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It can sometimes be challenging to analyze the realm of modern coinage. Only a few of the items that non-specialists categorize as coins are truly coins. Furthermore, there are several unusual and hybrid forms and ambiguous terminology like bullion coin, NCLT, commemorative coin, etc.  

So, here I’m going to provide you with an overview of commemorative coins in their entirety to eliminate any confusion you may otherwise have. Hopefully, this comprehensive guide will clarify the actual essence of commemorative coins to you, and shed light on their history, design, and significance. 

In Picture: 1981 Royal Wedding of Charles & Diana Commemorative Coin

This is the first-ever Royal Wedding commemorative coin, which was minted to mark the wedding of Prince Charles and Lady Diana Spencer.
Photo credit – Nadia Wazed 

Defining ‘Commemorative Coin’ : 

Commemorative coins are minted to commemorate and honor specific subjects, events, and people. Each issue of these coins has a distinctive design that is specific to the occasion or theme for which they are made.  

Numerous thematic coins that highlight historical figures, flora and fauna, culture, tradition, and heritage of a country, historical monuments or sites, and much more are constantly being issued in large quantities.

Typically, commemorative coins are issued to mark an anniversary, such as the 100th or 300th anniversary of a significant event or the centennial of a historically significant person’s birth or death, etc.  

Though some countries sometimes produce commemorative coins for practical use, many coins in this category are primarily intended for collectors. 

Types Of Commemorative Coins: 

The micro-scale classification inside each type of coin has become a thing ever since numismatics has evolved into a field of study and organized research. The interesting part is that scholar-opinions are not always unanimous.

In the case of commemorative coins, there’s been a long-going debate as to whether or not any such coins must have monetary eligibility for everyday transactions.

Some experts believe that a true coin, that can be used as money, can be considered a commemorative coin if it’s issued to mark any significant event and contains special, unique features different from regular issues. They call it a ‘circulating commemorative’ coin. 

On the other hand, experts who believe that a commemorative coin must be issued only for collection and other non-transaction purposes, and have an intrinsic value higher than its face value, call the circulating commemoratives ‘a circulating coin commemorative in nature’. These experts tend to segregate it from ‘true’ commemorative coins (True according to their theories).

That being said, some theories and conclusions are more popular than others. Moreover, which coins are true commemorative also depends on the official acknowledgment by the respective authorities of different countries. It varies from one country to another. 

So, let’s take the most popular classification as a safe standard. According to this, there are 3 types of commemorative coins issued all around the world – circulating commemorative legal tender, non-circulating commemorative legal tender, and tokens.

Let’s discuss them in detail –

1. Circulating Commemorative Coins: 

Mexico 20 Pesos | 500th Anniversary Of Veracruz | Circulating Commemorative Coin

Photo Credit: Nadia Wazed 

As I mentioned before, these are the coins some people term as circulating coins commemorative in nature. 

Circulating commemoratives are meant to be used in trade, but they are only minted for a brief period of time to honor, among other things, a special occasion, an anniversary, a person, or a place.

They are made of base metals, like other regular circulating coinage, and have a face value the same as their respective denominations. They can be used in everyday transactions just like any other regular coin.

Some examples of circulating commemorative coins include – the US state quarters, the 2 Euro Monaco commemorative coin marking the 25th death anniversary of Grace Kelly, 2 Euro Turin Winter Olympics, etc. 

2. Non-Circulating Commemorative Legal Tender:

These coins are legal tender because the authorities just somehow decided them to be. Therefore, theoretically, these can be used to pay for goods and services, but in reality, that is not how these particular coins were meant to be used.

Instead, they are made of precious metals, such as gold or silver, and are either in an uncirculated state or with a proof finish, intending to serve as collectible items with numismatic value. Due to their precious metal content, their ‘spot’ value is much higher than their price as a legal tender issue. This is why they don’t make it to active circulation. 

Note that non-circulating legal tender (NCLT) has many other forms that aren’t necessarily commemoratives – such as bullions, collector’s coins, presentations, etc. But if an NCLT features the aspects of typical commemorative coins, it falls in the category of an NCLT commemorative coin. 

A few examples of non-circulating commemorative legal tenders are – 10 Cents Elizabeth II: 75th anniversary of the end of WWII, 1 Dollar Louis Braille bicentennial commemorative silver coin, 50 Taka 50 years of Bangladesh commemorative silver coin, etc. 

3. Tokens AKA Non-Monetary Commemorative Coins/ Exonumia: 

2500 Shillings | Elizabeth II 90th Anniversary – Queen of Solomon Islands | Exonumia 

Photo Credit: Nadia Wazed

These are commemorative coins that serve as ‘proof’, but are not legal tender, and are made of gold or silver. These might be more in demand among collectors because of their rarity. 

Even though they are popularly called ‘coins’, technically, they are not. That’s because they don’t have any monetary/ face value in terms of trading eligibility, and aren’t classified as legal tenders – prerequisites to be an actual ‘coin’. This is why they come under the label of ‘tokens’, rather than ‘coins’. 

Some examples are – coins issued to commemorate anniversaries of the military, police, central banks, etc, that feature elements of those agencies, and are made of precious metals. 

The Ages Of Commemorative Coins: Classic And Modern

Within the genre of commemorative coins, there are two subcategories – classic and modern. The distinction has a long historical background.

The 400th anniversary of Christopher Columbus’ voyage to the New World was commemorated with the creation and issue of the first ‘classic’ commemorative coin in 1892. Seven other commemorative coin series were issued over several decades. 

However, there were two clear problems – 

1) Commemorative coins sold as fundraisers had a high potential for corruption, and 2) The coins tended to cater to oddball interests. 

The first commemorative coin that might be considered ‘modern’ wasn’t introduced until 1982. In commemoration of George Washington’s 250th birthday, the half-dollar was issued that year. 

In the modern era of commemorative coins, all funds are sent to the government directly before getting distributed to the relevant fundraiser or organization. This is to eliminate any financial irregularities. 

The coins’ look from the two eras is also noteworthy. The variety, level of detail, and use of color in modern commemorative coin designs are impressive. 

The Exponential Significance Of Commemorative Coins: 

Western Samoa 1978 Commonwealth Games Commemorative Coin

Photo Credit: Nadia Wazed

Coins are far more complex than basic items. Commemorative coins serve as timeless artifacts that bring back memories of a noteworthy occasion and function as silent representatives of a country. Nobody would discard a coin that a nation had produced to mark a special event.

These coins increase the country’s popularity, provide information about its history, traditions, and culture, and may even promote tourism. An increasing number of nations are issuing commemorative coins as an additional appealing way to promote their countries to the world at large. 

A country can increase its international visibility by issuing commemorative coins because gradually, these will grab the attention of collectors from every corner of the world. These coins can even help a country earn some extra revenue as well. 

Evaluating Commemorative Coins:  

There is no standardized formula to determine the value of commemorative coins. As I’ve already stated, if a commemorative coin is rare, its value will be far more than its face value. Collectors are particularly interested in non-circulating commemorative coins due to their visual appeal and rarity value. 

The following factors are always taken into account by specialists when determining the value of commemorative coins – 

• Condition – uncirculated or proof issue, etc.
• Year of issue 
• Origin of the coin 
• Mint mark
• Errors from mintage 
• Current bullion value

Coins that were produced to commemorate certain occasions are more desired by both the general public and collectors. However, due to a scarcity of supply from natural wastage, regular commemorative coins can swiftly turn into collectors’ items. 

Coins with mint errors could also turn out to be wise acquisitions, such as the 50p coin struck to commemorate the swimming event of the 2012 Olympics. 600 coins with the original design made it into circulation by mistake after it was changed to enhance the subject’s face.  

The value of the precious metals used to produce non-circulating legal tender of various types and bullion coins is greater than their face value. They are appealing to both coin collectors as well as investors due to their legal tender status and exemption from taxation in a lot of countries which only increases their value. 

But keep in mind that not all commemorative coins are supposed to be equal. Even when they are packaged and come with a certificate of authenticity, some coins that are made from precious metals with a ‘Proof’ finish are frequently sold at prices that exceed their bullion value. 

Final Thoughts: 

The worth of commemorative coins is multifaceted. Some people find their historical significance absolutely fascinating, while others view them as an investment. The individuals who buy commemorative coins attribute special meaning to them. 

Even though some of these coins are more challenging to find than others, people love coin collecting for the thrill of the chase, among many other reasons. 

FAQs: 

Is A Commemorative Coin A Real Coin? 

Sometimes Commemorative is a real coin, sometimes it is not.

One of the standardized requirements for being a ‘real’ coin is that it has to serve the purpose of a currency. Meaning, it must be a legal tender that you can use to pay for purchasing goods and services. 

While some of the commemorative coins are legal tenders and eligible to be used in everyday transactions, some other types of commemorative coins can’t be used for the same. Circulating commemorative coins are real coins in every aspect, but tokens are not. 

In the case of NCLT commemorative coins, they are theoretically legal lenders and you may hypothetically pay with them, but in reality, they are not used as typical regular currency. Therefore, they are only minted and distributed for collection purposes. 

Are Commemorative Coins A Good Investment? 

Since commemorative coins are only ever minted once, their numismatic value might rise over time. Their price varies according to demand from collectors and distinctiveness. 

Their value will rise along with silver and gold prices if they contain these metals. The impulse to melt them down should be resisted, though, as their numismatic worth will always be higher than the value of a melt. Instead, keep them or sell them at a coin exhibition or to a dealer. 

Now you have to understand and accept the fact that since these coins are minted in low quantity and over a limited period, your chance of getting a really rare and high-grade commemorative coin may not be quite high. I’d advise you to do some research well before actively purchasing any such coin if you primarily intended it for an investment. 

If commemorative coins made of precious metals are something you deem as a way to diversify your investment portfolio, then you may reconsider it and instead opt for some better alternatives such as bullions and genuinely rare, precious metal antique numismatic coins.

Commemorative coins as a conventional investment won’t give you much monetary growth, but they can be a decently profitable venture if you intend to sell them as collectibles. In this case, the collectibility, rarity, uniqueness, and commemorative aspect of these coins will enable you to break through in the market of coin collectors. 

You’ll still not be crazy rich, but you’ll get a decent margin of profit from those. For this, you need to be patient and hold onto the coins for at least some amount of time. 

What Was The First Commemorative Coin?

The first commemorative coin was the United States half-dollar minted for the Columbian Exposition in 1892. 

Subsequent legislation allowed the U.S. Mint to mint commemorative coins commemorating 53 different occasions, events, or people between 1892 and 1954. The Mint produced more than 180 commemorative coins in silver and gold as a result. 

Where Can People Cash Commemorative Coins? 

It varies from country to country and largely depends on the type of commemorative coins you want to convert to cash. 

If you really want to get rid of your commemorative coins in this way, the big post offices in some countries will agree to cash them in. Some banks may accept these at their sole discretion, but it’s pretty uncommon.

However, it is recommended that you get an exact coin assessment before taking either of these approaches. In my view, the value of commemorative coins typically comes from the fact that they are lucrative collectibles. 

It will likely be worth more than its face value if it is rare. Collectors appreciate and seek out these, so you may consider selling to them instead of trying to cash them. 

What Is The Rarest Commemorative State Quarter?

The 50 State Quarters were made at the Dever and Philadelphia mints for circulation, and proof specimens were minted in San Francisco. The lowest overall mintage was for Oklahoma quarters (416.6 million in 2008). However, because circulation coins were produced at two mints, mintmark also affects rarity. 

Some of the rarest circulating state commemorative quarters include – 

• 2008-D Oklahoma
• 2008-P Oklahoma
• 2008 Alaska 
• 2004-P Wisconsin
• 2004-P Iowa
• 2003-P Maine  
• 2002-P Ohio
• 2000 New Hampshire
• 1999 Delaware 
• 1999 Georgia 

How Much Is An Abraham Lincoln Commemorative Coin Worth? 

A presidential dollar coin’s value ultimately depends on its condition and series. The face value of an Abraham Lincoln commemorative dollar coin is $1. In pristine condition, these coins might sell for a higher price.

The 2010-P, 2010-D, and 2010-S Proof Abraham Lincoln dollar coins have been issued by the United States Mint. The coin’s edge bears the mint mark. Proof coins have more detail than regular ones.

An uncirculated 2010-P and D mint Abraham Lincoln dollar coin in an MS 65 is worth about $3.50. A 2010-S Abraham Lincoln Proof dollar coin is worth about $6 in a PR 65 condition. 

How Much Is A Churchill 1965 Commemorative Coin Worth? 

A 1965 Churchill commemorative coin has a lower value than many other coins. There were approximately 19.6 million Churchill crowns distributed to the general public and collectors at the time of issue. With 66 million people in the UK, this suggests that nearly a third of the population should have been able to obtain at least one coin, indicating that no one will have trouble finding one. 

A Churchill crown in regular condition will only be worth what a crown is worth – 25 pence or five shillings. It’s not much, and mint-condition Churchill crowns are worth roughly £3 ($ 5) each.

However, if your Churchill coin exhibits typical wear and tear, coin collectors will only offer you 25p, believing they want to purchase a very common and ordinary crown. 

How Much Is A Sacagawea Dollar Worth? 

From 2000 through 2008, Sacagawea gold dollar coins were first produced. After that, starting in 2009, new coins with various reverse designs were produced. These coins are much-liked, although well above a billion have been produced since 2000.

A few unique variations, such as the 2000-P Cheerios coins, are collectable. The regular strike Sacagawea coins, on the other hand, are still only worth $1, and most likely will remain at that value for the foreseeable future. 

The fact that some of the earlier rolls do sell for a very slight premium over their face value would be a moderate exception. Despite having a golden appearance, all Sacagawea coins are valueless in terms of precious metals. They are made of nickel, copper, brass, zinc, manganese, and copper.