Coin collecting is a hobby that has been enjoyed since the 1800s, although it greatly increased in popularity during the early to late 1900’s. One reason why coin collecting is an activity enjoyed by so many individuals and individuals of all ages is because of purpose. There are a wide range of reasons and purposes for starting a coin collection. Five common types of coin collectors are highlighted below.
Those who collect coins for profits are commonly referred to as investors. Investors are individuals who collect coins with the sole purpose of seeing profits in the future. These types of coin collectors are also commonly referred to as professional coin collectors, as most are knowledgeable about coin collecting in general, including coin values and conditions. After all, a plain ole penny will likely not lead to profits in the future, but a rare or limited edition coin may.
Another one of the many reasons why coin collectors who collect with the hopes of seeing profits are referred to as investors is because they are making an investment. Although it is possible to come across older, outdated, limited edition, and rare coins by chance, it is difficult, if not impossible, in many cases to do so. For that reason, many coin collectors choose to purchase coins to add to their collections. This is often done by examining professional coin dealers.
Speaking of coin dealers, coin dealers, although highly debatable, can also be considered coin collectors. Coin dealers are regularly on the lookout for valuable coins. The only difference between coin dealers and other coin collectors is that many choose not to hang on to their coins for very long. Many want to turn around and sell these coins as quick as possible to make a fast profit.
Hobbyists are another common type of coin collector. Those who are considered hobbyists collect coins for the sole purpose of personal fulfillment. Hobbyists who collect coins often have a love for coins, history, or collecting in general. Many coin collectors who collect for the purpose of personal fulfillment later donate their coins to historical organizations or choose to pass their coin collections on to future family generations. While many coin collectors start out purely as hobbyists, many later change their goals to make a profit.
As previously stated, many coin collectors choose to pass on their coin collections to family members and future family generations to come. The individuals who inherit these coin collections are technically considered coin collectors as well. This is due in part to the fact that they have a coin collection in their possession. Although many inheritors simply store and treasure the coin passed down to them, many make the decision to continue collecting, allowing the coin collection in question to continue to grow.
Another common type of coin collector is that of a hoarder. Hoarders are individuals who collect just because, not necessarily for profits or for the love of coins or collectables in general. Many hoarders collect any coins that they come across, as many are afraid to miss out on a great collecting opportunity. Although many coin hoarders will generally turn around and examine their collections and its value, many are not usually concerned with doing so at the time.
The five reasons highlighted above are five reasons why most coin collectors collect. What type of coin collector are you?