Why People Collect Circulated Coins (Not Perfect Ones)
The coin market is obsessed with "Mint State" perfection. But a growing movement of collectors prefers coins that have been used. Here is why.
In the high-end coin market, the goal is always Perfection. Collectors pay millions for a "Mint State 70" (MS-70) coin—a coin that has never been touched by a human hand, never dropped in a pocket, and never bought a loaf of bread.
But there is another type of collector. The collector who prefers the wear.
Collecting "Circulated" coins isn't just about saving money (though it is much more affordable). It is about a different philosophy of value.
1. The "Wabi-Sabi" of Numismatics
Wabi-Sabi is the Japanese aesthetic of appreciating things that are imperfect, impermanent, and incomplete. A circulated 1921 Morgan Dollar has soft edges. The hair details are worn down by thousands of thumbs. It has a grey "patina" (the skin of the metal) that can only be formed by 100 years of air and oil. This texture tells a story that a perfect, shiny coin cannot.
2. The Evidence of History
A perfect coin spent its life in a canvas bag in a bank vault. It has no history; it was in prison. A circulated coin was alive.
- A 1944 Mercury Dime might have been in a soldier's pocket.
- A 1929 Quarter might have bought a meal during the Crash.
- A 1955 Half Dollar might have bought a ticket to a drive-in movie. When you hold a circulated coin, you are holding a witness to the American Century. You are the current custodian of an object that has been passed between thousands of people.
3. The Tactile Experience
If you buy a high-grade "slabbed" coin (encased in plastic by PCGS or NGC), you can never touch it. If you crack the plastic, you destroy the value. Circulated coins are meant to be held. You can pour them onto a table. You can let your kids hold them. The sound of real silver clinking together is one of the distinct pleasures of the hobby. "Junk Silver" is the only investment you can physically play with.
The Tactile Hobby
Join our community of collectors who value history over plastic. We share stories of 'found' coins and their likely journeys.
4. The Price of Perfection vs. The Price of Metal
The price curve for coins is exponential.
- A Mint State 65 1893 Morgan Dollar might cost $150,000.
- A Very Good (VG-8) 1893 Morgan Dollar might cost $2,500. It is the same coin. It has the same silver. It has the same date. For 98% less money, you get 100% of the history.
Conclusion
If you want an investment that sits in a plastic coffin and appreciates on a spreadsheet, buy Mint State slabs. Use them as financial instruments. But if you want a hobby—if you want to feel the weight of history in your hand—collect circulated silver. It doesn't have to be perfect to be precious.
Touch History: Our Silver Dollar inventory includes many affordable, circulated examples that are waiting for a new home.