Jay- I agree with what you are saying, but in hobby parlance Wagner and Plank are always referred to as rare cards. And there are many cards with fewer examples known that are not. So while rarity may in fact be objective, the term is tossed around in a somewhat more subjective manner....if that makes any sense.
Leon- Even with coins rarity ratings are based solely on the examples that are known. It is assumed that new ones will be found and that their rating will change over time. Many coins that were 6's a generation ago are 5's today. That comes with the territory. The point is to document them as they become known to the collecting public.
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