Got the coin bug but don’t where to start? Try collecting by coin type. It’s an easy way to start and doesn’t take a ton of money. In fact, ever since coin albums became popular in the 1930s, it’s been one of the most popular ways to get started.
What Are Coin Types?
In the simplest terms, types are variations on a theme. The theme can be broad and encompassing, such as US quarters or Lincoln cents. That’s the way many coin albums and folders are designed—individual cutouts to hold coins of a certain denomination. Or it can be more specialized, such as coins from a particular mint or by a certain designer. The choice is yours and is limited only by your interests and imagination.
Building a Type Collection
The nice thing about building a type collection is that you can start small and grow from there. A Lincoln cent collection can start in your pocket or purse since several types of these coins are still in circulation. And since Lincoln cents have been produced by the billions for over 100 years, even rarer early types are readily available, usually at very affordable prices.
The same can be said about most 20th century coins, gold being a notable exception, of course.
Raising the Bar
Type collecting is an easy way to add value to a collection as time and budget permit. Coins’ value is affected by three primary factors: rarity, condition, and demand. For example, with an estimated 3.5 million 1909 Lincoln cents (the first year of issue) still surviving, coins in nearly uncirculated condition (50-58 on the Sheldon Coin Grading Scale) can be bought for around $10. But Mint State coins can bring $100 and the rarest top-quality 1909 coin sold for over $1,600 in 2018. You can start with common, affordable coins and upgrade your collection from there.
Even though first-year issues are sought by collectors (in fact that can also be a type specialty) the oldest coins of a type aren’t always the most valuable. The record price for a Lincoln cent is $1,750,000 paid for a 1943 coin mistakenly struck in Denver in bronze when all cent coins that year were supposed to be struck in steel.
There are sub-sets within some coin types, too. For instance, the 1909 Lincoln cent has six different variations including coins minted in Philadelphia and San Francisco and coins with and without the designer’s initials (VDB for Victor David Brenner). Each sub variety has its own individual range of values, a common situation for all types of coins.
The Joy of Collecting
Many a youngster has started a lifetime hobby with a simple collection, adding and trading coins over time while learning fascinating details about US (or other countries’) economic, political, and social history in the process. Coin collecting is a pastime enjoyed by kings and emperors, presidents and celebrities along with millions of everyday citizens. And it can start with the change in your pocket today.
The Great American Coin Company® is proud to offer many ways to start on a lifetime of coin and currency collecting. We have a wide selection of US coins from 1864 to the present as well as collectible coins from around the world. Visit our website to see what we offer and be sure to come back often as our inventory is constantly changing.
