Why Do People Collect Coins?

February 4, 2020

Coin-collecting is simply another form of a hobby. Some people collect cars, shoes, or toys. Numismatists are passionate about coins, that’s all. For the most part, people become a collector so they could relive their childhood. It could also be an item that resonated strongly with them growing up.

In psychology, coin collections will help these numismatists ease the anxiety or insecurity about losing something (most probably a part of themselves) or someone. They collect to bridge the past with the present.

Numismatists or numismatics search for valuable and rare coins, along with coin collecting supplies, because of the need to own a piece of history. Also, when you find the time to examine each detail, you will see that each coin is a piece of art, as well.

Even some coins with defects are beautiful.

For example, the 2005 Kansas quarter series, with the phrase, “In God We Rust.” A coin like that will fetch $50 if it is uncirculated, and the missing “T” is not visible. However, collectors typically hold on to this coin rather than sell it since it adds value to their collection.

Custom coins and coins

As one of the special collectibles, custom coins are as valuable as coins. Compared with coins, although challenge coins cannot be circulated as currency, challenge coins are more creative. You can create your own custom challenge coins for collection and gifting.

Reasons for Collecting Coins

Here are other reasons why they collect coins:

  • It is an investment — Like a piece of jewelry, rare coins will only increase in value. For example, the most expensive coin sold was the 1794/95 “Flowing Hair” dollar. A collector paid a cool $10 million for it. Of course, collectors cannot expect to hit the jackpot. Some coin collectors also work as brokers. They find rare items for avid collectors and earn money on the side.
  • It is a challenge — To excel at something, you need to spend hours studying and practicing your craft. It is the same way with coin collectors. The problem is to find that rare or valuable coin that other numismatists might have missed. You can play Indiana Jones in real life.
  • Sense of belongingness — Coin collectors belongs to a close-knit community. They share coin collecting supplies, knowledge, tips, and information on valuable and rare coins. You will also find that they are welcoming toward new collectors and are willing to show them the ropes.
  • Bonding with kids — Usually, people share their hobbies with their kids. Coin collecting is no exception. Parents pass their knowledge and passion on to their kids. And there is nothing more precious than children picking up the hobbies of their parents, and doing better in the process.
  • Learn history — Coins give a glimpse into a nation’s culture and history. The value of a coin is tied to its story. Appraisals are based on the unique details surrounding the item, and not just the rarity. For instance, coins typically depict an important figure in a country’s history. And when you research the information about the currency, you also can’t help but learn the history of its people.

There are several reasons why people collect coins. It could be nostalgia, a deep love of history, a challenge, a worthwhile pursuit, or a way to make money. But everyone shares a passion and love for these pieces of history and art. And as hobbies go, there is nothing better than collecting coins.

Why Do People Collect Coins? was last modified: by

You Might Also Like