Type set: Best grade or consistency?

Rob9874 · June 4, 2013 3:49AM

As I start my type set, I'm curious about grade parameters other type set collectors have. Particularly with 20th century coins. Many of my 20th century coin targets are MS65, as that fits with my budget. However, if the MS66 or MS67 is affordable, I can't decide if I want to spring for the better grade, or save a few bucks and keep the MS65 theme going. I know the higher grades will improve my registry score (I'm not too concerned about that), but I also like the idea of consistency (not to mention the lower price points).

Again, this is mainly for 20th century coins, as my grades will certainly drop as price increases. What do you do?

Bochiman · June 4, 2013 3:56AM

Personally, I go for the coin with the look that I want.
I don't worry so much about the grade.

For 20th century coins (those are 19xx), I make sure I like the coin. I do NOT worry about grade.
For 19th century, I make sure all devices are visible and not completely worn and that any letter is readable. At least, that is my goal.

Now, that above is easier with a raw 7070. You are doing it with plastic, so it may change a little. Regardless, as I do it, I still try to keep my requirements working, and staying within my budget.
If there isn't much price difference, then I am ok with the higher grade unless I really like the look of the lower grade.

I have a few registry sets and, when I first started, I was all about the ranking. Now, I am all about what I want and the look (and the budget). I have passed on higher graded coins that weren't priced much more than the ones I already had, or even a little less, because I liked the look of what I already had more than the new one.

Remember, you may have these coins for awhile and will have to live with them....and, at some point, if you decide to sell, then think of which will sell better.....

AMRC · June 4, 2013 4:00AM

Depends on the theme of the set. If they are to be "matched graded" then I would not vary and stick to a grade that you can afford across all coins. If the theme is the best possible coin of reach type, then grade be darned, and pick the coin you like the most.

Overdate · June 4, 2013 4:04AM

Consistency is more important for raw coins in an album, because the viewer will be looking at multiple coins at once.

For coins in TPG holders, the eye appeal of each individual coin is more important than whether it matches other individual coins in the set.

IMO.

LindeDad · June 4, 2013 4:05AM

It's going to be hard to see at a glance the differences in that grade range for most of the coins from the 20th century. I am the type on large sets to find a good or fair priced coin on the first go and then upgrade later if I get closer to complete or as good deals show up.
Guess what I am saying is locking to a set grade does not really mean the set is going to be consistent in appearance so don't lock that into stone.

BillJones · June 4, 2013 4:14AM

I have a complete type set, and I bought the best coins I could afford. My set which runs from the half cent through the Pan-Pac $50 gold slugs ranges from Fine-15 for the 1796 half dollar (I would have preferred a VF but couldn't find it) to PR-70 for a couple of the very late modern types. For the 19th century types I have a couple of MS-66 graded coins, but that is unusual. Mostly it's PR or MS-64. For the very early coins the best piece I have is an 1800 half dime in MS-64. That also very unusual, but I saw that coin and could not resist it. My standard grade for the early types was AU when I could swing it. For pieces like the Chain Cent I had to fall back to Fine in the old days, which now a VF in "the new days."

I am not a big matched set person. If you can afford a really nice coin, why limit yourself for the sake of consistency? It won't make a bit of difference when you get ready to sell the collection, because each coin will be judged on its own, and after while you collection will get too big to view all at once anyway.

AnkurJ · June 4, 2013 4:19AM

For me it is eye appeal>grade.

Steve27 · June 4, 2013 4:31AM

For a 20th century type set, it would be almost impossible to find some of the modern coins in grades below 69 (e.g. modern commemoratives). Conversely, it would be very hard to find many of the classic coins in grades approaching 65. Thus, I would try to be consistent for coins from the same era (i.e. I would make sure the barber dime, quarter, and half all matched).

Baley · June 4, 2013 5:06AM

For a type set I generally have a fairly smooth progression of grades, with the oldest coins the lowest grades, and the newest ones the highest.

For my sets of draped bust quarters and halves by variety, I collect them all in good to fine, because I will not ever be able to afford the 1796 in a higher grade (nor any grade in the foreseeable future), and I'd like them all to kind of match in grade range when the sets eventually get completed someday.

We've all seen those series sets where all the common coins are uncirculated, and the 1909-S VDB, or 1916-D, or 1932-D is either low grade, or, more usually, missing entirely

DeliaBug · June 4, 2013 5:57AM

For type sets, because of the variety and range it would be hard to nail this down. If you go matched grades you are limiting yourself to certain common dates in certain series to get the grades to match. Buying easily available common coins generally means coins that might be difficult to sell. Also because your playground is so large, it is important to watch the undergrade / overgrade prices. A date/mm combo in a series that in 63 sells for $800 and in 64 jumps to $14,000 can burn you if you get a bad 64 or be a windfall if you score a nice 63. QDB nails this down with what he calls 'Optimal Collector Grade'. And if you aren't building a run of finest knowns, it is something to be familiar with.

Rob9874 · June 4, 2013 6:27AM

That's the dilemma I'm having with starting a type set. Do I go for common dates, where I can collect the highest grade I can afford? Or go for semi-keys, and have a lower grade collection? I'm a collector before investor, but obviously I want to think about the value and appreciation of my collection. Then I think, in my price range, the semi-keys I can afford are going to be in pretty common grades anyway. What's going to be more difficult to sell in 10 years: a common date MS65 Walking Liberty Half, or a G4 1916-S?

I've been going in the direction of first year type coins, in the best grade I can afford. Knocks me down to MS63 in coins like the 1916 Walking Liberty Half, but that's fine. I guess my original question was more about as I fill the later date coins (1943 penny, Jefferson nickel, Roosevelt dime). Do I go for the MS66/67 for $80-$125 ea, or stick with the MS65 and get them all for $125? (theoretical dollar amounts)

BillJones · June 4, 2013 10:23PM

Since I like Proofs as type coins, I've gone that route for the later coins. As for the 1943 steel cent I purchased one in PCGS MS-66 for $25. That was a very bad buy, because I'll probably never get my money out it, but that's one "you take for team." In order to put together a complete set in certification holders, some purchases are not wise financially. BUT if you look at the collection has whole, the price increase I've enjoyed on the earlier types have WAY more than made up for the difference.

Since I want the best examples of the artwork on our nation's type coins, I have purchased common dates in Proof, where they were generally available (pre 1855 Proofs do exist, but they are beyond my budget for the most part). I would never build a type set out of key date coins. The cost is simply too high, and in addition I think that the prices for many of these coins have been driven up by speculation. When a market is run by speculators and the prices have been pushed to the point where collectors are staying away, a price correction will follow. There is an active market for higher grade common date type coins with good eye appeal. I am more comfortable in that market than I am with the key date coins, which have been over promoted IMO.

messydesk · June 4, 2013 10:37PM

Why not set a budget for the entire set and then work out what coins fit? Since registry points don't matter to you, you won't have to worry about chasing über-grade moderns. There's also little sense in matching the number on the holder for all the coins. That'll open you up to buying an ugly or low-end coin for the grade just so you can save money. It'll also prevent you from buying a gorgeous coin in a lower grade that you really like.

yellowkid · June 4, 2013 11:52PM

<< <i>For me it is eye appeal>grade. >>

Grades are nice, but it's all about the eye appeal.

BillJones · June 5, 2013 12:10AM

<< <i>

<< <i>For me it is eye appeal>grade. >>

Grades are nice, but it's all about the eye appeal. >>

Ugly coins are an eyesore in more ways than one. For me the technical grade is secondary to how attractive the coin is.

CoinRaritiesOnline · June 5, 2013 1:25AM

I strongly favor consistency in appearance and in general grade (i.e. all originally toned XF-AU as opposed to all coins being PCGS AU55 or something).

I would suggest to figure out what grades you can afford for the most expensive coins in the set, and then build a consistent set around that, with all coins in the same overall grade range and with matching eye appeal.

Catbert · June 5, 2013 1:29AM

You might also consider breaking your objective down into smaller goals so that you have a feeling of accomplishment along the way (a single denomination by century for example or start with a 20th century U.S. type set minus moderns).

My preference is to buy common date, higher condition coins that capture my emotion regarding their eye appeal. My advice is to take your time and appreciate the journey as opposed to rushing to a finish line. As board member MJ has often smartly advised, make each acquisition "count".

BillJones · June 5, 2013 1:57AM

<< <i>You might also consider breaking your objective down into smaller goals so that you have a feeling of accomplishment along the way (a single denomination by century for example or start with a 20th century U.S. type set minus moderns). >>

This is a good approach. When I was building my base type set with raw coins from the 1970s to early '90s, I was first impressed with the early U.S. coins. In the beginning the only coins from this era I could afford were the Draped Bust, Heraldic Eagle coins (late 1790s to 1807). Shot to get one of each denomination from the half cent to silver dollar. Then I dropped back to the earlier coins from 1790s because my budget was now big enough to do that.

After I had completed most of those, (some things like the 1796-7 half dollar were out because I didn't have money to buy anything decent or indecent for that matter), I moved to the 19th century. I would try to all of the quarters, for example when I had all of those types, that was sort of mile post. Then I'd concentrate on another denomination. If a really great buy came along in something else, I'd latch on to it, but these mileposts seemed to make the impossibility of completing the whole thing less of a concern.

After a while when I had completed a number of mileposts, I almost had a set done.

BryceM · June 5, 2013 2:08AM

Don't make too many rules. I prefer to look for coins that are a nice representative for their series. A nice Roosevelt dime should look different than a nice seated dollar. The entire run of US coins is fun in its diversity, not its consistency. Buy "fun" coins - ones that have a great story, a particular feature you enjoy, maybe a few scarce/unique dates, MMs, etc. personally I'd find a set of common-date, well matched, Philly dates
boring.

I generally look to spend about the same fixed amount on each coin in the collection. This results in some high-grade moderns and some low-grade classics. This doesn't keep me from making exceptions or spending more for coins that are important to me. I'm a dollar-guy so I tend to spend more on those and less on the little trinkets like half-dimes.

Overdate · June 5, 2013 2:42AM

<< What's going to be more difficult to sell in 10 years: a common date MS65 Walking Liberty Half, or a G4 1916-S? >>

The common date MS65 will be *much* easier to sell because of the high liquidity of the generic market, but the percentage price appreciation of the 1916-S could be higher or lower depending on changes in the popularity of circulated date sets.

DrPete · June 5, 2013 2:58AM

If I am not mistaken, the most expensive coin in a 20th Century type set cent through dollar, is likely to be a Barber Half, in MS 65. A nice example should run close to $3K. However, in EF 40 they are closer to $150-200. Only you will know what you want and what budget works for you.

What got me interested in Barber Halves, was a 20th Century type set I bought in around 1977 that had an EF-AU Barber Half. The rest of the main types needed then were all much more common and less expensive. So many people who saw the set wanted to buy that one coin, as it was a much higher grade than generally seen. Years later when I could afford to collect mint state Barber Halves, I carried the interest in these coins sparked by that earlier event.

Have fun and enjoy collecting; it is a great hobby!

Rob9874 · June 5, 2013 3:02AM

Thanks for all the tips everyone! Just getting back into the hobby after a long hiatus and a few comeback attempts over the years (hence my forum join date of 2006). I've been a comic collector (Golden Age Batman) my entire adult life, but with a family, my budget lends itself to a pretty ugly collection of comics from that era. So I slowly lost interest. My brother collects coins, so it's been fun to get back into it with him. It's been fun and frustrating trying to decide what to collect. I wanted a focus, but I like so many US coin types, that a type set seemed the logical way to go. However, I often find myself considering ditching the idea and focusing on a few specific types.

Having been a numismatist before, and a general collector my whole life, and selling collectibles on eBay since 1996, so I am definitely focused on quality. Well, as much as my budget will allow. I agree with the adage "make every acquisition count". I'm a stickler for PQ, so it's been a slow start. I'm definitely not in any hurry to complete it. So far I've acquired an MS65FB 1916 Mercury dime, MS65RD 1909 Lincoln cent, and an MS66 1938-D Buffalo. As I said, I'm thinking about doing a first year set (as much as I can), which tells a better story about when each design changed. So the Buffalo isn't a good fit, but it was only $47, so I'm not concerned about it.

The registry sets really influence how you collect. For instance, buying the highest grade, and completing the set. I'm not interested in modern clad, but since it's on that list, I feel like I need to get it. I need to watch that, because as I said above, I'm not concerned about the score. On my budget, I'll never be in the running for a Top 20 set, so why feel obligated to buy coins I'm not interested in?

Definitely enjoying the dialog. I'm not looking for quick solutions, just like hearing from other collectors about my struggles.

Type set: Best grade or consistency?

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