Rare coin collection is a hobby for many people. While some people may consider the task tedious, those who understand the rare coin’s value dig deeper to find the treasure. However, if you are new to coin collection, you have to be keen on what you collect; there are counterfeit coins in the market.
Some experts advise that one must be sure of their goals before entering a rare coin collection; is it a hobby or an investment. Here are some benefits of collecting rare coins such as buffalo nickel.
It Is a Way to Make Money
One secret behind collecting rare coins like Buffalo Nickel is that it is a form of investment. If you collect the rare coins for some time and then decide to quit, you can get all your assets back, which is rare with other forms of investment. Rare coin prices shift with those of metals; however, the highest chances are the metal prices going high and rare coin prices. The rise in prices allows you to sell your coins for more.
A Fulfilling Challenge
Some individuals celebrate the challenge of finding the “perfect” rare coin. If you have the money, you can buy any coin you desire, but finding the exact coin you are looking for is the challenge. Today’s most collectors are modern treasure hunters, which means going the extra mile to find the old-fashioned rare coin is a challenge worth facing.
It Is Educational
You understand that every rare coin has a story to tell. Although you may not appreciate this fact from the start, as you immerse yourself into rare coin collections, you realize how much there is to learn about coins. Studying coins like buffalo nickel and their backgrounds can land you amazing discoveries about culture, politics, history, and society.
Pass to Generations
The present-day coin and paper money in circulation may not be there soon when today’s kids become adults. Many people are now buying new coins from mints and banks, hoping they will rise in value and benefit their future generations.
While mints no longer use the same quality metal as before to make coins, other factors determine the value of a coin. It may not make them filthy rich, but your effort can be a worthwhile investment for your future generations.
The History of Buffalo Nickel
Buffalo nickel was a design of James Earle Fraser in 1912. The five-cent coin was the Mint’s effort in beautifying American coinage. The coin has a native American portrait and a buffalo on either side.
President Theodore Roosevelt wanted a redesign of as many coins as possible by law in 1904. Saint Gaudens came up with two designs before his death in 1909, after which other sculptors took over the task. Abram Andrew, the mint director, was interested in James Earle Fraser’s designs and helped him adapt the one-cent coin to a five-cent coin design, the buffalo nickel.
February 22, 1913, saw the striking first buffalo nickels. The coins came into limited circulation unofficially and were officially introduced on March 4, 1913.
In 1937, a Denver mint worker tried polishing buffalo nickel to remove clash marks but removed one leg from the buffalo. The mistake went unnoticed until thousands of coins with a three-legged buffalo went into circulation.
After the lawful twenty-five years of circulation, the Mint announced a competition for redesigning the buffalo nickel. Jefferson nickel came into circulation from 1938 as buffalo nickel successor.
The Bottom Line
Rare coin collection is a challenge worth facing. Other than the investment benefits, the educational use like the history is worth the price.