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A coin collector is also called a numismatist. In its most technical sense, a numismatist is a person who collects and studies coins and currencies including tokens, medallions, and paper money. Therefore, a numismatist may refer to a plain hobbyist or collector, coin dealer, or even a scholar who uses coins as a source in his study of history, sociology, etc.
According to the history of coin collecting, the first known coin collector was Caesar Augustus – the first Roman emperor. He collected old and foreign coins which he gave as gifts to his friends and visitors during special occasions and festivities.
Even in the medieval ages, collectors of coins also came from the royal family and nobility such as kings and popes.
Today, almost everyone can be a numismatist; even parents encourage coin collecting for kids. The emergence of various coin collector clubs and organizations and the active numismatic market are just few proofs that coin collecting hobby continues to grow.
Types of coin collectors
1.) Coin collector
Coin collectors can be a plain hobbyist or a professional coin collector. They are most interested about the historical significance, sentimental value, and artistic appeal of the coin. They may be aware of the money-making potential of their coin collection but it is not their top priority.
2.) Coin investors
Coin investors are very much concerned with the business side of numismatics. Aside from collecting, purchasing, selling, and trading coins; they are also keen on the trend of the coin market including the impact of the economy to the business.
3.) Commercial buyers
These coin collectors go after the bullion or melt value of coins above everything. They sell and collect bullion coins (e.g. silver coins, gold coins) which will be melted and be made as jewelry among other commercial purposes.
4.) Coin inheritors
Coin inheritors are individuals who possess coins that they just inherited or received usually from numismatist ancestors, relatives, friends, etc. Some inheritors may or may not choose to grow their collection of coins: they may decide on passing the coins to their loved ones as an heirloom or donating the pieces to coin museums.
5.) Coin hoarders
Hoarders or accumulators collect coins haphazardly so they possess a great number of unsorted coins. A coin hoarder is attracted to the coin collecting hobby but his purpose of involvement is indistinctly defined.