Affordable Numismatic Collections

It can be exciting to learn about, view, or possibly even hold in your own hands great numismatic treasures of extremely high value.  However, few collectors have budgets that allow them to consider owning such pieces.

In fact, many numismatists begin their collections during childhood, almost always a time of hugely limited resources to make discretionary purchases.

Consequently, many beginning collectors, including me, start their hobby with a minimal budget.  Here are examples of how to build a numismatic collection most people could afford.

First, collect only coins you find in circulation, where your cost is face value.  Should that become too expensive, some or all of the pieces could simply be spent.  In America, there are more than 125 different reverse designs on the non-silver quarters issued from 1965 to 2026.  Locating every specimen out of your change could take years, even with others helping you search for the missing pieces.  Along the way, you would also have the opportunity to substitute better condition examples at no out-of-pocket cost.  A complete non-silver collection of one coin per reverse design would cost less than $35, yet has the potential to offer an exceptional education.

Second, there are massive foreign coin issues over time, especially of obsolete monetary systems or nations, which have no precious metal content and negligible collector value.  There are thousands of potential options.  The selection may be so vast that a collector may narrow their search to only one piece per country or a narrow date range (with coins of a birth year being an example of a sharply focused set).

Many dealers have a box of inexpensive foreign coins that collectors can search for new “treasures” for their collection.  Some dealers are also willing to offer a sizeable price discount to a purchaser wanting to purchase a random mix of a pound or more of foreign coins.  Another possibility if you have a local dealer with whom you have a personal relationship is to offer to help sort their foreign coin batches in return for payment in kind rather than in cash.

Third, given that currency issues eventually become worthless (the mean and median range of life of a fiat, or paper, currency is 25 to 40 years), there are also hundreds of affordable options.  Many dealers have a box of minimal value foreign paper money, where they may offer significant discounts for the purchase of a quantity of specimens.

Fourth, it is also possible to assemble a collection of U.S. paper money pulled out of circulation at face value.  Obviously, the $1.00 denomination would be the most affordable.  If you look for issues of different series, different signature combinations, and even different Federal Reserve Districts, you could potentially amass hundreds of examples that, if necessary, could be spent.

Fifth, if you really inspect coins, you can find a wide range of minor production errors like railroad rims, cracked dies, die clashes, cuds, struck-throughs, and minor die doubling.  Learning to distinguish between pieces struck at the mints with minor errors and those where the “error” was caused after the coins entered circulation provides background competence as numismatists progress in their pursuits.

Sixth, there are thousands of tokens and medals of negligible value.  Many dealers have a low-price junk box that collectors can peruse.

A disadvantage of assembling any of the above collections is that you will be accumulating common pieces in unremarkable states of preservation.  As a result, the prospects of future appreciation are remote.

However, one advantage of beginning to collect on a limited budget is that you will learn about the importance of ascertaining condition, how to engage in numismatic research, proper handling and storage of your holdings, and also learn at a minimal cost from the variety of mistakes that novices often make—such as detecting cleaning or other modifications to surfaces.

I suspect that most readers are nodding their heads in agreement that they have engaged in one or more of these affordable numismatic challenges.

Last time I asked—Before 2026, who was the only living US President to appear on a U.S. coin?  For the 150^th anniversary of American Independence in 1926, the U.S. Mint issued the Sesquicentennial Half Dollar Commemorative.  The obverse depicted the busts of George Washington, the nation’s first president (but was not president in 1776), and Calvin Coolidge, the living president who was serving in that office in 1926.  Although depiction of living persons on U.S. coins and currency was prohibited by a law enacted in 1866, there are multiple exceptions.  Coolidge did not object to his appearance on this coin, either publicly or officially.  By the way, the legislation authorizing the Sesquicentennial issues also called for a $1.50 gold coin and a $1.00 paper money issue, neither provision of which survived in the bill that became law.

Here is this week’s question. Why did the U.S. Mint go from issuing 34 different designs and mintmarks of commemorative coins in 1936 to none in 1940?  Come back next week for the answer.

Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He is also the recipient of the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, the 2017 Exemplary Service Award, the 2012 Harry Forman National Dealer of the Year Award, and the 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild, Professional Numismatists Guild, National Coin & Bullion Association, and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Michigan, and writes “Liberty’s Outlook,” a quarterly newsletter on rare coins and precious metals subjects. He now volunteers with the National Coin & Bullion Association as its Industry Issues Advisor.  Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries, "Things You ‘Know’ That Just Aren’t So,” and “Important News You Need To Know,” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).