Coins in the Age of Technology

Posted by Derek Sawchenko on

Seated Liberty Half Dollar, Gold Indian Eagle, Capped Bust half dollar depicted. The image reads: eBay.

The growth of technology has had a major impact on society, including the business of coins. In particular, the age of the internet has transformed the way that coins are bought and sold. Whereas in older days, collectors had to visit local coin shops and coins shows to make a purchase, nowadays all it takes is a few clicks of the mouse. 

This may seem like a major change to the business of coins. However, the only real difference comes in the way that coins are exchanged. For example, coin auctions are often no longer held in-person. Rather, they are held online where collectors can place their bids electronically. The rise of E-Bay and other auction sites have helped facilitate this change.

Perhaps the most significant difference from the past is the constant availability of coins online. Collectors can now place a bid 24/7 for all types of rare coins that would have normally required going to an auction. This has vastly simplified and accelerated the process of buying and selling coins.

The rise of auction sites have also reestablished the business of "vest pocket" dealers. These coin dealers put a small selection of coins on the market. This allows them to maintain their day jobs while trading coins on the side. The convenience of sites such as E-bay make this kind of trading possible.

Although the internet has afforded the coin business with great ease and convenience, something remains to be said about the trading of coins in-person. There is nothing quite like attending coin auctions and getting to meet others who share the same passion for coins. In this age of technology, perhaps it is best to make the best of both worlds.

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