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"Set Registry Varieties and The Comprehensive Theory of the Numismatic Universe"
RBinTex
Posts: 4,328 ✭
A message from BJ:
A Special Message from David Hall
Dear Fellow PCGS Set Registry Participant,
The PCGS Set Registry is our job, but it’s also a lot of fun for us. And we think it’s become a big part of the rare coin experience for a lot of people. The PCGS Set Registry has evolved a lot in the past ten years and there have been some changes along the way, including changes to certain coin’s status. In this email I want to explain what we’re doing in detail…
And let you know what it means for your coins, specifically coin varieties.
But first, I want us to have a little fun describing the evolution of our thinking and something Ron Guth and I have dubbed “The Comprehensive Theory of the Numismatic Universe.”
Over the past year, as we were working on the new PCGS CoinFacts, we were constantly dealing with questions of market structure.
The questions were…
How do we create a listing structure for numismatics that is logical and easy to understand?
How do people collect coins?
How do people think about coins?
Where do you put certain coins?
Which lead to questions we had been asking since before we started PCGS…
What’s a proof?
What’s a variety?
What’s a regular issue? Or are they called business strikes? Commercial strikes?
Color on copper? Full bands? Cameo?
And on and on. If you really think about all of this, it is not as simple as it seems. You of course start by defining your terms, but for every definition there always seemed to be multiple exceptions.
For over 25 years, we’ve been asking these types of questions and we’ve made a lot of progress. Here are just a few examples of things that we’ve brought to the market in terms of defining terms and answering questions…some of the definitions and answers changing how certain coins and coin series are thought of by the numismatic community.
1792 Half Disme…this coin used to be considered a pattern. But because of the work of the PCGS Advisory Board experts and the fact that we’ve been calling it a regular issue silver half dime and we’ve made it a full fledged member of the United States Type coin set, this coin is now seen for what it really is…or least what I and a lot of other experts think it is…the first Federal issue of the United States…our first regular issue, i.e. commercially issued coin. This just one example of the many coins for which our work has changed the market viewpoint.
Full Band Roosevelt dimes…People collected full band Mercury dimes, prooflike Morgan dollars, and full step Jefferson nickels before there was ever a PCGS. But we recognized that Roosevelt dimes also had the full band issue and we brought the concept to the marketplace.
Cameo and Deep Cameo/Prooflike and Deep Mirror Prooflike…A refinement in striking status for many coins.
Special Strikes…There are coins that aren’t proofs, and they really aren’t regular strikes. We were calling them “specimens” and now we call most of them “special strikes.” This is still a work in progress. And by the way, PCGS founder and coin researcher extraordinaire John Dannreuther is working on a book on 1792 to 1935 proof coins (actually it will be three volumes) that is going to be nothing short of monumental and will really wrap up the whole proof issue. He’s made incredible discoveries.
PCGS Set Registry…When you think about, the PCGS Set Registry is all about structure. And we’ve always had to define our terms and make many decisions, including inclusion/exclusion decisions, about where coins go in the Set Registry. The goal always being to make numismatics work logically and pleasantly for all participants.
PCGS CoinFacts and the PCGS Set Registry
And now along comes PCGS CoinFacts. And I hope you have taken a look at PCGS CoinFacts. It’s a spectacular presentation of coin information. And the great thing about it is that even though it has more pure coin information than you can find anywhere else, it is very much a work in progress and just a minor preview of things to come. It is really important information for the coin marketplace. In the marketing material I call it “A 25 year dream come true” so please excuse my enthusiasm.
We’ve been working on parts of PCGS CoinFacts for years. In fact, the template for the individual coin pages was designed by our internet design team in 2002! Some of the questions and concepts are things a few of us have been discussing for twenty-five years. We’ve been working on survival estimates for three years. John Dannreuther and I first worked on the historical price guide data base 15 years ago. I’ve been working an average of 10 hours a week on the PCGS price guide and historical data base for over five years. Ron Guth and John Dannreuther have worked on the PCGS coin number system, soon to be expanded to include all die varieties, for the past three years. But we first turned up the heat when we bought the “old” CoinFacts website from Ron Guth a few years back. About a year ago, we were ready to greatly expand PCGS CoinFacts and Ron Guth decided to spend his full time on the “new” PCGS CoinFacts.
As we were working on unveiling all of our PCGS CoinFacts work to the public…as we worked on the truly comprehensive, ultra expanded version of the PCGS numbering system…we again had to deal with a lot of the same old “What is this coin?” questions. We were constantly refining our definitions and revising our structure. We dubbed our structure…the PCGS CoinFacts structure…CTNU…the Comprehensive Theory of the Numismatic Universe. And in our weekly “priorities” meeting we have basically drove our IT (computer programmers) staff crazy with changes that were demanded due to the CTNU. In fact, even though PCGS CoinFacts is now live, we have recently made the decision to change how we order the pages. It’s a major change, but based on the Comprehensive Theory of the Numismatic Universe, a necessary change. The point is…WE ARE GOING TO DO THIS RIGHT!
So what does this mean to the PCGS Set Registry and your coins??????
We deal with certain questions when it comes to the PCGS Set Registry. And we’ve been dealing with these questions since the Registry started. Lately, because of PCGS CoinFacts and the CTNU, we’re doing a lot major work on market structure and that includes questions that effect the PCGS Set Registry. The questions we deal with for the PCGS Set Registry are…
What sets should be PCGS Set Registry sets?
What coins should be in the sets?
What is a major variety?
What happens when a coin’s status, i.e. proof, regular strike, special strike, changes?
The point is…sometimes things change and that can effect the PCGS Set Registry.
Certain sets may be added to the PCGS Set Registry. And we do that a lot, mostly to expand the Registry and give you more collecting options.
Certain sets may be dropped when they don’t really make sense. This is a rare occurrence.
Certain coins may be added to sets. This happens occasionally.
Certain coins may be dropped from sets. This happens, but it’s a rare occurrence.
The status of varieties may change and coins may become recognized as major varieties. This happens a lot in the numismatic marketplace over the long term and major variety discoveries are indeed one of the exciting things about coin collecting. But sometimes a coin “loses” its status as a major variety. This sometimes happens because numismatic research shows the coin isn’t what we thought it was, and sometimes the coin just isn’t as major as we thought it was. A well known example is the 1869 Indian cent. If you look at a Redbook from 30 years ago you’ll a listing for the 1869/8 Indian cent…an overdate. Today, this coin is considered a “just” a re-punched date, not an 1869/8, but an 1869/69. It is not a major variety.
Sometimes a coin’s “status” is changed by research of the numismatic community…proofs may no longer be considered proofs, and vice versa. Sometimes, coins may even be found to actually be counterfeits. The most recent example is the discovery by PCGS that the 1896-O, 1900-O, and 1902-O micro O Morgan dollar varieties were actually counterfeit coins that were made as many as 70 or 80 years ago. This is a rare occurrence.
By the way, the PCGS Grading Guarantee has a list of some of the coins whose status is currently “up-in-the-air.” Here’s a link to the Guarantee and the list of enigmatic coins…
http://www.pcgs.com/guarantee.chtml
What we are doing now…and the reason I’m sending this to all Set registry participants…is we are looking at every United States coin and every Set Registry set thru the “eyes” of PCGS CoinFacts the Comprehensive Theory of the Numismatic Universe…OK, there really isn’t a Comprehensive Theory of the Numismatic Universe, but that’s what we call it. There may be some changes to some sets and there may be some changes to certain coin’s status.
There will only be a few sets affected and there will only be a few coins affected. But we want to get it right! If a coin isn’t a major variety, we shouldn’t call it a major variety. It is unlikely that your coin sets or your coins will be affected. We’ve fine-tuned the Registry over the years. And this minor fine tuning will continue in the future. In fact, there are some controversial coins…a partial list is below…that are currently being researched. Bottom line…minor changes in the PCGS Set Registry are part of the coin market. Some of these “minor” changes may have a major effect on a few individual coins. That’s just the way it is.
The rare coin market keeps evolving. The rare coin market keeps getting better. PCGS arrived in 1986. The PCGS Set Registry appeared about 10 years ago. And now we have the new PCGS CoinFacts. And of course we also have the Internet, online auction bidding, price guides, etc. All of these things and many more have made rare coins the most information rich and liquid of all collectibles. And I believe all of these developments have brought many more collectors to our market, and have made coin collecting more interesting and fun for everyone. I hope you’re having as much fun with your coins as were having doing what we do with coins.
Sincerely,
David Hall
PS…Here’s a heads up on some of the coins (some also listed in the PCGS Grading Guarantee) that are currently being researched by numismatic heavyweights such as John Dannreuther, Don Kagin, other members of the PCGS CoinFacts Board of Experts, and others, along with my personal opinion on them…
1856 Flying Eagle Cents…Are they proofs or regular strikes? Or rather, are they all proofs? We know they are patterns…or are they? Well, I personally know that some of them look as much like a business strike as any Flying Eagle. And some look exactly like a proof. And I’ve seen many that admittedly look in-between. (We call these…and any coin issue that looks “in-between”…”pruncs” in the grading room). But research is on-going and one day their status may change…or be refined.
1849 J.H. Bowie $5…This is a very rare territorial gold issue. But some experts feel it may be a fantasy coin made much later than 1849, i.e. a counterfeit. Personally, they look real to me, but research is ongoing.
1831 Half Cents…Are they regular strikes, or were they all struck as proofs? This is one that I personally think will turn out on the “they are all proofs” side, but research is far from over.
1914/3 Buffalo nickel…Is this really an overdate? I remember after Tom McCarroll bought one for his fabulous set of Buffalo nickels he told me he thought of the coin as an “imagination” variety. I never have liked this coin and I’m not sure it’s really an overdate. But smarter people than me are looking into this one.
1852 “Original” proof Half Cents…Do they exist?
1841 Proof $2.5 Liberties…This is an extremely important gold rarity. But in his monumental gold books of 30 years ago, David Akers poses the theory…with great reasons why…that there were some regular strikes minted and some of the existing specimens are not proofs.
All early proofs…Many proof pre-1860 proofs (and some post 1860 proofs) are subject to be questioned. John Dannreuther’s upcoming monumental book on United States proof coins will answer a lot of these questions…and this book is more thoroughly researched than any numismatic book in recent history. When JD’s work is published, the status of some coins may change. And by the way, JD is convinced that the 1841 $2.5 Liberty is indeed a proof-only issue.
A Special Message from David Hall
Dear Fellow PCGS Set Registry Participant,
The PCGS Set Registry is our job, but it’s also a lot of fun for us. And we think it’s become a big part of the rare coin experience for a lot of people. The PCGS Set Registry has evolved a lot in the past ten years and there have been some changes along the way, including changes to certain coin’s status. In this email I want to explain what we’re doing in detail…
And let you know what it means for your coins, specifically coin varieties.
But first, I want us to have a little fun describing the evolution of our thinking and something Ron Guth and I have dubbed “The Comprehensive Theory of the Numismatic Universe.”
Over the past year, as we were working on the new PCGS CoinFacts, we were constantly dealing with questions of market structure.
The questions were…
How do we create a listing structure for numismatics that is logical and easy to understand?
How do people collect coins?
How do people think about coins?
Where do you put certain coins?
Which lead to questions we had been asking since before we started PCGS…
What’s a proof?
What’s a variety?
What’s a regular issue? Or are they called business strikes? Commercial strikes?
Color on copper? Full bands? Cameo?
And on and on. If you really think about all of this, it is not as simple as it seems. You of course start by defining your terms, but for every definition there always seemed to be multiple exceptions.
For over 25 years, we’ve been asking these types of questions and we’ve made a lot of progress. Here are just a few examples of things that we’ve brought to the market in terms of defining terms and answering questions…some of the definitions and answers changing how certain coins and coin series are thought of by the numismatic community.
1792 Half Disme…this coin used to be considered a pattern. But because of the work of the PCGS Advisory Board experts and the fact that we’ve been calling it a regular issue silver half dime and we’ve made it a full fledged member of the United States Type coin set, this coin is now seen for what it really is…or least what I and a lot of other experts think it is…the first Federal issue of the United States…our first regular issue, i.e. commercially issued coin. This just one example of the many coins for which our work has changed the market viewpoint.
Full Band Roosevelt dimes…People collected full band Mercury dimes, prooflike Morgan dollars, and full step Jefferson nickels before there was ever a PCGS. But we recognized that Roosevelt dimes also had the full band issue and we brought the concept to the marketplace.
Cameo and Deep Cameo/Prooflike and Deep Mirror Prooflike…A refinement in striking status for many coins.
Special Strikes…There are coins that aren’t proofs, and they really aren’t regular strikes. We were calling them “specimens” and now we call most of them “special strikes.” This is still a work in progress. And by the way, PCGS founder and coin researcher extraordinaire John Dannreuther is working on a book on 1792 to 1935 proof coins (actually it will be three volumes) that is going to be nothing short of monumental and will really wrap up the whole proof issue. He’s made incredible discoveries.
PCGS Set Registry…When you think about, the PCGS Set Registry is all about structure. And we’ve always had to define our terms and make many decisions, including inclusion/exclusion decisions, about where coins go in the Set Registry. The goal always being to make numismatics work logically and pleasantly for all participants.
PCGS CoinFacts and the PCGS Set Registry
And now along comes PCGS CoinFacts. And I hope you have taken a look at PCGS CoinFacts. It’s a spectacular presentation of coin information. And the great thing about it is that even though it has more pure coin information than you can find anywhere else, it is very much a work in progress and just a minor preview of things to come. It is really important information for the coin marketplace. In the marketing material I call it “A 25 year dream come true” so please excuse my enthusiasm.
We’ve been working on parts of PCGS CoinFacts for years. In fact, the template for the individual coin pages was designed by our internet design team in 2002! Some of the questions and concepts are things a few of us have been discussing for twenty-five years. We’ve been working on survival estimates for three years. John Dannreuther and I first worked on the historical price guide data base 15 years ago. I’ve been working an average of 10 hours a week on the PCGS price guide and historical data base for over five years. Ron Guth and John Dannreuther have worked on the PCGS coin number system, soon to be expanded to include all die varieties, for the past three years. But we first turned up the heat when we bought the “old” CoinFacts website from Ron Guth a few years back. About a year ago, we were ready to greatly expand PCGS CoinFacts and Ron Guth decided to spend his full time on the “new” PCGS CoinFacts.
As we were working on unveiling all of our PCGS CoinFacts work to the public…as we worked on the truly comprehensive, ultra expanded version of the PCGS numbering system…we again had to deal with a lot of the same old “What is this coin?” questions. We were constantly refining our definitions and revising our structure. We dubbed our structure…the PCGS CoinFacts structure…CTNU…the Comprehensive Theory of the Numismatic Universe. And in our weekly “priorities” meeting we have basically drove our IT (computer programmers) staff crazy with changes that were demanded due to the CTNU. In fact, even though PCGS CoinFacts is now live, we have recently made the decision to change how we order the pages. It’s a major change, but based on the Comprehensive Theory of the Numismatic Universe, a necessary change. The point is…WE ARE GOING TO DO THIS RIGHT!
So what does this mean to the PCGS Set Registry and your coins??????
We deal with certain questions when it comes to the PCGS Set Registry. And we’ve been dealing with these questions since the Registry started. Lately, because of PCGS CoinFacts and the CTNU, we’re doing a lot major work on market structure and that includes questions that effect the PCGS Set Registry. The questions we deal with for the PCGS Set Registry are…
What sets should be PCGS Set Registry sets?
What coins should be in the sets?
What is a major variety?
What happens when a coin’s status, i.e. proof, regular strike, special strike, changes?
The point is…sometimes things change and that can effect the PCGS Set Registry.
Certain sets may be added to the PCGS Set Registry. And we do that a lot, mostly to expand the Registry and give you more collecting options.
Certain sets may be dropped when they don’t really make sense. This is a rare occurrence.
Certain coins may be added to sets. This happens occasionally.
Certain coins may be dropped from sets. This happens, but it’s a rare occurrence.
The status of varieties may change and coins may become recognized as major varieties. This happens a lot in the numismatic marketplace over the long term and major variety discoveries are indeed one of the exciting things about coin collecting. But sometimes a coin “loses” its status as a major variety. This sometimes happens because numismatic research shows the coin isn’t what we thought it was, and sometimes the coin just isn’t as major as we thought it was. A well known example is the 1869 Indian cent. If you look at a Redbook from 30 years ago you’ll a listing for the 1869/8 Indian cent…an overdate. Today, this coin is considered a “just” a re-punched date, not an 1869/8, but an 1869/69. It is not a major variety.
Sometimes a coin’s “status” is changed by research of the numismatic community…proofs may no longer be considered proofs, and vice versa. Sometimes, coins may even be found to actually be counterfeits. The most recent example is the discovery by PCGS that the 1896-O, 1900-O, and 1902-O micro O Morgan dollar varieties were actually counterfeit coins that were made as many as 70 or 80 years ago. This is a rare occurrence.
By the way, the PCGS Grading Guarantee has a list of some of the coins whose status is currently “up-in-the-air.” Here’s a link to the Guarantee and the list of enigmatic coins…
http://www.pcgs.com/guarantee.chtml
What we are doing now…and the reason I’m sending this to all Set registry participants…is we are looking at every United States coin and every Set Registry set thru the “eyes” of PCGS CoinFacts the Comprehensive Theory of the Numismatic Universe…OK, there really isn’t a Comprehensive Theory of the Numismatic Universe, but that’s what we call it. There may be some changes to some sets and there may be some changes to certain coin’s status.
There will only be a few sets affected and there will only be a few coins affected. But we want to get it right! If a coin isn’t a major variety, we shouldn’t call it a major variety. It is unlikely that your coin sets or your coins will be affected. We’ve fine-tuned the Registry over the years. And this minor fine tuning will continue in the future. In fact, there are some controversial coins…a partial list is below…that are currently being researched. Bottom line…minor changes in the PCGS Set Registry are part of the coin market. Some of these “minor” changes may have a major effect on a few individual coins. That’s just the way it is.
The rare coin market keeps evolving. The rare coin market keeps getting better. PCGS arrived in 1986. The PCGS Set Registry appeared about 10 years ago. And now we have the new PCGS CoinFacts. And of course we also have the Internet, online auction bidding, price guides, etc. All of these things and many more have made rare coins the most information rich and liquid of all collectibles. And I believe all of these developments have brought many more collectors to our market, and have made coin collecting more interesting and fun for everyone. I hope you’re having as much fun with your coins as were having doing what we do with coins.
Sincerely,
David Hall
PS…Here’s a heads up on some of the coins (some also listed in the PCGS Grading Guarantee) that are currently being researched by numismatic heavyweights such as John Dannreuther, Don Kagin, other members of the PCGS CoinFacts Board of Experts, and others, along with my personal opinion on them…
1856 Flying Eagle Cents…Are they proofs or regular strikes? Or rather, are they all proofs? We know they are patterns…or are they? Well, I personally know that some of them look as much like a business strike as any Flying Eagle. And some look exactly like a proof. And I’ve seen many that admittedly look in-between. (We call these…and any coin issue that looks “in-between”…”pruncs” in the grading room). But research is on-going and one day their status may change…or be refined.
1849 J.H. Bowie $5…This is a very rare territorial gold issue. But some experts feel it may be a fantasy coin made much later than 1849, i.e. a counterfeit. Personally, they look real to me, but research is ongoing.
1831 Half Cents…Are they regular strikes, or were they all struck as proofs? This is one that I personally think will turn out on the “they are all proofs” side, but research is far from over.
1914/3 Buffalo nickel…Is this really an overdate? I remember after Tom McCarroll bought one for his fabulous set of Buffalo nickels he told me he thought of the coin as an “imagination” variety. I never have liked this coin and I’m not sure it’s really an overdate. But smarter people than me are looking into this one.
1852 “Original” proof Half Cents…Do they exist?
1841 Proof $2.5 Liberties…This is an extremely important gold rarity. But in his monumental gold books of 30 years ago, David Akers poses the theory…with great reasons why…that there were some regular strikes minted and some of the existing specimens are not proofs.
All early proofs…Many proof pre-1860 proofs (and some post 1860 proofs) are subject to be questioned. John Dannreuther’s upcoming monumental book on United States proof coins will answer a lot of these questions…and this book is more thoroughly researched than any numismatic book in recent history. When JD’s work is published, the status of some coins may change. And by the way, JD is convinced that the 1841 $2.5 Liberty is indeed a proof-only issue.
0
Comments
WS
"In fact, there are some controversial coins…a partial list is below…"
Bob, anything notably missing?
WS
<< <i>I will take what information I can get. Needless to say, 58 DDO's do not bother me as much as 41 DDO's. I was thinking about those poor Die # 1's being thrown out in the cold. But If it's a work in progress, I can wait.
WS >>
Well, the letter doesn't really answer those two issues. Not really. Excellent arguments were made in this forum recently for either including or excluding either of these two coins in the Lincoln Cent Registry. After all, the 1941 DDO is as valid a doubled die cent as is the 1909 VDB DDO and the 1917 DDO. Does this mean those two varieties wil soon be exluded? Does the Fivaz Staton Star ranking system of collector popularity mean nothing?
And as for the 1958 suddendly being included...a benefit to two and a detriment to perhaps 100 or more in the varieties portion of the Lincoln sets with major varities. That inclusion seems, to me, to be patently unfair. I'm interested to see what my Lincoln cent Registry customers have to say about this. I hope they post here so others can see the replies.
While I'm grousing, I'd like to also comment on the "sea of red" in high grade Lincolns recently. I thought these price adjustments are based on two or more auction sales of two distinctly different coins. For the vast majority of the 1910 and more recent date adjustments, I see no auction results for most of these. Prices seem to have been plucked out of the thin air. Tell me it ain't so, Jaime.
Ira
The status of varieties may change and coins may become recognized as major varieties. This happens a lot in the numismatic marketplace over the long term and major variety discoveries are indeed one of the exciting things about coin collecting. But sometimes a coin “loses” its status as a major variety. This sometimes happens because numismatic research shows the coin isn’t what we thought it was, and sometimes the coin just isn’t as major as we thought it was.
Of course we would all like to have heard the reasons to drop the 41 DDO.
WS
Here is what I mean by knowledgeable experts. The person who wrote this line under the definition of "Major Variety Set" clearly does not know what the 1936 DDO's are:
Generally, major varieties are significant and can be easily seen with the naked eye. And where there are various “states” to a variety, the major variety is the state which is considered the strongest by the collecting community. For example, there are three states, or types, for the 1936 Double Die Obverse Lincoln cent. Only the Type 1, the strongest and most apparent of the three states, is considered a major variety and is included in the PCGS Major Variety Set for Lincoln cents.
________________________________________
Here is the full text of the page if you want to review it along with the e-mail that BJ sent out today. There seems to be a little more meat to it than the e-mail, so I decided to post it here. If anyone objects to the length of it, I will gladly remove it.
<< <i>Welcome to the PCGS Set RegistrySM. Each series in the Registry is divided into two parts. The initial page lists the average grade, state of completion, and set rating of each set in two categories, All-Time Finest (ATF) and Current. The ATF contains both current and retired sets. The Current category contains only current sets. If the set is listed as "viewable," the second page displays each item registered in the set and, if added by the owner of the set, images and descriptions. Members may make their own comments about their sets. PCGS experts reserve the right to edit set names, comments, and coin descriptions.
All Time Finest and Current Sets
Each set listed as current is comprised of PCGS coins certified in accordance with our usual standards. A PCGS coin is defined as a coin CURRENTLY encased in a PCGS holder.
In order to list your set as current, you must own and have physical possession of the coins you are listing or be an agent with permission to represent a collection. (Possession may include items being held in your safe deposit box or items which you have consigned to auction.) A coin is not considered owned by you if you have sold it to another, regardless of buyback or return policies. Furthermore, this coin should be removed from your inventory and sets. If the same coin should return to your possession and you regain ownership, you then have the option to relist it in the registry.
You should retire a set from Current status when you have sold or broken up your set. To retire a set, simply delete the entire set and inventory in "My Sets." (Note that if you delete items from your set one by one, it will also reduce your ATF set completion.) If your set was at least 90% complete at the time of deletion, it will remain in the All Time Finest category and will be listed with a "viewable" status. If you still own the coins in a retired set that was 90% complete at the time of retirement and the set remains in the All Time Finest category, those same certification numbers cannot be re-used by you in a new set you may start in the same category. Should you wish to re-use those coins, please contact customer service first to delete the All Time Finest set from the Registry.
Should you attempt to list a coin and you receive an error message telling you that the coin is currently owned by another registrant, please use the automatic email feature that will send an email to the former owner asking for release. Your name will not be sent to the other member. Please allow three business days for the former owner to release the coin. If, after three business days, the inventory item has not been removed, please submit a scan of the front and back of the item to setregistry@collectors.com and the item will be removed for you. Registrants are urged to delete their sets or coins from the registry soon after sets or coins are sold in order to release the certification numbers for other registrants who may have purchased the items and wish to register them.
Current sets that are not at least 10% complete and have not been updated for at least 12 months will be unpublished from the Registry. The set will not be publishable until it has been updated.
PCGS Set Registry Set Definitions
The following are the collecting options for coin collections listed in the PCGS Set Registry. The first group of sets listed below is for those collectors that what to specialize in an individual series, such as Morgan dollar, Buffalo nickels, $20 St. Gaudens, etc. You pick the series or type of coin you want to collect, then use the definitions below to decide how simple or complex you want your collection to be, based on your numismatic desires and budget. The sets are listed with the simplest, i.e. least number of coins required, sets first.
Date Set – The Date Set includes one coin for each year in the series. Any mintmark and any variety can be used as the “date” in your set. For example, a Morgan dollar Date Set could have an 1899-S, 1900-O/CC, and a 1901 for the 1899, 1900, and 1901 in the Date Set.
Basic Set (Date and Mintmark) – The Basic Set includes one of each date and mintmark in the series. For the most of the Basic Sets, varieties can be used in place of a non-variety coin.
Classic Set (Date, Mintmark, and Major Varieties) - The Classic Set includes one of each date, mintmark, and major variety, with the major varieties being those that have been recognized since the early 1970s. Examples of these long time recognized varieties would be the 3-legged Buffalo nickel, 1955 double die Lincoln cent, and the 1918/7-S Standing Liberty quarter. These sets are dated through 1964. The purpose of the Classic Set is to allow your current collection to be compared to the great collections of the past, such as the Louis Eliasberg collection, the only “complete” collection of U.S. coins ever assembled.
Major Variety Set (Date, Mintmark, and Major Varieties) – The Major Variety Set includes one of each date, mintmark, and major variety currently recognized by PCGS. Major varieties are defined as coins that are easily recognized as having major differences from other coins of the same design, type, date, and mint. Generally, major varieties are significant and can be easily seen with the naked eye. And where there are various “states” to a variety, the major variety is the state which is considered the strongest by the collecting community. For example, there are three states, or types, for the 1936 Double Die Obverse Lincoln cent. Only the Type 1, the strongest and most apparent of the three states, is considered a major variety and is included in the PCGS Major Variety Set for Lincoln cents.
Note that new varieties are recognized each year and the number of coins needed for a Major Variety Set may increase over time. Also note that it is possible for varieties to be “delisted,” i.e. removed from inclusion in the Major Variety set. Sometimes varieties are misattributed by the numismatic community. For example, for years the pricing guides listed an 1869/8 Indian cent. Experts now state that this is not a 9 over 8, but “recut 9,” or “9 over 9.’ This minor recutting is a much more common occurring variety and is not considered major.
Complete Variety Set (Date, Mintmark, and all Varieties) – The Complete Variety Set includes one of each date, mintmark, and all major and minor varieties recognized by PCGS. Using the example of the 1936 Double Die Obverse Lincoln cent mentioned under the Major Variety Set above, for the Major Variety Set, only the Type One 1936 DDO cent is allowed in and necessary for the set. However, in the Complete Variety Set, all three types of 1936 DDO Lincoln cents are required for the set. Note that for early series, such as Large cents, Bust half dollars, Half cents, etc., the Complete Variety Set includes all die varieties as listed in the most recognized reference books.
Pre-PCGS All-Time Finest Sets
Many of the “All-time finest” sets are comprised of PCGS coins, while others predated PCGS and were made up of uncertified coins. For these pre-PCGS sets, the coins are listed as either "PCGS graded," "PCGS grade," "PCGS estimated grade," “Estimated grade,” or “Assumed grade” which are defined as follows:
PCGS graded - This refers to a coin that was graded by PCGS prior to the auction sale of the collection, i.e. the coin was sold at the auction in a PCGS holder.
PCGS grade - This refers to a coin that was graded by PCGS sometime after the auction sale of the collection. The coin may or may not still be in a PCGS holder.
PCGS estimate grade - This refers to a coin that has been examined recently by David Hall, John Dannreuther, Gordon Wrubel, or PCGS graders and the "PCGS estimate grade" is what we feel the coin would most likely grade at PCGS if submitted for grading.
Estimated grade - Estimated grades are used for great collections that were put together and/or sold before PCGS was in existence. The estimated grades are based on auction catalog notes of PCGS founders David Hall, Gordon Wrubel, and John Dannreuther, all of whom attended many of the great auctions held in the 1970s, 1980s, and 1990s and viewed the actual coins. The estimated grades also are derived from input from the PCGS Advisory Board. For older collections sold at auction prior to 1970, the estimated grade is a guess based on the cataloguers description.
Assumed grade - Collecting proofs and circulation strikes separately has only been common practice for the past 25 years or so. Prior to that, collectors would mix proofs and circulation strikes, often having proofs for their Philadelphia mints and circulation strikes for their other mints. For some of the great collections we list, such as the Louis Eliasberg collection, we will add an "Assumed grade." This will allow you to more easily compare your sets with the great early collections. For the "Assumed grade" we always use the grade that would have been readily available to the collector at that time.
Genuine Only
Coins certifed as genuine by PCGS but ungraded can be used in competitive sets. The grade for genuine-no grade coins will default to P01.
Mint Errors
PCGS grades some coins through the Mint Error program. These are coins such as planchet clips and off-metal strikings that have been unintentionally struck by the Mint. Mint errors are designated by an "E" in front of the coin number on the PCGS holder insert. Mint errors can be added to "My Inventory" and the Collectors Showcase, but cannot be used in competitive sets.
BU and PR Coins Without Numeric Grades
PCGS will grade coins without a numeric grade through its bulk grading program. These coins will have Brilliant Uncirculated or Gem Proof on the insert of the coin's holder with no numeric grade listed. These coins cannot be used in the PCGS Set Registry. To be able to add these coins to your inventory and competitive sets, you must submit them for re-grade through the modern coin service level. Click here for more information.
Buying and Selling Policy
The PCGS Set Registry is to be used to list collections of coins. By the sheer nature of the Registry, items listed are invariably bought and sold. However, using terminology such as "for sale or trade," "auction0207," or listing an item with a price is not permitted. The Registry is self-policing. Should you see an infraction of this policy, please report it to setregistry@pcgs.com.
Grade Points, Set Ratings and Weighting
After each set is registered, its "Grade Points" are determined. In unweighted sets, the grade points are the average grade of the coins in the set, plus or minus bonuses or deductions (see below).
For weighted sets, the rarest coin in the set may have a weight of "10" and the most common coin will have a weight of "1." The grades are multiplied by the weights. That total is divided by the total number of coin weights. That gives the "Weighted Grade Point Average." The "Set Rating" is achieved by dividing the weighted grade sum by the total sum of the weights in the entire set. All sets are listed in order of their Set Rating.
Ties
Sets are date-stamped according to the first date they are submitted for publication. In case of a tie the set which reaches the number one spot with 100% completion first will remain in the number one spot regardless of the set's first validation date. The following logic is used:
1) Highest rating NOW
2) Highest rating EVER
3) Highest rating ever DATE
As an example:
1) Set #1 with the highest rating goes to the top slot.
2) If set #2 ties set #1's rating, then set #1 remains in the top slot regardless of the first or last published date.
3) If set #2 updates with a higher rating than set #1, then it takes the top slot. However, if set #1 matches set #2's rating, set #1 retakes the top slot.
Points for Bonuses or Deductions
When considering the ranking of circulated struck Copper Coinage, Mercury Dimes, Roosevelt Dimes, Franklin Half Dollars, and Jefferson Nickels bonus points or deductions may apply for desirable designations such as Red Brown, Red, Full Band, Full Bell Lines, and Full Steps. Mercury Dimes designated "Full Bands” may receive 2 bonus points, for example. Depending on the set, coins with these desirable designations will receive bonus points or in some cases, coins will receive deductions if they do not have the designation. In every set where bonus points or deductions apply, the set composite will list the bonus points or deductions for the set.
For proof coinage, Red Brown Copper, Red Copper, Cameo and Deep Cameo designations may receive bonus points or non-Cameo and non-Deep Cameo coins may receive deductions.
The calculation for bonuses or deductions is as follows:
(Grade + Bonus) x Weight
(Grade – Deduction) x Weight
Coins Minted During the Year
In U.S. sets, new coins minted during the year, such as Jefferson Nickels, Roosevelt Dimes, and American Eagles, will be added to set composites as optional coins beginning in February and throughout the year as they are minted. In January of the following year, these coins will be required as part of the set. This policy allows all registrants working on modern sets ample time to obtain coins released by the mint during the year. World coin sets will not list new coins minted during the year until the following year.
Set Changes
The PCGS Set Registry is a work in progress. Occasionally, a coin in a set originally marked as "optional" may be changed to be included as part of the required coins or vice versa. Also, coins may be added or subtracted from a set. These changes may affect a registrant's overall GPA and rating. PCGS reserves the right to make changes with or without the consent of participating members. >>
NOTE TO PCGS: LET'S NOT CONFUSE STATES WITH TYPES. They are NOT to be used interchangably.
<< <i>"... For example, there are three states, or types, for the 1936 Double Die Obverse Lincoln cent. Only the Type 1, the strongest and most apparent of the three states, is considered a major variety and is included in the PCGS Major Variety Set for Lincoln cents."
NOTE TO PCGS: LET'S NOT CONFUSE STATES WITH TYPES. They are NOT to be used interchangably. >>
Roger,
For those of us who may be a little confused, can you please tell us the definitions of "state" and "type" as it applies to the 1936 Doubled Die Obverse Lincoln cent. Thanks,
Steve
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
State (as used by PCGS I take it to mean the same as - or intended to mean - "stage"), e.g. refers to the die stage of each particular variety as noted by CONECA.
Of course, I might be missing something in regards to the meaning of "state".
Just for clarity, the three DDO's referred to by PCGS are three different Doubled Dies, i.e., separate dies each of which shows doubling of some form. A die "state" refers to the period during the life cycle of one single die. You may have an early die state (EDS), middle die state (MDS) or a late dies state (LDS), Sometimes, a certain feature that makes it collectible will only show during a particular state, such as a cud or die crack. With the 1936 DDO's, they are three different dies. Hope this helps.
I wouldn't expect non-variety collectors to necessarily know this automatically, but would think PCGS would get it right in a public statement. It makes me wonder who is making decisions about the varieties and what they really know about them. And, it also begs Bob's question as to why they don't just ask those of us who collect them and know them.
(PS, you will also hear the term "die stage" used interchangeably with "die state" by most collectors, although I think there is a distinction between the two)
WS
<< <i>Nah Shag. You're thinkin' of the '41. >>
Roger, In regards to the spread or the inclusion in the variety sets? If the spread, look at the photos in the C/P guide. The example AU_Hobby bought from Andy was insanely doubled. Shag
Perhaps my double-bad. Sorry if I wasn't clear what I was commenting on (Bob, you got it). I was unaware that the 36 DDO's were EVER interchangeable with regards to registry inclusion.
<< <i>Basic Set (Date and Mintmark) – The Basic Set includes one of each date and mintmark in the series. For the most of the Basic Sets, varieties can be used in place of a non-variety coin. >>
They just won't admit jumping the gun on this outrageous change to the basic set.
Had HE waited until the variety sets were up and running, the purity of the basic set would still be intact.
Then the Satin Finish coins would be in the two sets they need to be in, and our Basic set would still be made up of basic issue coins.
Oh well, I can still have my basic sets, I just can't have them here.
Im excited for this!
I am lobbying to get the 1941 DDO back in the Set Registry. I spoke to David Hall this week and I am confident that it will be back in the REGISTRY BEFORE THE YEARS END.
David wants to see the coin again and I will make the arrangements. I have NO doubt he will agree with me.
Stewart
<< <i>HI GUYS,
I am lobbying to get the 1941 DDO back in the Set Registry. I spoke to David Hall this week and I am confident that it will be back in the REGISTRY BEFORE THE YEARS END.
David wants to see the coin again and I will make the arrangements. I have NO doubt he will agree with me.
Stewart >>
Stewart,
Thanks for your efforts.
The pulling of the 1941 DDO made no sense in the first place.
Goodluck!
Gardnerville, NV
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