Numismatics: the dying hobby or an increasing trade?

On 13 Apr., 2020

Once known as the hobby of the kings, coin collecting is becoming the archaic hobby, just like the monarchy itself. From casual collectors to career professionals, numismatics is declining steadily.

Numismatics: the dying hobby or an increasing trade?

Traditionally the members of the family engaged with the hobby, or perhaps the trade, fueled their younger generation with the historical discipline. Still, today, it has dwindled in the face of competition, which did not exist a generation or two ago. This decline in the discipline is mostly because of the irresistible pull of the video gaming industry and social media.

In the days of the past, the older generation had less isolating facilities and more time to enjoy the hobby, which was their sole source of entertainment. Today coin collection is not just a hobby but has become a business venture for many people. Here are some reasons why it is more a trade than being a hobby.

1. It is an investment

Every hobby requires a cost, to begin with. Ironically, the hobby of coin collection involves more than traditional values. For example, ancient coins for sale from the roman times may cost between $2000 and more. Major retailers—online and offline offer the beginner's collectors set to step the right foot into the business. Typically these coins are different in themes and belong to different eras, but they are authentic and can become more valuable over time.  

2. It provides an opportunity to make money 

As mentioned above, coins can be a precious trade. You may require some time to become a millionaire by trading coins, but there is money involved in this hobby if done right. 

Coins fluctuate in value, and some remain highly valuable through time and can bring a significant amount of money when sold. It is an enjoyable hobby and a great way to earn if done the right way. 

3. There is no scarcity 

If you are looking for ancient coins with historical value, they may be difficult to find, but if you are collecting coins such as what the U.S. government has been producing over the years, then you are in luck. You can start a coin collection in any way you want. For example, creating a collection of coins of different currencies of the world of a particular year, such as the year 2000, can be a place to start. 

4. Lack of seasonality

Coin collection is not dependent on a particular season of the year to be enjoyed, but it is available 24/7 hours for 365 days of the year. Unlike other hobbies such as gardening and fishing, which are available in particular seasons only, coin collecting is available throughout the year.

5. The internet makes it easier!

Before the internet, people had to meet physically to trade the coins, but with the internet, it is easier because the trader doesn’t have to come in person to sell their coins. Niche websites today are focusing on coins is an excellent resource for collectors to auction their collection or simply log in to e-commerce sites such as eBay to sell their coins to the collector.