Registry Fatal Weakness?

tradedollarnut

We had previous discussions about "leasing" coins for a registry set, but everyone missed an even greater weakness. If you lease, at least one person knows you don't own the coin. If you crack out your coin and keep the grading tag, you can sell off your coin and no one knows except you. Can't afford a great set? Just buy one coin at a time and keep the grading slip while selling off the coin! One day all your friends will complement you on your fantastic collection of PCGS grading slips!

wondercoin

Tradedollarnut. Before that concept of "leasing" blew up into WW3 on this board a few weeks ago, I was interested in making a point that "leasing" had a much broader meaning. Yes, not only did it include borrowing a coin and registering one you do not own, but also the concept of registering coins that did not exist, either because they were crack outs (as you mention) or simply someone is using a registry serial number without the permission of the present owner (e.g. taking it from ebay auctions, etc).

PCGS President basically suggested self-policing on a thread as you will recall. And, of course, our system of govt. and laws is not "fatally flawed" because criminals break the laws every day. Simply everyone should be on alert to take appropriate actions to ensure the Registry is being conducted cleanly. And, offenders should be dealt with severely.

As I mentioned in the past. I do not believe this is a "big" problem right now. Just one that should be illuminated so that collectors are on "high alert" so that it is less likely anyone can get away with it. For example, I own the 1932(p) Wash Quarter in PCGS-MS67. Now, if I had a Registry set (which I don't) and all of a sudden the coin became pop 2 and I was selling it AND continuing to register the coin, this is the type of information that can be easily observed where collectors are looking for this sort of activity. I simply could not get away with much-right? And, besides, what person in their right mind would destroy their pop 1 coin anyway simply to do this. The moment my 1932(p) quarter becomes pop 2 it is arguably worth a bit less money as well-right? Wondercoin

dbldie55

I did mention registering the inserts. When my dealer goes through his crackouts, he has a huge pile of inserts. He will always keep them until the coins are returned for cases like when PCGS places a proof coin in a MS holder, and he needs to get it corrected. Usually he will send them in, but since the services give no incentive to do this, he may not take the time. Usually they end up in the trash.

My only registry set consists of one coin (well one insert). The coin is in an album ( I do own the coin, but it is not in a PCGS holder any longer)

pmh1nic

I just have to believe that the vast majority of collectors are honestly interested in the coins they collect and aren't so shallow as to collecting inserts just for the sake of a better position in the registry. It sounds like a lot of work (collecting tags) without the benefit and motivation of actually enjoying the coins.

Keyrock

No matter what is done, or implemented, the possibility that someone will try to cheat the system does exist. As a collector I'd dont care since my set is the best that I can do. As a Registry set holder it may impact me on a financial level and for others it may possbly bruise the ego. The problem was created years ago when the first person cracked a slab. Now that the geneie is out of the bottle there is no way to control it except by self-policing.

Anyone who would buy, crack, submit (may they all get downgradded) and sell the reslabs is wacked in the head!!

oreville

Hello....by the way greetings to tradedollarnut......

The idea of a registry set is still so foreign to me. Wht would I want anyone in on my little secret as to what I need to complete my set until it is indeed complete?

To me only when the set is complete or when you want to sell the set would you want to "promote" your set as a registry set.

I am one of those collectors who loves undergraded coins that stay in the old slab as opposed to cracking out and reslabbing. Buyers seem to LOVE potential in a coin and quite frankly I hate to0 see "crippled" coins that are coins that barely made the next higher grade. Personally I find them worth less to me than the undergraded coin in the older slab.

But off on a tangent. Thta it for now.

Best,

Oreville

solid

Oreville,

One reason for registering your set is that you might get help from other members if they have a coin you can use. If they can't see what you need, you won't get any offers! I have purchased several coins for my set from members that upgraded, were selling out, or just had something I needed!

Ken

oreville

Ken: But my concerns are the keys to a set. If I were to try to complete a set of mercs and only needed the 1916-D mercury dime in 7 FB I would then be facing the "jacked up interest" in that date since the whole world knows about it too. I would prefer that as few as possible number of people know what I must have.

I truly believe the 1936 walker in PR66 going for $27,600 and the 1953-S 50c MS-66 FBL etc etc are at least partially the result of the registry set concept.

This is what I fear.