Coin Collecting - What Types Are There
Coin collecting as a hobby is enjoyed by thousands of people today and the numbers are growing. This wasn't the case just prior to 1999. Coin collecting as a hobby had been on the decline since the mid-1960s when the composition of US coins changed from having silver content to being composed entirely of base metal. It became increasing harder to find old coins in pocket change so interest waned over time. The 50 State Quarters Program began in 1999 with the issuing of the first of the State Quarters, honoring the state of Delaware. The 50 State Quarters Program is credited with placing the spotlight back on coin collecting and single-handedly starting a grassroots comeback for the now popular hobby.
The reasons for collecting coins are as varied and diverse as the collectors themselves. For example, some collect coin sets that coincide with the birth year of their children or grandchildren, with the intent of giving the collection to the child at a much later date. Then there are those who collect coins with the idea of cashing in once the set has increased significantly in value. They would like to mirror the success of the late Louis E. Eliasberg Sr., who managed to complete his date-and-mint collection of US coins. After his death, his estate sold his collection for an over all total of $44 million.
Perhaps the most common place to start is with date-and-mint collecting. For example, you would collect a Lincoln cent from every year it has been minted and you would collect a coin from every mint that produced it that year. This type of collecting is very popular and because of the availability of coin albums, it is quite easy to get started.
Another popular type of collecting is by coin type. Instead of collecting every year and mintmark you would collect one coin from a series from one mint. For example, you would collect one coin from every series produced by a certain mint for the years 1900 - 1910. Your collection would consist of one Lincoln cent, one Buffalo nickel, one Washington quarter and so on. This type of collecting can be less expensive than date-and-mint collecting. Most collectors use the savings advantage to purchase higher-grade coins than they could have afforded collecting date-and-mint sets.
A very popular type of coin to collect is the mint error coin. Instead of looking for the rare coin in un-circulated condition this collector looks for coins that have been minted with a blemish or error. Some of the more popular errors are double die, date-over-date, mules and coins struck using the wrong metal. The wrong metal coin refers to the 1943 "copper penny" that wasn’t supposed to exist. In 1943, because of the war, pennies were made from zinc-coated steel to save copper. Somehow a few coins were accidentally produced using the old bronze coin blanks and they found there way into circulation. It wasn't until years later that the coin-collecting world became aware of their existence. Many a coin-collecting hobbyist still hopes to find one of these valuable minting errors unknowingly hidden away somewhere.
The reasons for collecting coins are as varied and diverse as the collectors themselves. For example, some collect coin sets that coincide with the birth year of their children or grandchildren, with the intent of giving the collection to the child at a much later date. Then there are those who collect coins with the idea of cashing in once the set has increased significantly in value. They would like to mirror the success of the late Louis E. Eliasberg Sr., who managed to complete his date-and-mint collection of US coins. After his death, his estate sold his collection for an over all total of $44 million.
Perhaps the most common place to start is with date-and-mint collecting. For example, you would collect a Lincoln cent from every year it has been minted and you would collect a coin from every mint that produced it that year. This type of collecting is very popular and because of the availability of coin albums, it is quite easy to get started.
Another popular type of collecting is by coin type. Instead of collecting every year and mintmark you would collect one coin from a series from one mint. For example, you would collect one coin from every series produced by a certain mint for the years 1900 - 1910. Your collection would consist of one Lincoln cent, one Buffalo nickel, one Washington quarter and so on. This type of collecting can be less expensive than date-and-mint collecting. Most collectors use the savings advantage to purchase higher-grade coins than they could have afforded collecting date-and-mint sets.
A very popular type of coin to collect is the mint error coin. Instead of looking for the rare coin in un-circulated condition this collector looks for coins that have been minted with a blemish or error. Some of the more popular errors are double die, date-over-date, mules and coins struck using the wrong metal. The wrong metal coin refers to the 1943 "copper penny" that wasn’t supposed to exist. In 1943, because of the war, pennies were made from zinc-coated steel to save copper. Somehow a few coins were accidentally produced using the old bronze coin blanks and they found there way into circulation. It wasn't until years later that the coin-collecting world became aware of their existence. Many a coin-collecting hobbyist still hopes to find one of these valuable minting errors unknowingly hidden away somewhere.