Numismatics: The Power of Time and Opportunity
What does numismatic mean?
“Numismatics is the study of coins and other currency units and is usually associated with the appraisal and collection of rare coins. Numismatists study the physical properties, production technology, and historical context of specimens of currency”. - The Investopedia Team, “Numismatics”, Investopedia.com, June 23, 2022. It's a fancy word for coin collecting rare and unique coins.
Why is it important to understand?
If you use cash and change as your method of purchasing then there is a chance you may have had some coins that you used for face value that could have been worth more than what you have in your entire wallet. Possibly even thousands. You just did not know what to look for. That is a similar situation with precious metal coins as well. Some coins are worth more than others because of their condition, mintage and uniqueness. Sometimes hidden underneath everyone’s noses because they don’t know what to look for and what to do with it. I never paid attention to it myself until now. I wish I had.
How does it benefit you?
I think there are at least two things you can get out of collecting numismatic coins. The first reason is obvious. You can make money. The more you know the more opportunities you can find. I am no expert and want to learn and start doing more collecting. I think it would be wonderful for my children and maybe their children or myself if needed to have a valuable coin collection. The second reason is that it can be fun to find something that can be hard to come across and exciting to find how much more valuable it is after researching and appraising it. I guess it is kind of like treasure hunting.
Where can you get the right coins?
Because I am new at this. I want to get help from experts. I bought a membership with a company called 7k metals. The coins I can purchase with them are low mintage, more unique than regular bullion coins, and are appraised by the NGC, a reputable company in the industry. I also am learning more from training by 7k and also other books. The more I learn the more I get excited about all the opportunities out there to amass my collection.
Now is the time to start.
Like I mentioned earlier. I wish I had started this a long time ago. It was something that I never paid much attention to until now. If this sounds interesting to you then don’t stand on the sidelines too long. You could be missing out on some great opportunities. I have met some people who have been doing this for awhile and they have done really well because they stuck with it but they also get a lot of enjoyment out of it.