Yes. Rarity is a measure of supply. Scarcity is a measure of demand versus supply. Scarcity is fairly represented in price value. The Mickey Mantle 52 Topps isn't rare, but its book values shows that is definitely scarce.
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Originally Posted by Huysmans
The distinction between "rare" and "scarce" needs to be stated, as these words are often interchanged, which can be incorrect and misleading.
A card like the T206 Wagner is SOMEWHAT rare - dependent on what you're using as guidelines for "rare"...
while the card can rightfully be called EXPONENTIALLY scarce, as the number of individuals who covet an example - which is forever increasing - far exceed the known existing specimens.
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