SILVER DOLLAR TYPE COIN COLLECTING: PART 1 OF 2

I had a young girl in our store over the weekend who was desperately trying to finish her Lincoln Wheat Cent collection. All she needed, her father said, was a 1909-S, 1909-S VDB, 1914-D, 1922 Plain, and 1931-S. When I explained those weren't in the Under $25 boxes, but rather in certified holders starting at a few hundred dollars and going up to a few thousand dollars, he realized she wasn't going to ever finish her collection. 

This is the sad reality of children enjoying the hobby and, frankly, many quit once they're confronted with an obstacle they can't overcome. And why? Because some guy made a coin album with holes for every date and mint mark. In my opinion, don't start children, or even adults, on a date and mint mark set. The risk is too high they'll quit the hobby. Instead, do a type set. That girl could have had a PCGS certified mint state red lincoln wheat cent to add to her collection.

A Type Collection is a coin collection consisting of one of each type of coin. Let's look at Silver Dollar Type Coins. Many are affordable in uncirculated certified condition. Working backwards, Peace Dollars minted from 1921-1935 are readily available in many dates in uncirculated condition. This was the last true silver dollar. Its predecessor was the Morgan Dollar issued from 1878 to 1904 and again in 1921. Hundreds of millions were minted and choice uncirculated examples abound in PCGS and NGC holders. 

Trade Dollars were issued from 1873 to 1885, though 1878 was really the last year for commercial issue. Circulated examples are reasonably priced. This coin is highly counterfeit by the Chinese and care should be taken when buying them raw. Novice collectors should buy certified examples or at least buy them from full time coin dealers with a physical presence.

We'll deal with earlier Silver Dollars for our type set next time. Until then, keep collecting and "Own a piece of history!"