This is not an easy question to answer, but I'll try to hit the highlights. First read the sticky at the top of the page.
VAM refers to the catalog designation for the obverse and reverse die pairing and not to individual anomalies on the coin itself. There are countless VAMs because the mints used countless dies to make Morgan and
Peace dollars. Probably 90%+ have no value over any other coin of the same date and mint mark. But those with low populations and high collector interest (see VamWorld for the I=interest and R=rarity values for each
VAM) an I5/R7 coin is usually worth mucho deniro. Another factor for value is the Top 100/50 Hot 30 sets (there are other sets). Vammers compete to have the most complete and highest graded sets. They will spend some money to fill holes.
Quote:I understand what a
VAM is, but I don't understand the why, why does it matter and why do people collect them.
A sizable group of collectors embraced the effort of Leroy Van Allen and George Mallis. As knowledge grew, additional interest followed. Now that the major TPGs are involved, this obscure group has been legitimized. Motivation for Vammers run the gamut from pure learning and expanding the hobby, to set collectors and profiteers, or a combination of these.
There can be profit if your willing to work at it. I found an
ebay offering for an 1880-P that the seller even described as "nothing spectacular" ... but I noticed something spectacular. I bought the coin for $40 and later sold that
VAM 8 "Ears" for $4K.
If you haven't spent some time over on VamWorld, I would highly recommend you do.