What is the legal definition of collectible?

The IRS leaves the definition open, since a collector's item is defined as any tangible personal property that the IRS determines is collectible. The term collectible, as it applies to antique collecting, implies a difference in the age of an item. A “collectible” is simply an item that may not be very old or even valuable, but that is considered interesting enough to be collected. There is no legal definition of the term collectible, but most collectors agree that its value is decided by the purchasing demands of those who want it.