Competitive sets for So-Called Dollars?

[JTO]

I think starting competitive sets for so-called dollars would be a win-win for collectors and NGC alike.

 

Coins that are at the top grades for their type, date, and mint mark are becoming quite expensive, whether they are modern issues or 18th Century coins. So-Called Dollars have remained relatively affordable even for top population tokens. NGC is a leader in grading these coins in assigning the appropriate Hibler and Kappen (HK) designation. By opening repetitive sets in So-Called Dollars NGC would open the Registry to more people and allow for serious competition with a lower price tag.

The above description is how the collector would benefit. I think that the Numismatic Guarantee Corporation would benefit by #1) as with world coins, make this an NGC only registry, #2) doing this would encourage the submission of So-Called Dollars to NGC that are not currently graded and #3) would step ahead of their major competitor, as they have in world coins, with So-Called Dollars.

Just a thought after I purchased the 1901 Pan American Exposition official medical (So-Called Dollar HK--289). I made the purchase simply because I find the token beautiful.

John

 

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[coinsbygary]

Great idea! I got a few so-called dollars that will fit right in. While we're at it, how about a registry set for the Heraldic Art Medals or in other words so-called half dollars. BTW, that is indeed a beautiful medal!

Gary

[ILJC#70]

I suggested this to the NGC staff with the same advantages a few years ago and they opted against it at the time. Maybe they would reconsider if there is enough interest.

 

The initial set of slots for a single set would be huge. I believe there are also a lot of known and potential varieties within the set. Also, there are a lot of potential medals over the last 40-50 years that could be added to the set. If NGC opted to start a set(s), it might be preferable to break it down into smaller groups either chronologically or by categories (local events, state events, people, centennials, etc.)

[RWB]

Why? Does everything have to be competitive?

[coinsbygary]

Why? Does everything have to be competitive?

 

I can only speak for myself on this one, but for me it's not so much competitive as it is plugging holes in a predefined virtual Dansco album. Yes I am a somewhat competitive, but I use the point system mostly as a means to evaluate the quality of my sets and to help determine the highest grades I can afford. There are very few instances in which I am number "1" and that's all right. I just like the ability to organize and display my collections.

Gary

[ILJC#70]

I concur completely. Filling and upgrading sets is more of a personal challenge than a competition. If I only need a coin or two to complete a set or move to #1 or even the top 5, I obviously do look a little harder for those coins but I just look at that as getting closer to completing the journey.

[RWB]

OK. That seems a reasonable thing to do: Organize, display, compare, enjoy.

[jackson64]

Agreed-exactly what Gary said. For most I would guess, the registry is not about competition against other sets but the "virtual Dansco" aspect of the hobby.

When one can't see a set all in rows among the pages of an album since the coins are preserved in slabs, the registry provides an excellent means to have all of the coins of a series in organized, page-like form. Empty slots in a registry set are every bit as enticing as a hole in a Dansco.......

[JTO]

As Gary points out, with the albums the real competition was not with another collector but rather with you, yourself. You competed to fill all the slots. Now with the Registries there is the added component of potentially competing against other collectors. When embarking upon a new Registry set I find the same spark of enthusiasm to fill the slots as when I brought home a new Washington Quarter album, or Franklin Half album. For me adding photography (pictures of each coin) brings it all together. I tried to replicate this with a few custom sets with little satisfaction.

 

The custom sets are, at best, awkward to create. I have put together a complete (except the 1891 “with Motto” Quarter) New Orleans type set (as a custom set) and found that building it was as awkward as the grammar of this sentence. I certainly have seen some of the extraordinary award winning custom sets. They are beautiful!... But they are in fact extra–ordinary and that is fine. The awards that the owners received were certainly hard earned. Like the collection manager, the fields in custom sets are not easy to manipulate. As you build your set you have to carefully think ahead when you assign each coin a slot number to avoid needing to renumber you whole set. The experience is just not the same. Ultimately, for NGC, the proof of the value and quality of “competitive” versus “custom” sets is in the number of members participating in “competitive”, predefined sets, versus the number building custom (non-competitive) free field sets. The vast majority of sets are “competitive” or maybe better described as predefined sets not custom. And as for custom sets are they really non-competitive since they compete for awards as well?

 

For better or worse “competition” in Registry sets is a major driving force the rare and modern coin market today. Otherwise how can you explain the fact that coins such as the 1928-S Peace Dollar in MS-64 has a greysheet value of $900 and the same coin graded MS-65 jumps to $17,000? Is an MS-65 coin really 19 times better looking than one in 64? Of course not. It is competition that drives all of this. Competition breads passion and the million or billion dollar question is: can the competitive passion be passed to the next generation of collectors? If not those who did feel that an MS-65 1928-S peace dollar was 19 times better looking will be left holding a ~$1000 coin that they paid 18.8 times more than it is worth in the market place.

 

John

 

[erwindoc]

I know I have considered collecting them for myself and a registry set would only add a cool wrinkle to it. By the way, that is a beautiful coin/medal/SC dollar. Some really nice items produced in the late 19th-early 20th century!

[TheHawaiianaNumismatist]

I also suggested it and they denied my request. My reasoning was based on the current partial SCD sets that NGC has already approved.

 

I asserted that the Manila Mint Opening (Wilson Dollar)HK-499, HK-450, and HK-1031 was a partial SCD registered set and I wanted the Hawaii Undated (HK-721 through HK-723) to be listed as partial SCD registered set.

 

I also request that the Alaska-Hawaii Mishler Issues (HK-528 through HK-537) be a partial SCD registered set, they denied this request.