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6 Coin Collector Types – How They Collect Coins

The hobby of coin collection can be enjoyed persons of all age group. As a hobby, it has been there since the 1800’s, though it became widespread only during the 1900’s. People collect coins for a variety of reasons: right from those who are interested in coins purely for the personal satisfaction to those whose motto is only making money through their collection. We are describing the following broad categories here:

1. Professional coin collectors: These are the individuals collecting coins with aim of making profits sometimes in the future. Most of the time they are quite informed individuals who can evaluate the value of the coins by examining their conditions. They have the skills to separate a precious coin from a lot of ordinary coins.

2. Investors: They collect coins purely as an investment. They are on the look out for rare types of coins. One can, of course, find coins of high value — coins that are older, limited edition coins, out of circulation coins, and rare types of coins accidentally, but it is difficult to count on chance discoveries for collection. So they often buy these coins from any one who is willing to sell, particularly from the professional coin dealers. An investor coin collector differs from a professional coin collector largely in the degree of expertise.

3. Coin dealers: Although it is highly debatable, but coin dealers also form a separate category of coin collectors. They are always on the look out for rare types of valuable coins. They normally don’t hold their coins for long as compared to other coin collectors who are trying to build a collection over a period of time. Most coin dealers would like to have a fast turn around — they sell them as fast as they can to make quick profits.

4. Hobbyists: These are people who collect coins solely for personal fulfillment and pleasure. Hobbyist normally a broader vision behind their hobby — they love the coins, are interested in knowing their histories, etc. Quite frequently, hobbyists donate their coin collection to history museums or other organizations. And sometimes their collection passes on to the next generation and so on. While hobbyists start collecting coins only for fulfilling their personal interest, sometimes later on they begin to make profits.

5. Inheritor coin collectors: There are people who did not start collecting coins themselves but inherited the collection from past generation(s). Generally, the inheritors just keep the coin collection; they treasure it but do nothing, and it gets passed on to the further next generation. Sometimes the inheritor becomes interested in the collection and grows it further.

6. Hoarder: These are individuals who just keep whatever coins they come across. Some are simply afraid of losing a valuable coin if not stored. They are neither profit makers nor do they collect for sake of love for coins — they are just hoarders. Many hoarders may turn around, examine and evaluate their collection for its value, others are not normally concerned about doing so.

Well, these are the noramlly known categories of coin collctors — on the one extreme is the professional coin collector who is an expert, and on other, the horder who merely hoards the coins.You can figure out for yourself, which category you belong to.