A coin collector and a numismatist may be the same person. But they also may be quite different. A coin collector may take a casual approach to collecting, for example maybe they want to collect the complete collection of lunar coins. Whereas a numismatist takes a more serious approach and may even be a career numismatist.
Numismatists hold a vast knowledge about coins and other currencies, tokens, and medals. They may specialize in a specific era or coinage. For example, they may specialize in ancient European coins or early American currency. They may act as consultants to serious collectors or other numismatists.
What Does a Numismatist Do?
At the time of publishing, June 2024, we happened to be looking to hire a numismatist. While particular to APMEX, our job description does provide a good overall description of what a professional numismatist may be required to do.
“A day in the life of a Numismatist with APMEX…
- Evaluating a wide range of numismatic, semi-numismatic, and bullion products daily. This includes determining how to maximize our return on investment, which entails: grading, wholesaling, auctions, or being loaded directly into the system.
- Managing the life cycle of products from the evaluation process until the item is sold.
- Sourcing new inventory either by utilizing existing coin dealer relationships and/or by establishing new relationships.
- Researching new items to sell.
- Curating products as needed using approved curation methods.
- Maintaining professional and technical knowledge by attending educational workshops, reviewing professional publications, establishing personal networks, and participating in professional societies.
- Attending coin shows to buy and sell inventory and to cultivate relationships with other dealers.
- Understands and is proficient in the grading of coins, paper money, tokens, and medals.”
Numismatists require ongoing education, skill, and most importantly most have a love and passion for their work. In fact, many numismatists start out as coin collectors.
Types of Numismatists:
Exonumia: The study of coins, tokens, and metals.
Notaphily: The study of paper money.
Scripophily: The study of shares, bonds, and certificates.
What Does a Coin Collector Do?
A coin collector collects coins or related products but may not have a formal education or work experience in numismatics. There are many types of coin collectors. Some may collect as a hobby and others are serious about trying to gain a profit from selling their coins or currencies.
Types of Coin Collectors:
- Collects Coins for Melt Value: This type of collector buys coins simply for their potential melt value. They may buy items such as junk silver. They may also be the type to buy rolls of quarters from their bank in hopes of finding silver.
- The “Thrill of the Hunt” Collector: A classic collector who enjoys the search for specific coins at coin shows, auctions, and estate sales. They may not “hunt” online as much as younger coin collectors.
- Profit Seekers: Some do not collect because they admire the beauty of a coin. They are looking for a good deal that they believe they can turn a profit on. They may even be savvy investors who hold the coins until the optimal time to sell.
- Purists: The collectors are looking for perfect specimens. They most likely would want to buy in person so they can see the coin they are interested in. Cost is not a concern to them.
- Investors: Coin collectors who collect large volumes of coins use gold and silver to hedge against inflation and store wealth. They may collect popular coins like Gold and Silver American Eagles.
- Historians: Some spend much of their life trying to collect a complete collection to eventually be donated to a museum. This type of collector may also publish information about their observations and interests regarding the coins.
- Pop Culture Collectors: This is a fairly new field in coin collecting. These collectors collect coins that celebrate their areas of interest such as movies, music, games, or television shows. In most cases they are more interested in collecting than selling.
- Stackers: Stackers collect large volumes of coins as an investment vehicle. They are looking for low premiums and try to purchase as much as they can afford
- Eye Appeal Shoppers: Coin can be beautiful works of art. This type of collector appreciates that and may choose to purchase coins or bars solely on appearance and perceived value. They may be the type to give coins as gifts.
This is a brief list of coin collectors. There are many types and almost everyone can find an area in coin collecting that they may be interested in. If you are an avid collector, advancing to being a numismatist may be a rewarding path for you.
