Quote:
What criteria are you shooting for on your set?
That's a very good question which I will try to address without meandering too far.
I've been at this set for about 2 years now and my 'criteria' has changed as my knowledge has matured. I'd say at this time I have firmly established what the set will be ....
Visual ImpactThe absolute most important characteristic (to me) is the visual quality of the coins. I am looking for no-toned white coins (or at the most very limited toning) with above average strikes and exceptional 'eye appeal'. They must have full original luster and not been dipped to death.
Examining the six coins I posted above ... even if you did not know the grades ... they are all IMHO lovely to behold from a visual impact perspective.
Here is one of my favorites from the set that exemplifies this requirement ... 1937 Antietam Half ... PCGS MS67 CAC. This coin absolutely glows from across the room. I went through hundreds of Antietam Half to find this one lovely coin.
To drive this point home ... I would take a lower graded visually attractive coin every day over a high graded average impact or ugly coin. My set contains several examples where the 'upgrade' was in fact a reduction in technical (MS) grade.
PCGS CertificationSooo ... the second criteria is that I want them all in PCGS holders. To be honest ... this 50 coin type set is not an inexpensive pursuit ... many of these are $1000+ coins. I figure the cost to have them certified by the (IMHO) top
TPG is a worthwhile investment.
Most I purchased already in PCGS holders.... 4 I purchased raw and submitted to PCGS ... and 5 I purchased in either NGC or ANACS slabs and had them crossed over (with a drop in technical grade each time!).
In fact .... if you are savvy to the PCGS registry set site ... you can actually view photos and commentary of all 45 coins there. Look for the "No-Toning Classic Set" somewhere around #50 to #55 rank.
Technical GradeThe final criteria for my set is the actual technical grade of the coins as determined by PCGS.
This is where the money part comes into consideration!
I decided early on that I wanted a set in Mint State condition .... and reading an article by Q. David Bowers really helped me to decide where to target the technical grade for each coin.
Bowers describes a concept he calls the "Optimal Collectible Grade" (OCG). In a nutshell ... the OCG is the price point whereby a single point increase in technical grade results in a significant price increase.
A quick example of OCG for this 50 coin type set ... consider the following Numismedia FMV for a 1926 Sesqui Half ..
MS61 ... $95
MS62 ... $101
MS63 ... $132
MS64 ... $400
MS65 ... $3060
MS66 ... $17,810
One could argue that the OCG for this coin is MS63 ... and this OCG concept is worthwhile to consider for those of us putting together MS collections. Why pay $95 for an MS61 Sesqui when for a few dollars more you can purchase an MS63 example?
All that said .... I established for myself a minimum technical grade of PCGS MS64 for all coins ... regardless of OCG.
In many cases I have gone beyond OCG for a 'special' coin ... the MS66 Hudson shown above is in fact 3 points above it's OCG of MS63 ... but what a wonderful coin that I will enjoy the remainder of my life.
I have submitted most of the $1000+ coins to CAC for their review ... those guys are tough ... appx 50% success rate despite all my efforts to hand select premium coins. So far about 20 coins in my set have a CAC green beenie ... might help my kids resale when I pass on.
Long answer ... hope someone reads it someday.
David
Posted 04/16/2011 7:24 pm
