Should "RARE" be defined with a specific number or in relation to demand versus supply?
291fifth
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"Rare" seems to me to be a much overused term. How do you define it when it comes to coins?
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"rare" is like "fresh to market"...............there seems to be no real definition when it comes to coins
I'm not sure "rare" could be defined with one definition that fits all coins
Just my opinion
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Absolute rarity, Condition rarity and Demand rarity. I like coin that has combination of all three but then very expensive and out my reach. If I have to pick one....I probably go for absolute rarity.
Most numismatic literature is quite good at defining what they mean by "rare"....By one rarity scale, or another. "R-1, R-3, R-5", whatever, and the number scale defined somewhere in the book...if you look hard enough. That's fine, and probably the RIGHT way to use the word rare. It's a relative thing.
in casual conversation, I'd suggest we avoid the word "rare", (unless you define your scale), and use "scarce" instead. Scarce implies "hard to find" instead of that "a low actual number exist".
A common but popular coin might be scarce, if they get bought up the minute they become available. (In theory) a truly rare coin may NOT be scarce if they are always available.
(Of course, we then have to ask why every dealer is named "John Smith Rare Coins".
)
Depends on if you are buying or selling.
it's crackers to slip a rozzer the dropsy in snide
As a collector, researcher, author, and Professional Numismatist, I specialize in early United States Silver coins prior to 1840. I use the Sheldon Rarity Rating Scale, originally created by Dr. William Sheldon in his Early American Cents (1958) for a scale of rarity and for pricing U.S. Large Cents. This scaled was also adapted for the reference book United States Pattern, Experimental and Trail Pieces by J. Hewitt Judd.
I set and maintain the rarity ratings for the John Reich Journal, the Journal of the John Reich Collectors Society (JRCS). I am the author for the JRCS for the Census on Early Silver Dollars 1794 to 1803. We also have Censuses for early half dimes, dimes, quarters and half dollars. All of our JRCS Censuses use this Sheldon scale.
Note the Rarity Rating for R-5 is termed "Rare" on the scale below. If I were writing about a 1798 B-17, BB-101 Silver Dollar die marriage (R-5) I might say or write, "rare 1798 B-17, BB-101 silver dollar." Alternately I might use, "1798 B-17, BB-101 silver dollar, R-5." You can also see that an example called "Rare" or "R-5" means that there is an estimated 31-75 examples of this silver dollar known. I might also say, "1798 B-17, BB-101 Dollar, R-5 with less than 40 examples known to me."
It is impossible to count all the specimens known, especially for the R-5 and lower rarity ratings. Thus these rarity ratings are "relative," meaning in general an R-4 die marriage shows up less frequently than an R-3.
It would be difficult to use the Sheldon Rarity Rating for a series such as Morgan Dollars where the majority of dates and mint marks would be R-1 on this scale.
Anyway, this is one numismatic definition of the word "rare." It works pretty well for U.S. half cents, large cents, and early silver coins.
RARITY RATING SCALE
(Adapted from the Sheldon and Judd Books)
R-1 Over 1250 R-4 76-200 R-7 High 4-6, Low 7-12
R-2 501-1250 R-5 31-75 R-8 2 or 3
R-3 201-500 R-6 High 13-30 Unique
R-1 Common R-4 Very Scarce R-7 Extremely Rare
R-2 Not So Common R-5 Rare R-8 Unique / Nearly Unique
R-3 Scarce R-6 Very Rare (1, 2, or 3 Known)
I agree there are multiple uses of the word "rare" when talking or writing about coins.
Here is a link to the new JRCS website: http://jrcs.org/
Here is a link to the JRCS website for some R-6 to R-8 die marriages for early half dimes to dollars. This is a work in progress and is not complete at this time: http://jrcs.org/jrcs_rare_gallery.php
W. David Perkins Numismatics - http://www.davidperkinsrarecoins.com/ - 25+ Years ANA, ANS, NLG, NBS, LM JRCS, LSCC, EAC, TAMS, LM CWTS, CSNS, FUN
FWIW this is the rarity scale I use in research. It refers to the quantity known. From the draft of an article about Inco and Gould private patterns:
"The author uses a modified Sheldon Rarity Scale herein:
R-1 Common
R-2 Not So Common
R-3 Scarce (201-1,000)
R-4 Very Scarce (76-200)
R-5 Rare (26-75)
R-6 Very Rare (9-25)
R-7 Extremely rare (2-8)
R-8 Unique (1)"
(I was going to use "medium rare" but that was only for culinary coins. A friend suggested that for British editions instead of "R-1 Common" it should be "R-1 Dead Common.")
"Rare" in the context of most coins is simply a marketing term utilized to befoozle the credulous and the weak-minded. Coins are typically massed-produced objects.
I think of rarity in terms of opportunity to buy. Basically how long do I need to wait for an opportunity.
Here's the Zoins rarity scale:
I like the "Z-Scale". It boils it down to the Collector Level of understanding.
It will have to depend on the series.
Fan of the Oxford Comma
CCAC Representative of the General Public
2021 Young Numismatist of the Year
Gradeable 1794 50c's will be rare again in a couple of years
Nice name! The "Z-Scale" it is!
And yes, a level of understanding is necessary to use it.
Yes, you need to be able to estimate how long it will be before they dry up again
I define rarity as the coin I am looking for at any particular time....
When I decide I want a particular coin... (not one I see at a shop or auction - rather, reading threads or looking at sites)...and begin my search, the coin becomes very rare. Of course, I am looking for one that fits my mental image of condition ... so not all I see are candidates..... I call it the RickO scale of rarity... 
Cheers, RickO
My standard for 'rare' is whether or not I can walk into almost any coin shop or show and find one, or whether or not I can easily find one online.
So, by that standard, 1909-S V.D.B. cents are not rare, though in very high grades they seem to be. I would consider them 'high demand' in any grade, and the prices reflect that, IMO.
To me "rare" refers to the absolute number that is either known or established to be known. It does not mean rarely seen on the market because, as we have learned, a hoard can turn a "rare" item into something that is much more common. The 1903-O silver dollar along with 1909-VDB Matte Proof Cent come to mind.
Something can be rare and have little market value. Back in the '70s numismatic columnist, Harold Flarty, (from Morristown, NJ) had a lot of ordinary Cents over struck on the reverse with some privately made dies. He also had some plain silver disks struck with those dies, which had mintages that ranged from 5 to 10 pieces. Those disks are rare, but they aren't worth much because there is no market for them.
I like:
The Universal Rarity Scale
I propose the Universal Rarity Scale-one that is mathematically sound in its progression and relationship among its divisions, and one that will be applicable to any series. Stated simply, it is a geometric progression of numbers, rounded off for convenience in use, with each category containing about twice as many members as the 'preceding category. The proposed Universal Rarity Scale uses a simple geometric progression of numbers, as 1, 2, 4, 8, 16, 32, etc. (see the rightmost of each number pair):
PROPOSED SCALE DRAFT:
Universal Rarity Scale-1 = 1 known, unique
URS-2 = 2 known
URS-3 = 3 or4
URS-4 = 5 to 8
URS-5 = 9 to 16
URS-6 = 17 to 32
URS-7 = 33 to 64
URS-8 = 65 to 128
URS-9 = 129 to 256
URS-10 = 257 to 512
URS-ll = 513 to 1,024
URS-12 = 1,025 to 2,048
URS-13 = 2,049 to 4,096
URS-14 = 4,097 to 8,192
URS-15 = 8,193 to 16,384
URS-16 = 16,385 to 32,768
URS-17 = 32,769 to 65,536
URS-15 = 65,537 to 131,072
URS-19 = 131,073 to 262,144
URS-20 = 262,145 to 524,288
URS-21 = 524,289 to 1,048,576
URS-22 = 1,048,577 to 2,097,152
URS-23 = 2,097,153 to 4,194,304
URS-24 = 4,194,305 to 8,388,608
URS-25> = same progression
The suggestion was made to me by John Croon, and seconded by J. Alan Bricker, that the Universal Rarity Scale could be simplified by rounding off the numbers in higher categories. For example, URS-16 could be 16,000 to 31,999; URS-17 could be 32,000 to 64,999, etc. While this takes the DRS away from precise mathematics, it makes it easier to use. Thus, I give the final form of the URS as follows:
THE UNIVERSAL RARITY SCALE Universal Rarity Scale-O = None known
URS-l = I known, unique
URS-2 = 2 known
URS-3 =3 or4
URS-4= 5 to 8
URS-5 = 9 to 16
URS-6 = 17 to 32
URS-7 = 33 to 64
URS-8 = 65 to 124
URS-9 = 125 to 249
URS-10 = 250 to 499
URS-11 = 500 to 999
URS-12 = 1,000 to 1,999
URS-13 == 2,000 to 3,999
URS-14 =4,000 to 7,999
URS-15== 8,000 to 15,999
URS-16 = 16,000 to 31,999
URS-17= 32,000 to 64,999
URS-18 = 65,000 to 124,999
URS-19 = 1,25,000 to 249,999
URS-20 = 250,000 to 499,999
URS-21 = 500,000 to 999,999
URS-22 = 1,000,000 to 1,999,999
URS-23 = 2,000,000 to 3,999,999
URS-24 = 4,000,000 to 7,999,999
URS-25 = 8,000,000 to 15,999,999
URS-26>= same progression
Application of the Universal Rarity Scale
For the numismatist, the Universal Rarity Scale permits accuracy not hitherto known, For example, an 1884 trade dollar (10 known) is URS-5, while an 1885 (5 known) is URS-4. The 1870-S $3 and 1873- CC No Arrows dime, each of which is unique, are each URS-1 The 1873-S Liberty Seated dollar, of which none is known to exist, is URS-O.
https://www.pcgs.com/books/silver-dollars/Chapter02-007.aspx
BHNC #203
I agree with all of the above comments. In other words, it can be tough to define.
I usually associate rarity with how many are in existence, but that does not mean that all rare things are valuable. There are plenty of things that are unique (one made) that are therefore rare, but not necessarily valuable if no one wants it. There are other things (lots of examples among coins) that are not rare but are very valuable because of strong demand.
Pinnacle Rarities has a very good article on Rarity at their site. Headings "Inherent" "Condition" "Demand" concise and good read. Check it out.
The URS scale is logical but not especially practical. There are too many unknown quantities to make it reliable and useful. Plus we humans aren't good with more than 10 categories (or 'bins').
As for the "Z-Scale" I won't ask if it was suggested by the developer's spouse.....
There's "Rare in Any grade", and there's
"Rare THIS Nice", which aren't the same.
Liberty: Parent of Science & Industry
Rare this nice in my mind sounds like a coin that's not all that rare to begin with.
Rare in any grade is more appealing to me when making a purchase on a marketable coin.
Good point Bailey ..................Regards, Sol
My opinion: "rare" denotes very few specimens available. I don't even like "condition rarity" because condition is subjective.
"Demand" establishes price, not rarity.
http://www.shieldnickels.net
Supply can and does create demand. Regardless of the lack there of "Supply can create demand" always has and always will regardless of what you sell. Before you pounce read; Economics 101 in a brief study and reference "Jean Baptiste Say"
Commemorative Coins and Breen Swaitek's book always refer to supply creating demand regardless of what I just wrote above, but specific to coins.