So, why do you collect by sets?

Have you ever wondered by you fill a book of the same-looking round hunk of metal whose only discernible difference is a slight difference in how the metal was moved during striking (eg, date, mintmark)?

Perhaps this is a cynical view of set collecting, but this is precisely the reason why I pursue a type set and not a series set. I did try it for a few years, and I got a good ways into my modern designs, Mercs, and Barber dimes. However, this got really boring for the reason above, and I was not impressed with my work. The only thing keeping me from selling these sets is that silver has yet to go back up.

However, the main reason why I have abandoned series collecting altogether are the key date coins. I think that they are overrated and overpriced for what they are, and they are NOT as rare as many people make them out to be. I can find a 1909 S VDB or 1893 S Morgan with less than 30 seconds of searching. Truly rare coins are those that show up only a few times a year, such as the hollow-handle spades I collect. But I digress...

Now for an example of the folly of key dates: Why is the 1893 S Morgan priced at many multiples of the 1894 Morgan, even though the original mintages are only 10,000 coins apart? One is not rarer than the other, as PCGS and NGC population reports are are nearly equal at about 7,000 to 8,000 total certified of each. (As stated, this is not rare. By normal rarity standards, this is R1). I know that many of you will probably scream "SUPPLY AND DEMAND" at me, but that does not explain that why a coin with just a few less minted is "worth" so much more.

Or how about the 1885 nickel with well over a million struck? Or the 1909 S VDB with almost half a million struck? I know that these figures do not reflect total survivors, but if even only 0.01% survived, these "rare" and valuable key dates would still be common.

The emphasis on the importance of the key dates has really gone through the roof with the introduction of the TPG. And now people are asking, and paying (!), moon money for these coins. With this mindset, I am starting to get the vibe that your collection is junk if you cannot fill that key date hole with a nice example. For this reason, I have abandoned series collecting altogether. My collecting life is so much happier without having to worry about those pesky overrated key dates.

Also, who wants to fill a boring album of the design over and over where the only difference is a slight difference in how the metal was moved during the strike? Not me.

I am not saying you are wrong for collecting by series. Do whatever you want. I don't care. I just don't understand its appeal. The US coin market confuses me greatly, so I am going to stick with my Ancient Chinese and US type and have a rewarding collection of coins that are actually rare and visually appealing.

 

Log in or Sign up to hide this ad.

Rant noted, appreciated, and applauded...........

 

Perhaps rant was unwarranted.....discourse. Yes , discourse noted, appreciated and applauded......

 

Kind of a rant. I'm just a little frustrated with the US coin market.

 

Oh Brother, ain't we all.

 

Many of us old timers grew up collecting sets, if you were my age somewhere in the 1960 you started with several Whitman folders Lincoln cent, Buffalo nickel,Jefferson nickel, Mercury dime and Roosevelt dime.
Now you also have to understand as people your age don't that you could fill all of the above folders from your pocket change.
Yes it's true .....well except my damn 50 D nickel!
As a paper boy I collected monthly from my customers I was paid in all silver coins, buffalo nickels, silver certificates So it was possible ....not probable that one could put a set together. I do agree as a variety collector I for the most part given up on sets. As you are correct key coins can and are what stops quite a few from completing a set of coins. But I try and be understanding of other's who collect what they like........after all it's their passion not yours.

 

Old Rants we be.......

 

Well all I can say is ......if I were his age again I be collecting a set of red heads, blondes , Brunettes oh Deja vu !

 

I like that, You know what the only difference between a 1909 vdb cent pcgs ms64 and a 1909 vdb s pcgs ms64 is a s mint mark, and a thousand dollars; money that can be spent to get some other awesome coins.

 

It is Supply and demand.

Your upset that many people demand the key's more.
And just because TPG shows close amounts of numbers graded does not mean the same supply. Many, any get regraded and the key's with big price difference would be the ones being more regraded.

 

I do both. I think it's a personality thing for the sets. If you are the type of person that says, "Wow! I can own every (major) type of Jefferson nickel ever made? That's cool!" (and not that expensive)

If you have deeper pockets, then you get the same compulsion to do other sets. Or a U.S. Type set, etc. ;-)

 

I couldn't care less about the keys as I will never buy them for my collection (Investment, maybe). There are some things about the key date market that seem to have blown out of proportion.

I like how the survival estimate of 1878 IHC is less than the 1877 (don't believe me? Look it up!), yet the 1877 costs 10 times as much. Both are needed for the set, and the supply is the same. Yet one costs so much more because the initial mintage figure was lower. The number of collectors trying to complete a set of IHCs is a constant, so there should be equal demand for the 1878 and 1877 as the supply is roughly the same. But the "value" of the 1877 has been inflated way far past that of the 1878 for no other reason than the 1877 was a perceived rarity.

 

I've been on the same journey with my collection....Started out like everyone else with a book of Wheaties, Jeffersons & Roosies. Went on to Mercs, Walkers, Buffs & Barbers. When I heard of Type Collecting for the first time it seemed like a hollow and unfulfilling pursuit.....after all, who wants to go more than a few days without buying a new coin from eBay??? Remembering all the dates you are missing and pulling that endless "want list" from my pocket was the best part! Growing up, I was then able to afford a few nicer pieces for the hoard, and then a few even nicer ones and when the time came to sell some it was those better quality coins from each series I held back. Poof, a type set was born.....and beyond that, a type collector!

It seems like a lot of younger collectors are type collectors too, this may be the progression of our hobby and if that's true......key dates will drop like rocks. I don't trust things where the value is only propped up by blind beliefs, but it's hard to find things that don't meet that criteria now days.

Owning coins worth looking at is the fun now. Attractive original surfaces, lower mintages that aren't "keys", some toning.....and even things more esoteric.

Would still like a date set of Half Cents though, maybe in time.

 

I could have practically written your post myself. My last few acquisitions have included:

• Thasos AR Tetradrachm, ca. 148 BC
• 1938 Fisk Tire advertising token (2 major varieties)
• 1912 Canada silver 5 cents, raw AU58, album toned
• 1915 Panama Pacific bronze medal, HK400 "so called dollar"
• 1962-D monster rainbow toned PCGS MS66+ Roosevelt dime
• 1963 proof cent, raw, toned
• 1877 seated dime, raw, toned AU58
• 2000 monster rainbow toned PCGS MS66 Silver Eagle

Tell me what set all of those things fit in other than "because I liked them"?

I would like to do a set of Liberty nickels though. They're a highly underrated series with only 3 keys. I like the design and the way they tend to tone, too.

 

Started collecting at end of January this year. I have acquired a couple of common Morgans and Peace Dollars and a crappy condition 1917S Walker. I took the advice of some from this site to not buy anymore coins until I have learned to grade and have a better understanding of the hobby. I decided to coin roll hunt and that in and of itself has taught me a lot about coins. I have gravitated towards half dollars and am interested in starting a set of Walkers or a short set of them. Wasn't sure what a type set was though. Any help here?

 

It's a definitive end to a goal. Although it's never really over if you count upgrades.

 

CRH is a great way to learn about coins! I didn't exactly do that, but I collected from change as a kid, and I learned a good amount doing it.

A type set is when you acquire one of each "major" variety of coin. Specifically, a US type set would have one of each major variety of each series of each denomination. So, for example, you'd have a 1921 High Relief Peace dollar, any post-1921 Peace dollar, a Morgan dollar, an Ike, an SBA, and a Sacajawea dollar to cover your 20th century dollar denominations. Going further back, you'd have your with motto and no motto Seated dollars, and then the major varieties of early Bust dollars (which I won't list because I don't know what they are off the top of my head, lol).

Similarly, a type set of classic commemorative halves would contain one of each design of classic commemorative half dollar. So, you wouldn't have 10+ Booker T. Washingtons or Washington Carvers, for instance.

Probably the best thing about a type set is that you get to define what goes into it. You can go with Dansco's definition and use the 7070 album, or use NGC's definition, or come up with your own entirely.

 

Thanks for the info, that helps. Just to be clear, if I used my Red Book and went to the dollar section, then I would know which ones to get?

 

That's one way to do it. Just look at the major variety listings and you'll have a good guideline as to where to start.

 

I have completed half dollar Franklins ( The dealer that bought them said it was the best set he has seen in a few years). He paid my asking price on both proof and business strikes. I remember buying the entire 1950 proof set just to get the half dollar. Lets just say it was over $1000. I also sold my complete set, not a short set, of half dollar Walking Liberty coins. No vam's, just the normal years and mint strikes. Only two were exceptional. All my Morgan set dates were sold as well. I saved the CC mint dates I liked. The only mint sets I now save are the silver proofs. I have a crap load of junk from the other years the mint offered business and circulation strikes. I will probably bust them out and spend them as regular coins. I will gladly sell them to CT members first in the proper forum. This more than anything caused me to stop buying from the mint and also changed my view on modern currency. I hate laser etching of dies. I have many old classic pieces but nothing close to sets. (Excluding short run coins.) It seems when I finally complete a set, I end up selling it in a year or two. Why? The chase is over and to me, that's the most exciting part to collecting. I also have a limit to what I plan to invest in coins, and I take the money from one collection and start the chase in another.