In general, a ‘master set’ is usually one of two main categories:
- Every single card in the set, including Reverse Holos. (With some select exceptions, all those cards can be pulled from the booster packs of the set.)
- Every single cards of the set, including variants (e.g. alternative holos from blisters/tins; stamped cards; (Prerelease) promos; Championship Deck reprints; etc. etc.)
(Keep in mind that with option 2, a new related card may release years after the initial set. The most extreme example I’ve seen of this is the Build-a-Bear Snorlax of the XY Flashfire set. The set itself was released on May 7, 2014, yet this Snorlax was released in August/September 2019, more than five years later.
But even though those are the main two categories, almost everything in between (or even beyond - e.g. unreleased prototype cards, repeated misprints, different languages) would be considered some kind of master set as well. The fact that you had to ask this question (and it has been asked loads of times in the past - or minor variants of that question: June 2015; Nov. 2017; Nov. 2019; Jan. 2020; Oct. 2020; June 2024), says enough imho. There simply isn’t a clear definition for what a master set should consist of. It also depends a lot on the set itself (e.g. EX era codes or the a vs b cards of Aquapolis to give some random examples of weird shenanigans in sets).
I personally think @genosha worded it pretty good, for master set collectors, it all comes down to budget:
As for your question:
I’m pretty sure someone once came up with the term, and it just stuck. It happens with a lot of Pokémon-related terms, like Shadowless, No Rarity, etc. A lot of terms come from the community and were just repeated enough to became a semi-official term.
Greetz,
Quuador