Three types of Rarity---or---Good, Better, Best!!!

keets

My job affords me way to much time to drift away. Plus, it isn't the most cerebral occupation and I have the ability to walk-and-chew-gum-at-the-same-time, so I often find myself thinking of things Numismatic. Last night I considered the way the hobby has changed with the advent of grading services and how it's altered how we perceive rarity. Granted, I assume most collectors really understand what a rare coin is, but I do often wonder if that's actually true. When I began my hobby interest in the mid-60's it seemed clear that rarity was a simple function of how many were made of a certain issue and how many were still left, at least that's the form the topic seemed to be presented in at a shop, show or in a magazine. I think of the state of the hobby then as "Red Book Collecting" because that was the source of the easiest obtained statistics.

Fast forward to the late-80's when PCGS et. al. changed things dramatically. Now there was a coin which was rare in a sense that not many existed and a coin that was rare in a sense that not many existed in a certain grade. Certainly that had always been the case, but over the course of the last 15 years it has become well documented to the general collecting public, or at least to any hobbyist who's paying attention. And while the second was developing we got the third as a kind of bonus, a coin which is actually rare in a sense that not many exist and it's at the top of the grade census!!! So, to sum up my thought, I present the three types:

Good---a coin which is truly rare due to a low mintage or a known extant population.
Better---a coin which is grade rare.
Best---a truly rare coin at the top of the graded pop charts.

Certainly "Good" coins are tough to beat, they tend to be sought after by collectors and appreciate steadily. However, they aren't always immune to change. The best example for me is the GSA hoards and the affect they had on certain scarce Morgan dates. "Better" coins offer even less comfort because they are generally common and held in esteem only by the whims associated with their high grade. You don't have to be a genuis to figure that out, just think back a few months to the F.U.N. Show auction!! Which brings us to the "Best" coins on my list, tough issues with established rarity in a high grade. The paradox is that while we most can't afford them they are probably the ones we should be buying for the long haul since they afford the surest protection from market changes and collector quirks.

So, do you agree with my assumptions of not?? If you do, why not list an example of each of my three types from a series you actively collect. Help us out, even if you think we should already know. I'll be the first to admit that my knowledge of "Key Dates" is pathetic. Thanks and enjoy.

Al H.

ccr

To the best of my knowledge, I think it`s a fair assesment. When I first came back to the hobby after a long sabbatical 3-4 years ago, I realized pretty quickly that there is sometimes obvious and sometimes subtle differences within a the same grade ( assuming that they are true,reasonably correct grade ) that effect the quality and desirablity of the coin. Like the pictures I included in this post. One is a 1886 - P graded MS63 and the other is a 1884 - O graded MS63. The 1886 has a very sharp strike with nice target toning and the 1884 has a typical " O " mint flatness strike to it with a nice ( to my eyes at least ) cresent toning. What is debatable is which one would collectors like the most of the two, rhetorically speaking. Both are reasonably correct grades and both have some obvious and subtle differences between them. I`m sure similar examples in other grades and series that can point that out.

cladking

These terms are relevant only to the individual. A high grade 1945 dime is of little use
to someone who collects the coins in F and lacks only the 16-D. Sure he can trade it for
a handful of 16-D's but it's not a coin he'll seek or treasure. By the same token a FB clad
dime collector won't have much use for an MS-67 with a less than stellar strike. The typ-
ical collector won't even have much use for one of the "best" coins if it's from a series
where even good coins are priced far above his means if he's a date/mm collector.

There are lots of different ways to go in this hobby and what's best for one might not
even be very good for someone else.

cladking

The rarity I've always found best is that which is unappreciated. This applies whether it's
a coin or a medal, old or new, grade rare or mintage rare, apples or oranges. Anything that's
both cheap and rare holds my interest.

keets

hey Sam

you're missing my point. i'm talking strictly from the point of rarity. lose everything else for the point of discussion, and focus just on rarity when you consider my three types. all else isn't what i had intended to discuss though it may be valid, just not to my hoped for discussion.

al h.