There are three types of people who amass quantities of coins. There are accumulators who buy or take from circulation anything their eyes might be drawn to. There are investors, who can afford to put big bucks into very rare coins and hold them for a while as their values go up. Then there are collectors. Collectors are those who want to put together some kind of set of coins with something in common. They approach it as a hobby, usually like to share and encourage others to grow in coin knowledge, and get a great deal of pleasure in handling and looking at their coins.
So, what makes up a collection? Quick answer: anything you want to make of it! Many of us may have had the old blue Whitman folders as kids and we worked to fill those folders. (These are still available, by the way, but they may not be blue!) Many of those who started these might have thought, “If I get this folder filled, I will have a collection of buffalo nickels, Mercury dimes, Lincoln cents from 1909 through 1940”—fill in the blank with whichever one was appropriate for you! That’s true, to a certain extent, but the folder publishers often included holes for rare dates that would have cost a small fortune! For example, a 1916 D Mercury dime would be about $1,000 today; a 1909 S VDB cent, about $1,500; and a 1955 doubled die cent, about $2,000! So, for kids and the casual collector, thinking a filled folder is a collection might be setting oneself up for failure!
Therefore, a coin collection can be whatever you want to make it! Here are some common “goals” that collectors might set for themselves:
Probably the most commonly sought after sets are the years and mintmarks for one kind of coin, such as all the buffalo nickels.
Years ago, collectors weren’t concerned about mintmarks, and collected only by the dates. You might consider this.
One might choose to get all the coins of a certain coin series from just one mint. For example, the Carson City mint coins of the Morgan dollars would be a challenging and pricey set, with only 13 expensive and rare coins.
Another collector may choose to try to get all the coins of a series, and then have them all in a certain grade.
Many collect mint sets (uncirculated year sets from the mint) or proof sets (specially prepared collector coins from the mint.)
Maybe you’d like to collect a set of coins for each member of your family, with all the coins issued for each one’s year of birth. This would be affordable, unless your triplet uncles were born in 1921—that could get pricey since there were few coins minted that year!
A type set is the goal of many collectors. This is one of every type of coin made by the mint. Coins from before 1860 or so would cost you many bucks, but a set from the 20th century would be affordable. For example, this would include one of each of these half dollars: A Barber, a walking Liberty, a Franklin half, and a Kennedy.
What are some good targets to consider making into a collection?
Fun and cheap, the state quarters and the “gold” presidential dollars are great for novice collectors.
Roosevelts dimes since 1964 are inexpensive to buy and can be found in circulation, too. Even the silver Roosevelts from 1946-1964 can be bought in really nice grades inexpensively. A nice set of these should cost you less than $150-200.
Jefferson nickels have very few dates that would cost more than a buck or two. Many are still in circulation, too.
Many Lincoln cents are still in circulation, too. I found a 1911 D not too long ago!
Want to learn more about the fascinating hobby of coin collecting? The Brown County Coin Club meets on the second Tuesday of each month, at 7:15 pm, at the Austin Avenue Church of Christ. There’s probably at least one club member who shares an interest with you and would encourage you. Get involved in making your own unique coin collection!
We hope to see you on November 8, at 7:15, for our next meeting. Call Bill Cooper at 325-642-2128 or me at 325-217-4129 for more information.
