After reading this topic, I believe Don’s comment on ‘Perceived’ versus ‘Actual’ value is the most insightful. I think the ‘Perceived Value’ of a ‘Limited Edition’ comes from sources other than playing cards, mainly the art world and the trading card world.
In the art world a limited edition is valuable. When artists make prints of their work it is almost always in a limited edition (retail posters excepted). This makes sense because the prints are usually done using serigraphy, etching techniques, or stone lithography. The printing method and the paper is expensive. The editions are usually somewhere between 50 and 250 and are always signed and numbered.
In the sports trading card and collectibles world a limited edition has value also. For example in an Upper Deck NFL 2010 card series there would be no limit, other than the market, to how many cards could be printed. But within the overall amount of cards there would be limited edition cards which would be randomly placed within the boxes or packets. These were special cards that were signed by the athlete or had game-used material. Depending on the athlete, some of these special limited edition cards can be worth hundreds of dollars. There is very rarely more than 100 limited edition cards for any given athlete in a series.
There is also the matter of rarity which adds value. Very old decks of playing cards are valuable the same way that old trading cards are valuable, because they are made of paper they rarely survive over 50 years or so. A limited edition implies a certain amount of rarity, but this is a very different type of rarity compared to antique rarity. This is why old comic books are so valuable even though there were thousands printed.
The main value of a work of art or a trading card is the fame of the artist or the athlete, the rarity is secondary.
In the custom playing card world, the limited editions are 1,000, 2,500 or even 5,000. Compared to art prints and limited edition trading cards, this is not very limited. Most Kickstarter custom decks are printed in these amounts whether they are ‘Limited Edition’ or not. When Jackson Robinson, who sells hundreds of thousands of his decks, makes a limited edition of 1,000, that means something. For the majority of custom card makers ‘Limited Edition’ doesn’t mean much.
When the successful established designers like Theory 11, Ellusionist, etc. make a deck with metallic foil and embossing on the tuck, which makes it more valuable than a normally printed deck, use ‘Limited Edition’ it has some meaning. But I think the value of these special premium decks is from how good they look, not how limited they are.
As a budding card designer I think putting ‘Limited Edition’ on a deck looks cool, but Don is right, it is almost meaningless. In the custom playing card market the perceived value of ‘Limited Edition’ is a far cry from real value.