As Money Changes, So Do Collectors
From specie to smartphone wallets, the evolution of money is reshaping who collects coins and why.
What triggers someone to collect coins? Our coinage has changed a lot throughout the past 250 years. So has the profile of who might be collecting that coinage. The use of coins (and bank notes) in day-to-day financial transactions has declined.
The use of coins was first challenged by the introduction of bank notes. Bank notes, in theory, are backed by specie coins. Then came checks. This was followed by credit and debit cards. Since that time, we have been introduced to a plethora of various forms of electronic and digital payments. Our money has degenerated from specie to fiat money, this being followed by some sort of sub-fiat money that doesn’t exist physically but exists in what we call a cloud—until such time as someone jams or corrupts that cloud electronically. Even laundromat operators are navigating allowing mobile apps, credit and debit cards, and loyalty cards to pay for their services.
There is no single reason someone may decide to begin collecting coins. Some people (other than dealers) are in it simply to make money. Others fret about what might be happening to our economy. Yet more people may be turned on by the new coin designs we now have in change. The only problem with the pocket change scenario is that too many people, unfortunately, never use coins anymore.
Several coin dealers have recently announced they have put valuable coins into circulation to encourage collecting. This may work to some extent; however, many of those who watch their change may already be collectors.
The bottom line? There are many possible reasons someone new may choose to enter the hobby. We need to continue to educate the public through whatever means we see available. Right now, the hobby is thriving. New blood is always needed—and is always welcome.
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