Coin Types
Before a collectible coin can be assigned a price, a dealer or collector will examine it closely. The first result will always be placing it into one of the obvious categories of denomination or type.
From time to time mints will strike odd coins, medals or tokens aimed primarily at collectors. Commemorative coins noting the Olympics or a significant historical event such as the first Apollo moon landing or unusual denominations are the most common examples.
Mints have produced half cent coins, large-sized cents, three cent nickels, seated quarters, bust dollars and many others over the decades. These will often fulfill part of one goal collectors have: to collect sets. Often complete sets are too expensive for the average collector, so they’ll aim at getting one of each type.
Following are some of the common types.
Cents, which have been minted since 1856 in the U.S. break down into several common collectible categories. The Flying Eagle Cent, minted from 1856-1858 is one. The Indian Head Cent - 1859-1909 is another. More recent mints are the Wheat Back Lincoln Cent (1909-1958).
Nickels, which are often actually made of a nickel-copper alloy, are 1/20th of a dollar by definition. Historical examples are the Liberty Head ‘V’ produced from 1883 to 1913. An authentic 1913 is especially rare and valuable, though many counterfeits exist. The Buffalo Nickel then took over from 1913 to 1938. Many nickels minted during WWII were a composite of copper, silver and manganese, showing that a nickel isn’t always made of nickel.
Initially 90% silver, 10% copper, dimes have seen their silver content reduced since being established in 1792. Beginning in 1965 the value was debased and the product made of 75% copper and 25% nickel, chosen specifically since they were not precious metals. As a result older dimes are generally worth more on the open market.
Among the more common collectibles is the Mercury Dime minted from 1916-1945, but the older Barber Dime - minted from 1892-1916 can still be found by diligent amateur collectors.
Valuable quarters are even harder to find, with the Standing Liberty, minted from 1916-1930 being a popularly sought item. The Barber, minted from 1892-1916 is still more so.
Half-dollars are becoming increasingly rare. Finding a Franklin Half Dollar produced from 1948-1963, is always a happy target despite its relative youth.
Genuine silver dollars are fairly easy to find, though their silver content makes them priced higher than the denomination. Morgan’s minted from 1878-1921 are common collectibles, but the Peace Dollar produced from 1921-1935 is an excellent addition to the collectors set.
Specialty categories - at least for U.S. Collectors - would include foreign coins that are of sufficient age to no longer be in general circulation. Also in this category are the commemorative editions mentioned above, as well as several gold coins minted prior to 1933. Examples of the latter are the Gold Dollars from 1849-1899 and Double Eagles or ‘twenty dollar gold pieces’, produced from 1849-1933.
Tokens and medals, categories that only peripherally qualify as ‘coins’ though they often serve the purpose, such as when used on subways and buses, will sometimes form part of a collection. When rare and noting a significant historical event they can be quite valuable.
Once this first, obvious, categorization of a coin is made a dealer or collector will be concerned with grading the specific sample.