Numismatics, in fact, has been described as the ‘hobby of kings’. The Royal Numismatic Society was founded in 1836. It also published a journal that became the Numismatic Chronicle.
The American Numismatic Society was established in 1858. It began publishing its own journal, the American Journal of Numismatics. Post World War II, Germany flagged off a project, which had takers in other countries as well, to register all coins found in Germany. Coins were seen more as archaeological objects in fact.
In the US, a coin cabinet was formed in 1838 by the US mint when chief coiner, Adam Eckfeldt donated his personal collection of coins. In modern times, numismatics studies the coins of the mid 17th to the 21st century. It is more out of a personal interest than for historical research purposes. King Farouk I of Egypt was an avid collector of coins but he was not a scholar who studied them like actual numismatists do. There are also coin dealers who grade coins for commercial purposes as well as scholar numismatists. Expert numismatists offer their services to historians, museum curators and archaeologists.