What happens with Coin collectors and people into Numismatics?

[Elwar]

Nothing !!! CryptoCurrencies are NOT going to wipe out Physical Coins/Legal Tender. Just like The Internet has not wiped out NewsPaper/Books Publishers. Both will co-exist.

http://www.thelocal.se/20141012/sweden-close-to-being-cashless-society-report

Some countries will be cashless soon enough. Not just from cryptocurrencies.

[galbros]

Actually I think crypto currencies are good for numismatics.  While coins are in decline, that is true today as well with electronic payments, and that does not mean that there will be a corresponding decline in coin collecting. 

Plus crypto solves a big problem for coin collectors, how to pay for coins.  Sites like amagimetals gives crypto the same discount they give cash.  That's nice as crypto is a lot less of a pain than a bank wire.

[The Sceptical Chymist]

What are you talking about?....Not expensive...hmf. 

The economic cost per year, for paper and minted coins is USD$ 28 Billion, compared to the Bitcoin mining cost of USD$ 0.78 Billion.
Source :  http://www.coindesk.com/microscope-conclusions-costs-bitcoin/

More detailed -- Here --> http://www.coindesk.com/microscope-real-costs-dollar/

If Bitcoin replace fiat... generations after us, will not be able to collect physical coins.
[/quote]

I assume you know what seniorage is, and that's what I meant.  I wasn't talking about the actual dollar amount it costs to mint a coin, but the difference between the face value of a coin and the cost to mint the same coin.  All coins other than the US penny and nickel make the government money.

[tins]

I was just thinking about this today...

There are so many people employed in Numismatics. { http://en.wikipedia.org/wiki/Numismatics } and we also have many hobbyists, who collects coins.

When digital currencies take over from physical fiat currencies... {eventually they will... minting is just too expensive} ... What will these industries do?

How do they adapt?

There are other industries like this, who are going the same route ...example being the printing press... and Digital media.

It is kind of sad, to think about the legacy of these fiat currencies and what the new technology might be destroying. 

Numismatics collect for the beauty, history, uniqueness, etc. of various coins and currency notes. Neither will have any long lasting effect on the other (outside of retail sales).

[Kprawn]

Nothing !!! CryptoCurrencies are NOT going to wipe out Physical Coins/Legal Tender. Just like The Internet has not wiped out NewsPaper/Books Publishers. Both will co-exist.

http://www.thelocal.se/20141012/sweden-close-to-being-cashless-society-report

Some countries will be cashless soon enough. Not just from cryptocurrencies.

Would people trust the banking sector to fully rely on debit and credit card payments? { I would never do that, because the security for those technologies is flawed to say the least}

The other reason, why I would never trust ANY electronic payment method is simple.... These devices are glorified toasters... they fail when you need them the most.

That being said, I still think physical currencies should be retained as a "Offline" payment method. { People should still have a choice and a plan B, when digital payment methods fail } 

[player01]

That has already happened in all but the most rare base metal coins.

I assume you know what seniorage is, and that's what I meant.  I wasn't talking about the actual dollar amount it costs to mint a coin, but the difference between the face value of a coin and the cost to mint the same coin.  All coins other than the US penny and nickel make the government money.

Again the coin collectors will just shift to Precious metals like silver and gold.

[pitham1]

Philatelists (stamp collectors) are still around, although email has pretty much wiped out snail mail.
Numismatists will also be around, when Bitcoin is dominant. I don't see fiat getting wiped out.

[Kprawn]

Philatelists (stamp collectors) are still around, although email has pretty much wiped out snail mail.
Numismatists will also be around, when Bitcoin is dominant. I don't see fiat getting wiped out.

It's already a very small industry, and a sudden shift to digital currency, could destroy it. As a young kid, I was a active collector of old coins and I enjoyed collecting foreign currency too.

I still have most of my collection, but almost all my friends stopped collecting at a early stage. {The boyfriend/girlfriend stage.. and then husband/wife stage}

I am saying, it would be sad, to see such a interresting industry, fade away into obscurity. 

[crazyivan]

I m not sure this is applicable. If you do not have a physical coin, people are not going to collect it as a hobby.

[tins]

Philatelists (stamp collectors) are still around, although email has pretty much wiped out snail mail.
Numismatists will also be around, when Bitcoin is dominant. I don't see fiat getting wiped out.

It's already a very small industry, and a sudden shift to digital currency, could destroy it. As a young kid, I was a active collector of old coins and I enjoyed collecting foreign currency too.

I still have most of my collection, but almost all my friends stopped collecting at a early stage. {The boyfriend/girlfriend stage.. and then husband/wife stage}

I am saying, it would be sad, to see such a interresting industry, fade away into obscurity. 

Numismatics are more popular than ever.  The hobby is more active than ever in history. It is collecting art and history at the same time. I can't see this growing trend and popularity of coin collecting plateauing, much less decreasing, given the world population is increasing faster than ever.
Rare, unique, and mint state coins will continue setting records in their desirability and monetary value for centuries to come.

[louise123]

I was just thinking about this today...

There are so many people employed in Numismatics. { http://en.wikipedia.org/wiki/Numismatics } and we also have many hobbyists, who collects coins.

When digital currencies take over from physical fiat currencies... {eventually they will... minting is just too expensive} ... What will these industries do?

How do they adapt?

There are other industries like this, who are going the same route ...example being the printing press... and Digital media.

It is kind of sad, to think about the legacy of these fiat currencies and what the new technology might be destroying. 

Here is what I see happening:
They get filthy rich.

Why?
Because physical coins/currency will be a thing of the past, much like antiques or rare collectible items.
So their price will go sky high.