Collectors of coins gather in East Ridge

The Camp Jordan Arena in East Ridge was a bank robber’s dream Saturday, with stacks of gold and silver coins as far as the eye could see.

About 200 dealers from across the country displayed their treasures — including first edition Mickey Mantle baseball cards, gold jewelry and pristine $1,000 bills — at the Tennessee State Numismatic Society’s annual Coin and Currency Convention. The event attracted more than 1,400 people on Friday and Saturday, said organizer Gayle Pike, and more are expected today.

“They can buy, sell and trade,” she said. “We have dealers buying scrap gold and silver and silver bullion coins, gold coins. We also have a smattering of jewelry with pieces made out of precious metals.”

For many of the coin collectors, the hobby is a family affair. Tyler Abel of Silver Towne L.P., a coin dealer based out of Indiana, said he began collecting coins as a child and was inspired by his grandfather, who started the business.

Mr. Abel said Silver Towne has been coming to the Numismatic Society’s coin show for more than 50 years and is one of the largest dealers at the convention. He said coin collecting isn’t just a hobby for him, it’s a way to make a living.

“You get to go around to a lot of places and meet a lot of people,” he said.

But as with most businesses, the state of the economy has had an effect on coin buying and selling. Craig Warren, owner of the Missouri-based shop Springfield Rare Coins, said he can see a difference in the way people shop for rare coins.

“You can tell the economy is hurt. It’s taken all of our middle-of-the-run clientele out,” Mr. Warren said. “The people that can afford to spend $1,000 to $3,000 on a coin are virtually gone.”

Although midlevel customers have dropped off somewhat, buyers looking for the more expensive, rare coins are still in the market, he said. Several of the coins in Mr. Warren’s collection are valued from $75,000 to $155,000.

He described coin collecting as “a true form of art” that also holds a historical significance. The coins mark specific points in history, and there’s no telling who could have once held them, he said.

To become a proficient coin collector “you’ve got to do your homework,” Mr. Warren said. He advised people who are interested in starting a collection to buy a book and read up on the hobby or connect with a knowledgeable dealer willing to explain the intricacies of detecting condition and rarity.

“This is the best hobby that there ever was, collecting money, because it retains its value,” Mr. Warren said. “And it not only retains its value, but continues to go up.”

That’s what Chris Davis, 32, of Chattanooga, is counting on. Attending his first coin convention Saturday, he said many of the coins available were beyond his price range, but he was hoping to find some inexpensive pieces to add to his collection of about 50 coins that he started as a teenager.

“I’ve just always been interested in old coins and collecting,” he said. “I’m not here for the high-dollar stuff, but to find interesting stuff to pass along to my kids one day.”