Coin Collecting 101-part 1
Coin Collecting 101 – Part 1
By: Eric Kibbey
What is coin collecting?
Coin collecting: The hobby of kings. But do you have to be a king to collect coins? I don’t think so. It was once thought that the only people that could afford to collect ancient coins were the super wealthy, hence hobby of kings. If that was ever true it certainly is not the case today. One can collect coins literally on any budget. Surprisingly coins hundreds or even thousands of years old can be purchased for less than ten dollars! You can buy a Liberty Head Nickel also known as a V Nickel from the 19th century for less than a dollar. There also happens to be one of those same V Nickels from the 20th century that you would likely have to spend more than a million dollars to acquire! One can spend as much or as little as they like and enjoy the hobby of numismatics.
Are you a coin collector or a numismatist? What is numismatics? A person who collects coins is a numismatist. A numismatist may also collect other forms of money rather than just coins, such as paper money, tokens, and medals. Numismatics is the study of coins, currency, medals, and other items used for commerce. I believe you can be a numismatist without even owning a single coin or item used for money. A person can take a more scholarly approach to numismatics; someone can write a wonderful article or book on a specific numismatic item that they have never even seen in person and enhance the field of numismatics for us all.
Why do we collect coins and other numismatic items?
To some the history of why a coin was made in the first place is very intriguing. Others enjoy the beauty of a coin or the vignette or illustration on the currency. Many enjoy the pursuit of putting together a collection, the hunt is just as enjoyable as the coin. I’ve found that old coins and even some newer coins make me ask questions. I wonder why the coin was made with a particular design and why it was made at that specific time in our history. Sometimes the condition of the coin draws my interest; maybe there are marks on it that shouldn’t be there, or the coin looks like it was just minted yesterday and it’s over one hundred years old, or it’s only 20 years old and almost all the details on it have been worn away. I can’t help but wonder, how did this happen.
Just as often as being intrigued by the coin I’m intrigued by the history of a coin. I read articles or listen to presentations about a certain coin and the history around that coin and many times that is what makes me want to try to acquire it, or even start a whole collection of that type of coin. I may even want to collect the coins that led up to that particular coin. This way my collection completes the story of why that coin came to be. There are so many reasons to collect, also so many ways to collect. Sharing in the comradery of others that pursue the same type of collection can be very enjoyable and build long lasting friendships. On the other hand, building a unique collection, one that is as unique as you are that no one else has even thought of can bring a whole different level of satisfaction.
Old coins were commonly circulated in purses or pockets to make change for ordinary commerce just like coins in our pockets today, until a point where something happened, a transition. Often this transition is a new coin design that replaces the old one, when this happens it’s not uncommon for someone to decide to sit that older coin aside and just hang on to it. Before you know it, many other people have that same thought, and that type of coin becomes harder and harder to find in circulation. The ones that remain in circulation continue to have more and more wear to them to the point that eventually the banks take them out of circulation all together. Thanks to the people that decided to sit them aside and hang on to them we now have some very well-preserved coins that we can add to our own collections.
In our next newsletter part 2 of Coin Collecting 101 I will explain how to start collecting coins or other numismatic items and the tools needed to help make the hobby more enjoyable. Please feel free to reach out to me with any questions or concerns. Until next month, happy collecting!