I recently received a gift of what is described as a "Challenge Coin". I collect mostly ancients and so this gift is a bit of a challenge for me. Just what are "challenge" coins and how does one determine relative rarity or value? I'd post the image but since it has a seal and info on a current corporation I am not sure about a public posting on this site. Thanks for assistance.
People collect these all the time (especially people that are or were in the military). Not all of them are connected with the military, but that's the origin of them. At one time if you were in a unit you could be "challenged" to produce the coin you were supposed to have; failure to produce it subjected you to some type of penalty (doing pushups or something similar). These days they're mainly just used for the sake of expressing unit pride. At some point outside of the military a lot were produced for sake of pride in companies or clubs having nothing to do with the military, as mementos, thank you gifts, etc. My guess is probably former military members spread the tradition to the civilian world where it started to catch on for similar reasons to why it was popular in the military. I'm not sure what collector value they have; presumably some, but most have purely sentimental value for those people connected to what the coin is meant to commemorate (perhaps there is more value to older coins commemorating famous historic units). Rarity is very hard to determine, as I doubt anyone is bothering to keep track in any systematic way. So short answer, they're worth exactly what one is willing to pay to someone that is willing to sell (unless they're made with precious metals, in which case they do hold the intrinsic value of such metal). They're certainly collectable though. My dad (retired US Marine) has an extensive collection of such and we recently gave him a display case as a gift to display them all.
Does it look something like these? https://www.cointalk.com/threads/post-your-challenge-coins.316395/ https://www.cointalk.com/threads/post-your-challenge-coins-unit-coins-and-fantasy-ones-here.353390/
@Troodon pretty much nailed it. It helps not to think of a "challenge coin" as a "coin". It has no expressed value on it (ie, "one dollar") & should be considered more as exonumia, such as a "pressed penny", the value of which may be somewhat fluid. Many of the big collectors in fact are not into numismatics - they don't collect coins. Valuation merely becomes: Is it available? Does it fit my collection objective? Is it a price I'm willing to pay? It seems that "challenge coin" collectors are most closely related to ancients collectors, in that, while they may have specimens outside their main objective, such as ones they have been awarded, they tend to focus on specific areas (such as Air Force or Naval Aviation, or Armored or Infantry Divisions, or NASA, etc.). The vast majority of "Challenge Coins" are military oriented. One of my favorites is one my son gave me, which he received when he was a "shooter" on the George Washington. They are fun, but can also be addicting...oh, but look who I'm talking to...
Yes, mine is from a law enforcement agency. I was not sure if they wanted it displayed in a public venue.
I like challenge coins but only have a few. Wounded Warriors Project sent me one, and I have found a few others. I thought that one aspect of the Challenge Coin was that if your coin “outranked” your buddy’s coin, he had to buy the drinks. Is that just a myth?
I'm not 100% sure about that. Something similar however..... When I was in Germany and went out for beers with the guys, someone would always yell out; Pfennig check! If you didn't have a Pfennig on you, you're buying the first round for everyone!! I learned the hard way the first time I went out with the guys!! From then on, I always had a Pfennig on my. I still have it today just in case!!
Here is a link to my thread on them along with a Link to a free downloadable PDF on their history. https://www.cointalk.com/threads/post-your-challenge-coins-unit-coins-and-fantasy-ones-here.353390/ Yes it depends on which conflict/war you might have been in so say it is the lowest rank on the coin of the assorted people buyws the round of drinks, other say that it is the one who doesn't have a challenge coin buys the round for the group. There is a discussion on the subject by two members of the forum. Having been in during the Nam police action/ conflict. they weren't that many around and enlisted didn't seem to have them in the navy. As to the coin parts I think it is just one of those deals that it rolls off the tongue more naturally, combined with the fact that's what the minter/enamelers call and sell them as. There are a lot more unit training command coins that are out there. The first responders coins have now become a fund raising tool like the Dallas one or the Cris Kyle Frog foundation Copper ones.
