Why Millennials Are Rediscovering Coin Collecting

By GovMint :

With the peak of modern coin collecting widely considered as the 1950s and 1960s, it is reasonable for many to assume hobby collectors are enthusiasts of the past that will eventually fade away entirely. It has left some younger collectors wondering, “Is coin collecting a good hobby to invest time and effort into?"

While the pursuit as a whole may have passed its heyday, collecting coins is still alive and well. In fact, recent studies into Millennial and Gen Z cultures have found passionate collecting communities across the United States. While young collectors have demonstrated different motivations for coin collecting than older generations, high satisfaction can be found among collectors of all ages. 

Keep reading to find out why collecting coins continues to maintain popularity among Millennials.

The Hunt For Coins: Two Cents About Coin Collecting

In 2022, 61% of Americans identified as collectors, with the highest area of interest being collecting coins at 17%. Not only are Millennials continuing to keep coin collecting alive, even younger groups are getting in on the excitement. The Royal Mint has reported Gen Z as the most likely generation to begin collecting coins, and over 1,200 current members of the American Numismatic Association (ANA) fall below the age of 18. 

Interestingly, the motivations behind collecting vary widely between age groups though. With Millennials being the most financially risk-averse generation, citing credit card debt as their biggest fear in daily life, this group most widely collects for the simple joy of the hobby. One Millennial likened coin collecting to finding “little art objects you can hold in your hand.” Meanwhile, Gen Z collectors reported collecting with hopes it might one day pay off as an investment.

Rather than letting the expansive world of coin collecting overwhelm Millennials, there are several entry points for novice collectors to get their feet wet. Try starting with a local area coin club, or even browse social media! There are several YouTube and Instagram accounts dedicated to helping new coin enthusiasts. Additionally, for those who are not ready to brave coin auctions and estate sales, reputable online sellers like GovMint are reliable and trustworthy options for Millennials to begin their collections.

Numis-a-what-atist?

Collecting coins became so popular over the years that specialists and knowledgeable collectors earned a special name. Numismatists (try saying that five times fast) are people who study, collect, or appraise coins. Meanwhile, numismatics refers to the broader study of coins and currency.

Is Coin Collecting Popular Now?

With 1 in 3 people claiming themselves as collectors of physical items, it is safe to say coin collecting is not disappearing anytime soon. While not as popular as it was in the mid-1900s, Millennials and Gen Z continue to join the ranks of numismatists every year.

What is the Average Age of Coin Collectors? 

The average coin collector is nearly 60 years old.

Why are Millennials So Into Collecting Things?

As mentioned above, nostalgia and positive childhood associations play a big role in the Millennial drive to collect objects. Other experts speculate the interest in collecting can stem from a sense of accomplishment, especially for Millennials who grew up in the prime of sport and game card collecting.

The Ultimate Coin Quest

Young or old, novice or experienced, coin collecting is a hobby anyone can join. For those just starting, there are hundreds of US-based coins to explore. Or, to start even smaller, budding collectors can start by searching their current coin stashes for potentially rare years and error coins from modern times. On the other hand, for those looking to jump to the next level of coin collecting, gathering international coin sets or coins from ancient time periods can be an exhilarating and more time-consuming hunt.

Above all, connecting with fellow numismatists, locally or online, can assist even the most experienced collector in finding their next big discovery.

Find Your First Coin

Is coin collecting a good hobby to start as a Millennial? Whether you are interested in numismatics due to childhood nostalgia or the thrill of the hunt, collecting coins is an interesting and attainable hobby. Starting does not need to be stressful with social media, local groups, and GovMint’s resources like our Coin Authority blog and a glossary, which are available to all.

Begin the hunt for the next addition to your coin collection and shop with certainty through reliable merchants like GovMint today.

References

https://www.huffpost.com/entry/why-millennials-collect-things_l_61b80b36e4b0911ceb59b49d

https://www.bostonglobe.com/2023/03/31/lifestyle/make-way-new-generation-coin-collectors/

https://www.nytimes.com/2022/01/21/business/coin-collecting-bitcoin-numismatists.html

https://www.vintageisthenewold.com/game-pedia/what-type-of-person-collects-coins

https://www.money.org/

https://www.investopedia.com/terms/n/numismatics.asp

https://www.ngccoin.com/news/article/5576/numismatics/ 

https://www.govmint.com/us-coins