Some points. These are my ideas and opinions, they do NOT express everyone's elses views and some people may like many of these points, they merely try to answer the question.
1. Mechanisation - modern manufacturing produces technically perfect but cold looking mass produced coins. Earlier commems have a more bespoke, precious, handmade, antique feel.
2. Popularity - Commemorative coins really took off in the later 60s as people had more money to spend on non essential things, plus many countries became independent, decimal or changed currencies and started the cult of commemorating things and anniversaries of major events or people. This started on stamps in the 30s, but only transferred to coins as they became more token like and less precious metal.
It was refreshing in the 60s and 70s when a few more commems/NCLT came on the markets, but by the late 80s it was getting out of hand and now there is a Tsunami of NCLT from all the other world that is many times bigger than coins for actual circulation! With these factors designing quality gets spread very thin.
3. Change of metals - the 60s/70s was the era of many countries abandoning silver and gold as coining metals for everyday currency and the adoption of muck metals (Not 3rd world of course) and the rise of 2 tier commemorative coins.
A. The cheaper muck metal ones often sold just above face value or released in coinage (State Quarters, commem coins of Australia, British 50ps with Peter rabbit etc) and these are often poorly made and badly designed, they look cheap.
B. The better tier was prestige commemoratives usually in gold, silver or other precious metals and these are lower minted, higher quality designs and production, but obscenely expensive.
Also designs don't look as good on cheaper metals like Steel, copper or bronze than it does on shimmering silver or golden gold.
3A. Prestige - Feeds into point 3, people feel a nice coin in a cheap metal like cupronickel, steel, aluminum, etc is less precious and beautiful than if it was silver or gold.
4. Taste changes, the past 60 years have seen style and design trends change quicker and some styles date and get perceived as ugly and tacky a couple of decades later (Like 1970s Graphic Art, Helvetica Bold).
5. Bubblegumming - The concept of issuing coins that have little reason or need, such as coins which have alphabets, celebrate dumb kids TV shows (Australia I am looking at you), coins with themes like Pirates, Elvis, Marilyn Monroe, Diana Princess of Wales, Disney etc and from countries that have nothing to do with them. Niue's disney Princesses and Dr Who coins, Fiji's bottlecap series etc. Cuba's “Piratas de Mondo” etc.
6. Poor taste/stupid topics - Coins that commemorate despots like Saddama Insane, Donald Trump, Dictators that are considered bad evil people, often put out by totalitarian and crazy countries like North Korea, Iraq, Russia, Liberia etc. Plus dumb topics like Olympics, sports teams relevant only to their country (European Soccer, Australian Thugby teams). Plus borderline fringe mints products like Disney Princesses from Niue.
7. Excessive issuing - Some countries like Australia issue thousands upon thousands of commemoratives every year, some are beautiful, but others are garbage and people can't keep up. Perth Mint issues over 300 lines of coins with gold, silver and platinum each year and the Royal Mint is also responsible with James Bond and Who coins in gold from 1 ounce up to like 7kgs of gold (WTF).
8. Gimmicks - Excessive commem coins issued in bizarre metals and colours, like Blue coloured coins, coins that smell, coins with plastic attachments for gems (Australia's Perth Mint again) and artificially coloured coins with reef scenes. Weird shaped coins that are in the shape of teardrops etc.
9. Prices - The cost of many commemoratives is way above the face value or metal content of a coin, like NZ selling 1 ounce silver commems for $199 + $20 Postage and Papackaging for a coin with $52 worth of silver. Many gold coins costing like double melt value etc and even muck metal ones like Bluey $1 coins (Same type and size as standard $1 coin) for like $15 and you can't play with it etc.
10. Fringe Mints - These are coins that are minted for mostly commem/NCLT reasons minted by mints that are not the National mint of a country like westminster mint in the UK (Overpriced gold and silver tatt). Pojoby Mint, Franklin mint etc - all mint overpriced tatt that is fringe to main coins and often overpriced and no secondary market. These coins may play on sympathy and cliche themes like WW2 etc. Design quality is worse, as top rate designers often work for official national mints rather than fringe ones.
11. Selling ethics - Many commems are sold fairly, but a lot are promoted in deceptive infomercials, pamphlets in papers and magazines and used as grannybait appealing to emotions (Remember the war with this plastic brass coin, this worn nickel is from the year of the Titanic). I mean a brochure from Bradford exchange showing a badly designed WW2 based crown from Trsitan Da Cunha, its base metal and gold plated with the word “Gold” in gold lettering with airbrushed letters and glinting stars in disco style presentation and the coin worth 25p and costing under £1 to make is $39 +$10 Postage and handling and subsequent coins at $99 plus shippage and handlage (Full refunds except Postage and Papackaging) are true scams.
Same with outright scams like the 9/11 tower coin that was promoted as Gold from the cook Islands (In fact made by a fringe mint in America) was promoted as a rare gold coin, in fact they minted 10 kabillion and it was like 0.0023% gold. Also coins that are sold as nickel silver and German silver (Which are muck metals). Add to it, they are poorly designed.
So there is my 2 cents.
I love coins. Especially silver, gold and anything really old.
Member of the Royal Numismatic Society of New Zealand and the Auckland Numismatic Society