Set Building vs. Arbitrary Collecting

While the popularity of the PCGS Set Registry© has certainly played a key role in the way people approach collecting, building sets was not a new concept when the Registry first launched in 2001. Perhaps the greatest set builder was Louis Eliasberg, Sr., who built a complete U.S. coin collection... every denomination, every date and every mintmark. He certainly set the bar for what was to follow in the world of numismatics.

There are many advantages to building a set rather than collecting unsystematically. Perhaps the most important benefit is that it forces a collector to focus and set a goal. The idea is to complete the set, and while this can be a passionate journey, it helps you keep on track. The stories of buyers’ remorse are not uncommon in this market, because without a goal, emotions can get the best of you.

Some collectors get started because they inherited coins from a family member. Even then, taking your favorite coin from the inheritance and building a set around it is a good way to start your first collection.

There is also something very important that happens when focusing on a set. A level of expertise develops. Outside of building complete type sets, most other sets present a collector with the opportunity to look at many of the same kind of coins. And as a result, a level of understanding for that series develops. You begin to see which coins are seldom seen in mint condition, which come weakly struck, and what the key dates are. You learn mintages and survival estimates. You begin to understand the basics to coin grading. And, most important, you learn value. Expertise like this helps prevent mistakes.

Working with a preferred dealer is also an excellent way to build your set. Some dealers specialize in certain series or countries. Dealers may have access to coins that may not necessarily be available to the general public. But most important, do your homework, get references, and work with someone you can trust.

Some collectors build a set, then sell. Some hold on to a set while continuing to upgrade. It all depends on the goal and purpose. For many, completing a set is the goal. For others, building the finest set possible is the goal. Dr. Steven Duckor is a collector who has built many world-class sets, including Barber Half Dollars and a date set of $1 gold (both still ranked #1 All-Time Finest). Some collectors start with one set and then build sets of the same denomination. A good example of this is Bruce Morelan (Legend Collection), who fell in love with Trade Dollars. But he didn’t stop there; he’s built first-rate sets of Bust Dollars and Seated Dollars as well. All three of these sets are currently active and in the PCGS Set Registry Hall of Fame.

1863 $1 Gold PCGS MS68 - from the Dr. Steven Duckor One Dollar Gold date set

1794 $1 PCGS SP66 - the famous 10 million dollar coin from the Bruce Morelan Bust Dollar collection

The PCGS Set Registry is a good way to start building a set. It gives the collector a road map to follow. A good starting point is to select a favorite series and build a date set. This set does not require that you have every mintmark, but does require one of every date. For example, start with a Morgan Dollar date set. The date set requires just 28 coins from 1878 to 1921. Once complete, you might choose to move on to the basic set, which requires all mintmarks and consists of 97 coins. Or, you might start with a modern set, like Roosevelt Dimes and then move back in time to Mercury Dimes, Barber Dimes, Liberty Seated Dimes, and finally, Early Dimes. Collecting everyman sets, where the highest grade required is AU58+, is another possibility. There are literally hundreds of different ways to approach set building.

As you build your set, you may want to create a digital album so you can share your collection with others. The PCGS Set Registry has the album feature built into the software. Last year, the Paul A. Hubanks Collection won a major award for Best Digital Album of the Year. In this digital album, the collector has focused on selecting only beautifully toned Lincoln Cents.

One of the most important benefits of set building is the "fun" factor. With a goal to complete a set, you find yourself searching to fill those missing slots in your set. And, when you find the perfect specimen, there’s a sense of accomplishment. As your set moves up in rankings in the Set Registry, you’ll experience friendly competition with others who share your love of the coins. This is the "fun" factor!