Some coins are worth much more than others. The extra penny you left on the counter this morning was only worth one percent of a dollar…unless that penny was dated 1922, had a picture on Lincoln on one side and two ears of wheat on the other, and was made mostly of copper. Then that penny might be worth up to five cents. If the penny you left was an original Indian Head Cent, you might get a dollar or more for it. The Wheat cents and the Indian cents are both collectible coins.

A coin may become collectible because of many factors, and the first, of course, is age. The average coin lasts about twenty-five years before it becomes too worn for further use. When a coin is no longer usable, the U.S. Mint recycles it and channels it into other coins. In other words, a penny minted in 1992 probably isn’t worth much. There are still a lot of them out there being used every day, but a penny minted in 1952 is older and therefore harder to come by. This makes it a collectible coin.

Another thing that makes some coins more collectible than others is rarity. Two scales are commonly used to determine how rare a coin is. The Sheldon scale rates a coin from R1 (common) to R8 (unique), while the Universal Rarity Scale (URS) works in reverse, with lower numbers indicating that a coin is rarer and therefore is likely a collectible coin.

Any precious metal used in the coin increases its appeal to collectors as well. Coins made of almost pure silver or gold, for instance, are considered far more collectible than coins made from copper or nickel.

Finally, a collectible coin may be a coin with a mistake or a misprinting (known as an error coin). In Canada in 1911, for instance, a batch of coins went out without the phrase “DEI GRA” (Dei Gratia or by the grace of God.) Nowadays, a “Godless King George” is a real find for collectors.

Condition and Collectible Coins

As mentioned above, a coin’s value increases with age and rarity. As with all things, however, as a coin ages it becomes worn down.

The American Numismatic (Coin Collector) Association has developed a system for describing coins according to their condition. The bottom score P01 stands for “Poor—barely identifiable.” Slightly better is AG3, “About good, major wear.” Other phrases include Very Good and Extremely Fine. The highest, almost impossible to achieve, is 70—Perfect.

Collectible coins can teach you valuable history lessons, and depending on their worth, they may also be a major asset. When collecting coins, it is always a good idea to speak with a reputable dealer or to do your research in a book or on the Internet. If you work at it, you can have a coin collection built up in no time.