A Brief History of Coin Collecting and Motivations to Get Started

People have hoarded coins for their bullion value - that is, the market value of the precious metals from which they are made - ever since production began.  The earliest known hoard was discovered by the British Museum during their excavation of the Temple of Artemis at Ephesus in modern day Turkey in 1904-5.  The horde was thought to have been buried there some time around 600 BC and comprised pieces produced from a naturally occurring gold and silver mixture known as electrum.

Collecting and appreciation of currency for its artistic or aesthetic value, or for its historical or cultural significance, was a later development that grew out of these initial hoardings.  The practice of collection and appreciation of coins as we know it today began around the 14th Century as a fad and was the reserve of the wealthy upper class of the Renaissance period, and therefore was known as the “hobby of kings”.  Over the subsequent centuries, with the study of coins - numismatics - rapidly expanding, collecting and appreciation also grew in popularity. 

Today it is no longer a hobby for just the rich and wealthy.  It is a highly accessible pursuit and can be taken as seriously or as casually as each collector desires, according to their financial resources and their interest in the hobby.  Most people today collect as a hobby, rather than acquiring them specifically for making a profit - although it is a pleasing aspect of the pastime that the value of the pieces collected often rises over time.  While this is not the primary reason for getting involved, it brings pleasure to collectors to know that despite the fact that they may have no intention at all of selling their collection, its bullion value is nonetheless trending upwards in the long run.

Collectors amass coins today based on characteristics such as rarity, quality, artistic value, bullion value, historical and cultural significance etc., or a more commonly a combination of myriad factors.  Today, getting involved in this fascinating and absorbing pastime has never been so easy.  This is largely due to the wide variety of pieces, series, and sets now available for collecting.  Those with only a little to spend may decide to acquire a particular range of contemporary currency where the only cost is the face value.

However, with the advent of the issuance of coinage by various national mints which, while still legal tender, are produced specifically for collecting, and it is more common to see people acquiring these coins.  This is because the condition of the pieces is higher than those in general circulation, making them more suitable for collecting.  Their market value often far exceeds their face value (or denomination).  This is often due to their bullion value, since they are frequently made of precious metals such as gold, silver, and platinum; and their rarity, as such mints choose to produce only a limited number.  This number is referred to as mintage.  Some less valuable pieces are minted in less valuable metals, like brass, and have both a low denomination and bullion value, as well as having relatively high mintages.  They often form a part of a complete commemorative set or series, and therefore have a higher value than their denomination or their bullion value, especially when a complete series or set is valued for sale.

While collecting and appreciation as a hobby is the most popular aspect of numismatics today, some people see coin acquisition as an investment or acquire pieces, sets, and series with the express intention of making a profit.  Given that precious metals - like gold - are bullish in the long run, some investors buy pieces based on their speculative bullion value with the added bonus that their rarity, quality, and artistic value may further increase the value of their investment.


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