FAQs About Children and Coin Collections
Is your child ready to start their first coin or bullion art bar collection? Whether you’re an avid collector already or you think coin and bullion bar collecting is an activity that your family should explore, take a look at what parents need to know about coin and art bar collecting for children.
Should Your Child Collect Coins and Bullion Bars?
There’s no universal answer to this question. If you’re not sure whether to help your child start collecting right now, wait to begin a collection, or choose another hobby, consider:
- Your child’s age.While there’s no magical age to start collecting, a very young child may not appreciate this educational and entertaining activity. A toddler or young preschooler is typically too young to understand abstract financial concepts such as coins, money, or gold, according to the U.S. Consumer Financial Protection Bureau.
- Your child’s interests. Does your child show an interest in coins or bullion art? Even though they may not know what collecting is yet, they may already spend time handling, viewing, and inspecting the coins you already keep around the house.
- Your child’s level of responsibility. Coin and bullion bar collecting requires a high level of responsibility — especially if you invest in expensive items for your child. A coin or gold collection is more than a hobby. It could potentially pay for your child’s college education. If your child can’t care for or will lose the coins, they aren’t ready yet.
If you’re still not sure whether now is the right time for your child to start their collection, talk to them about it. Even though you understand what a coin or bullion bar collection is, your child may need more information before they show interest in this activity.
Why Should Your Child Start a Collection?
You won’t find one reason to start a coin or bullion bar collection. Instead, there are a few different reasons—each of which has a separate goal. Before you invest in coins, gold, or art bars, think about why your family or your child wants to become a collector. These reasons could include:
- A collection is more than just entertainment. It’s educational, an investment, and a major responsibility. But it is also fun. If your child is looking for a new or different hobby, consider starting a collection.
- A future investment. Your child’s coin or bullion bar collection could grow in value over the years. This gives your child a concrete way to save for their future college education or other expenses they could have as an adult.
- Financial lessons. Older children and teens can learn about finances and the ups and downs on the currency market through their collection and the related activities.
- History lessons. Coins and bullion bars have more than monetary value. These collectibles also have historical and artistic value. Your child can learn about the historical significance of the coins they collect and biographical information about the artists.
The specific reasons for collecting or goals behind the collection can guide your family’s or child’s coin and bullion bar choices. If your child only wants to have fun or prefers to focus their collection around art and aesthetics, you won’t need to focus on the financial aspects. This allows your child to choose a wider array of pieces that may or may not have a high monetary value.
Where Can Your Child Find Coins?
More specifically, where should your child start their new coin and bullion bar collection? After your family selects a collection goal or you discuss your child’s reasons for collecting, you’re ready to make your first purchase.
Start with a professional. Instead of Internet searches or anonymous online purchases from general auction sites, talk to a professional who has the expertise and experience to help you make the right investments for your child.
Are you ready to start a coin collection with your child? Contact Rocky Mountain Coin for more information.
