Coin collecting is a fantastic hobby because it involves your intellect, says Gilles Bransbourg, assistant curator of Roman coins at The American Numismatic Society in New York City. “Being intellectually active is a good thing, whether you are 30 or 70,” he claims.
Coins represent a different era and are a passport back to an earlier time. Whether a person collects the type of coins he or she had in their pockets as a child, or has recently begun appreciating their appearance and design, admiring someone’s coin collection gives the collector great pride. In fact, the harder the collection was to gather, the more sense of accomplishment and pride the owner has for the prized collection.
If you need convincing that you should start a coin collection, here are five excellent reasons:
1. Find thrill in challenging yourself
Many collectors appreciate the challenge of finding a rare coin. Sometimes, it’s finding that one special coin for a bargain that is the real challenge for most collectors. Nearly all collectors are modern-day treasure hunters. Just imagine going on an antique shop adventure, or walking at the beach with your metal detector and stumbling upon a horde of coins worth thousands or even more. Although this doesn’t happen too often, it is still worth dreaming about.
In addition, if you embark on a quest to look for the rarest coins on the market and are lucky enough to find a hidden treasure, its rarity could be enough to set you for life. Aside from the rarity attribute, beauty and design are also two incredibly sought-after attributes in coin collecting. Some collectors classify beauty as luster and flawlessness of a coin, while others seek out their layout or artwork. For example, the 1936 Commemorative Bay Bridge half dollar is an intricately designed coin favored by many. Many people enjoy the look of the bay bridge at the back and the bear on the front.
2. Make money collecting coins
Whether you believe it or not, collecting coins can be quite a fruitful hobby. In fact, Biltmore Loan and Jewelry buys coins and other precious metals because of their growing value. And if you are a beginner who decides that coin collecting is not for you, or that you are ready to forfeit your collection, you can get your investment back by selling your coins to us or other collectors. The prices of some coins will fluctuate with metal prices, and fortunately, those metal prices tend to rise regularly.
3. Learn about different cultures and history
Coin collecting can provide you with a lot of interesting information, especially if you expand your collection to foreign metals. Examining coins and their backgrounds can lead to significant discoveries and facts about politics, society, culture, and overall history. For instance, take the recent issuance of the State quarters and Presidential dollar coin programs. If you do your research well enough, you will realize that there is plenty to be learned just from these two coin series.
4. Own more gold and silver
Gold and silver are always fluctuating in value due to limited worldwide supply and steady demand. Thus, many U.S. coin collectors search for coins with this consideration in mind.
You may be surprised to know how frequent valuable coins pass through your fingers. Did you know that several American coins minted before 1965 had a tremendous 90% silver content? Not everyone realizes this fact and even fewer are wise enough to hold on to these coins when the opportunity presents itself. Bear in mind that heavier coins are worth more than their lightweight counterparts, so be on the lookout for these when you start and later expand your collection.
5. Find peace of mind
There is something incredibly fulfilling, relaxing, and serene about browsing through your collection, taking inventory, and looking for one specific coin. Hobbies help relieve stress by keeping you engaged in something you enjoy. They give you a way to take your mind off the stresses of everyday life. Coin collecting can also help build your social life by creating a close bond with other collectors and coin enthusiasts.
When to Start a Coin Collection
There are dozens of different ways to collect coins, and when you should start collecting is a personal decision. Many novice collectors impulsively buy a coin or two that they simply happen to like. In other circumstances, some budding collectors invest in currencies related to the place where they grew up, or an era that they are fascinated with. There are also collectors who just happened to come across a rare coin, and in that instance, decided that they would begin collecting currencies. The point is, how you choose to start your collection must be something that drives you to make that first, second, and third purchase.
Coin collectors have been around before the Roman Empire, and the practice itself is not dying down any time soon. Whether you think that the hobby is an absolute bore, or that it is a potential endeavor to embark upon, you can not deny that these five reasons are appealing. You may have a completely different reason for beginning a collection, but whatever the case — why not give it a shot? It’s not like you have much to lose. Several people probably think that coin collecting is an utter waste of money or that it will take way too long. As for the latter, that’s kind of the point of collecting. It should take a long time, which makes it much more challenging and fun.
Sell Your Coins to Biltmore Loan
One of the many advantages of owning coins and precious metals is the extra financial security they provide. Gold, silver, and platinum have substantial value that you can use in case you need extra money. Biltmore Loan offers two options for tapping the value of precious metals, including selling or applying for a collateral loan. If you are interested, call us today at 480-991-5626 for Scottsdale or 480-705-5626 for Chandler. You may also fill up our online form for a free market appraisal.