A Brief History of Coin Collecting

For more than two decades, Loren Wesley Vankirk has led Vankirk Electric as CEO and owner. Under his supervision, the electrical construction company grew from $5 million in revenue to more than $50 million and expanded its market share to cover more of the continental United States. Outside of his work, Loren Wesley Vankirk maintains an extensive coin collection.

Although coins have existed since about 650 BC, coin collecting is believed to have started during the rule of Caesar Augustus between 27 BC and AD 14. While many people hoarded coins to gain wealth, Augustus is the first known person who collected foreign coins and old coins and gave them to his friends on special occasions. 

Archeologists have also found coins from Roman times in different countries, including Switzerland. Since these groups of coins do not contain two of the same type of coin, they are believed to be early collections. From ancient times through the Renaissance, coin collecting was known as the “hobby of kings” and was primarily enjoyed by nobility in Europe. 

By the 17th century, coin collecting had become more academic, and numismatics was elevated to a science. In the 1800s, multiple coin organizations, including the American Numismatic Society, were founded, and handbooks were published for collectors. In the 20th century, coin shows and conventions began as the general public became increasingly interested and involved in coin collecting.