Commemorative
Commemorative coins are initiated by Acts of Congress to honor a special occasion, event, or person. Commemoratives generally do not circulate and are released to collectors from the mint website or dealers. Commemoratives act as souvenir pieces rather than circulating coins, though they are considered legal tender in the United States and can be used “for all debts public and private.” Using them in such a manner, however, is in most cases inadvisable, as their precious metal content (generally either silver or gold) makes them much more valuable as collectors’ items. Many different commemorative coins have been minted since the variety of coin was introduced in 1892. The first commemorative coin issued was the 1892 half dollar celebrating the 400th anniversary of Columbus’ discovery of the Americas. Commemorative coins are generally divided into two categories based on their year of mintage: early commemoratives, produced between 1892 and 1954, and modern commemoratives, produced between 1982 and the present. Among recent commemorative coin issues are the State Quarters and the 2009 Lincoln bicentennial pennies.