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Coin collecting is the collecting of coins or other forms of minted legal tender.

Coins of interest to collectors often include those that circulated for only a brief time, coins with mint errors and especially beautiful or historically significant pieces. Coin collecting can be differentiated from numismatics in that the latter is the systematic study of currency. Though closely related, the two disciplines are not necessarily the same. A numismatist may or may not be a coin collector, and vice versa.

History
People have hoarded coins for their bullion value for as long as coins have been minted. However, the collection of coins for their artistic value was a later development. Evidence from the archaeological and historical record of Ancient Rome and medieval Mesopotamia indicates that coins were collected and catalogued by scholars and state treasuries. It also seems probable that individual citizens collected old, exotic or commemorative coins as an affordable, portable form of art. According to Suetonius in his De vita Caesarum (The Lives of the Twelve Caesars), written in the first century CE, the emperor Augustus sometimes presented old and exotic coins to friends and courtiers during festivals and other special occasions.

Contemporary coin collecting and appreciation began around the fourteenth century. During the Renaissance, it became a fad among some members of the privileged classes, especially kings and queens. The Italian scholar and poet Petrarch is credited with being the pursuit's first and most famous aficionado. Following his lead, many European kings, princes, and other nobility kept collections of ancient coins. Some notable collectors were Pope Boniface VIII, Emperor Maximilian I of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Henry IV of France and Elector Joachim II of Brandenburg, who started the Berlin Coin Cabinet (German: Münzkabinett Berlin). Perhaps because only the very wealthy could afford the pursuit, in Renaissance times coin collecting became known as the "Hobby of Kings."

During the 17th and 18th centuries coin collecting remained a pursuit of the well-to-do. But rational, Enlightenment thinking led to a more systematic approach to accumulation and study. Numismatics as an academic discipline emerged in these centuries at the same time as coin collecting became a leisure pursuit of a growing middle class, eager to prove their wealth and sophistication. During the 19th and 20th centuries, coin collecting increased further in popularity. The market for coins expanded to include not only antique coins, but foreign or otherwise exotic currency. Coin shows, trade associations, and regulatory bodies emerged during these decades. The first international convention for coin collectors was held 15–18 August 1962, in Detroit, Michigan, and was sponsored by the American Numismatic Association and the Royal Canadian Numismatic Association. Attendance was estimated at 40,000.  As one of the oldest and most popular world pastimes, coin collecting is now often referred to as the "King of Hobbies".

Collector types
Casual coin collectors often begin the hobby by saving notable coins found by chance. These coins may be pocket change left from an international trip or an old coin found in circulation.

Usually, if the enthusiasm of the novice increases over time, random coins found in circulation are not enough to satisfy their interest. The hobbyist may then trade coins in a coin club or buy coins from dealers or mints. Their collection then takes on a more specific focus.

Some enthusiasts become generalists and accumulate a few examples from a broad variety of historical or geographically significant coins. Given enough resources, this can result in a vast collection. King Farouk of Egypt was a generalist with a collection famous for its scope and variety.

Most collectors decide to focus their financial resources on a narrower, specialist interest. Some collectors focus on coins of a certain nation or historic period. Some collect coins by themes (or 'subjects') that are featured on the artwork displayed on the coin. Others will seek error coins. Still others might focus on exonumia such as medals, tokens or challenge coins. For example, John Yarwood of Melbourne is the first person to take a serious interest in British military money (especially tokens).

Some collectors are completists and seek an example of every type of coin within a certain category. Perhaps the most famous of these is Louis Eliasberg, the only collector thus far to assemble a complete set of known coins of the United States.

Coin collecting can become a competitive activity, as prompted by the recent emergence of PCGS (Professional Coin Grading Service) and NGC (Numismatic Guarantee Corporation) Registry Sets. Registry Sets are private collections of coins verified for ownership and quality by numismatic grading services. The grading services assess collections, seal the coins in clear plastic holders, then register and publish the results. This can lead to very high prices as dedicated collectors compete for the very best specimens of, for example, each date and mint mark combination.

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Exonumia are numismatic items (such as tokens, medals, or scrip) other than coins and paper money. This includes "Good For" tokens, badges, counterstamped coins, elongated coins, encased coins, souvenir medallions, tags, wooden nickels and other similar items. It is related to numismatics (concerned with coins which have been legal tender), and many coin collectors are also exonumists.

Besides the above strict definition, others extend it to include non-coins which may or may not be legal tenders such as cheques, credit cards and similar paper. These can also be considered notaphily or scripophily.

Etymology
The noun exonumia is derived from two classical roots: exo, meaning "out-of" in Greek, and nummus, meaning "coin" in Latin (from Greek ??????? - noummos, "coin"); thus, "out[side]-of-[the category]coins". Usually, the term "exonumia" is applied to these objects in the United States, while the equivalent British term is paranumismatica.

The words exonumist and exonumia were coined in July 1960 by Russell Rulau, a recognized authority and author on the subject, and accepted by Webster's dictionary in 1965.

Forms of exonumia: tokens and medals
Chronologically, in the United States many Exonumia items were used as currency when actual money was not easily available in the economy. A notable exception to this definition are Medals, which were generally not used as currency or exchange. See the 'for clarification' section below for distinctions between various branches of exonumia. Tokens were used both to advertise and to facilitate commerce.

Token authority Russell Rulau offers a broad definition for exonumia, and lines between categories can be fuzzy. For example, an advertising token may also be considered a medal. Good For tokens may also advertise. Counterstamped coins have been called “little billboards.” Strictly, exonumia is anything not a governmental issue coin. This could almost mean anything coin-like.

The English term "Para-numismatica", or alongside currency, appears more limiting, hinting that tokens must have some sort of “value” or monetary usage. One definition of Para-numismatica is anything coin-like but not a coin. In America this is not the accepted usage. Rulau's 1040 page tome, UNITED STATES TOKENS: 1700-1900 includes many tokens without any monetary value depicted on the token. While he included many items, some types of exonumia were not included just so the book would not get any bigger.

The following groupings of categories are continually expanding. One way of parsing tokens is into these three general categories:

Has a ‘value,’ facilitating commerce, such as Good For Something.
Commemoration, remembrance, dedication, or the like, for some person, place, idea or event.
Of a personal nature.
Typically catalogs of tokens are organized by location, time period and/or type of item. Historically the need for tokens grew out of the need for currency. In America some tokens legally circulated alongside or instead of currency up until recently. Hard Times Tokens and Civil War Tokens each were the size of the contemporary cent. Afterwards, value based items, such as Good For (amount of money), Good For one quart of Milk, Good For one beer, Good For one ride… and others were specifically linked to commerce of the store or place of issue.

For clarity, Exonumia are actual numismatic items, (other than government coins or paper money) which can be studied or collected.

Numismatic = Coins, Paper Money, Exonumia, (Numismatist)
Exonumia = Tokens, Medals, Badges, Ribbons, Etc. (Exonumist)
Notaphily = Paper Money, (Notaphile/Notaphiliac).
Scripophily = Stock certificates, (Scripophilist, Scripophilac)
Medals have a clear distinction from tokens in that there is no monetary value on the item, nor any intent to be used as money. (Medalists)

Exonumists are attentive to not only the history behind the items but the shapes, and what types of items they are.