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Message:: [QUOTE="lkeigwin, post: 1173613, member: 30400"]Rarity is a very misused word. Relatively speaking, few coins are rare. Hard to find ones are probably better called scarce. In the coin collectors' world there are a few prominent scales. Most often we use the Sheldon one. R1 Common, readily availableR2 Less common - Available at most shows, but in limited quantityR3 Scarce - somewhat difficult to find, only a few likely at larger showsR4 Very scarce - may or may not find at larger shows/auctionsR5 Rare - unlikely more than 5 at shows or auctions each yearR6 Very rare - Almost never seen, only one may be offered for sale in a year’s timeR7 Prohibitively rare - one may be offered for sale once every few years   R8 Unique, or nearly so Notice the word "rare" isn't used until R5. "Conditional rarities" is another matter. These can be common or scarce coins that are exceptional for their preserved state. You can buy an '84-S AU Morgan for $500, let's say. But at MS65 it may cost a quarter million dollars due to its conditional rarity. The '84-S, however, is not a rare coin. Maybe it's better to just ask about "keys". Scarce or less common, pricey coins important to a series. The '93-S is a key to the Morgan series. There are far fewer '93-S Morgans than the many thousands or millions of other Morgans and that is why it is expensive in even low grade. It's just not rare.Lance.[/QUOTE]