Do "Common Rarities" exist in US-Numismatics ?
Eddi
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A long time ago, when i first started collecting around 1980, a British friend of mine and long time collector advised me to be aware of (and beware of) "Common Rarities".
The way he defined a "Common Rarity" is : coins which are relatively easy to find, without too much effort, and yet are valued and command prices which are disproportional relative to their availability.
I can think of at least one example in US coins, but I suspect there are a few more.
What are your opinions?
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Many key dates in U.S. coins are easy to find these days, thanks to the Internet. No need to paw through dealers' inventories, travel to shows, etc., to hunt them down. The 1916-D Mercury dime, certainly the 1909-S V.D.B. Lincoln cent, and similar keys come to mind.
However, I don't necessarily agree with the "disproportional" part of your friend's definition. The coins might be easy to find, but you'll still pay for them according to supply and demand.
A different way to put this may be that they command prices proportional to their popularity.
As mentioned, many key dates are "common rarities".
Here are the ones mentioned by @Dentuck:
There is no such thing as a common rarity. It can't be both common and a rarity at the same time.
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“Common” and “rarity “ are oxymorons.
Many of those hunting for the coins already mentioned and others perceive them to be “rare”, but they really aren’t.
The 1916-D dime is certainly harder to find than other Mercury dimes, but there is probably one for sale at every one of even the smallest of coin shows.
I'd say the 1893-S Morgan is another common rarity. Maybe the 1895 proof Morgan. 1907 high relief Saint is IMO. Certainly the 1932 S and D Washington quarter. 1955 doubled die. 1856 flying eagle cent. Those are just a few off the top of my head.
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I dont think an 1893S Morgan can be classified as common in any sense of the word.
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".....valued and command prices which are disproportional relative to their availability." This is a key part in the OP.
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What's a better way to convey that people call these rarities? Is something like "lesser rarity" better?
High-relief Saints, 1955-DD, many others.
I recently started a thread on another forum concerning this. My reference to traditional keys would be the common rarities...
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I keep records for coins in my Lincoln collection showing the PCGS and NGC population for the same grade as mine as well as the number that have graded higher. It is clear that the major varieties do not command anywhere near the values that the "traditional" key coins do. For example, the 1909-S VDB in PCGS MS64RB and has a population of 2910/4650 (same/higher grade) with a PCGS price guide of $2,850. In contrast, the 1970-S Large Date DDO in PCGS MS64RD has a population of 44/47 and a price guide of $5,750. The same can be said for any of the other traditional keys such as the 1955 DDO, 1914-D, 1922 No D, etc. with relatively large populations while carrying values comparable to major varieties having minuscule populations.
Can anyone please comment on the reasons for this?
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More than one.
A better phrase may be "common keys" - the coins that many pedestrian collectors filling albums by searching change, bank rolls, etc. in days of yore could seldom find, yet were readily available from dealers, at a price. Or collectors on a budget are lacking only because of cost. Or others as pointed out that are popular, like the High Relief Saint.
As far as "beware of", well, certainly if you collect Lincolns and want an 09SVB for your set, go for it. Another example is the 38D walker - low mintage, but many were saved in all grades. Just choose a nice one, and price shop, as there are plenty to choose from. I would "beware of" trying to hoard them or speculate in them, as you cannot affect the market, there are just too many.
I would also "be aware of" conditional keys....coins readily available in low grades, but much scarcer and desirable in higher grades. The aforementioned 16D Mercury is almost plentiful in low grades, but quite a bit scarcer above Fine. The low mintage 1921 trio of Walkers are readily available in G/VG....but try finding them in XF/AU.
Rarity is a fine term. Just think about all the coins you can find walking into a rare coin store.
Why not? You can buy one any day of the week. That is the OPs point. Right now there are 29 available on ebay in PCGS holders and another 24 in NGC plastic.
Any coin where 50+ are available at all times could easily be considered common.
@jmlanzaf You can buy almost any coin anyday of the week. Only extremely rare coins are an exception.
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Let's not diffuse the point - a coin such as the 1893 S is perfectly representative of the OP topic. Fairly rare coins show up very uncommonly and part of the thrill of the hunt for such. If a coin can be had at any time with the right check or credit card then it really is not rare; if it shows up once a year or less that would be much more of a challenge and possibly then allowing the tern "rarity" to be applied.
Well, just Love coins, period.
The US coin market is loaded with "common rarities". Very few US coins are rare or even scarce. US coins are popular but very few are actually "rare". In addition, over the past 40-50 years many hoards, big and small, have been built up of presumed "key" date US coins. These hoards make many such "key" dates appear to be much more scarce than they actually are.
Are coin collectors "common rarities"?
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Rare is a term used only for eBay and Etsy listings and is very common with its use. lol
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if you can't buy one on eBay right now, it's at least scarce
For most us "rare" coins just wave enough money and watch them appear.
Some eBay sellers used the terms "unique" and "rare" correctly
https://ebay.com/sch/ctf_error_coins/m.html?item=231931417174&ssPageName=STRK:MESELX:IT&rt=nc&_trksid=p2047675.l2562
There are many U.S. coins that could be considered rare based on mintage, survival estimates etc. The problem lies with whether or not the amount of collectors wanting to own them are rarer than the coins.
I agree that most of "key" dates above are not rare in any sense of the term. But, they have a large collector base so they command a higher price.
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The internet and certification pop reports have certainly proven this.
A lot of stuff seemed “rare”, back in the days when small shows and LCS’s were sources for our coins.
But with eBay, and the relentless stream of other online auctions, just about anything is available in short order. You might not like the price, but it’s there if you want it.
On the bright side, it’s allowed patient collectors to assemble nicer collections, rather than just grabbing the first one available that’s merely in the ballpark of what you are seeking.
Very few "rare > @gumby1234 said:
THAT'S THE POINT!
I nominate the 1937-D 3 leg nickel as a "common" rarity. The supply is such that you can buy a dozen today if you have the money. But the demand is incredible. Economics 101.
What the OP is describing is a "key date". Some or most of these coins were hard to find at FV for those predominantly collecting out of circulation finds. The coins were also harder to find pre-internet and earlier due to more limited travel and communication.
My definition of "rare" is the difficulty of finding it on relatively "short notice' near the estimated current market price. I also exclude "qualifiers".
By this definition, only a very low number of 20th century US coins are actually rare in the sense that it can't or likely can't be bought in at most a few months. 1913 LHN, patterns and a few eagles and double eagles. Specific dates include 1927-D and 1933 DE and 1933 eagle. Maybe a few of the gold proofs but I'm not familiar with the survival by date.
Not much different for most earlier US coinage though the proportion is noticeably higher. Non-US is a lot more difficult to find and buy mostly due to the (much) lower prices.
Demand not supply
It’s a matter of popularity. 1840’s Philadelphia quarter Eagles are mostly very scarce,
but can be had at reasonable prices. The problem is finding them, especially nice ones.
I always found the 1938-D Walking Lib Half Dollar, the darling of the 'short set,' to be plentiful
www.brunkauctions.com
It's also not an equivalent comparison, with three "qualifiers" for the 70-S cent: large date, DDO, and RD.
Practically every error coin is rare or at least scarce by definition. There is nothing unusual about it.
Agreed.
There are a lot of fairly scarce varieties that aren't collected by anyone but a handful of hard-core enthusiasts.
They are commonplace in the US series.
Some error coins are way more common (altho still rare) than other unique error coins.
I think the term "common rarity" should be broken down and defined to best be able to answer the OP's question since so far there have been plenty of interpretations.
Rarity is rather obvious to understand, as it implies limitations. In the case of coins, this is usually identified in the mintage or the survival rate, further broken down into the condition census. But it can also be extended to its appearance on the marketplace at auctions, shows, LCS, and online venues.
Common is the oxymoronic opposite of rarity but relies on the same identifiers. A coin could have a very low mintage yet the survival rate is greater than coins of higher mintages. Is this coin then considered to be common? And as far as it appearing in the market goes, how much effort should the buyer put in towards finding such a piece before it is both rare and common at the same time? Should an example of a "common rarity" be available all the time at the aforementioned sites, usually at those sites, or should it take the buyer a few rounds to acquire the desired coin?
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Rarity is relative. There is also a difference between availability and rarity. Coins with an (approximately) equal number of survivors may differ noticeably in being hard to buy. This is predominantly due to two reasons, both demand driven. One is the relative price. More expensive coins are usually easier to buy (for those who have the money) because the seller generally has a greater incentive to offer it for sale. The second is the "affinity" (can't think of a better term) collectors have for it which results in a longer or shorter holding period. The 1804 dollar is scarcer than the 1792 Washington (Getz) half dollar but is offered for sale a lot more often, publicly anyway.
The more general point with rarity is that no coin (or other object) which can be bought on demand is even close to being scarce. Those which can be bought on "short notice' aren't really rare either.
Yup, it's an oxymoron, like "military intelligence".
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52,000 1916 SLQs were minted. You can find one in any grade you want very quickly if you're willing to pay what is asked for it. Because it's so available, I don't consider it to be rare. Many people want one, though, hence the price.
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