I have a craze for collecting and keeping old coins and notes. The intention was to just collect and keep and check them back after several years. That's how I started collecting coins, notes, and stamps at a young age. A few days back I read an article about how old things become more valuable. Especially old notes and coins that can earn you so much money. Looks like there is a huge demand and market for this. I never knew about this in the past. Just that when I started reading about this recently it was more and more interesting. I found out how people earn a decent amount of money by selling old stuff. It was really mind-blowing. This also explains why people are fond of collecting old coins and currencies.
People are always clever and especially when it comes to money, they somehow find ways to make money with different techniques. It is all based in their interest, demand, and supply. If someone has a hobby to collect old coins and old currency notes, they will always be looking for a unique antique piece to purchase. They would also be willing to pay so much price to get that. That's how the demand is created and if the supply is less then the value becomes very high. I have seen my rich friends who wanted to have some coins for almost any price. I think that's how this market gets demand.
How do old things get their value?
As I mentioned in the previous paragraph, it is all because of the hobbies of people. Some people are fond of collecting old things. After a certain period of time, some of the old items become antique pieces and value pumps. Especially if it is a limited edition or limited in supply, people bid on that and somehow try to get it. If we take coins, when there is a special occasion, the government used to issue coins with some special prints on them. Some leaders might be on one side and another side will have the denomination value. The supply of such coins will also be very less and we would be very lucky if we get such coins.
I once used to collect such coins and I'm glad I have some of those coins with me. I don't know how much I can sell them but I personally feel that this is how the demand increases and people who would like to have a collection of such antique and unique pieces would pay any price for the same. Imagine Ambani has such a hobby and he is ready to pay any price for some rare coins. This hobby can become a great opportunity for us to get rich.
This can also happen in the crypto world
Not just the real-world currencies but this concept can be a great thing in the crypto world as well. There are items in the crypto world that are tagged as NFT and people also make it a limited edition NFT. In such cases when people want to have such NFTs for the sake of pride, the value of the NFTs can increase. They may or may not have a real-world use case but it is a great business and people try to make a lot of money from such limited edition things and especially some old things.
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When I was younger, I too was obsessed with collecting coins and stamps of different countries. I had grown quite a formidable collection and I am pretty sure I lost all of it when shifting our house 🤦♂ Was never too fussed about it, but now I am starting to regret losing all my "riches" LOL!
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It's a possible way of doing things and things change over time. At some point, I wouldn't be surprised to see coins get phased out of society and everything goes digital so those coins can be a part of history.
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That's an interesting concept. We all know about the antique value of currencies. But I never thought the same about nft or crypto in general.