SD Bullion investigated the recent rise in and cultural relevance of coin collecting among younger generations despite the decline in the use of cash.
Why the age-old hobby of coin collecting is attracting Gen Z devotees
Updated
"I like coins for the aesthetics. I do not invest in cryptocurrency. I like something that you hold in your hand that other people have held in the past and bought stuff with or saved. I like the history," Rex Goldbaum, then 23 years old, told The New York Times in 2022. In an era where new technology often replaces old interests, the centuries-old hobby of coin collecting has become popular with a surprisingly young generation. SD Bullion investigated the hobby's recent rise among younger generations, including how it has remained culturally relevant even as cash use has dipped.
Collecting coins dates back to the Roman Empire, when emperor Caesar Augustus amassed them as gifts and bargaining chips in trade. The Renaissance later brought a resurgence of interest in antiquity, including "numismatics," which Merriam-Webster defines as "the study or collection of coins, tokens, and paper money…"
Since then, coins have fascinated people around the globe, spawning organizations such as the American Numismatic Society, the Royal Canadian Numismatic Association, the Royal Numismatic Society, the Israel Numismatic Society, and the Royal Numismatic Society of New Zealand, to name a few.
According to GovMint, at least 3 in 5 Americans identified as collectors in 2022; of those collectors, 17% collected coins. Through the years, there have been many reasons why people get into the hobby, and the U.S Mint endorses the activity as a way to connect with others through a shared interest, preserve key figures and moments in history, celebrate the artwork, and, of course, as an investment. Curated collections like the Smithsonian's 1.6 million-piece National Numismatic Collection—believed to be the world's largest—also provide public education about the monetary value and broader cultural significance of currency.
Younger generations are keeping the tradition alive
It is rare to whip out cash in today's increasingly digital society. In 2022, 2 out of 5 Americans reported using no cash during a typical week, according to a Pew Research Center survey. Despite this decline in cash use, coin collecting is a growing trend among younger generations. A survey by the U.K.'s Royal Mint found that Gen Z is most likely to start collecting; about 2 in 5 already have a collection and see it as an investment toward their future.
Millennials and Gen Z are driven by nostalgia and the desire to hold on to tangible objects in a world that becomes more digitally focused every day. In a video posted to his Treasure Town YouTube channel, Treasure Town Founder Christian Hartch revealed that part of the reason he came to numismatics was because of his family. "It's a hobby I've enjoyed doing with my dad and grandfather for a long time, and it's meant a lot to me," said Hartch, who launched the channel at 17. As of August 2024, it boasts 182,000 subscribers.
Those who came of age during popular runs—the Olympic Commemorative Coins, released between 1983 and 2002, or the 50 State Quarters Program that ran from 1999 to 2008—find joy in hunting down these relics.
Because of their focus on tangible objects and emphasis on social activities, coin clubs may have also become spaces where young people can buttress themselves against the epidemic of loneliness and isolation, an issue the United States Surgeon General Vivek Murthy raised an alarm about in 2023.
"Doing something that is good for your mental well-being is very important," coin collector Rowan Chetner told The Boston Globe. She characterized the Tufts Coin Club Collective, which only started as an official university club in 2023, as a "really fun and safe environment."
Clubs across the U.S. have even begun fostering a love for coin collecting in younger children. Boy Scouts of America offer a Coin Collecting Merit Badge, Girls Scouts of the USA offer a Fun with Money Council Patch, and the American Numismatic Association's Young Numismatists program has over 1,200 members between ages 5 and 18.
How technology is influencing the hobby
A recent tech infusion also makes this old-school hobby intriguing for younger generations. Many young collectors are finding their fascination with coins is turning a profit. Matthew Tavory started collecting at age 9 and began selling coins through Instagram in high school. Now, his hobby has become a full-time business selling to dealers at coin shows and on eBay, which helps him pay for college.
"People always ask me, what prevents coins from going the way of the stamps? And I tell them there are tons of young kids on Instagram. It's easy to share, it's easy to be very personal. And it's just always expanding, young people getting into it," Tavory told WLRN Public Media. Apps like LuckyCoin are also helping tech-savvy collectors buy and sell coins through eBay, as well as track their collections online.
Additionally, mints across the globe are drawing interest by creating new coins that glow in the dark, have unique colors, or can be scanned with a mobile phone to reveal more information. Non-fungible tokens, or NFTs, even make collecting entirely virtual, with unique digital coins that can be bought and traded just like real currency.
Which coins give the most bang for your buck?
Not all coins are created equal. Factors like rarity, condition, and demand can significantly impact their value. Unique coins, like commemorative editions and those with minting errors, can become quite valuable over time.
Those unfamiliar with the hobby might be surprised to learn that older coins can be worth hundreds of thousands, if not millions, of dollars. For example, the series of silver Nova Constellatio patterns, designed as proofs in 1783, is valued from $900,000 to nearly $2 million each. The most valuable of the "Jefferson cents"—copper coins produced from 1793 to 1796—are worth up to $576,000. But the most expensive coin ever sold? A 1933 Double Eagle, which brought $18.9 million at a 2021 auction.
Age alone does not determine value, though. Less than a century old, the 1944 Steel Wheat is arguably the most valuable penny in 2024, estimated at $408,000. The 2000-P Sacagawea Dollar—called the "Wounded Eagle" for the misprint that looks like a scratch through the bird's body—is one of the most valuable coins still in circulation, selling for up to $7,200.
In 2023, the global coin collecting industry was valued at an astounding $18.1 billion, according to Transparency Market Research. If growth continues on this trajectory, it is expected to reach nearly $44 billion over the next decade. With this potential for continued growth, both in popularity and financial payoff, it appears young numismatists have selected a lucrative hobby for years to come.
Story editing by Carren Jao. Additional editing by Kelly Glass. Copy editing by Paris Close.
This story originally appeared on SD Bullion and was produced and distributed in partnership with Stacker Studio.
Originally published on sdbullion.com, part of the BLOX Digital Content Exchange.
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