What do square folks do in their spare time? They collect coins! This was, maybe, a bad joke. But as it turns out, coin collecting might be more lucrative than you ever thought. Can you really make money collecting coins?
Truthfully, you just might be able to!
The Basics: What Is Coin Collecting?
Coin collecting is precisely what it sounds like. It is a hobby where you basically collect coins, sell them, trade them, keep them, etc.
And by coins, it doesn’t necessarily mean the coins used in everyday currency. Since everyday coins are so readily available, there is minimum value to be found in them outside of what they trade for at the store or bank.
So, when we talk about coin collecting, we’re really talking about collecting rare or collector’s coins. There are all sorts of different categories that folks focus on when collecting rare coins. Though, typically, folks focus on a particular niche since that is what they’re interested in. Here are a few examples of coin collection categories that folks specialize in:
- Foreign coins
- Historically significant coins
- Collectible sets
- Old coins
- Coins made from valuable substances (gold, silver, etc.)
Can you really make money collecting coins?
Many folks used to collect coins when they were younger. They actually had a chest of foreign coins and old American coins that they bought from many different places. They loved looking at them, sorting them, finding out how much they weighed, researching what they were made of, checking the timestamps, etc.
Unfortunately, the coins are put into a not-so-good container in the garage or basement and end up who knows where. That quickly brings an end to any aspirations to collect coins. This, linked with the fact that growing up reduces any interest in starting a coin collection, pretty much puts a brake on it.