Coin Collecting: The Hobby with Class

Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. If you’re able to pick up this hobby, then you are called a “numismatist” or simply a coin collector. It is said that collecting coins is the hobby of kings and true enough among the famous coin collectors include Caesar Augustus (63 BC – 14 AD), Pope Boniface VIII (1230 – 1303), Grand Duke George Mikhailovich of Russia (1863 – 1919) and many others. Perhaps the two most significant benefits of coin collecting is a) you are able to preserve a certain aspect of history and national treasure (you know, in case your kingdom or country ceases to exist) and, b) your collection will have good economic value.

What is coin collecting?

Coin collecting is acting on one’s passion for collecting coins that may be used as a national currency or otherwise. The coins that coin collectors gather may have aesthetic, historical, economic or sentimental value in them. Like silver, gold or platinum coins for instance, they have significant financial value once accumulated. Or historical and rare coins which have an even higher appraisal value when purchased or sold. Other coins may not have any of these and many not even be made of precious metal; however, the craftsmanship of the mint stirs the emotion of the collector to include it in his or her collection.

While coin collecting is purely a hobby, numismatics is slightly different, because the numismatist may only be studying coins for a specific purpose but has no interest in making it a hobby. This is the difference between a coin collector and a numismatist.

Types of coins people collect?

Most coin collectors stick with silver, gold and platinum coins, but there are others who collect all sorts of coins from various currencies, design, denomination, or metal from a certain period of time. Coins that have been minted in error are also a favorite item that people collect, novelty coins such as the US Mint’s proof sets, Lincoln-Kennedy pennies, Liberty Bell pennies, Colorized 50 state quarters and Double-headed coins. Bullion coins, topical coins, modern coins and rare coins.

What are the benefits of coin collection?

Like many other hobbies that you’ve picked up in your lifetime, collecting coins has its benefits too! Depending on how old you are now, you must have had a couple of hobbies that you enjoyed doing over the course of several years. If you’re interested in coin collection, then learn a few of its benefits to convince you that it’s also a good hobby.

Here are some of them:

  • The accumulation of knowledge

  • Relaxation and stress reduction

  • Personal pleasure (including appreciation of beauty, and pride of ownership)

  • Interacting with fellow numismatists and develop a rare social lifestyle

  • Competitive challenge

  • You get recognition from fellow coin collectors and other people

  • Becoming sort of a hero-philanthropist as most collectors donate their collections to museums and other learning institutions

  • Having a special connection to history and a feeling of great accomplishment

  • Accumulation and diversification of wealth (which can ultimately provide a measure of security and freedom)