Coin collecting has been with humanity for as long as coins have been minted. The very first coin collector is said to have been Caesar Augustus. Other famous coin collectors have been Popes, Heads of State, famous athletes, kings, and queens. But many wonder if coin collecting is a dying hobby.<\/p>\n\n\n\n
Coin collecting isn\u2019t necessarily a dying hobby, but it has declined in popularity over time. In the right environment, coin collecting could become popular again and it still enjoys dedicated collectors across the globe. Various digital technologies have made collecting less popular in general.<\/strong><\/p>\n\n\n\n There is no doubt that moving our commerce, currency and financial transactions online has impacted coin collecting. By virtue of reduced circulation of currency, coin collecting has been altered. Below, we\u2019ll discuss the declining popularity of coin collecting in more detail.<\/p>\n\n\n\n There is little doubt that coin collecting has changed<\/strong> in the last 50 years or so. Coin shows, for instance, are now online in addition to being in-person and a collector can get a coin appraised almost instantly without ever setting foot in a dealer\u2019s shop. Those two realities alone are the changing face of coin collecting.<\/p>\n\n\n\n Our world has been changing<\/strong> rapidly<\/strong> since computers became so much a part of our lives. Virtually nothing we do now was done the same way 40 years ago. It was inevitable that this trend would affect hobbies like stamp and coin collecting and has prompted many to predict that coin collecting will become a relic of the past.<\/p>\n\n\n\n Because polling potential coin collectors<\/strong> is impossible, gauging interest must be measured via potential and actual collector behavior. The best way to do that is by looking at online activity coupled with in-person headcounts at coin shows.<\/p>\n\n\n\n Google searches on \u201ccoin collecting\u201d<\/strong> topics have declined since at least 2004. Searches for \u201crare\u201d and \u201cvaluable\u201d coins however have stayed the same or only slightly decreased.<\/p>\n\n\n\n Coin shows, on the other hand, have shown a clear and quick decline<\/strong>. There are a few reasons for that:<\/p>\n\n\n\n The very fact there are fewer shows is an indicator that the industry is changing<\/strong>.<\/p>\n\n\n\n For better or worse, coins just do not play the role<\/strong> they played in our lives as recently as 20 years ago. Coins are quickly becoming less relevant, although they likely will never become completely obsolete. That means potential coin collectors nowadays are not exposed to coins the way prior generations were.<\/p>\n\n\n\n Internet access has also changed<\/strong> the face of coin collecting \u2013 literally. That has been a double-edged sword. On the one hand, coin collecting is easier in terms of appraising, buying and selling, but on the other hand, part of coin collecting and coin collecting PR is being actively involved with other collectors.<\/p>\n\n\n\n If a younger person today never sees a rare coin<\/strong>, their knowledge and interest will be limited at best. During the heyday of coin shows, it was common to see them advertised in newspapers. Rare coins were also advertised<\/strong> on television and in magazines<\/strong>. Today, if you want to see a rare coin dealer, you must seek them out, usually on the internet.<\/p>\n\n\n\n The internet has affected coin collecting<\/strong>, dealers and shows, but that is only part of the electronic picture.<\/p>\n\n\n\n Another electronic influence on coins and coin collecting is how online finance<\/strong> has reduced our dependency on physical currency<\/strong>. It used to be normal for people to walk around with multiple denominations of bills in their pockets. Now, those same people use cards to pay for most things and even that is gradually being replaced by smart devices that can process payments.<\/p>\n\n\n\n Physical currency is becoming less<\/strong> prevalent<\/strong>, and, in some scenarios, less accepted. For example, it is still unusual but not outrageous to see \u201ccard only\u201d pay lanes in a store. Trying to book a hotel room or pay for a rental car is extremely difficult and, in some cases, impossible without a card. The same applies to several other industries.<\/p>\n\n\n\n Cash, including coins, is quickly becoming antiquated. That has led to less cash in circulation and therefore fewer coins in circulation<\/strong>. One of the side effects of that reality is that there is less interest in coins because fewer people come into contact with coins of any sort on a regular basis. <\/p>\n\n\n\n Coin collecting is also a selective hobby<\/strong>. Coins interest many people, but only a few are so interested that they start collecting coins. Even fewer stick with it for a significant period of time.<\/p>\n\n\n\n Very few people discuss collecting coins<\/strong> with anyone but other numismatists. This is because, as a hobby, it is very specific with very specific parameters. Outside of coin collectors, about the only time coin collecting comes up is if someone has an interesting piece, such as a rare discovery or a coin has some other oddity attached to it.<\/p>\n\n\n\n For example, if someone comments on finding a particularly rare coin<\/strong> after a transaction at a convenience store, they might tell someone. If they know someone that collects coins or is interested in coins, they might mention their find to them.<\/p>\n\n\n\n Another scenario is when a rare find makes conventional news<\/strong>. For example, an English birdwatcher stumbled upon a cache of ancient Celtic coins in 2020, making international news. In that case, for a few days, coin aficionados and people who could not care less about coins made \u201cCeltic coin cache\u201d one of the most searched terms on Google.<\/p>\n\n\n\n Normally, however, discussions about coins<\/strong> occur only among people who collect coins or are interested in coins.<\/p>\n\n\n\n Because collecting coins is a selective interest, relatively few people do it. Even back when coin collecting was more popular and prevalent, very few people actually collected them. There are many reasons for this, but the most significant is explained in an old saying about coin collecting: Coin collecting is the hobby of kings<\/strong>.<\/p>\n\n\n\n For most of human history<\/strong>, most people could afford only very few luxuries, if any. Coin collecting, for the most part, was an indulgence of the wealthy. A coin sitting in a display packet or booklet was capital that could be used to pay bills, buy food, etc.<\/p>\n\n\n\n Even as modern economies brought up the average living standards, coin collecting was still considered a luxury. Very few adults could afford it to any great extent<\/strong>. Even today, while many younger people are discovering coin collecting, it\u2019s primarily an older person\u2019s hobby. Part of the reason for that is still expense, but part of it is the relevance of coins falling off in recent years.<\/p>\n\n\n\n If you want to start a rock collection, all you must do is walk outside and start picking<\/strong> up rocks. An entire 2021 Baseball card collection<\/strong> can cost about $70 for 660 cards. But a single 1971 to 1976 Eisenhower Silver Dollar costs about $12, and they\u2019re hard to come by.<\/p>\n\n\n\n To get a sense of how expensive coin collecting<\/strong> can be, do this exercise:<\/p>\n\n\n\n The approximate cost of the following 5 coins is $70<\/strong>:<\/p>\n\n\n\n If you are a child looking for a hobby, which would you rather have<\/strong>? 660 baseball cards or 5 interesting, but not particularly rare coins?<\/p>\n\n\n\n Coins, even those of modest value, cost money. If you want a sizable collection<\/strong> or a collection with valuable pieces, you must plan on spending a lot of money<\/strong>. The cost basically rules out children and those on low incomes from collecting coins. It even just rules out most people that would rather spend their cash on more \u2018useful\u2019 investments, but coin collecting can serve that purpose too.<\/p>\n\n\n\nIs Coin Collecting A Dying Hobby?<\/strong><\/h2>\n\n\n\n
Gauging Popularity<\/h3>\n\n\n\n
Why Is Coin Collecting Declining In Popularity?<\/strong><\/h2>\n\n\n\n
Electronic Finances<\/h3>\n\n\n\n
Coin Collecting Is Selective<\/h3>\n\n\n\n
Insular Conversations<\/h3>\n\n\n\n
Coin Collecting Is Rare<\/h3>\n\n\n\n
Coin Rarity And Expense<\/h3>\n\n\n\n
Factors That Work In Coin Collecting\u2019s Favor<\/strong><\/h2>\n\n\n\n
Collecting Coins As An Investment<\/h3>\n\n\n\n