Phil's original question was why interest in HOF rookie collecting has diminished in the last few years. I always thought the reason for this was the HOF election of 2006. When all those Negro Leaguers were elected, many people lost hope of getting the rookie card of each HOFer. The rookies of Pete Hill and Jose Mendez are in the Punch set. Good luck finding them. Biz Mackey is no walk in the park either. I think this discouraged a lot of people.
The lack of consensus over what is a rookie card is also a factor. But that factor was present even in the hey day of HOF rookie collecting.
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