The procedure of collecting coins is referred as coin collecting. Coin collecting is different from numismatics. Numismatics is the systematic study of currency. Coin collection may include the coins with mint errors and beautiful or historically substantial pieces. A numismatist may or may not be a coin collector. In ancient period, many scholars had collected the coins.
There were many archeological evidences are available that indicates the coins were collected. Individual citizens collect old, exotic coins as a form of art. Contemporary coin collecting originated around the fourteenth century. During the 20th century, the coin collecting increased advance in popularity. The markets for foreign currencies expanded. The hobby of coin collecting is frequently mentioned as “King of Hobbies”. The motivations for collecting the coins are wide-ranging. In common, the most types of collector collect the coins as a hobby with no real expectation of profit. Especially, children collect items on the basis of personal interest.
An alternative reason for collecting coins is as an investment. Coin prices are cyclical based on supply and demand. The prices of the coins are dropped which are not in long-term demand. A coin collection does not gain income until it is sold. Coin hoarders are the people similar to coin collectors but they accumulate coins for long-term potential profit. They gather any quantity of coins they can get and hold them. Speculators are the one buy coins in bulk and perform according to the short-term profit. They buy the coins in large lots and sell within weeks at a profit. Classically, they purchase coins that are self-possessed of rare or precious metals or coins that have a high purity of specific metal. Inheritor is another type of coin collector. They are the accidental collector who acquires coins from another person. They may not essentially have an interest in coin collecting.