Challenge coins, while not legal tender, hold immense historical and sentimental value. For collectors, these small tokens represent a fascinating niche that combines military history, artistry, and exclusivity. This comprehensive guide explores some of the most sought-after challenge coins and what makes them so valuable from the perspective of a seasoned US coin collecting expert.
The Rich History of Challenge Coins
Challenge coins have a storied past that spans centuries:
- Ancient Rome: Some historians trace the origins to the Roman Empire, where soldiers received special coins as rewards for valor.
- Renaissance: Coins commemorated important figures and events during this cultural rebirth.
- 17th Century: French Huguenot Protestants used coins as secret identifiers during times of religious persecution.
- World Wars: Challenge coins gained prominence in the US military, serving as identification tokens and rewards for bravery.
- Modern Era: Today, challenge coins are issued by presidents, organizations, law enforcement agencies, and various military branches.
Factors That Determine a Challenge Coin's Value
As a coin collecting expert, I've identified several key factors that contribute to a challenge coin's worth:
- Rarity (limited production runs)
- Historical significance
- Association with prestigious organizations or events
- Condition (mint state coins command higher prices)
- Unique design elements or materials
- Provenance (documented history of ownership)
- Age (generally, older coins are more valuable)
- Demand among collectors
15 of the Most Valuable and Rare Challenge Coins
1. CIA Career Commendation Medal
Estimated Value: $2,500 – $3,000
This bronze coin measures 3 inches in diameter and features:
- Bold eagle design
- Phrase "CENTRAL INTELLIGENCE AGENCY" and "CAREER COMMENDATION MEDAL"
- Space for recipient's name engraving
The mystery surrounding the CIA and the exclusivity of this award make it highly desirable to collectors. Only a handful are known to exist outside the agency.
2. US Black Squadron Naval Special Warfare Development Group Coin
Estimated Value: $3,250 – $4,000
This coin from the secretive DEVGRU (SEAL Team 6) features:
- Dark background with Roman centurion helmet
- "PRESENTED BY TASK FORCE COMMANDER" inscription
- Reverse side with shield, sword, and motto "THE DEED IS ALL…NOT THE GLORY"
The coin's association with elite special forces drives its high value. Experts estimate fewer than 500 were ever produced.
3. Area 51 U.S. Air Force Challenge Coin
Estimated Value: $1,750 – $2,500
This mysterious coin is tied to the secretive Area 51 facility:
- Phrase "There is a bad moon on the rise"
- Latin mottos "Fortitudo et preparation" and "Facta non verba"
- Three dragons with inverted triangle and four-pointed star
The allure of Area 51 conspiracies adds to this coin's value. Its authenticity has been verified by former Air Force personnel.
4. Special Forces Operational Detachment Coin (Delta Force)
Estimated Value: $3,000 – $5,000
Extremely rare due to the secretive nature of Delta Force:
- Sword and lightning triangle design
- Delta Force logo
- Phrases "America's Finest" and "Oppressors Beware"
Fewer than 100 of these coins are believed to exist outside the unit, making it one of the most sought-after military challenge coins.
5. Medal of Honor Military Challenge Coin
Estimated Value: $2,030 – $3,500+
Represents the highest military decoration:
- Various designs depending on branch and era
- Extremely prestigious and rare
- Awarded for acts of valor above and beyond the call of duty
While not the rarest in terms of numbers, the significance of this coin makes it highly valuable to collectors.
6. POTUS Commendation Challenge Coin
Estimated Value: $10,000 – $20,000
Presidential challenge coins are highly coveted:
- Issued by US Presidents for exceptional achievements
- This particular coin tied to President George W. Bush (2006)
- Extreme rarity and prestige drive high value
Only a handful are known to exist, with one selling at auction for $17,500 in 2018.
7. Checkpoint Charlie Berlin Challenge Coin
Estimated Value: $2,750 – $3,500
A piece of Cold War history:
- Commemorates the famous Berlin Wall crossing point
- Issued to Sgt. Michael Rafferty
- Includes signed photograph and newspaper article
The historical significance and documented provenance make this coin particularly valuable to collectors.
8. Naval Air Warfare Mickey Mouse Coin
Estimated Value: $1,126 – $1,500
A uniquely whimsical design for a military coin:
- Features Mickey Mouse
- Issued by Naval Air Force Base in Orlando (2018)
- Celebrates Disney World
While not as rare as some others, the unusual design makes it popular among collectors.
9. "Trample the Weak" Challenge Coin (173rd Airborne Brigade)
Estimated Value: $1,050 – $1,800
A provocative design that stands out:
- Skull shape
- Text "Trample the weak, Hurdle the dead"
- Symbolizes dangerous nature of military service
The controversial nature of this coin has led to increased demand among collectors.
10. Donald Trump Meets Kim Jong Un Challenge Coin
Estimated Value: $1,199 – $2,000
Commemorates a controversial historic meeting:
- Issued by the White House for 2018 Singapore Summit
- Features portraits of both leaders
- Unique diplomatic significance
Limited to 500 pieces, this coin's historical importance makes it highly collectible.
11. CBRN and WMD Terrorism Groups CIA Token
Estimated Value: $1,200 – $1,800
This CIA-issued coin recognizes counter-terrorism efforts:
- Latin phrase "Mortifirae obstemus scientiae" ("Let's resist the deadly science")
- CIA shield and eagle logo
- Ties to United Nations chemical, biological, radiological, nuclear, and WMD groups
The specialized nature of this coin and its CIA connection drive its value.
12. 17th Infantry Regiment "Buffalo Bill" Coin
Estimated Value: $800 – $1,500 (Historically Significant)
Commissioned by William "Buffalo Bill" Quinn during the Korean War:
- Buffalo design with the year 1812
- Dates 1950-1952 representing the Korean War period
- Unit crest logo and "17th INF" emblem
While not the rarest, its historical significance makes it valuable to collectors.
13. Operation Neptune Spear (Osama Bin Laden Raid) Coin
Estimated Value: $5,000 – $7,500
Commemorates the mission that led to the death of Osama Bin Laden:
- Features a dog paw print (honoring the K9 unit involved)
- Includes the date of the operation (May 1, 2011)
- Extremely limited production
Only 100 of these coins were reportedly produced, making it one of the rarest modern military challenge coins.
14. Apollo 11 Robbins Medal
Estimated Value: $30,000 – $50,000
While not technically a challenge coin, this space-flown medal is highly prized by collectors:
- Minted for the Apollo 11 mission crew
- Features the mission insignia and dates
- Only 450 flown to the moon with the astronauts
These medals bridge the gap between challenge coins and space memorabilia, commanding astronomical prices at auction.
15. Seal Team Six Neptune's Spear Coin
Estimated Value: $2,500 – $4,000
Another coin commemorating the Bin Laden raid:
- Features a trident (symbol of Navy SEALs)
- Includes the date and "Neptune's Spear" operation name
- Reverse side shows Pakistan map with target location
Limited to 200 pieces, this coin is highly sought after by military coin collectors.
Challenge Coin Values: A Data Analysis
To provide a clearer picture of the challenge coin market, here's a data table showing the estimated value ranges for the coins discussed:
| Coin Name | Low Estimate | High Estimate | Avg. Value |
|---|---|---|---|
| CIA Career Commendation Medal | $2,500 | $3,000 | $2,750 |
| US Black Squadron DEVGRU | $3,250 | $4,000 | $3,625 |
| Area 51 U.S. Air Force | $1,750 | $2,500 | $2,125 |
| Special Forces Delta Force | $3,000 | $5,000 | $4,000 |
| Medal of Honor | $2,030 | $3,500 | $2,765 |
| POTUS Commendation | $10,000 | $20,000 | $15,000 |
| Checkpoint Charlie Berlin | $2,750 | $3,500 | $3,125 |
| Naval Air Warfare Mickey Mouse | $1,126 | $1,500 | $1,313 |
| "Trample the Weak" 173rd Airborne | $1,050 | $1,800 | $1,425 |
| Trump-Kim Jong Un Summit | $1,199 | $2,000 | $1,600 |
| CBRN and WMD CIA Token | $1,200 | $1,800 | $1,500 |
| 17th Infantry "Buffalo Bill" | $800 | $1,500 | $1,150 |
| Operation Neptune Spear | $5,000 | $7,500 | $6,250 |
| Apollo 11 Robbins Medal | $30,000 | $50,000 | $40,000 |
| Seal Team Six Neptune's Spear | $2,500 | $4,000 | $3,250 |
Tips for Challenge Coin Collectors
As an experienced collector, I recommend the following strategies:
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Research extensively: Learn about military units, historical events, and organizations that issue coins. Websites like usmilitariaforum.com and challengecoinassociation.org are excellent resources.
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Verify authenticity: Be wary of counterfeits, especially for high-value coins. Use reputable dealers and learn to spot signs of forgery.
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Attend military shows and auctions: Events like the National Military Collectibles Show can be great sources for rare coins.
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Join collector communities: Network with other enthusiasts on forums like coincommunity.com to learn and potentially trade.
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Preserve condition: Store coins properly in acid-free holders or display cases to maintain their value.
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Document provenance: Keep detailed records of where and how you acquired each coin, including any certificates of authenticity.
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Focus on a niche: Specializing in a particular branch, era, or type of coin can help you become an expert in that area.
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Stay informed about market trends: Subscribe to publications like "Military Trader" magazine to keep up with pricing and demand.
The Future of Challenge Coin Collecting
As interest in military history and memorabilia grows, the market for rare challenge coins is likely to expand. Several trends are shaping the future of this hobby:
- Increased use of technology: Some modern coins now incorporate QR codes or NFC chips, adding a digital element to collecting.
- 3D printing: This technology may lead to more intricate designs and limited-edition runs.
- Rise of civilian coins: More corporations and organizations are adopting the challenge coin tradition, broadening the collecting field.
- Digital challenge coins: Blockchain technology is enabling the creation of verifiable digital collectibles, which may extend to challenge coins.
Conclusion
Rare challenge coins offer a unique window into military history, organizational culture, and significant world events. As a collector with over 20 years of experience, I've seen the market evolve and grow. Whether you're a seasoned enthusiast or just starting out, the world of challenge coins provides endless opportunities for discovery and appreciation.
Remember, each coin tells a story – of bravery, achievement, and the shared experiences that bind people together in service of a greater cause. As you build your collection, focus on pieces that resonate with you personally and always strive to learn the history behind each coin. Happy collecting!
