Why is coin collecting so popular? #WednesdayWisdom

Coin collecting is an ancient hobby, and in recent years it has regained some of its popularity. Right now, Coin Collecting is seeing huge growth! Some of the reasons coin collecting has become more popular include,

  • people spending more time at home
  • the small size of each coillectible coin
  • low (or no) entry barriers to coin collecting
  • Western culture encourages ever younger investing
  • the educational value
    1. Geography
    2. History
    3. Zoology
    4. International Relations
    5. Politics

You can start collecting coins today, and you don’t have to buy anything out of the ordinary. The next time you get some change back from a purchase, check out the coins in your hand. US quarters are a great coin to start collecting because there are so many different varieties.

You can collect new coins or old coins or ancient coins. You can collect alloy, or silver, or gold coins. You can collect any kinds of coins you like!

The coin shortage of the early COVID-19 days reminded us just how important coins are. Coins keep the markets moving. During the early days of the pandemic, the “approximately 31 million [USA] households” that are cash-dependant experienced difficulties securing necessities because of the coin shortage (Anthony). The coin shortage also harmed businesses that had to turn away cash customers and forced other businesses to close their doors altogether. The coin shortage made world news, and financiers struggled to find solutions to this unexpected side effect of COVID-19.

Coin collecting did not cause this problem, unlike toilet paper, no one was hoarding coins. Instead, the decrease in the overall number of transactions (less spending) meant there were fewer coins in circulation and that led to the public shortage even though an appropriate number of coins were in circulation at the time. Where were the coins? They were in piggy banks and cupholders and in other places at home with the consumers. People went out less, they spent less, and the river of coins that keep our economy flowing grew -temporarily- stagnant.

why-is-coin-collecting-so-popular?

That slowdown let people sit with their coins, and that moment of pause was enough for many people to start collecting coins. Today, as we learn to live with the presence of COVID-19, coin collecting is again taking the world by storm.

This is not the first time there has been an increased interest in coin collecting. After WWII, returning GI’s brought pockets full of change home with them. Consequently, coin collecting saw an increase in popularity. The increase in popularity we are seeing today is similar in that so many people returned home, even if they didn’t have to cross an ocean to do so.

There is an intrinsic link between coin collecting and a sense of home. Here at Pendant and Ring, we celebrate that connection. You can collect coins from your country of origin, and countries that your ancestors came from. You can collect coins from the places you want to see one day and from the places you visited many years ago.

Why is coin collecting so popular? Coin collections connect us to our past, to our future, and to each other.

Not even cryptocurrencies or NFTs can replace the love of coin collecting. In fact, many crypto-investors have started personal coin collections (Passy). Not only are there nostalgic reasons to collect coins, but there are also numerous rare and valuable coins, as well as silver and gold coins that will only go up in value as time passes.

Now is a great time to start your coin collection. The number of coin collecting resources and fellow coin collectors makes this hobby more accessible, and more fun!

Check your pockets, your change jar, and the Pendant and Ring coin store to see what tickles your fancy.

Happy Collecting!

See you next time on Pendant and Ring.

Anthony, Nicholas. “The Covid‐​19 Coin Shortage: Causes, Responses, and Lessons.” CATO Journal. Fall 2021. Web. 2/15/2022.

Passy, Charles. “With prices for some rarities in the millions of dollars, collectible coins are becoming a hot item.” MarketWatch. Jan 13, 2022. Web. 2/15/2022.

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