The Joys of Collecting Rare Coins—Part 1

Hello, and welcome back to our blog. In today’s blog post, we would like to explore some of the many benefits of coin collecting in this first installment of our short blog series. Many of our clients who have been involved in collecting rare coins, either professionally or as a hobby, are well aware of the joys associated with numismatics; however, at Gold Standard Auctions, we know that not everyone who comes to us looking to sell rare coins is an avid coin collector. Rather, many clients have simply inherited a coin collection from a friend or family member, have purchased an estate that contained a rare coin collection, or maybe found a collection hidden in the attic of a recently purchased home. Whether a person wants to become a serious numismatist or simply take up coin collecting as a weekend hobby, it is a valuable practice that has many rewarding benefits. Whatever the case may be, we thought we would spend some time looking at some of the joys associated with collecting and studying rare coins. What’s more, this may help those on the fence decide to start collecting! Please continue reading below to learn more.

Anyone Can Do It

With a little research and a bit of education, just about anyone can learn how to collect rare coins. When you think about it, everyone is already a coin collector in some sense, as most carry around coins in their change purse, pockets, car consoles, and even add coins to jars to save them for a rainy day. What’s fascinating is that most don’t realize just how many valuable coins pass through their fingertips on a regular basis. With this in mind, anyone at any age really can become involved in numismatics—the study or collection of coins, paper currency, and medals. In fact, there are numismatic societies, such as the American Numismatic Society founded in 1858 that is “dedicated to the study and public appreciation of coins.” Colleges and universities through the world offer courses focused specifically on the history of coins and their value as historical artifacts. There are millions of books dedicated to the practice, so whether someone wants to become a novice or collect a few rare coins here and there, people of all ages can learn and appreciate the practice.

Great Financial Investment

One reason many get involved in numismatics is for the financial gains. Collecting coins is a great way to make money; many have even turned coin collecting and coin dealing into a lifelong career. Where some people are lucky to inherit an extremely valuable collection, for others, it takes time to build up a collection of significant value. It depends largely on what kind of coins are being collected, how rare and valuable the coins are, and as with most other investments, also depends on price fluctuations of metals, which generally tend to rise regularly. What’s great about coin collecting is that if someone tries it, then decides later on that coin collecting is not for them, they will likely get their investment back.

Engage in Historic Preservation

A personal investment in coins is a form of historic preservation because coin collectors actively collect, study, and preserve rare coins with significant historical value. While there is a large degree of research involved in the practice, you don’t necessarily have to spend tens of thousands of dollars on earning a master’s or doctorate in public history or archaeology (unless you really want to, then do!). You can be what professional historians call an “armchair historian” who actively engages in the practice of history from the comfort of their own home. This is an important role because coins are incredibly important artifacts that can be studied to offer insights into historical contexts, people, cultural practices, and social and economic values of the past.

While these are some of the most common reason people enjoy collecting rare coins, this is just the tip of the iceberg. Join us next time to learn more about the joys of collecting coins in part two of our short blog series. Be sure to check out our exquisite collection of rare coins that you might like to add to your personal collection. If you have a collection to sell, click here to learn more about the coins we buy purchase. We at Gold Standard Auctions hope you’ve enjoyed this blog and we look forward to working with you.

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