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Why Do We Struggle To Complete Sets When They Are Always Sold Piecemeal?

CoinosaurusCoinosaurus Posts: 9,639 ✭✭✭✭✭
As I noted in another thread yesterday, most U.S. collectors are engaged in set building of one or another federal issues, struggling to complete date/mintmark and/or variety sets.

And yet, when collections are dispersed these sets are almost always sold by the piece, only to be taken up again by someone else trying to accomplish the exact same thing.

Occassionally a complete set sells intact (the Law half dimes, recently), but this is the exception.

Why is it that everyone feels compelled to build Lincoln sets (or whatever) when it has already been done thousands of times over? Would it not be much more efficient, from an ecomonic perspective, if we traded only in complete sets?

Comments

  • LanLordLanLord Posts: 11,722 ✭✭✭✭✭
    O.C.D.
  • dorkkarldorkkarl Posts: 12,691 ✭✭✭


    << <i>As I noted in another thread yesterday, most U.S. collectors are engaged in set building of one or another federal issues, struggling to complete date/mintmark and/or variety sets.

    And yet, when collections are dispersed these sets are almost always sold by the piece, only to be taken up again by someone else trying to accomplish the exact same thing.

    Occassionally a complete set sells intact (the Law half dimes, recently), but this is the exception.

    Why is it that everyone feels compelled to build Lincoln sets (or whatever) when it has already been done thousands of times over? Would it not be much more efficient, from an ecomonic perspective, if we traded only in complete sets? >>

    totally disgree

    when i sell something, which is rare, i always try to sell it as a set because that brings alot more $$$ then selling piecemeal. definitely true if you look at on by-the-hour basis!

    if you been selling your stuff 1 coin at a time,that is a mistake.

    as a matter of fact to let you on a secret, the REAL $$$ you can make in coins actually is in putting together sets. just gotta know where/ how to mkt them!!!

    K S
  • I don't sell yet but do collect and I have no interest in buying a complete set but I am building a few. If it has been done so many times why am I doing it again. I have no idea but I seem to enjoy it.
    "spot on my UHR, nevermind, I wiped it off"
  • HyperionHyperion Posts: 7,440 ✭✭✭


    << <i>O.C.D. >>



    I think there's alotta truth in that
  • STONESTONE Posts: 15,275
    Did I miss the announcement for the sale of the Law Collection of Half Dimes?

    When did this happen?
  • renomedphysrenomedphys Posts: 3,748 ✭✭✭✭✭
    My interest in set building (over set BUYING) is a combination of "thrill of the hunt" combined with getting the best possible pieces in order to achieve "what I want" in the end. While I have admired other complete sets, I feel that something would be lost were I to acquire one intact.
  • lkeigwinlkeigwin Posts: 16,893 ✭✭✭✭✭
    What fun is buying a complete set?
    Lance.
  • BoomBoom Posts: 10,165
    Agreed - it's a compulsion to create something.

    I suppose I am one of the fortunate ones.

    I was able to sell my complete 83 coin Registry set to one person - myself.

    No middle man - no excess fees or expenses.

    I DID deliver it in person though but even that worked out just fine. image
  • MidLifeCrisisMidLifeCrisis Posts: 10,550 ✭✭✭✭✭
    I probably would not like all the coins in another collector's set. I don't want to buy coins I don't like, just to get the coins I do like. (I understand that many dealers do this...and probably some collectors too)

    IMO, the fun in set collecting is in actually building the set to your liking, one piece at a time.
  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭


    << <i>Would it not be much more efficient, from an ecomonic perspective, if we traded only in complete sets? >>

    1. How many people would actually derive any enjoyment from saving up money for- what... 10 or 15 years, maybe- before buying their first coin vs. being able to purchase coins at a steady rate as the funds become available?

    2. Out of the number of complete sets you've seen, how many of them are ones which consist entirely of coins you'd like to own vs. the number of sets which contain just a few coins you'd like to own?

    Well, there's two reasons. image
  • rmpsrpmsrmpsrpms Posts: 1,928 ✭✭✭✭✭
    Complete sets of what? Every collector has a different perspective on both quality of their collection and on the specific composition of the series or whatever they are trying to complete. For instance, what if my goal was to complete a set of Roosie RPMs and Doubled Dies, all in MS63-65. Who would I buy that from? I could ask a variety dealer to put that set together for me, but I might wait years for it. At the same time, perhaps I am interested in a full set of all Lincoln Tokens and Medals made from 1900 to 1926. Could you even name how many different items that set would contain? I don't think anyone can, so that set would be an journey of study and discovery. I don't collect Roosie RPMs or Lincoln Medals, but what I do collect is both as esoteric and eclectic, and I don't expect to complete my collection within my lifetime (I don't think anyone could).
    PM me for coin photography equipment, or visit my website:

    http://macrocoins.com
  • DropdaflagDropdaflag Posts: 810 ✭✭✭✭✭
    I am beginning to enjoy the hunt more than the prize. I would lose that if I just bought a set.
  • dohdoh Posts: 6,457 ✭✭✭


    << <i>Would it not be much more efficient, from an ecomonic perspective, if we traded only in complete sets? >>


    UGH, how boring!! I don't want someone else's set. I don't care if it is "cheaper." I want MY coins with MY story behind each one!
    Positive BST transactions with: too many names to list! 36 at last count.
  • fiveNdimefiveNdime Posts: 1,088 ✭✭


    << <i>IMO, the fun in set collecting is in actually building the set to your liking, one piece at a time. >>


    image
    how many started collecting with a complete set?


    most of the deals were from broken sets too. image
    BST transactions: guitarwes; glmmcowan; coiny; nibanny; messydesk
  • BcsicanBcsican Posts: 1,068
    It is an oxy moron and to top it off losing money when you sell...
  • WalmannWalmann Posts: 2,806
    Aside from the thrill of hunting for individual coins, there is the simple matter that buying a set of coins is not the same as buying a set of silverware.

    In most sets there will a number of coins that are not pleasing to the potential buyer or up to their standards.

    Of course there are some sets out there that may well meet the quality standards and have appeal for a single buyer to keep the set intact and add it to their collection, but this is the exception IMO.

  • I'll take the minority view, maybe the only one to do so. At age 70, I had pretty much completed my set building.
    At that time, about 3 years ago, a complete set of Morgans came up on ebay. A COPY 1895 was in the hole for that date.
    I had never considered trying to tackle the years it would take to put one together.
    Each coin was given a grade by the seller with the '89-CC & '93-S graded by PCGS. The plastic would be included.
    Nothing was less than XF40. Most were MSxx. The seller sounded reliable. FB was low but 100%.
    I took a chance and won the auction with room to spare at $22 K.
    I bought the 1895 in PR62 shortly thereafter which raised the total cost to about $60 K.

    When I received the collection, I was really happy with it. The grades assigned were conservative in my opinion.
    I wrote him to thank him for the opportunity to complete my silver coinage at a fair price.
    He returned my email and said he wished he hadn't had to sell them as he had spent many years getting
    the best coins he could afford to complete it. I had no doubt he was sincere.

    This may contradict the views of most of you who have the advantage of age to allow you to work on
    upgrading or completing your collections a coin at a time. However, I'm enjoying owning this collection
    which I wouldn't have had otherwise.
    Contradict me if you like but try to understand there are variables to take into account when making such a decision.

    Your humble but happy fellow collector, JT.



    It is health that is real wealth, not pieces of gold and silver. Gandhi.

    I collect all 20th century series except gold including those series that ended there.
  • MrEurekaMrEureka Posts: 24,373 ✭✭✭✭✭
    Would it not be much more efficient, from an ecomonic perspective, if we traded only in complete sets?

    To take it one step further, it would be even more efficient if we just let the coins sit where they are, and if we didn't collect the stuff in the first place?
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • ponderitponderit Posts: 1,544 ✭✭✭✭✭
    I vote O.C.D. as the cause...
    I vote O.C.D. as the cause...
    I vote O.C.D. as the cause...
    I vote O.C.D. as the cause...

    ...but yes, I too enjoy the challenge of building out a set
    Successful BST transactions with Rob41281, crazyhounddog, Commoncents, CarlWohlford, blu62vette, Manofcoins, Monstarcoins, coinlietenant, iconbuster, RWW,Nolawyer, NewParadigm, Flatwoods, papabear, Yellowkid, Ankur, Pccoins, tlake22, drddm, Connecticoin, Cladiator, lkeigwin, pursuitofliberty
  • CoinosaurusCoinosaurus Posts: 9,639 ✭✭✭✭✭


    << <i> Would it not be much more efficient, from an ecomonic perspective, if we traded only in complete sets?

    To take it one step further, it would be even more efficient if we just let the coins sit where they are, and if we didn't collect the stuff in the first place? >>



    Hey, we're collectors after all. You have to at least let us collect image
  • droopyddroopyd Posts: 5,381 ✭✭✭
    I'd look at the introduction of "penny boards" to the masses in the 30s as the beginning of widespread date/mm collecting. Gotta fill all them holes!

    Once people got used to date/mm collecting for the lowly penny, it wasn't too much of a stretch to issue boards (and folders) for other denominations and get people excited about filling those up as well.

    Before then, I'd guess that many collectors used the "cabinet of 20" approach (except for those few who felt compelled to get one of everything).
    Me at the Springfield coin show:
    image
    60 years into this hobby and I'm still working on my Lincoln set!
  • morgandollar1878morgandollar1878 Posts: 4,006 ✭✭✭✭✭
    For me to buy a complete set of a certain type of coins takes the fun out of hand selecting each one for the set. It is very rare for me to see a set of coins where I like each and every one in the set anyway. I think that builing a set from scratch allows me to enjoy the hobby more. I would rather hand pick the coins of a certain set than let someone else who has different tastes pick that set for me. How many people out there have the money on hand to buy a complete set all at once. Granted it all depends on the cost of the set and the amount of the money that person has. To me it just sounds boring to buy them all at once.


    Instagram: nomad_numismatics
  • MowgliMowgli Posts: 1,219
    To me it depends on the series and whether you want to collect them or have them. When I started it was easy to buy a complete set of Jeffersons and Roosies and the Walkers short set. If you were not trying to build a registry set it was very inexpensive to buy these. I'm sure that newer series are the same way if you are not in the registry business. On the other hand (being ambidextrous) it is not something I would ever consider for Buffs, Mercs, SLQs, older Walkers, Barbers or anything from the 19th century or earlier - I'd want to collect these individually.
    In the land of the blind the one-eyed man is king.
  • tradedollarnuttradedollarnut Posts: 20,176 ✭✭✭✭✭
    Very few sets are worth MORE as a whole simply because we desire to build our own. The Law sets were one, Scher's three cents another.

    People buy sets because they are irreplaceable, or to get at certain coins they have to have. I purchased 3 near complete sets of seated dollars en masse when I was building my set, just to get at coins I couldn't acquire any other way.

    To some people, buying a complete set along the way to completion of their collection is the same as you buying a single coin along the way to completion of yours. A set here, a set there and pretty soon you're Louis Eliasberg. image
  • BoomBoom Posts: 10,165
    << It is an oxy moron and to top it off losing money when you sell...>>

    While this IS True, especially in the Present - it's not an Absolute!

    Aside from being extremely fortunate to amass a set of very nice specimen,
    I was equally as fortunate to find a buyer that is a Professional in the real world,
    unaffected by Economic woes because of the nature of his occupation.

    As such, all the pieces just came together and I incurred no loss.

    This, by no means, is the norm and I realize it. In most cases, particularly if selling
    a set today, depending on series involved, most would lose money if forced to sell
    in this downturned Market.

    Investing in coins is extremely dangerous - as PCGS themselves tell us.

    Timing is another very important factor.

    Example: Several years ago Gold (generic $20 St. Gaudens & the likes) were easily
    obtained for $300. I bought a goodly amount when at that price and there is NO WAY
    I can lose with regards to this venture either.

    I realize that I am extremely lucky and things happened "just right" for me.

    It's a risk, for sure but PQ coins sell themselves and as for Bullion - again,
    I was just Lucky and followed a hunch.

    Everything came together so well that the sum total of my Numismatic portfolio is now
    100% Profit. This definitely is the exception and NOT the Norm.

    I am a firm believer in the saying that "Luck is when preparation meets Opportunity"!

    This is quite gratifying yet could easily have gone the other way. image
  • ChrisRxChrisRx Posts: 5,619 ✭✭✭✭
    Money constraints.
    image
  • Mission16Mission16 Posts: 1,413 ✭✭✭
    Available money I guess.

    I'd love to buy the whole Dan Holmes Large cent collection but what kind of $ would I have to have? I'll be lucky to get any of the 5 pieces I'm bidding on. image
  • OK, then, I would like to buy a complete year set of Capped halves, all VF35 circ cams. See the problem?
  • lcoopielcoopie Posts: 8,873 ✭✭✭✭✭
    it's the thrill of the chase
    LCoopie = Les
  • ColonialCoinUnionColonialCoinUnion Posts: 10,087 ✭✭✭


    << <i>People buy sets because they are irreplaceable, or to get at certain coins they have to have. >>



    In my experience (as a buyer, seller and observer), a set can be sold for more than the sum of it's parts only if it contains one or more coins which are otherwise unobtainable (and the seller can wait for the right buyer to come along).
  • I greatly enjoy the process of building a set coin by coin, and upgrading and improving the set for years to come. However I don't particularly like seeing the result of that labor dispersed piecemeal. That is why most of my sets have been sold intact over the years, or in some cases they were broken up but the bulk of the coins still went to one buyer. However, for a set to be sold intact, it has to have distinguishing features that make it desirable to a buyer. Irreplaceable coins, pop-top or uniformly high quality, matched toning, matched grades, etc. Obviously not every set can find a buyer, and in those cases there is little choice but to break them up.

    I would never buy an unimprovable set, as then I would have nothing to do !!! But there are collectors out there who are several tiers above me, who are building much larger and more important collections (such as complete classic U.S. coinage, etc) ... and for those collectors, they can buy entire sets to fill a hole in their grand scheme the way the rest of us might buy a single coin to fill a hole in a set. So for that type of buyer, an unimprovable set makes a great deal of sense as a purchase.

    We can only hope that for every seller there's a buyer ... that's what makes a market.

    Sunnywood
  • BillJonesBillJones Posts: 34,617 ✭✭✭✭✭


    << <i>Would it not be much more efficient, from an ecomonic perspective, if we traded only in complete sets? >>



    Not really. A complete set is always going to contain a coin you (pick 1 or more) don't like, think is too high grade for the set, think is too low grade for the set, too expensive because of grade or some personal reason.

    Making a buyer purchase a complete set is quite often "a poison pill" for potential deal. And for many collectors the thrill of the chase is much or all of the fun.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?

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