronze medal for his collection.

Collectors Discuss Forming an Association

As the decade progressed, a close-knit group of enthusiasts, who regularly met in Reykjavík's cafes, began discussing the need for an association to connect Icelandic collectors. Among them were Þorláksson, Snær Jóhannesson, a bookbinder and later an antique book dealer, and his cousin, Indriði Indriðason, a writer and genealogist.

On August 15, 1968, a news article appeared in both the newspapers Þjóðviljinn and Alþýðublaðið announcing the decision to establish an association for Icelandic coin collectors, provided there was enough interest. The initiative aimed to "address the challenges faced by those who collect old coins and banknotes." Similar articles appeared in other major Icelandic newspapers later that month. Þorláksson, the driving force behind the initiative, invited interested individuals to send their names and addresses to his home or call a provided telephone number.

In early autumn, several enthusiasts held two meetings at Café Höll in Austurstræti to discuss the establishment of an association for coin and banknote collectors and to draft its bylaws.

Founding Meeting: Thirty Invited

Continuing these preparations, a founding meeting was held on January 19, 1969. The meeting minutes note that "several enthusiasts of coin collecting and numismatics convened at the Nordic House in Reykjavík. Thirty people were invited, and all but one attended, with the absentee submitting a request for admission to the prospective association."

After appointing a chairman and secretary, Þorláksson explained that the meeting was not advertised publicly to avoid delays caused by attendees unfamiliar with numismatics. However, he emphasized that anyone could become a founding member before March 1st, 1969. Þorláksson added that the association could benefit its members by saving them money on ordering items from abroad and by documenting the history of Icelandic numismatics, which would otherwise be impossible without collaborative efforts. Various names for the association were suggested, but Indriði Indriðason’s suggestion, "Myntsafnarafélag Íslands" (The Icelandic Numismatic Association), was unanimously accepted.

Promoting and Encouraging Coin Collecting

At the official founding meeting at the Nordic House on January 19, 1969, Þorláksson outlined the initiative's background and the association's potential projects. The founders had ambitious, long-term goals: "The purpose of the association is to support and promote coin collecting in the international sense of the word numismatics. This includes coins, paper money, medals, and private currencies (tokens). To promote and encourage interest in coin collecting generally, to establish mutual acquaintances and business among members, and to strengthen these connections. The association aims to achieve its goals through distributing information, publishing activities, exhibitions, lectures, briefings, business meetings, and auctions. Additionally, the association aims to facilitate joint purchases of collectible items and engage in social initiatives." One of its first projects should be collecting data on Iceland's coin history and publishing a comprehensive handbook. The coin history of Iceland was in disarray, he said, and data had to be gathered from various continents to complete such a work.

Þorláksson was elected to the first board of The Icelandic Numismatic Association, alongside Sigurjón Sigurðsson, a merchant, and Ólafur Guðmundsson, a policeman. The deputies were Helgi Jónsson, a master cabinetmaker, and Snær Jóhannesson, a bookbinder. Vilhjálmur Vilhjálmsson, a shopkeeper, and Indriði Indriðason, a genealogist, were elected accountants.

A Dynamic Group of Entrepeneurs

Various news articles about the new association appeared in the following weeks, including a prominent story on the back page of the daily newspaper Morgunblaðið, which likely sparked significant interest. In March, an "introduction and exchange meeting" was held at Café Höll, followed by another "exchange meeting" two weeks later, both welcoming new members.

At the first official board meeting of The Icelandic Numismatic Association (INA) on June 11, 1969, Guðmundsson resigned, and Jónsson took his place. The board then divided its tasks, with Jónsson becoming the first chairman, Þorláksson the secretary, and Sigurðsson the treasurer. Notably, the board also had for years a special position called "foreign correspondent", responsible for answering letters and inquiries from global coin collectors and managing relations with foreign associations and coin traders. Reviewing the association's chairmen since its inception, Anton Holt, a numismatic expert, served as chairman four times for a total of seventeen years. Freyr Jóhannesson, a civil engineer, served three times for a total of twelve years, while the current chairman, Eiríkur J. Líndal, a psychologist, has held the position consecutively since 2014.

In the Garden of Heavenly Peace

In the fall of 1969, INA moved its meetings to the restaurant Hábær, which advertised its "Garden of Heavenly Peace" with Chinese-themed decorations.

The association quickly became active, organizing exchange meetings for collectors, purchasing coins from abroad, and both foreign and Icelandic commemorative coins. INA also published a price list for Icelandic coins and established a coin collection owned by the association to this day. In January 1970, INA participated in the "We are the Young People" exhibition at Tónabær, showcasing their activities alongside The Icelandic Stamp Collectors Federation and Reykjavík Chess Club. INA members displayed coins from various eras, both domestic and foreign. By the association's anniversary meeting in 1970, membership had grown to 150.

INA's first auction meeting, intended only for members, was held in late 1970. That arrangement – auctions for members only – continues today. That same year, INA joined the American Numismatic Association (ANA). Membership exceeded 170 by the 1971 general meeting.

The First Icelandic Coin Exhibition

In April 1972, INA, in collaboration with the National Museum of Iceland, held an exhibition to mark the 50th anniversary of the first coins minted specifically for Iceland. This was the first coin exhibition ever held in Iceland, featuring Icelandic and foreign coins, banknotes, business tokens, private currencies, honorary and commemorative coins, and other rare items. A newspaper covering the exhibition noted the display of "various very rare items, sheldom or never seen by the general public." An exhibition catalog included articles by notable figures such as President Kristján Eldjárn, Central Bank manager Jóhannes Nordal, and National Museum director Þór Magn"sson. The exhibition was well-attended and received, prompting strong encouragement for the National Museum to establish a dedicated department for Icelandic coins and banknotes.

Vigor and ambition

INA's activities soon settled into a regular pattern: monthly meetings for exchanging notes and coins, discussing new issues, and holding auctions. The board also managed the purchase of coins from foreign mints and dealers for its members.

In the fall of 1973, the association brought Danish numismatist Johan Chr. Holm to Iceland for two lectures at the Nordic House. Later that year, Dr. Ólafur Tryggvason, an INA member, delivered a lecture on the classification and cleaning of coins, further enriching the association's educational efforts.

When INA celebrated its 5th anniversary in 1974, about 250 members had joined, most of them living in the Reykjavík area, with a few dozen from the countryside and some living abroad. The association held auction meetings once a month, usually on Saturdays in the basement of the Templarahöll, a hall belonging to the I.O.O.F. in Iceland. Ragnar Borg, a businessman and an INA member from the beginning, was usually the auctioneer, with Indriðason and Holt stepping in if needed.

In early spring 1975, the INA board decided to hold a competition for a new logo, open to everyone. It was emphasized that the logo should maintain its clarity when resized.

The winner was Árni Helgason, who designed a font logo featuring the association's initials, MÍ, in black and white.

Coin Education for the Public

Ragnar Borg was hired to write a special column about coin and banknote collecting in the daily Morgunblaðið, where he contributed regularly for nearly two decades. These columns were widely read and attracted many to the field, significantly boosting INA's recruitment. Borg often wrote about the association's "internal" activities, providing it with unparalleled access to the Icelandic public.

At this time, the INA board also decided to establish an "exchange club": "The idea is that people can meet once a month to exchange or sell items, access price lists and books from the association's library." The first club meeting was held in April 1975 on the second floor of a new downtown Reykjavík location, accommodating twenty to thirty people. "We can find a bigger location later if needed," Ragnar Borg stated in an article in Morgunblaðið, noting that around 90 people attended the last INA meeting.

Appealing to the Countryside and Starting a Newsletter

In mid-June 1975, INA, in collaboration with The Icelandic Stamp Collectors Federation, held a three-day exhibition of banknotes, coins, and stamps at Hagaskóli, which was well attended. Soon after, they held another exhibition in Akureyri to introduce residents outside the capital area to the joys and benefits of coin collecting, resulting in numerous new members from the North.

In 1976, INA decided to start publishing the newsletter Mynt, which would include "various information about coins and collecting, such as talks given on behalf of the association, instructions on handling and classifying coins, and other relevant content." The newsletter also contained an auction catalog for INA's monthly auctions and has been continuously published since. Over the years, Tryggvi Ólafsson and Baldvin Halldórsson have served the longest as editors.

Auctions in the Palace of the Templars, Meetings in the House of Doctors

By the fall of 1976, INA had about 330 members. The chairman at that time, Ragnar Borg, wrote about the association's activities, noting: "In recent years, the board has ensured that talks on numismatic topics are given at meetings, featuring both domestic and foreign experts and academics. This will continue this winter with color slides purchased from the well-known English coin company Seaby, accompanied by explanations of known coins from ancient times."

INA held two social meetings per month. One Saturday a month, members gathered in the basement of the Templarahöllin on Eiríksgata to sell or exchange coins, banknotes, commemorative coins, and other collectibles, ending with an auction. On one Thursday each month, informal club meetings were held at Domus Medica, where members discussed collections over coffee and shared their items. These meetings later moved to three rooms at Amtmannsstíg 2. At the 1977 general meeting, INA had 350 members.

Silver Melted into Commemorative Medals

In 1979, the association bought 390 silver coins minted by the Icelandic Olympic Committee in 1972 and 13 Olympic Committee coins from 1976, totaling about eleven kilos, which were melted down to mint the 10th-anniversary commemorative medals for INA. The company Ís-Spor minted 150 medals based on a design by sculptor Sveinn Ólafsson.

INA also held a ten-year anniversary exhibition at the National Museum of Iceland, which was well received despite extremely bad weather during the exhibition days that affected the attendance. Because of the subsequent loss of money, 18 years passed before the Icelandic Numismatic Association decided to hold another special exhibition on its own.

A "Charming Lady" Among the First Honorary Members

Pétur Hoffmann Salómonsson was elected INA's first honorary member in early 1977, remaining the club's sole honorary member for several years. Salómonsson, a longtime coin seller, had coins minted with his own image in copper, silver, and gold from 1962 to 1968; these so-called Selsvarardalur coins became sought-after collectibles. In 1982, INA elected two more honorary members: Helgi Jónsson, the first chairman and registered member number one, and Mrs. Ella Einarsson. When explaining Mrs. Einarsson's selection, the board noted, "One of the members who has contributed to making the meetings more enjoyable is Mrs. Ella Einarsson. She has set an example for others in terms of attendance, is lively and entertaining in discussions, and genuinely participates in auctions. Every club or association is blessed to have such a charming lady as Mrs. Ella Einarsson in its ranks."

The following year, INA elected its first foreign honorary member, Danish coin dealer and numismatic expert Johann Chr. Holm. Other notable foreign visitors included Danish numismatist Jerry Mayer, who lectured for INA in 1986 and returned twice in subsequent years to provide educational talks to members.

INA Joins the Nordic Numismatic Union

In the fall of 1982, INA participated in a coin exhibition and market in Akureyri in collaboration with the Association of Stamp Collectors in Akureyri, an event considered a great success. In 1984, INA was invited for the first time to take part in the NORDIA exhibition, held at the Laugardalshöll sports palace. The first collector's market organized by INA and open to the public occurred in 1986, in collaboration with several other collector organizations. This lively event demonstrated significant public interest in collecting, even among those not affiliated with any organizing associations.

INA became a member of the Nordic Numismatic Union in 1983 and hosted the union's all- Nordic conference in Reykjavík in the summer of 1989. To commemorate the association's 20th anniversary and the conference, INA minted a bronze commemorative coin. The association also introduced a new logo, designed by Þórunn Árnadóttir with font design by Sveinn Ólafsson. The logo features the association's name in blue letters forming a laurel around a heather green, slightly stylized drawing of the "money flower" (Rhinanthus minor), named for its money-shaped fruit.

New Headquarters

In 1990, INA moved from Amtmannstígur to the premises of the Icelandic Stamp Collectors Federation at Síðum"la 17, which has since been INA's main headquarters for meetings, auctions, and collectors' markets. From the mid-1990s, the association also organized educational meetings on various collecting topics, frequently led by Anton Holt, Freyr Jóhannesson, and J"líus Arnórsson, among others.

Exhibitions Reflecting Diversity

After an 18-year hiatus, INA held an ambitious exhibition at the Hafnarborg art museum in 1997, showcasing 220 years of Icelandic currency and various other collectibles. This marked a shift in the association's focus, emphasizing the diversity of its members' collections beyond just coins and banknotes. This inclusive approach reflected the wide range of interests among INA members, many of whom collected various curiosities in addition to or instead of currency.

This evolution was even more evident at INA's next exhibition, held 15 years later in the Nordic House in the spring of 2012. The exhibition featured the collectibles of eleven members, including rare documents and items from Iceland's history, such as artifacts from the oldest version of Íslandsbanki, memorabilia from King Frederick III of Denmark's 1907 visit to Iceland, items from the 1930 Parliamentary Festival and the 1944 Republican celebration, along with Icelandic matchsticks and cigarette cases. The emphasis on diversity made the exhibition extremely successful.

The World of Collecting Still Fascinates

When the Icelandic Numismatic Association celebrated its 50th anniversary in 2019, it marked the occasion with an ambitious and auspicious exhibition. Guests marveled at countless rare and priceless objects from a variety of sources. Held in the hall of the Iceland Touring Association, the exhibition garnered significant attention and was very well attended. The INA proved that despite today's fierce competition for the public's attention, the world of collecting could still fascinate young and old alike.

In the years since this major milestone, INA has remained steadfast in its mission, following the spirit and path set by its founders. Monthly auction meetings for members, held ten months a year, are the cornerstone of its activities. This is complemented by the publication of the "Mynt" newsletter, and two collectors' markets each year, which are open to the public and have consistently enjoyed popularity.

A Collector's Haven Since the Beginning

The INA has long established itself as one of the primary forums for dedicated collectors in Iceland. The association serves as a haven for individuals who seek to deepen their knowledge, exchange collectibles, and share information about the art of collecting. Above all, it fosters good and uplifting relationships among collectors. The main goals of the Icelandic Numismatic Association are to promote and ignite national interest in collecting, remind people of the value and importance of collecting, and convey the pleasure and entertainment that collecting can bring, regardless of age, class, or status. These principles have stood the test of time remarkably well. INA's reach in the world of collectors and collecting in Iceland is wide and welcoming.