Start by creating a unique collision Channel for the Item object's collision primitive. This is under Settings | Project Settings | Collision:
Once there, create a new Object Channel by going to New Object Channel....
Name the new Object Channel Item and set the Default Response to Overlap. Afterwards, hit the Accept button:
Take your Item actor and select the primitive component on it that is used to intersect for pickup with the player avatar. From the Details tab, go to the Collision section and under Collision Presets ...
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