Since we are living in this new technological era, it is normal to hear some people here and there saying that coin collecting or numismatics is a dead activity …
… So, is coin collecting a dying hobby? In general, I won’t deny that Numismatics as an activity and a hobby has known a dip especially in the last 20 years. However, I totally disagree with it being a dying activity! Instead, I am totally confident and seeing that it is gaining momentum lately due to several reasons.
(10 Reasons) Why Coin Collecting is not dying anytime soon!
In this Post, I breakdown 10 reasons in an objective way, hopefully you will change your mind and learn what this hobby is all about!
Collecting coins has been a hobby for a long time, dating back to ancient Rome and Mesopotamia. Once referred to as the “Hobby of Kings,” it still remains popular and is evident by the amount of information available.
1. Low Entry Barrier
Every hobby has its cost to get started. Ironically, this one involves gathering coins that occasionally are more valuable than what they represent …
…For example, a 1916 Standing Liberty Quarter is worth $2,000-$3,000. However, you can begin with a set as low as $20.
Most major retailers, both on and offline, offer beginner collector sets to get you started on the right foot. Typically these sets have a theme and confirmation of their authenticity.
Fake coins exist, so by choosing a set, you are guaranteeing yourself that you are getting what you pay for!
Also, keep in mind that the needed tools to collect coins are pretty cheap!
2. This hobby isn’t only for old people
This activity is synonymous with elderly, affluent people! This is another misconception when it comes to coin collecting.
Anyone, regardless of age (Even Kids!) or wealth, can participate and do just fine!
The reason why people associate the hobby with older people may be because frankly, it is an old hobby…
… You should ask yourself, if it is an old hobby that continues today, then what about it that is so appealing?
If you look hard enough, you’ll find people of all ages that share this same passion every single day!
3. It is an opportunity to make money
As mentioned, some coins are precious! You may not become an overnight millionaire by trading up, but there’s some money to be made if you know what you are doing.
Coins fluctuate in value; however, some always remain highly valuable. If you know which coins can bring in some serious money, then you can make a nice side gig out of coin collecting. It helps if you really enjoy the hobby!
Plenty of resources exist for pricing coins and can be valuable information to have if you regularly flip other items. This is one of those hobbies that can make money, and not just cost money…
… So, as far as people are making money, then this activity is not going anywhere!
4. Look at the Internet and Social Media
You can easily notice plenty of internet and social media activity related to numismatics in general…
… Indeed, there are plenty of dedicated YouTube channels and Websites (like this one)!
Not to mention, some high facebook groups activity proofing that the hobby is simply thriving through this digital age.
Also, you can find forums that house plenty of conversations, question, answers and opinions. Like-minded individuals can come together and talk about their passion together. Places online, like forums, are excellent places for trading too.
Social media has made coin collecting more accessible than ever before! In fact, getting started with any hobby could be overwhelming…
… Fortunately, social media provides an excellent resource for learning as much as you can from others that are already experienced.
To learn more, have a look at these helpful coin collecting apps!
5. Coin collecting is an extension for other solid hobbies
Humans naturally love to collect. It’s evident with most hobbies, including stamp collecting, model trains, and sports memorabilia. When you think of all the things that you can collect, you’ll find coins to be no different!
If a person is into collecting one thing, they’ll be more likely to collect another. Typically, this takes the form of collecting stamps and transitioning to coins, or vice versa.
Another 2 activities often related to coins are Rockhounding and Metal Detecting which are both quite popular …
…All these similar activities help nurture and feed this one which will empower and grow it even more!
6. There is no scarcity of coins to collect
The U.S. government has been producing coins since 1792. Needless to say, that there is a lot of coins that have been created and currently in circulation.
You could possibly begin a collection in any way that you want. For example, you could collect every quarter of a particular decade. Another place to start would be with the presidential quarters that emerged in 2007.
Keep in mind; other countries have been producing coins for hundreds of years as well. Coin collectors have a vast supply of coins worldwide.
7. Lack of seasonality
We are talking here about a 24/7, 365 day a year hobby. Especially when you factor in the internet. Coin collecting is not dependent on any other factors to be enjoyed. Instead, Outdoor hobbies, such as golf, lacrosse couldn’t be enjoyed all year long.
Many other popular hobbies suffer from seasonality issues, as well! Fishing is excellent year-round if weather permits. But when a thunderstorm rolls in, then you can forget about your next fishing trip.
Collecting coins on the hand can fill the gap of time in-between hobbies. Usually, a person will enjoy more than one activity. When the weather is not being favorable, this one could be a good replacement.
8. It is hard to give up the hobby
It only takes a few coins to be hooked! Which is why many people never honestly give up the hobby. They may take a break, but coin collecting is never entirely given up on.
How can you quit the hobby when it is so easy to get started. Keeping a jar of change could be considered coin collecting. If you never buy or trade the coins in the jar, then technically, wouldn’t you be collecting them?
Low-cost entry barrier, plenty of availability, and minimal energy to maintain a collection makes it one of the most accessible activities!
9. The internet makes it even easier!
Before the internet, people had to meet to trade physically. Now, the internet makes it easy to get your hands on just about anything you want.
The internet has made it easier than ever before to be a coin collector.
Niche websites focusing solely on coins is another excellent resource for collectors. Auction sites like eBay provide a platform for collectors to trade.
Simple Google searches for coins will turn plenty of sites with sets for sale or information. It’s also easier to find accurate values of coins. Overall, the internet has revitalized the hobby.
10. Large community of coin collectors
With plenty of online options to meet other collectors, there’s still the option of trade shows and clubs.
Collectors can meet in person with others that share the same passion for numismatics. Local clubs exist throughout North America. It’s even possible to show off as a “Numismatic Scholar” with accompanying certificate at such club events.
Trade shows are another place to meet other collectors. As with clubs, trade shows can be found all year long and across the country.
If a collector is lucky enough, a local coin dealer will have set up shop somewhere near their town. Years of experience and coins for sale can be found in one of these specialty shops.
How to start coin collecting as a hobby?
The best way to start is by doing your research own first! Learn all you can about coins, whether you want to enjoy the hobby for your own pleasure or for making some extra money.
It’s best to know what individual value coins hold. Before you spend any money, learn as much as you can about the coin first.
After doing research online, join the forums and lurk around for a while. Get ideas on how others started their collection.
If you have money burning a hole in your pocket, and you just have to buy something, then choose a set for sale. A reputable online store will have a set of coins that will start you off on the right foot.
Or, you can take a look at what’s in your pocket. Anything in there worth keeping?
Also you should learn about the ways to store and preserve your coins so you they won’t lose value. Not to mention the importance of learning the techniques of appraising the coin so you won’t be a victim of a bad deal selling or buying coins!
Learn more on getting started collecting coins the Right way!
Risks that could cause this hobby to actually die!
Realistically, the leading cause to potentially kill off this hobby would be general disinterest by the public. If no one is trading, then the hobby could no longer exist!
However, as long as coins continue to hold their value, and there is a market for them, then this hobby will thrive for sure!
Currently, the hobby is thriving since the internet makes it more accessible to people. Unless another massive wave of popularity strikes for something else, think of other collectibles like Beanie Babies or Pokemon and how, at one point, they were the hottest craze.
Coin collecting survived those initial waves. Until something bigger and better comes along, it seems this hobby will not be going away anytime soon.
Popularity comes and goes. Will coin collecting ever fall out of popularity? It depends on the community to keep it alive. It is ultimately up to the community to keep the hobby alive.
How to help coin collecting evolve and become even more popular?
As mentioned, the popularity of the hobby relies on the community to stay active. Older generations did not have as many options for entertainment as today. Coin collecting had less competition than it does today, which is why it has lasted so long.
Unless those that enjoy the hobby today introduce it to younger generations, then it won’t be around for too long. For the activity to evolve and become more popular, it must find new people who are willing to spend time and collect.
Clubs around the world have the responsibility to attract new people consistently as this will create a solid momentum …
… An idea to do so would be to gift someone a set as this helps someone jump into the hobby without having to spend any time or money.
Organizing events accessible to people displaying beautiful collection would certainly attract new collectors and keep the ball rolling!
If the coin collecting, being one of the oldest hobbies of all time, has survived all these centuries, then I just don’t see what would break it these days …
… It may lose some momentum like any other activity out there, but I can’t honestly see it disappearing anytime soon!
Hope you’ve learn some new things reading this article, if so, don’t forget to share it with somebody who might be interested too …
… Finally, to learn more about the hobby, please have a look at these famous coin collecting magazines!