An Actual Rare Coin posted by JTO

[CSJournals-migration]

So many coins when offered at auction (especially daily coins) are touted as being Rare... Scarce... Low Mintage and the verbiage goes on. Most of these are not even close to being rare.

 

I have given thought to writing in article about my top 10 rare United States coins. I'm not talking about this 1792 half disme, or the 1796 no stars $2-1/2 gold piece, these coins are ones that I will never be able to afford.

 

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[Lastufka Collection]

I'd be up for reading that, if you do. Who doesn't love a top 10 list?

[CBC]

I would also be interested in such a "Top Ten" list. I discovered early in my collecting days that "rare" was not always what it seemed to be. Like many collectors, I started collecting Lincolns, and the 1909-S VDB was so "rare" I never expected to have one (and still don't). But one of my purchases while in high school was a 1889 quarter eagle, which has a mintage of only 17,000, and cost about 1/10 the price of a 1909-SVDB at the time.

[ArmyBud]

I would definitely read.....Is there a true definition of "Rare"? I know there are numbers associated with the term. Also, "Rare in grade"? I guess the term is a "modern term" since 1986? Scarce/Rare? What makes a coin scarce or rare besides just a count of known coins? It would be some refreshing and welcome discussion!

Bud

[jackson64]

My personal definition of "rare" is an availability vs demand issue.

 

One need go no further than comparing the "Rare" 1916-D mercury dime mintage as compared to about half of the much lower mintages of the 3c nickel series......

 

The lower mintage 3cn's are not particularly scarce to build a set and are comparatively affordable-even in upper MS grades--as to an XF/AU quality 16-D.

 

Others? Look at many of the mintages of the Barber halves compared to the Lincoln 09-S-VDB...just the later date 1913, 14, 15 philly mint coins alone are far lower in existence.

 

It is availability vs demand...many more Lincoln collectors than barber halves and lots more mercury dime collectors than 3cn's......

 

PS: I'd love to see a top ten list to discuss...how about a 1916 SLQ to start with? or a 1945 full band merc dime?...

[Lucky One]

I would definitely read.....Is there a true definition of "Rare"? I know there are numbers associated with the term. Also, "Rare in grade"? I guess the term is a "modern term" since 1986? Scarce/Rare? What makes a coin scarce or rare besides just a count of known coins? It would be some refreshing and welcome discussion!

Bud

 

 

Rare is the definition of a good steak that hasn't had the blood congealed, nice and juicy.

 

Sorry, had to interject some humor because I know I'm about to p-off a few people who still don't know what rare is, and I share your greif!

 

Rare to me means not many exist and not many people can own one.

 

Yes, if there are a million collectors and they all want an issue with a mintage of 10,000, it might be considered rare, even if only temporarily while demand is still high. But if every coin from the issue still exists and most are in extremely high grade (MS67 or above) then how can it logically be considered rare even if it does have a larger demand than supply?

 

On the other hand, an original painting is rare- there can be only one original. But does that make it valuable? Not if no one knows the artist.

 

An 1875 half eagle is rare- can we find one today for sale anywhere? I agree with many and have been beating this drum for many, many years- 1909-S VDB red gem BU cents are NOT RARE. On the contrary, just a tiny bit of research would prove to anyone that they are extremely common! 1916-D dimes are NOT rare either. They are super popular so there is more demand than for an 1875 half eagle, but they can be purchased in quantities on any day of the week if you put out feelers and have deep pockets, so how can either be rare? Morgan dollars are the perfect example of how common coins can be considered rare, but again, they are not. Still, they are considered rare and carry huge pricetags even though there are literally thousands available in mint state for most issues! Even an 1893-S Morgan, the key and the king, is not 'rare'. In fact, it wouldn't even be considered 'scarce' compared to an 1875 half eagle. They wouldn't even be considered scarce compared to at least fifty or a hundred different issues in the liberty half eagle series!

 

Look at any population guide published today and you can find the RARE coins- they are the ones with populations of under 100 in ALL grades combined. And as long as the series is well followed, these can, in my humble opinion, be considered rare.

 

So to sum it up- for me, if you can buy any quantity on any given day without bidding them up or begging for their release, it isn't rare. If you have to search for years to find a decent example, it is almost certainly 'rare'.

 

Great question. Enjoy your steak!

[Lucky One]

My personal definition of "rare" is an availability vs demand issue.

 

One need go no further than comparing the "Rare" 1916-D mercury dime mintage as compared to about half of the much lower mintages of the 3c nickel series......

 

The lower mintage 3cn's are not particularly scarce to build a set and are comparatively affordable-even in upper MS grades--as to an XF/AU quality 16-D.

 

Others? Look at many of the mintages of the Barber halves compared to the Lincoln 09-S-VDB...just the later date 1913, 14, 15 philly mint coins alone are far lower in existence.

 

It is availability vs demand...many more Lincoln collectors than barber halves and lots more mercury dime collectors than 3cn's......

 

PS: I'd love to see a top ten list to discuss...how about a 1916 SLQ to start with? or a 1945 full band merc dime?...

 

You bring up a good point, one that few understand today- rarity is ALWAYS relative to something else. But people who collect are human and feelings always dictate, so a fancy sounding coin like a 1909-S VDB MS65Red from the San Francisco mint gets a lot more attention than a 3 cent nickel that is pretty much ignored in the hobby and unknown by most of the general population. Exotic will always sell, esoteric will always sit in an inventory. Good for true collectors like us, but just the reality.

 

Not meaning to make this an argument, but with all respect, the 1916 quarter is not a rarity in any sense in my humble opinion. With thousands available in slabs alone, I consider it a popular issue but not close to rare.

 

The 1945 dime in mint state with full bands, however, is a proven rarity.

 

So for me, if you can buy them readily (the 1916 quarter is always available, the dime rarely) they can't be rare. As an avid collector of the liberty half eagle series, I can say with conviction that many issues in this long series is 'rare', not only because I spent years actively looking for many of them but because numismatic scholars and series experts agree that many issues have few left in existence.

 

I have collected almost every series over my fifty year numismatic involvement and it has become clear what is actually rare and what is hyped to be rare. To some, it has become painfully obvious. Financially painful. In my humble opinion, the term 'rare' is grossly abused. Rare should mean few known and rarely available, the true meaning of the word.