While more experienced collectors may scoff at the idea of third-party grading for recently issued United States coins, the concept is clearly popular with the general public.

If this year's Christmas catalogs from mail-order coin businesses are any indicator, a growing segment of the marketplace is willing to pay the price for "slabbed" moderns.

How about a graded and encapsulated Mint State 68 1982-D Washington commemorative half dollar for $29? Why would a person pay such a lofty premium for a coin that sells for well less than $10 as a "raw" or unslabbed item?

In this case, the MS-68 grade is a cut above the average state of preservation for the Brilliant Uncirculated Washington half dollar. Newer hobbyists with limited grading skills like the idea of buying coins that have been evaluated by experts, while others in the modern-issues market are building high-grade (Proof and Mint State 69 or 70) sets of their favorite series.

This same catalog also offers each of the 22 American Eagle silver bullion coins (dated 1986 to 2007) in MS-69 holders at prices that are somewhat higher than a raw example would cost.

Certified 2007 Presidential dollars, State quarter dollars, modern commemoratives, and Sacagawea and Eisenhower dollars are also among the firm's Christmas offerings.

Multiply this catalog by literally hundreds of other mail-order merchants offering similar items and sets. Add in cable television programs hawking modern coins at inflated prices, and the 2007 holiday season will be a time when hundreds of millions of dollars worth of recently certified U.S. Mint products are sold.

The fervor for admittedly common coins is a mystery to seasoned collectors, but this isn't the hobby universe of the 1970s. These newer participants tend to be younger than the traditional collector, which may explain their fascination with more recent coins.

In time, today's buyer of modern slabs may learn about the vast history of U.S. coinage and begin pursuing older issues.

For now, they're happy with the moderns.