Organization is Key|
September 13, 2012
Excerpted from 2013 U.S. Coin Digest, edited by David C. Harper and Harry Miller, available from http://www.ShopNumisMaster.com.
Let’s take collecting by type first. Look at a jar of coins, or take the change out of your pocket. You find Abraham Lincoln and the Union Shield on current cents. You find Thomas Jefferson and his home, Monticello, on the nickel. Franklin D. Roosevelt and a torch share the dime. George Washington and the eagle, or the more recent state, territories and park designs, appear on the quarter. John F. Kennedy and the presidential seal are featured on the half dollar. Sacagawea and Presidents adorn the dollar coins.
Each design is called a “type.” If you took one of each and put the five coins in a holder, you would have a type set of the coins that are currently being produced for circulation by the U.S. Mint.
With just these five coins, you can study various metallic compositions. You can evaluate their states of preservation and assign a grade to each. You can learn about the artists who designed the coins, and you can learn of the times in which these designs were created. As you might have guessed, many different coin types have been used in the United States over the years. You may remember seeing some of them circulating. These designs reflect the hopes and aspirations of people over time. Putting all of them together forms a wonderful numismatic mosaic of American history.
In its broadest definition, collecting coins by type requires that you obtain an example of every design that was struck by the U.S. Mint since it was founded in 1792. That’s a tall order. You would be looking for denominations like the half cent, 2-cent piece, 3-cent piece, and 20-cent piece, which have not been produced in over a century. You would be looking for gold coins ranging in face value from $1 to $50.
But even more important than odd-sounding denominations or high face values is the question of rarity. Some of the pieces in this two-century type set are rare and expensive. That’s why type collectors often divide the challenge into more digestible units. Type collecting can be divided into 18th, 19th, 20th and 21st century units. Starting type collectors can focus on 20th century coin designs, which are easily obtainable.
The fun and satisfaction of putting the 20th or 21st century set together then creates the momentum to continue backward in time. In the process of putting a 20th century type set together, one is also learning how to grade, learning hobby jargon, and discovering how to obtain coins from dealers, the U.S. Mint, and other collectors. All of this knowledge is then refined as the collector increases the challenge to himself.
How many dollar types were struck in the 20th century? We see the Morgan dollar, Peace dollar, Eisenhower dollar, and Anthony dollar. The Sacagawea dollar arrived in 2000 and the Presidential dollars in 2007. Hobbyists could also add the Ike dollar with the Bicentennial design of 1976 and the silver American Eagle bullion coin struck since 1986. The beauty of type collecting is that one can choose the most inexpensive example of each type. There is no need to select a 1903-O Morgan when the 1921 will do just as well. With the 20th century type set, hobbyists can dodge some truly big-league prices.
As a collector’s hobby confidence grows, he can tailor goals to fit his desires. He can take the road less traveled if that is what suits him. Type sets can be divided by denomination. You can choose two centuries of 1 cent coins. You can take just obsolete denominations or copper, silver, or gold denominations.
You can even collect by size. Perhaps you would like to collect all coin types larger than 30 millimeters or all coins smaller than 20 millimeters. Many find this freedom of choice stimulating. Type collecting has proven itself to be enduringly popular over the years. It provides a maximum amount of design variety while allowing collectors to set their own level of challenge.
The second popular method of collecting is by date and mintmark. What this means, quite simply, is that a collector picks a given type – Jefferson nickels, for example – and then goes after an example of every year, every mintmark, and every type of manufacture that was used with the Jefferson design.
Looking at this method of collecting brings up the subject of mintmarks. The “U.S. Mint” is about as specific as most non-collectors get in describing the government agency that provides everyday coins. Behind that label are the various production facilities that actually do the work.
In two centuries of U.S. coinage, there have been eight such facilities. Four are still in operation. Those eight in alphabetical order are Carson City, Nev., which used a “CC” mintmark to identify its work; Charlotte, N.C. (“C”); Dahlonega, Ga. (“D”); Denver (also uses a “D,” but it opened long after the Dahlonega Mint closed, so there was never any confusion); New Orleans (“O”); Philadelphia (because it was the primary mint, it used no mintmark for much of its history, but currently uses a “P”); San Francisco (“S”); and West Point, N.Y. (“W”).
Date and mintmark collecting teaches hobbyists to use mintage figures as a guide but to take them with a grain of salt. Rarity, after all, is determined by the number of surviving coins, not the number initially created.
As one progresses in date and mintmark collecting and type collecting, it is important to remember that all of the coins should be of similar states of preservation. Sets look slapdash if one coin is VG and another is MS-65 and still another is VF. Take a look at the prices of all the coins in the series before you get too far, figure out what you can afford, and then stick to that grade or range of grades. Sure, there is a time-honored practice of filling a spot with any old example until a better one comes along. That is how we got the term “filler.” But if you get a few placeholders, don’t stop there. By assembling a set of uniform quality, you end up with a more aesthetically pleasing and more valuable collection.
The date and mintmark method used to be the overwhelmingly dominant form of collecting. It still has many adherents. Give it a try if you think it sounds right for you. Before we leave the discussion of collecting U.S. coins, it should be pointed out that the two major methods of organizing a collection are simply guidelines. They are not hard-and-fast rules that must be followed without questions. Collecting should be satisfying to the hobbyist. It should never be just one more item in the daily grind. Take the elements of these approaches that you like and ignore the rest.
It should also be pointed out that U.S. coinage history does not start with 1792 nor do all of the coins struck since that time conform precisely to the two major organizational approaches. But these two areas are good places to start.
There are coins and tokens from the American Colonial period (1607-1776) that are just as fascinating and collectible as regular U.S. Mint issues. There are federal issues struck before the Mint was actually established. See the Colonial price-guide section in this book.
There are special coins called commemoratives, which have been struck by the U.S. Mint since 1892 to celebrate some aspect of American history or a contemporary event. They are not intended for circulation. There was a long interruption between 1954 and 1982, but currently numerous commemoratives are being offered for sale directly to collectors by the Mint.
Collecting commemoratives has always been considered something separate from collecting regular U.S. coinage. It is, however, organized the same way. Commemoratives can be collected by date and mintmark or by type. Current commemoratives can be purchased from the U.S. Mint. Check the website at www.usmint.gov or telephone (800) USA-MINT.
Buying coins from the Mint can be considered a hobby pursuit in its own right. Some collectors let the Mint organize their holdings for them. They buy complete sets and put them away. They never buy anything from anywhere else. Admittedly, this is a passive form of collecting, but there are individuals around the world who enjoy collecting at this level without ever really going any deeper. They like acquiring every new issue as it comes off the Mint’s presses.
Once done, there is a certain knowledge that one has all the examples of the current year. Obviously, too, collectors by date and mintmark of the current types would have to buy the new coins each year, but, of course, they do not stop there.
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