types of coins

What Are the Different Types of Coins That Exist Today?

The coins in circulation today in the U.S. include the Penny, Nickel, Dime, and Quarter. These coins have been flowing through the economic system since the U.S. Mint was established in 1792, if not longer!

However, circulating coins are just one of the types of coins that exist today, which we will discuss in more detail within this post. Various other coin types are worth learning about with different purposes and potential benefits too.

In this guide, we’ll take a look at these different coin types in more detail than what you might normally expect to find online. Read on to learn more!

Company Coins

We’ll start with a coin type that you may not have heard of before. We’re talking about company coins, otherwise known as corporate coins.

If you are a company owner or leader and want to reinforce and enhance your corporate identity, minting your own company coins is a great way to do this! And the way you offer them out to staff, investors, and even clients is up to you!

For instance, you could reward employees for exceptional work with a company coin. You could also consider offering company coins to loyal customers or valuable high percentage investors with a special gifting etiquette to make the process more prestigious.

Another thing about these coins is the more you give out, the more your brand image travels and becomes known. Furthermore, offering out beautiful corporate coins will project a sense of quality and prestige for your company. You never know, the coins may end up being collector’s items too!

We should also say that you call these coins challenge coins. And in the case of company coins, you may also refer to them as custom challenge coins

Precious Coins

Precious coins are ones made from precious metals such as gold, silver, and platinum. In general, you can separate precious coins into four categories. Those categories are:

  • Proof
  • Bullion
  • Numismatic
  • Semi-numismatic

So now let’s touch upon the characteristics and qualities of each of these precious coin types. Each type has its unique limitations and advantages:

Proof Coins

Proof coins are some of the highest quality precious coins out there that you can purchase. The United States Mint pride these coins as the best coins they have to offer. The “proof” part of the name is in reference to the coin’s finish, which is excellent for these coin types.

You can expect vivid details with these coins since they are made by experts. The coins also go through a hand-polishing process and come with a certificate of authenticity. The initial cost of these coins can be pricey, but they can be a worthwhile investment in the long run.

Bullion Coins

many people when they hear the term “bullion” think of shiny gold bars that banks keep locked away in vaults. However, there are also bullion coins.

Bullion coins are made from various precious metals, the same materials used to make bullion in bar form. If you’re after a more affordable investment, then bullion coins might be a solid choice for your needs.

Numismatic Coins

Numismatic coins tend to be older collectible coin types. Many do have precious metal content that they are also valued for.

If you are interested in such coins, you should know that you need independent certification to classify the coins you have as numismatic. An example of such a coin is an Indian liberty gold coin, which comes in various dollar denominations.

Semi-Numismatic Coins

These are coins that we can consider as a mix between bullion and numismatic. They are often new bullion coins with a mintage that’s limited to a certain production amount.

Collectors and investors tend to be interested in these coins. For investors, they are a great way to add some diversity to a portfolio.

Commemorative Coins

In the United States, commemorative coins are issued by the United States Mint to celebrate American institutions, places, people, and events. Of course, the U.S. isn’t the only nation in the world that does this. For instance, the UK has a long history of issuing such coins, along with Canada, and India to name a few.

A noble aspect of these coins is that the government may use them to raise money for good and just causes. They also help remind Americans of important times in the nation’s history.

Many of these coins fall under the precious metals category, while others don’t. We thought it appropriate to give them their own section in this article.

Circulation Coins

Last of all, we return to circulation or standard currency coins which we touched upon in the introduction. Before the coins we use every day now became the standard, a mixture of other foreign coins were used throughout the U.S. This was even true after the revolutionary war.

You could expect to see old British pounds, Spanish milled dollars, and German thalers. And believe it or not, people use to cut some of these coins to fit the dollar amount to trade with. It was only in 1792 that the Coinage act came into being, which standardized the U.S. dollar once and for all.

The Various Types of Coins

In this post, we’ve focused on American-centric types of coins for the most part, with some hints about foreign coins. If you really want to delve deeper into the coin collecting and investing world, there are a whole load more coins you can look into and potentially buy.

However, if you’re feeling creative and want something unique, company coins may be something that you’ll enjoy. To read more informative posts like this, go to our main blog page.

Similar Posts

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.