TOPIC FOR DISCUSSION: IS THE PCGS AND NGC REGISTRY SET CRAZE CAUSING COIN COLLECTORS TO BURN OUT FAS
oreville
Posts: 11,950 ✭✭✭✭✭
I am worried that coin collectors are burning themselves out faster and faster because they are too often trying to be on the fast track to be #1 or top 5, etc. This is a new phenomenon.
A fatigue/burn out factor that seems to be the result of a mania.
Part of our society's impulses towards immediate gratification?
I do not fault PCGS or NGC. We, as collectors must sit back and enjoy the process more and be less obsessed with the rankings?
Any thoughts, comments?
A fatigue/burn out factor that seems to be the result of a mania.
Part of our society's impulses towards immediate gratification?
I do not fault PCGS or NGC. We, as collectors must sit back and enjoy the process more and be less obsessed with the rankings?
Any thoughts, comments?
A Collectors Universe poster since 1997!
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Comments
Go BIG or GO HOME. ©Bill
I have always thought this whole registry thing was a farce and nothing has happened to change that feeling!!
But PCGS and NGC are loving it all the way to the bank!!
These are very astute and profitable marketing programs used by the grading services to promote their products and stimulate sales.
Having said that, I don't see anything worng with using the registry sets to help organize your collection and to compare it relatively with others', as long as one does not let the registry set take control of your collecting interests, and therefore lose sight of whatever your true collecting interests are.
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
<< <i>I have always thought this whole registry thing was a farce and nothing has happened to change that feeling!!
But PCGS and NGC are loving it all the way to the bank!! >>
Like he said.
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
Russ, NCNE
Guys who love coins, with or without a "Registry" in play are here for the long haul. The Registry has no ill effect on them whatsoever (other than to possibly drive up the price on some of the coins they are seeking).
peacockcoins
<< <i>I have always thought this whole registry thing was a farce and nothing has happened to change that feeling!!
But PCGS and NGC are loving it all the way to the bank!! >>
I said this a long time ago & got blasted for it. I guess maybe now the light is shining through.
Great transactions with oih82w8, JasonGaming, Moose1913.
I agree with Russ & Stuart & M.S. 70 on this.
Les
WS
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
Some individuals will burn out over trying to go too fast or trying to buy the highest graded without becoming educated numismatists, but I don't find the registry to blame very much for such impulsive behavior. Impulsive people carry their personalities and consequences whether or not registries exist. It is very difficult to have a positive investment in coins taking the impulsive approach, but some people don't care and it is the joy of collecting that is their value from the hobby.
None of us live in a vacuum where the registry collecting has zero impact, but I don't see that the PCGS registry site has unduly influenced how I have approached collecting my set of mint state barber halves. This has been a work in progress for over 10 years and I try to buy the best coin I can for reasonable money. That doesn't mean I may not have chased a coin or two that I shouldn't have. As my set has evolved there are certain goals that I have set that seem to me to be reasonable. I can't help but notice that my set is only a small distance behind the Eliasberg set. That gives me a target that I can try to reach, but the timeframe is totally open, as any upgraded coins need to be careful purchases of nice coins. Likewise, I still lack about 16 coins in MS65 or better, but I do like most of my MS64 graded coins which are truly rare coins with a great look. The point is that I am not fixated on grading numbers and trying to use that as my primary goal.
I enjoy photographing and posting my coins, knowing they will be seen by others interested in the series.
I enjoy seeing their coins.
I like having population information right there, easy access.
I looked down my nose at registry participants before I started my own set, and started to see what merit there was to be had by participating. Funny how things work that way.
I don't like hockey. So I don't go to hockey games or criticize people who do. What's the point?
Clankeye
I have enjoyed some fringe benefits from being a registry set member, but I realize that I am interested in way too many aspects of numismatics, to concentrate the amount of resources and time that it takes to have a respectable, by my terms, registry set.
The biggest impact the registry sets have had,in my opinion, is to ramp up the prices for nice, highly graded coins for us non Registry set collectors. So, I do not think that I have had any burnout, but I have passed on many coins that were priced out of my range, simply due to registry set influence. JMHO.
I also notice that on occasion, when I want a lot consultation re an auction coin, people seem to be genuinely interested in speaking with me, because I am asking questions about the specific coin, not just about the number on the slab.
To some degree, the Registry Set phenomenon reminds me of the hype in the hobby when there was a big push to get 'investors' took place in the 1980s. I think that the people who want the "finest known" fill in the blank will get burnt out and leave the hobby more quickly, but people who
really like coins per se will stick around.
"Seu cabra da peste,
"Sou Mangueira......."
Same thing regarding the internet in general. There are untold millions of people addicted to the internet. They need a life outside the internet. Does that make the internet evil?
Same thing with alcohol, drugs, etc. etc.
An additional issue should be if the grading services and the ANA and other collectors like ourselves should start offering inexpensive "help sessions" to collectors to overcome their obsession to the registry collecting?
I'm currently working on two sets, a set of Liberty Nickels and a set of Indian Quarter Eagles. I decided that I would try to complete my set of Liberty Nickels in PCGS slabs and my quarter eagles in any slab (I was planning to crack them out expect for the 1911-D, but have since changed my mind). I have a registry set for my nickels, and it's fun to see my set listed online along with other collectors, but PCGS coins can be more expensive just because of the plastic, and I've had to ignore some coins because they weren't in the "right plastic." At least you get a few free gradings when you're over 90% complete, and I have a few coins waiting to cross once I hit 90%. As for the quarter eagles, I find that ANACS graded coins look just as good and I often get these for a bit cheaper than I would PCGS coins. True, I can't take part in the registry for this series, but so what? I know when I have a complete set that it will be a nice set regardless of what plastic it's in.
<< <i>Registry set participants are nothing more than plastic collectors who spend far more buying points than the coins are worth, care only about the number on the holder, and never try to learn anything.
Russ, NCNE >>
Russ, that may be true for some of the Registry participants, but it sure isn't true for me. I am as proud to own my 1909VDB Matte proof Lincoln cent graded PCGS PR61RB with a carbon spot over Lincoln's head as I am to own my 1990 no "S" Lincoln proof cent graded PCGS PR68DCAM that I purchased in 1993 unslabbed. I used to buy slabbed coins and break them out to put into my Capital holders. The fun of the registry for me is participating and completing my collections at whatever grade they turn out as. I certainly am ahead a bit money wise after 21 years, but all the money in the world wouldn't have made me happier than the enjoyment I get reading about and looking at my Lincoln cents. JMHO. Steve
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
In 2002 I had 13 #1 sets (the award certficates are just sitting in a drawer somewhere).
I'm down to 9 sets now (from a high of 30).
I'll sold off all my PR70DCAM's last year (except I kept one of the ones I made) and my registry goal is to make a PR70DCAM state quarter for my set in the next 5 years.
I reverted back to albums and PCGS coins I buy now are pretty much cracked out and the coin is put in an album.
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PCGS sent an email about the upcoming 10,000th set. Here is their take on the Registry...
It has been a great three years. We launched the PCGS Set Registry in February, 2001 with just 327 sets. Today, we are closing in on 10,000 U.S. coin sets! We have grown every month with new sets and members. Today we have 907 different set composites and 2,086 members participating in the program.
The PCGS Set Registry has forever changed the face of the coin market. It has given collectors the desire to focus on specific areas and sets. It has developed a world-wide community of collectors who can now easily communicate with each other through email and message boards. It provides collectors with the opportunity to “display” their sets in a safe environment. Coins are no longer relegated to a dark safe deposit box. Pride of ownership, friendly competition, and inventory management are just some of the benefits. But by far, the most important element that the PCGS Set Registry has brought to the marketplace is the fact that it has made coin collecting FUN again.
One factor that has contributed to the PCGS Set Registry’s success is the enthusiasm of all who participate in the program. With very little advertising in the beginning, the Registry virtually marketed itself by word of mouth. In four very short months, the number of sets had doubled. Today, this enthusiasm remains one of PCGS’s driving factors to make the Registry the best it can possibly be.
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<< <i>"Competitive collecting" goes entirely against the grain of what the hobby means to me. >>
Exactly my thoughts.
Fair warning, I will be stealing that line in the future.
CoinPeople.com || CoinWiki.com || NumisLinks.com
i tend to view the whole thing as an oppurtunity to share my set with like-minded collectors and i try to advance my knowledge of the hobby and especially about the coins and series' which really interest me. that's just my approach and it brings me enjoyment. i've also had the pleasure of meeting and getting to know some of the other like-minded collectors, which is what it's really about.
the irony of the whole thing is that without the whole Registry craze and all that it's done to help invigorate the hobby that we all participate in here, it's an even bet that we wouldn't even be here discussing the topic at hand. think on that for awhile, it might surprise you!!
al h.
CoinPeople.com || CoinWiki.com || NumisLinks.com
Coin Junkie
cameoproofcoins.com
Oreville - Excellent observation and very true! Along these lines, it's interesting to me that the shorter holding periods may to some extent justify paying otherwise stupidly high prices for some coins. After all, the market has less time to "correct" (meaning that a loss is less likely than if the coin was held for the long run), and the holding costs are lower. (Interestingly, the same has been argued by some economists as a rational basis for Tulip Mania. No offense intended. Really.)
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Coins represent history and art. Lets just stick with art for the moment. And with art, it is often said that in the matter of taste, there is do dispute. While grading has guidelines, there is still a subjective component and that will never change. I would rather not have my coin factored into some formula as part of a set and that totality then becomes the basis to say set X is ranked higher than set y. And just because this doesn't work for me doesn't make it wrong. I still believe that there is a need for TPG now and for the forseeable future.
Experience the World through Numismatics...it's more than you can imagine.
I think we are all competitive and want to see how we fair against fellow collectors. It is a good thing to have a tracking system.
The fall safe for the registry sets is their casual nature.
No one is coming to your house to verify that you actually own the coins or that the coins are truly the grade on the slab and not what we would consider under or over graded. you don't get minus points for an ugly coin graded ms64 (the minus comes in trying to resell it). When you play the cross over game you can still register the higher of the two.
It is for good natured fun for most of us.
Modern Coin Colllectors....Yes
Classic Coin Collectors.....Not a Chance.
Ken
Guys who love coins, with or without a "Registry" in play are here for the long haul. The Registry has no ill effect on them whatsoever (other than to possibly drive up the price on some of the coins they are seeking).
DID I WIN???
RATS
I NEVER WIN.
The bulk of my collection was accumulated before the registry. It HAS caused me to be impatient and created the impulse to buy substandard coins just to finish the set. This has been resisted to date.
The second is, it's made nice IHC/FE cents even harder to find AND more expensive. If I had started out with the same personal goal in 2004 as I had in 1995, I wouldn't have a chance of completing it.
It made me think about why I was interested in coins and collecting. The history, the art of the coin, the details of the design, the individuality of the coins, the order of the universe, etc.
I decided to focus on a collection not a hodge podge. So I started selling off the odds and sods. Now, I'm trying to complete a modern proof set. Yes, in high points, but also in high eye appeal. I am getting better at knowing the likelihood of a crossover and the real grade/quality of a coin.
However, I can't bring myself to sell off some great eye appeal CC Morgans. I can't sell the coins that remind me of the stage of life when I obtained the coins. I can't sell the attractive coins I made from proof sets, even if not top pop. So, mostly I'm buying not selling.
Overall, I like the registry concept. I agree that the photos are a key, not just the bar code. I admit I like the competition. However, the competition is versus the attainment not the other collectors. I wish the agencies could get consist with grades.
I am spending a lot of time on this hobby, but if I burn out I will still have the collection.
Link to 1950 - 1964 Proof Registry Set
1938 - 1964 Proof Jeffersons w/ Varieties
but Rottnrog summed it up beautifully! What an excellent ploy to use human nature to boost business
in the form of submissions. Just think about this for a moment...a Gem MS 65 coin -as far as I'm
concerned- used to be a prize. Now it's little more than commonplace. A Gem is not good enough to be
in many Registry Sets! Pretty amazing when you stop and think about it. I mean, REALLY !
I have seen myself do away with a seemingly PERFECT coin to buy a coin with a higher grade that
looks terrible! There is a bias there somewhere. There is also favoritism and punishing those who
happen to speak their minds. If I have a coin that is White and totally blemish free, with a strong
strike-no ticks, dings, hits or unbroken lustre-how is it that a weaker struck coin that even a child
could see, grade higher just because it exhibits Mint Set toning? JUST EXACTLY WHAT IS THE
STANDARD?
I can recall a time when holding History in my hands-old circulated coins held by countless others
thrilled me, but today a 66 that really ought to be a 67 isn't good enough and so I substitute this
totally lovely coin with some funky-butt ugly 67 just to move up a notch or two and to make matters
worse when I sell this 66 to someone else who is in "Good graces" and he cracks it out and it comes
back PCGS 67....well-it's enough to make me want to chew Glass! I believe it to be a fair statement that
we all pay good money, IN GOOD FAITH, to have our coins accurately graded the first time around.
So. The Registry, which started out as such great fun, isn't so much fun anymore! PCGS would be
NOTHING without us...NEVER FORGET THAT !!
More Registry for me....
to those that say Registry set people only chase points and plastic.....
You have never had the pleasure of seeing my GEMs in person....
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
graded coin.... NOT the pre-eminent technical grading service in the world today! Deal with THAT!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Registry set participants are nothing more than plastic collectors who spend far more buying points than the coins are worth, care only about the number on the holder, and never try to learn anything.
Russ, NCNE >>
Russ..... I agree with you in part that there are definately some collectors that buy the plastic and not the coin... But it is unfair of you to lump all colectors including myself in with those that do this....
My Walkers are in the registry set, and I have the #3 spot in the late date set from 1933-1947...... I specialize in high end for the grade, gorgeously toned walkers..... If I wanted the top spot in the late date, or short set for that matter that would have been accomplished long ago..... I have returned many coins to dealers in higher grades than what I already have in a lower grade, but because the higher graded coin didn't have the other qualities I like in my Walkers, (which is mostly gorgeous original toning), I return them because I look for quality, and color regardless of the grade, and not just the grade on the holder.
It was a long enlightening thread! Case and point...move over a couple threads and look at Lucy's 55-
D. I have seen DOGS for 67s yet she cannot get the correct grade on her coin! LOOK AT IT!... Do you
think for $30/$50/ $100 PCGS is going to permit Lucy to have a pop-top 1/0 without paying a LOT of
money for it? THAT my friend is a downright, disgusting shame. Just grade the coin according to it's
merits. When is enough money -enough money already? This is crazy!
I have 3 PCGS 67 coins in front of me right now that look like crap! This girl's coin is stunning and PCGS
is wrong for not giving her the correct grade!
HOWEVER, this can all be daunting for new collectors who aren't sure what coins they like, how much to spend, what grades mean, how to evaluate a coin, etc. Registry sets can help new collectors approach the hobby in a focused, organized way.
e-mail me here
WINNER:
POTD 8-30-05 (awarded by dthigpen)
POTD 9-8-05 (awarded by gsaguy)
GSAGUY Slam 12-10-04
but doesn't anybody see the sarcasm in his post?
He is pro Registry........ IPOTAD......
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
<< <i>Boom - How would it even be POSSIBLE for a grading company to grade with anything approaching 100% consistency? If you can convince me that it's possible, I'll raise my expectations. >>
OK...That's your question? I'll give you MY answer....it will be about as popular as when cars were first being built using robotics replacing human beings...IT WASN'T!
Case and point-since Detroit and all the automakers have done away with humans building cars, they
run forever.. when in the good ole days, a car either needed a Major overhaul at 65,000-75,000 miles
or it was History. NOW THE CARS RUN FOREVER. You used to get a 3 year-30,000 mile warranty back
then-if you were lucky. My favorite most dependable vehicle happens to be a NISSAN that just turned
456,000 miles-damn near enough to go to the moon AND BACK TO EARTH! All original-never had a problem. I DO HAVE OTHER VEHICLES but I like it best...OLD FAITHFUL !
OK- so what does this have to do with coins? To answer your question. With the technology in place today-that 20 years ago was a Star Trek fantasy being real today. THE ONLY WAY to have coins accurately technically graded the first time around is by using computers and specs with the human being adding the finishing touches for aesthetics ONLY! Computer software that measures everything from the tiniest of ticks to die polish etc etc. A scale will be in place for that year's top coin and all others will be measured against it!- The Barometer-the yardstick by which all others are measured! Apples to Apples- Oranges to Oranges. without all the BS.
If they can honestly grade it 67? Of course!
First, the graders really do try to get the grade RIGHT. Second, PCGS is not counting anyone else's money. Third, PCGS makes more money when their customers find their services to be a good investment.
If anything, PCGS should be biased towards giving away "scores", especially to vocal members of our illustrious Forum community.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
In fact, I would love to see the market suddenly drop though the floor for a period,... long enough to cause a serious panic and make those who are into this strictly for the money, lose control. A total crash!!
Unlikely, and wishful thinking on my behalf, but still a nice dream. It would give me a chance to snag many a piece for my collection,... a collection I have no intention of parting with anytime soon.
Craig