MyCollect, a revolutionary social network designed exclusively for coin collectors, has officially launched, providing a platform that combines interactive features of the hobby and trade. Founded and operated by collectors, MyCollect aims to address the algorithm problems commonly encountered on mainstream platforms such as Facebook while offering a safe and engaging environment for collectors worldwide.
Ian Russell, the founder of MyCollect and president of GreatCollections in Irvine, California, shared some insights about the platform’s features, saying, “The website (www.mycollect.com) is free of charge and offers a wide range of functionalities. Among the notable features are competitive sets of all U.S. coin series, the option to post publicly or privately to selected friends, and TheftCheck, the most extensive and timely searchable database of stolen certified coins.”
The platform’s primary goal is to connect, interact, learn, collect, and compete in a secure environment, all while being overseen by fellow collectors. One of the standout aspects of MyCollect is its registry section, which is not limited to one certification service. Participants can add any or all of their PCGS, NGC, and CACG-certified coins to their inventories and MyCollect Sets, fostering inclusivity and convenience.
Early reviews of MyCollect have been overwhelmingly positive, with Kenny Duncan, Jr., chief numismatist at U.S. Coins and Jewelry in Houston, Texas, describing it as a “game changer” and an invaluable tool for collectors and dealers alike.
The platform’s launch on July 10, 2023, witnessed a surge in activity, with hundreds of accounts created, messages posted, and over $250 million worth of rare coins added to the MyCollect Sets section. One notable addition is the Elite Collection of Saint-Gaudens Double Eagles, which includes the world’s most valuable rare coin—a 1933 Double Eagle that sold at auction for a staggering $18.9 million.
The entry of MyCollect into the market poses a challenge for industry giants like Facebook and Instagram, who lack the essential coin and collectibles knowledge. Moreover, their algorithms have faced criticism for limiting users’ ability to view all their friends’ posts in real-time. In contrast, MyCollect is wholly owned and operated by collectors, driven by a long-term vision to promote the growth of the hobby and marketplace. The platform also has plans to expand to numerous other collectibles categories worldwide.
A vital feature of MyCollect is TheftCheck, which fulfills a longstanding need in the coin market. By entering a PCGS, NGC, or CACG certification number, users can instantly verify whether a coin has been reported stolen. The TheftCheck database is managed by former Texas Police Chief Doug Davis, founder of the Numismatic Crime Information Center. Davis will input theft reports on behalf of dealers, collectors, insurance companies, and law enforcement agencies.
In addition to its user-friendly features for collectors, MyCollect also offers application programming interfaces (APIs) for dealers and auction houses to utilize the platform’s capabilities and integrate with TheftCheck.
Russell expressed his excitement about the development process, stating, “It’s been an immense amount of fun building MyCollect with our team. We have added features that help collectors, and we will continue to expand our offerings.”
Coin enthusiasts attending the American Numismatic Association 2023 Pittsburgh World’s Fair of Money® will have the opportunity to witness live demonstrations of MyCollect at table 1200, taking place from August 8-12 in the David L. Lawrence Convention Center.
To learn more about MyCollect and its features, please visit www.mycollect.com, contact 949-679-4180, or email info@mycollect.com.
