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What is the use of collecting coins?

General
PUBLISHED: April 13, 2020

The currencies are of two forms such as banknotes and coins. The coins will be in the rotation. It transfers from one person to the other person. The RBI will produce various types of coins. After a period of time, the government will stop manufacturing the old coins and releases the new coins. This works as a complete cycle. Some people will collect all the old coins as a hobby and some may collect it to earn some money. The people will collect the old coins and sell them to some particular banks or markets to get profit. The person who collects different types of coins is known as coin collectors.These people are also called as numismatics. Some bullion coins made of copper, silver or gold. If the coin contains some precious metal content, then the coin will have the value of the metal. This is called the coin’s intrinsic value. The value of a coin is completely based on the type of metal.

 

Coins

collection of old coins

 

The coins are made up of metal or plastic and it depends on the country. The coins or medals have two flat faces in it and they are disc-shaped. They also often have images and numbers or text on both sides of the coin. The counterpart of a coin is commonly called the heads because it contains the head of the outstanding person and another side contains the tails. Initially, coins were used as the medium of exchange. Mostly they are issued by the government and also by some private banks. Many people may have some interest in collecting various coins. 

 

Therefore, the coin collectors will have a proud feeling of collecting a huge number of various coins. They happily show their collection to their friend and family members. And also enjoys the profit by selling the old coins.

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