Don't understand?...Please explain

I don't understand the concept of Registry owners and sets. ​Could someone explain to this ignorant silver soul?

 

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The registry is sort of like a display case where different slab, I mean coin, owners can compare their collections. There are specific rules on how "points" are assigned (based upon condition/rarity), and the collection with the highest total points "wins" for the annual registry awards.

 

Both PCGS and NGC have had their Registry programs for quite a while, and the SSDC (Society of Silver Dollar Collectors) just started their Registry program not too long ago. While the SSDC Registry program does permit authenticated, yet uncertified coins, both PCGS and NGC require only certified coins. PCGS will allow only PCGS-certified coins and NGC will allow, both NGC & PCGS coins (except for their World Coins which must be NGC only).

In most cases, the PCGS & NGC Registry sets are competitive. Points are assigned based on grade and rarity, and annual awards are given to the best set in each category. Probably the biggest disappointment as a result of these competitions is that many of the best sets do not include photos so that others may view the coins. The owners of such sets are only in it for the glory, and don't really care. I've suggested on several occasions that PCGS and NGC should deduct points from each coin if photos are not provided. Maybe if this was instituted, the glory hounds wouldn't be so snobbish. If the coin snobs are adamant, perhaps it would give those Registry Set owners who do like to share their coins with others a chance to garner some of the awards. Deservedly so!

Chris

 

A lot of it has to do with bragging rights, but both PCGS and NGC provide a free service for tracking your collection and prices. There are many companies that sell coin collecting software, to help track your cost, and completion of your collection. PCGS and NGC give it to you for free, and you can see how your coins measure up against similar collections. It should be fun and helpful. But like with anything else, competition can get fierce.

 

I can explain it in one: Marketing.

(Kinda like the old game show "Name That Tune!")

 

You're both right here, that's basically what it's all about. I'd add a third purpose, which is basically to have an online catalog. But the main reason the TPGs do it is reason number 2.

 

Well original question was just asking to explain the concept, more of a "what" than a "why" I guess. But yeah, 2nd is the main reasons the TPGs do it, it creates a bigger market for their services. 1 & 3 are the main reasons for collectors. The main reason I'd be interested personally would be to use it as essentially an online catalog, an easy way to keep track of what I have and show others what I have (problem is most registries don't allow coins not certified by them or outright raw). I have zero interest in the scoring system. I don't consider coin collecting to be a competition lol...

There are plenty of free sites that can act as basically a coin catalog, and one of these days may use them. I have tons of coins though and photographing them all would be very time intensive. My paper money collection I can just scan and they look fine; but coins look terrible when they're scanned, because scanners don't work well on reflective surfaces.

 

I don't get registry sets either. I have a friend who spends tens of thousands a year submitting Roosevelt dimes to keep his number one ranking. Sure he has a beautiful set, but I would much rather a complete set of BU Morgans for the price that he has paid for it.

 

I just acquired an MS 66 1955 Roosevelt dime, slabbed by PCGS. I wondered why anyone would bother to submit a dime that even in MS70 probably wouldn't be worth what it cost to grade it (well ok in MS70 it probably would, but nobody looking at this would hope for better than 67 at best, the torch isn't even fully defined.). Now I'm suspecting this registry set thing may be the reason lol... people want to keep their ranking up so they keep submitting coins they hope will up their registry set scores, whether the coins are actually worth it or not, then sell off the coins that don't make the grade as a way of cutting their losses. Not counting the shipping I only paid $12 for this coin and the grading fees had to be at least double that.

And yeah, for the kind of money people are spending just to compete against others they could have a collection with a lot of more interesting coins in it. Almost have to admire the genius marketing of the TPGs for giving people a reason to submit coins for grading not even worth their grading fee.

 

I think you are rite Doug. A "big tires" competition, if you will, suggested by some well to do collectors.

 

For some folks it's a religious rite. They worship the danged things.......

 

Registry sets are very useful...

1 you can track the value of your certified coins.
2 you. Can track the point s of each item and determine what you can get next
3 it can. Be sold as a complete registry in a contract
4 its fun
5 you can build sets. Based on budgeted value range

 

Its just good clean fun. Gave me a reason to photograph my coins and now I can bring them up on my Ipad and just swipe through the whole collection. I don't even need the coins in hand anymore.

As far as marketing? I'm sure it gets people to buy coins they have no desire for just to get a date run. Its the new "hole filler" mentality on steroids.

Matt

 

Probably a collector originally came up with the idea, but you can be sure the TPGs encourage it.

 

I personally would never start a registry set, but I can understand why so many do. Sure, theres the competition, thats a given. But I can see where it would be a fun challenge. Not to mention we collectors like to share what we do, otherwise none of us would be on this forum.
Guy

 

Oh you can also use it for insurance purposes for your house or adding it to a policy