HOBBY IS THRIVING, IF YOU KNOW WHERE TO LOOK

The Newman Numismatic Portal is a super favorable influence. It is also a game changer. The building of significant numismatic libraries in order to own research material for study will diminish. I probably have city directories, history books, State Papers, sets of Harper’s, Ballou’s, and other periodicals, and general texts, not numismatic but of importance for me in studying finance, politics, and more, that cost me over $100,000. If sold today the value would probably be a fraction of that.

Sea changes are not new. Years ago there were thousands of coin shops in America. Today, relatively few remain. Years ago when we held a major sale it was in a large room filled with many rows of chairs. Often we would have to call for more chairs, and sometime there would be standing room only. Today a great sale can be held with just a handful of people in the gallery, but with thousands of bidders worldwide watching on their computer screens.

Many coin conventions are now replaced by buying, selling, and chatting on the Internet.

Modern communications and access to information have made it possible for many more people to become deeply interested in numismatics. Today in 2016 there are more serious students, researchers, and writers than ever before. Ken Bressett will remember in the 1950s when we started the Rittenhouse Society there were hardly a dozen names we could think of to invite to join! Today in reading the journals of specialized societies I see dozens of potential candidates! Amazing.

Among all of this I still enjoy numismatics every bit as much as I did when I was a kid.

In the recent issues of Numismatic News, there have been many articles expressing views of the state of the coin collecting hobby. All have been depressing, to say the least. Comments range from the need to mentor young collectors to sustain collecting, to the hobby is on its death bed. I guess this is an easy conclusion to come to when you go to a coin show and see what looks to be a gathering of 45-70 year-old men, shuffling around tables like it’s the early bird special at the local Country Buffet. The fact is, in my opinion, that the optics portrayed at your local coin store and yearly coin shows do not reflect the true demographics of numismatics in the 21st century.

Social media
If you want to find where your average Millennial spends a ton of free time, look no further than their mobile device and social media. It has become a part of everyday life, on equal footing as putting one’s shoes on. I am 34 years old, and I find myself checking Facebook and Instagram multiple times a day to keep up with friends and family.

One day it struck me, I wonder if there are any coin-related accounts on Instagram that would be interesting to check out. I was stunned to say the least. I found thousands of accounts relating to numismatics and precious metals, and they were all run by young people. I instantly made an account of my own. I quickly realized that at the age of 34, I was one of the eldest amongst the group, and some of these guys had some very nice coins. It was amazing to see the passion and knowledge portrayed by these 15-25 year-old collectors, and this grew the passion I held for the hobby exponentially.

If you were looking for a certain Jefferson war nickel in MS-67 graded by NGC, just make a post and there will be numerous people competing for the sale or trade. Along with showing off your favorite items in your collection, it’s a true marketplace for growing your portfolio of awesome coins.

I quickly realized that in the digital age, this is where the youth of the hobby is, and it is thriving!

eBay
Like I said earlier, coin shows and local coin stores have become relics in the minds of Millennials. As with many industries, brick-and-mortar stores are quickly becoming obsolete in the age of the Internet. This is no different with the hobby of collecting coins.

And on Internet sites such as eBay, numismatic items are being sold by the tens of thousands each week. All one has to do is a quick search for any denomination of coin out there. Morgan dollar: 127,000 search results. Lincoln cent: 89,000 search results. If the hobby is dying out with the younger generation, who is posting all these coins for sale? Grandpa? Could be, but I think not.

My point is, the next time you see an article about how coin collecting is going the way of the dinosaurs, remember that there are other mediums out there other than coin shows and stores where items can be attained. Young people will always find new ways to interact with others who share their same interest. And with the electronic age in full swing, it’s easier than ever to find an online forum or marketplace to discuss and sell numismatics.