I don’t know the situation so I am likely off base, but I have a feeling more thought is being given to “appearance” rather what’s most appropriate for how the value will be used.
I would be inclined to have the value in a date / time field instead of string or numeric assuming most of the functions to be used working with the value would be date / time functions not string functions. I would prefer to use string functions to display the value not to work with it.