Lincoln cents are one of the gateway coins of numismatics and most collectors have at one time or another filled a blue Whitman album with circulated Lincoln cents.

The series is one of the first that people collect, and it's still an exciting moment for most people to find a Wheat reverse cent, produced from 1909 to 1958, in circulation today.

For circulated key-date Wheat cents, prices have been on the rise for several years. However, dealers have recently reported reduced demand for collector grade, key-date Lincoln cents in Good to Very Fine condition.

The reason? They've gotten too expensive for the regular collector.

For example, the 1909-S Lincoln, v.d.b. cent in Good condition was valued at around $400 in 2002. Today, Coin Values lists its worth at $900 and in Fine the value jumps to $1,400.

For the average collector, spending nearly a grand on a coin that is going to be nearly worn slick and is not that "rare" in an absolute sense is a tough pill to swallow.

Other keys have seen similar appreciation. In 2002 a 1914-D cent in Good was worth $100, and today it is a $250 coin; even semi-key coins like the 1924-D Lincoln cent have appreciated from $10 in 2002 to $40 today in Good.

A 1955 Lincoln, Doubled Die Obverse cent has tripled in value in Very Fine, from $525 in 2002 to $1,600 today. Even a terribly ugly example that has suffered the indignity of a harsh cleaning would bring $1,300 at auction.

Perhaps collectors are finally questioning why these coins have become so expensive, or are just content to do without.

Another interesting phenomenon is that major buyers have added 1910 and 1911 cents to their buy lists to prepare for promotions involving 2010 and 2011 Lincoln cents. At the same time, these dealers' buy prices for circulated 1909 Lincoln, v.d.b. cents and 1909 Indian Head cents have dropped around 15 percent.

There's always a market for bags of 5,000 Wheat cents. I've seen several at coin shows for $200, with dealers buying at the $150 to $165 range. If you want all 1943 steel cents in the bag, then the price moves up to the $700 to $800 level.