Changes in Coin Collecting

            As our world is constantly changing, similarly, the world of coin collecting is also changing. Let us take a look together at some of those changes that have been occurring over the past several decades in order for you as a collector or a coin dealer to know how to react.

            At the beginning of the twentieth century, coin collecting was a relatively new idea. My grandparents would tell me of the times when they would sort through their change in order to look for the most beautiful and rare coins. Back during my grandparents childhood sorting through change seemed to be a relatively successful way to gather the coins they were looking for. Whenever they got change whether it was from the ice cream parlor or from the local drug store, their searches would often turn up with a date they did not have. However, things have changed. When I look through my change in the twenty first century, my odds of finding a coin that is even remotely worth my time is incredibly rare. So what has changed (no pun intended) that has led to the lack of rare or interesting coins in circulation. There may be several contributing factors.

            One of those factors that lead the way for less rare coins in our change is the increasing popularity over the years. Although many would speculate that coin collecting is becoming less popular among young adults, there is no doubt that collecting is definitely more popular than it was forty years ago (we could measure coin collecting’s popularity by looking at the increase in the production and sale of mint and proof sets among many other ways). Because there are more collectors and dealers that are collecting and valuing coins for more than face-value, there are more people now looking at their change in hopes of finding a spectacular coin. Because of the increase in the number of people looking through their change, there are now fewer valuable coins passing through our everyday change.

            Although the number of collectors has risen over the years, collectors are not the only one looking in their change. Often, people who do not even collect coins look through their change in hopes of finding something valuable. Looking through change has become a way for people to get rich quick. Although looking through change nearly never makes someone rich from one find, non-collectors often hear either on the news or from their collector friends of how valuable coins can be. This hopeful attitude often makes non-collectors also search their change.

            Also, the government plays a significant role in making less collectable coins in circulation. Because of the increase in technological advancements of coin-producing machinery, the government has been able to create fewer mistakes in the coins which have led to a decrease in the number of mistakes in mintage. This decline in mistakes makes for less opportunity for collectors to find collectable coins. The government has decreased the likelihood of finding worthy coins in change not only by progressing technology in the production of coins, but also the US Mint has decreased the likelihood of finding worthwhile coins in change by raising the mintage of each year and not allowing any one year to have a significant less mintage. In other words, the US Mint no longer makes the mistake of producing 850,000 one year and the following year making nearly 6,000,000 (as was the case in 1877 and 1878 with the production of Indian Head Cents)(Yeoman). The mintages have become more consistent from year to year, and the mintages have become increasingly higher as time goes by. For instance, in 1920 the combined p, d, and s mintages for Lincoln Cents were around 400 million, but in the year 2000, for only p and d mintages, the US Mint made over 14 billion. Although in recent years coin mintage for pennies has dropped, the mintages are still significantly higher than what they were ninety years ago. Because of this reality collectors most likely will never look through their change again for valuable dates. Despite the small chance of ever finding any valuable coins in our change, collectors still shuffle through change having a hopefully outlook. One might even say you are not a true numismatist until you search even your change. In order to adapt to the change that is in our change, I would encourage every coin collector to not look for value in the coins but look for value in the act of searching.

            Another area that has been changing within the United States not only in the coin collecting genre but also in collecting as a whole is the popularity of all sorts of collections from baseball cards to match box cars. If you were to consider anyone close to you, you might realize that most everyone has collected something within their lifetime. Companies have recognized peoples’ value of collections. Recognition has led companies into action with the manufacture of many products such as grading books, albums for display, and large cases for dealers’ displays. All of these products from companies have made coin collecting an industrialized world. Collectors need to be careful in understanding what they should buy and not buy in order to more effectively coin collect. No one likes to waste money on something they do not need. So that leads me to an important question. What do collectors need in order to collect and what products could they do without?

            First, let me clarify what I mean when I say “need.” In all honesty, coin collecting could be done for free minus the face value of the coins being collected. Never forget that fact. Collectors only spend what they presume to be an acceptable amount. When my grandparents collected coins in their childhood they did not spend a single penny on coin products such as albums or grading books, but their experience of the hobby was no less enjoyable than it is to today’s numismatists.

            With that said, many of the products that coin companies offer are beneficial. For example, cases that uphold coins’ luster and quality make an important buy especially for the more expensive coins. Additionally, coins can be further enjoyed if they are displayed in an album. If you are looking to buy coin products, first, ask yourself, “Will this make my experience better?” Some of the things that might be unnecessary to coin collecting could be a special lamp, magnifying glass, or scale etc. In many cases, these products could be extremely useful, but make sure to decipher between what is necessary and what is unnecessary. Companies would love for you to hand over all your money. Do not confuse the love of coin collecting with the love of their products.

            Another organization that has been cashing in on collectors is the US government. One hundred years ago, the government produced no coins that were intended to be collectables on purpose. All the coins they made had practical use and were intended for circulation. This changed in 1936 with the creation of the first publically sold US proof set (Yeoman). The government began to recognize that they could generate more revenue by selling special coins that could be collected. The proof set was just the start. The US Mint has been expanding ever since in efforts to make extra money beyond face value with such products as state quarters, the four different 2009 penny designs hosting President Lincoln in four different areas of his life, the Mint Sets, Silver Eagles etc. The list could go on much further. In the same way that collectors need to evaluate what they truly need in order to further their enjoyment of the hobby, collectors need to understand that the roots of collecting originated in the fact that collectors could spend no money beyond face-value and still enjoy the past time. Things in the coin collecting world may change but the roots remain the same.     

             

Works Cited

Yeoman, R. S., and Kenneth Bressett. The Official Red Book Guide Book of United States Coins 2012 / Limited Edition 2012. Atlanta: Whitman, 2011. Print.