Mile Coin Talks About the History of Coin Collecting

Coin collecting, also called numismatics, is one of the oldest hobbies in the world. Paper money is a fairly recent development in most parts of the developed world and didn’t make an appearance until about the 18th century. Although paper money and other types of currency are collectible, its history is vastly different from the much older coin collecting.

Coin Collecting: The Early Years

Many believe that coin collecting first started with the Italian Renaissance (approximately 14th century to 17th century), but recent evidence has challenged that belief. According to historians, coins were given as gifts as early as AD 60 to 122. In addition, there is archaeological evidence that coins were used at that time, pointing to coins being collected during Roman rule.

By the 17th century, coin collections were studied and cataloged. Numismatics was an academic pursuit, which elevated numismatics to be seen as a science. Articles on the topic of coins and collecting were widely published. Noble families who had extensive collections came under state control, and these were cataloged, adding to the existing knowledge of coins. The general public had access to this information, which led to coin collecting as a middle-class pursuit as well. Collecting coins is one of the few ways that the average Joe can own actual antique objects.

The number of private coin collectors increased dramatically as the world entered the 19th century, and handbooks for beginners began to pop up. Next, numismatic societies were created throughout Britain, Europe, and the United States, and the general public was able to be a part of these. Periodicals about coin collecting started to be published, further making the industry a prosperous one.

During the 20th century there was a continued interest in coin collecting as both a hobby and interest, with the appearance of coin shows, conventions, conferences, and local clubs. The community of professional coin dealers was a tightly knit group, which led to the formation of trade associations.

More Recent Coin Collecting

The internet changed everything about our world, and that includes creating an entirely new culture of numismatic collectors. The internet has provided new opportunities—as well as new challenges. At one time, the low experience level of many internet buyers created artificial markets that could not be sustained over the long term. After a high point of enthusiasm for coin collecting in the mid-1990s, the internet market gradually settled down to a more realistic point. One of the greatest challenges the internet created, however, is that it can be tough to control the integrity of sellers because of the anonymity the internet provides. 

Contact Mile High Coin

Mile High Coin is a full-service rare coin company and precious metals brokerage. Our 30 years of experience and knowledge extends to most U.S. and foreign coins. Our customers appreciate our integrity and customer service. Whether you are a collector or investor looking to add to your existing collection, or if you are interested in valuing or selling your collection, we are here to help. We work on an appointment-only basis, so contact us to get on our schedule.