A collectable or collectible is typically a manufactured item designed for people to collect. In this respect, they are distinguishable from other subjects of collections, which may also include natural objects (e.g., butterflies) and objects manufactured for purposes other than collecting (e.g., stamps). Some objects designed for other purposes, such as toys, become so popular among collectors that they are later marketed specifically to that audience. The high price for certain older Star Wars action figures is a good example of this phenomenon since the figures were originally intended to be purchased as toys rather than collectibles. It is a noun or adjective depending how it is used in a sentence.

A collector's item, in contrast is made without the intention of special interest but due to rarity or uniqueness, production fault, human error, or other events, becomes sought after due to its rarity in these circumstances. Such circumstances may result in an item from a collectible series becoming valuable and sold for substantial amounts of money. In the 1960s, it became fashionable for some comic book companies, such as Marvel Comics or DC Comics to boost sales of their comic books by printing "Collectors' Item" on the covers. In fact, Marvel Comics even issued a 1960s comic book series which was titled Marvel Collectors' Item Classics.