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OPINION - Physical coins aren't as wanted as dollars, and many average people do not see the value in keeping these coins. They see the convenience of carrying lightweight dollars, charging everything on their credit cards, or using their checking account to pay for goods and services. Don't get me wrong, paying in cash or a card is convenient, but sometimes unable to get coins back, or you forget your change, and it gets lost in the couches or crevices of your car's interior. Coins are valuable, and the saying "You never know what you got till it's gone" fits very well when you realize that your modest penny could be worth a few dollars, maybe even hundreds or thousands!
Coin Collecting For Prosperity
I've begun collecting more of the coins I receive from the store for the difference in purchased items. What got me started was the United States 1904 Indian Head Cent that I found in my pocket change. A modestly lucky find I found out could be worth around $30 - $70 at its current quality.
Coin collecting is quickly becoming my favorite hobby, but many other collectors take collecting coins very seriously due to their importance in history. Some coins may have historical meaning to them. Perhaps, people may have a subjective attraction to a specific coinage. Some collectors seek out errors on a coin, or the composition of the coin is of uncommon metals that drastically increase their value (such as a steel penny or silver quarter).
You'd be surprised to see how much that penny you found on the ground the other day is worth. If the coins have recently been minted and are not so scarce, they may not be so valuable, but that does not mean you should use them for candy.
Here are some key reasons to keep your coins:
- History Knowledge: Coins have some history behind them. Some coins may be commemorative coins, or they could be coins used as currency. Some coins have a very intriguing past that is worth learning about.
- Accumulating Metals: Some people may use coins as a form of wealth accumulation by acquiring coins according to their melt value or composition, for example, having a collection of silver coins.
- Generating Wealth: Like pieces of fine art or prized possessions, coinage can act as a form of long-term wealth generation. Older and rarer coins are worth more and may be worth more.