What does a rarity value (R-7, etc) mean to you?
jonathanb
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The question is simple: If you see an item described in a reference work or auction catalog as R-7, what does that mean to you?
There are a number of rarity scales. For the sake of discussion, let’s assume that you know for sure that the R-7 rating was intended to be relative to the following scale, which I think is the scale most commonly used in a number of areas, at least when it comes to exonumia:
R-1: 5,000+
R-2: 2,001-5000
R-3: 501-2000
R-4: 201-500
R-5: 76-200
R-6: 21-75
R-7: 11-20
R-8: 5-10
R-9: 2-4
R-10: 1 (unique)
Comments
I submitted this question to the latest E-Sylum, and I'm going to repost it here (with permission) to see if I can get a little broader audience.
If you submitted the question, why do you need permission to repost your own material? Does E-Sylum own the copyright to submissions or just get a license?
It seemed polite to ask permission. E-Sylum isn't a discussion board. Wayne puts a lot of effort into editing it, and the quality shows. Maybe I didn't have to ask permission, but I did and I feel better for doing so.
It seemed polite to ask permission. E-Sylum isn't a discussion board. Wayne puts a lot of effort into editing it, and the quality shows. Maybe I didn't have to ask permission, but I did and I feel better for doing so.
Good to know. I like the articles and just referenced one earlier today.
Lance.
1. The exact count of confirmed examples.
2. An estimate of the number extant from all sources, which is usually derived from auction frequency.
The exact count is usually for up to 31 examples (R-6 in the bust world).
Both methods are often mixed in the same reference book, usually without a description of the process on how the rarity ratings were developed.
Specializing in 1854 and 1855 large FE patterns
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John and I went through the exercise of estimating rarities of US twenty-cent piece die marriages while working on our book. Our estimations are "informed guesses" based on known survival data for all twenty-cent pieces. We estimated rarity based on the percentage of coins surviving assuming that all dates and mintmarks were removed from circulation with equally proportional representation (unless other information to the contrary existed, e.g. 1876-CC coins).
That number gave us an estimated survival for all die marriages for given date and mintmark. For each die marriage, we then used our research on how many specimens we have seen to further categorize the number known. From this value, we estimated rarity using a different scale (R-1 through R-8).
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
R-7 on the Sheldon Scale, which I continue to use for the most part, is an estimated population of 4 to 12 collectable pieces. Possibly left out of this are coins that are really mangled, severely environmentally damaged or oddly minted pieces like S-79 Jefferson Head large cent variety that was holed and brockaged. Sheldon refused to count it after he bought for "a few cents" and carried as a pocket piece and later gave to Homer K. Downing. Since then it has sold for many thousands of dollars.
This an estimate only based upon the author's observations and perceptions. There could well be more pieces in the population; there could even be less. The New York Sanitary Fair Civil War token that the Fuld father and son team estimated to be a fairly common R-4 (201 - 500) has turned out to be more like an R-6 (21 - 75), probably on the lower end of that estimate at 35 or so. Note that the Civil War token rarity scale is somewhat different from the Sheldon Scale.
Honest rarity estimates are just that they. They are educated estimates. Quite often rarity estimates go down as collectors are alerted to the possible rarity and start looking for more examples which often brings more people to the public's attention.
Successful BST transactions with forum members thebigeng, SPalladino, Zoidmeister, coin22lover, coinsarefun, jwitten, CommemKing.
If a coin is R-7, I can't afford it.
If a coin is R-7, I can't afford it.
That is not always true. If a piece is a die variety, often from the 19th century, you might be able to afford it, because a lot of the collectors don't care about it.
This does not apply to large cents, Bust half dimes and Overton half dollars. In other areas you might have a shot, especially if the grade is VF or below.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
I went with The writer just quoted a number from some other reference and doesn’t really have any opinion of their own
I certainly don't have the scale memorized and I really don't reference it for my collection.
It means that short of a cherry tree falling on my head I can't afford it.
Or the Power Ball ticket coming in.