ACC Program Area:Serving New Audiences - Reference Archive

Reference Archive

Coin Collectors World Apart. Editorial

by Beth Deisher, Editor, Coin World

Coin collecting in the United States today is a story of two different worlds: The traditional world, which we call the "the hobby," and the world of casual collectors, which comprises those who purchase and save coins, but who do not preoccupy themselves with them.

The coin hobby, broadly defined, encompasses the systematic collection and study of coins, paper money, tokens, medals and any objects once used as money. Most hobbyists like to "talk coins" and devote a considerable portion of their spare time learning about and acquiring the objects of their desire.

In the most American of American ways, coin collectors began to form clubs and associations more than 150 years ago. Gradually the informal sharing sessions and camaraderie led to formalized societies and associations, which later began meeting at annual conventions. Little more than 50 years ago, the conventions began to take on a more commercial nature, giving way to what hobbyists know today as the coin show.

For the avid coin hobbyist, the coin convention/show/auction is like a giant smorgasbord, where he can feast upon an endless variety of offerings, tempered only by the bounds of his pocketbook. The coin show is also a time for meeting with like-minded collectors, who often readily share research information and tips learned through years of experience.

Sometimes referred to as a fraternity, other times referred to as a community, the coin hobby is simply people who are brought together through their common interest in coins.

Casual collectors exhibit dramatically different behavior from hobbyists. Casual collectors' interest in coins may be governed by chance or by a particular subject depicted on the coin. Rarely is the collecting instinct definable to the extent that acquisitions are planned or relate to a compulsion to acquire individual items in pursuit of forming a set or collection. Hence, if the casual collector becomes aware of or is smitten by a desire to own, he is apt to buy a complete set as opposed to joining the hunt for the enjoyment and thrill of the find. Even if he were aware of coin shows and hobby meets, casual collectors are not high-percentage candidates for spending an entire weekend searching a coin bourse in pursuit of just the right coin. Thus, it's not surprising that modern electronic retailers are catering to the casual coin collectors who are willing to pay for the convenience, packaging and "instant" collections.

An interesting reality is that there are many more casual collectors than there are dedicated hobbyists. Conservative estimates place the number of casual collectors at 10 to 12 to every one hobbyist.

Will the worlds of the hobbyists and the casual collectors ever become one?

Although we are unaware of any viable research on the subject, the behavioral traits suggest the two are worlds apart. The unknown, of course, is how many of the casual collectors may in reality possess the collecting instinct to the degree that they will willingly travel to the new world of the coin hobby, once the pathway or bridge is opened to them. There is credible evidence to suggest that bridge exists and is already filled with enthusiastic travelers.

The bridge is the 50 States circulating commemorative coin program. According to the U.S. Mint's latest survey, 139 million adult Americans say they are actively collecting the quarters, which have been issued at the rate of five per year since 1999. The 10-year program will continue through 2008. Bear in mind, the Mint's survey doesn't even attempt to identify the number of youngsters 18 years of age and younger who are engaged in collecting the quarters.

For decades leaders in the hobby worried that coin collecting was losing out to modern, fast-paced leisure interests and technology-oriented pursuits. Indeed that concern spurred the effort to convince Treasury officials to support and to petition Congress to authorize the 50 States circulating commemorative program.

If indeed the 50-State quarter program is acting as the bridge to the hobby for the newcomers so earnestly sought, there is another important question that must be asked: Is the hobby prepared to welcome these new travelers from a different world?

From our vantage point, the answer is no.

There is no doubt that the hobby in general and hobby leaders specifically are anxious to expand the hobby and the hobby marketplace. For example, the Professional Numismatists Guild and the American Numismatic Association took the lead in producing and distributing free of charge thousands of quarter boards and coin collecting kits. Yet, at traditional venues such as coin shows, there is little to help newcomers to understand and feel comfortable in the coin show environment. Coin shows/conventions in presentation and substance are virtually unchanged from five years ago. Advertising - where it exists - for coin hobby events invariably focuses on value of coins on display as oddities and curiosities rather than as opportunities where one can learn more about coins available to be collected.

Most striking of all, there have been no hobby initiatives to meet the newcomers at the beginning of the journey over the bridge - that is, in the electronic medium of television, where the casual collectors first learned about the world of coins.