Rare vs. Scarce Coins
Rare coins are the result of a low original mintage or low surviving population (meaning they were heavily used in circulation or melted down over time), , giving them significant collector appeal compared to common coins. Their “rarity” is not likely to change. On the other hand, scarce coins are coins that are hard to find at a particular moment, possibly due to temporary market conditions like low supply or high demand. While scarce coins are not typically encountered in public circulation, they are still available in certain markets, and their scarce status is subject to change. All rare coins are scarce, but not all scarce coins are rare. Rarity often depends on historical context, demand, and collector interest.
To remember the difference between rare and scarce coins, note that scarcity is determined by availability at a particular time, while rarity is a more permanent state barring the discovery of a new coin hoard.
What Makes a Coin “Scarce?”
A scarce coin is a coin that is not necessarily rare, but is hard to find in the marketplace either because it is highly collected and/or just is not available at a particular time. Just because scarce coins are not widely seen in circulation, does not mean they are considered rare in the numismatic market. Also, while rare is a well-recognized term in the numismatic industry, the term scarce is not a formal or technical term, though it is commonly used to describe coins that are hard to find at a particular moment.
What Defines a “Rare” Coin?
Like scarce coins, rare coins are difficult to find, but their scarcity comes from a low initial mintage and/or low surviving population (meaning portions of their mintage were lost over time either due to heavy circulation or mass meltings). Unless some unknown hoard of the rare coin is found, rarity is a fairly permanent state, unlikely to change.
In rare coin collecting, rarity is often measured by more than just production numbers; factors such as survival rate, collector enthusiasm, and auction history can play significant roles. Examples of rare coins include:
- 1794 Flowing Hair Silver Dollar
The Flowing Hair Silver Dollar was the US federal government’s first coin, and only four known copies with a PCGS grade of 65+ exist. The design features a portrait of Lady Liberty on the obverse and an eagle on the reverse. One 66+ PCGS grade Flowing Hair Dollar sold for nearly $5 million in 2015.
- 1943 Lincoln Head Copper Penny
1943 Lincoln Head Copper Pennies are extremely rare—only 40 copies are known to exist. Coin experts believe these coins were struck by accident when copper blanks were left in the press while production of the new steel pennies began. The most expensive 1943 Lincoln Head Copper Penny ever purchased was for $82,500 in 1996.
- 1913 Liberty Head V Nickel
The 1913 Liberty Head V Nickels are a numismatic mystery—no one knows how or why they were produced. The new Buffalo design replaced the old “V” nickel design that year. No Liberty nickels with the 1913 date were approved for production. Only five of these coins were ever produced and are generally considered some of the most valuable coins in the world. Two of these specimens sold for over $3 million each.
- 2007 $1M Canadian Gold Maple Leaf
In 2007, the Royal Canadian Mint produced five $1 million (CAD) coins known as the Big Maple Leaf. The Big Maple Leafs claimed the Guinness World Record title as the world’s biggest gold coins with an incredible gold purity of 99.999%, making it one of the rarest gold coins to exist. As with other rare coin values, the market value of the 2007 $1M Canadian Gold Maple Leafs has reached more than $1M of its face value—sometimes four times that price. Source
