Coin collecting is back and this time it’s here to stay. Nope, this isn’t about the famous digital currencies you see or hear about today. Instead, it refers to coins you can actually touch, save, store, and even trade.
Yes, these are the same coins you see every day. They could be nickels that jingle in your pocket. Or, some leftover change from your recent trip overseas. Maybe you found some old coins stashed in the attic. If you’re lucky, you might just see a shiny coin or two while you’re at the beach. Perhaps you don’t need to go far, as your grandpa may have left you an entire collection upon their passing.
No matter where or how you got your first coin, pretty soon you’ll find yourself building an entire collection. After all, coins are very interesting. They give a glimpse of history and allow you to possess a tangible reminder of people, events, and even places.
As time goes by, you may even find yourself asking if coin collecting is a mere hobby or a sound investment. If you’re torn between the two, this guide will help you arrive at a decision. Read on to see which option is best for your budget and plans.
Hobby Or Investment: Two Sides Of The Same Coin
Before you scour your attic or head out to a coin store, it’s best to determine your purpose. Is coin collecting a mere pastime or a potential investment? Will you collect coins for fun or do you plan on making money from them? Knowing which of the two will help set your goals regarding your coin collection.
Coin Collecting As A Hobby
Most people usually consider coin collecting as a hobby. After all, it’s called ‘The King of Hobbies’ for good reason. You can start at any age and with only one or two coins in hand.
Next, determine what you want to collect. Do you plan on collecting coins from a specific historical period? Or do you prefer a specific theme or a certain denomination? Do you want gold or silver coins?
Hobbyists also understand that coin collecting goes beyond old coins or newly-minted quarters. Specialty coins, such as the New Zealand collectable coins, offer a more contemporary feel as they feature popular cartoon and movie characters from well-known brands. Adding them to your collection can make it fun and interesting.
People are said to also engage in this hobby to relieve stress and daily pressures. You can spend an hour or an entire day organizing your collection or finding ways to find that one coin to complete it.
Aside from your diligent search, collecting coins also opens you to meaningful interactions with like-minded individuals. You can contact your local coin store owner, join coin clubs, auctions, coin shows, or even participate in online forums.
Discussions and exchanges can improve your knowledge of a particular coin or period. These venues allow you to meet fellow enthusiasts and to buy, sell, or trade your coins until you complete your collection.
If you plan on collecting coins for your enjoyment and some bragging rights on the side without spending too much, then being a casual coin collector will suit you.
Collecting Coins As An Investment
Still, others collect rare coins as a means to grow their wealth. If this resonates with you, then your coin collection is best suited as an investment. Old silver and gold coins make good investments and serve as a hedge for your portfolio. They can protect assets and reduce risks.
In addition, coins are also good investments because you can easily liquidate them if you’re suddenly short on cash. You can sell a piece or even your entire collection to coin shows, coin store owners, or even fellow collectors.
Rare coin collections are quite challenging though, as you would need to do extensive research to build one. But it does pay well when you’ve done your part. Coin collections can fetch you a good sum when done right.
If you’re not into selling, you can always save your coins as heirlooms for your family. You can pass them on as tangible reminders of your coin collecting legacy.
Toss The Coin: Which Is The Better Option?
While both approaches have their benefits and challenges, it’s all up to you to decide which path to take. Your circumstances will influence how you see your coin collection. To those who want a fun and casual approach, coin collecting is a great hobby.
Nevertheless, if you want a more serious take on coin collecting, you can choose to add them to your investment portfolio. Rare coins grow their value in time and make good inheritances for your loved ones.