I was about 10 years old around 1963-1964. I had 5 beautiful silver dollars from grandparents, and some other change from mowing yards, and other work. Took them to the bank and opened a savings account like my parents suggested was a good idea.
Went back a year later to get them and instead got a piece of cloth paper saying legal tender with a president on it and a few cents interest. They said they didn't have my silver coins anymore. I was devastated and have never liked banks ever since.
I bought $1600 worth of silver from a forum member on the BST. He cashed my check and disappeared.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@PerryHall said:
I bought $1600 worth of silver from a forum member on the BST. He cashed my check and disappeared.
Wow, sorry to hear that! Was he a long time member?
His forum name was bigzestee and he was a member for about seven months. I did one prior smaller transaction with him that went smoothly. It gave me some confidence in his trustworthiness which was a big mistake.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@WillieBoyd2 said:
I managed to lose a GSA Carson City silver dollar which I bought during the sales of the early 1970's.
I noticed the coin missing in the early 1980's although I still have the GSA certificates and cardboard box.
I don't know the date of the coin as the coin was one of the lower grade uncirculated ones where the certificate did not state the date.
The GSA certificates that came with the silver dollar:
GSA Certificate 1
GSA Certificate 2
The Gov't did not have anyone that knew anything about grading. I recall reading about a toned 1885 cc that was sent out with the circulated or 'low grade' uncircuated coins which was later graded MS 68 by our hosts! Fubar!
My grandfather used to give me a Silver Dollar each week or so for no special reason. I was maybe 6 or 7 years old. I kept them until I was around 15 and took them to a pawn shop and bought a snare drum. I didn't understand the value of what I had at the time.
Successful BST transactions with lordmarcovan, Moldnut, erwindoc
I was thinking the 5 oz mint ATB program but it has not really been that long to say for sure. Some have done well. I think for me it was buying a few Morgan dollars that later turned out to be cleaned, but I did not spend too much so maybe a couple hundred bucks.
I once bought a coin thinking it was X condition only to bring it home from the show to find it was Y condition. Lost $300. Beware the lighting at coin shows!
In hindsight, particularly given the sale of the 1958 Franklin for $110,000.00 plus buyer's fee' I made a mistake about 15 years ago.
I bought a 1951proof set in a Capital holder that contained what I perceived to be a Cameo. However the half dollar was toned on both sides with neon pink and yellow colors. AT or NT, I had no clue.
I removed the tone with a dip. A Cameo emerged and I was pleased. However I regret removing the toning. Should have left it alone. Who knows it could have sold for big $ to a fan of toning.
@Goldminers said:
I was about 10 years old around 1963-1964. I had 5 beautiful silver dollars from grandparents, and some other change from mowing yards, picking up dog doo, and other work. Took them to the bank and opened a savings account like my parents suggested was a good idea.
Went back a year later to get them and instead got a piece of cloth paper saying legal tender with a president on it and a few cents interest. They said they didn't have my silver coins anymore. I was devastated and have never liked banks ever since.
I have similar story - my grandfather used to give me $2 bills whenever I saw him. He passed away. I put the $2 bills in my savings account. The rest is same as your story.
My biggest mistakes: First was buying a coin off of Ebay that didn't have the clearest pictures. It was a 1909-S Indian Head cent, PCGS slabbed. The pictures made it look great. Got the coin home and there were two big carbon spots on it. What I noticed was that if you tilted the coin at the angle that the owner tilted it and then shined a bright light on it, the coin looked really shiny and the carbon spots were hidden. So the pictures were not altered, but were misleading. Lesson learned: don't buy coin over the internet without good images.
Second was getting caught up in the registry craze right after I got back into collecting, when I didn't really have the money to play, and buying a handful of coins based on the plastic not the coin. Dumped those after holding for 6-7 years.
I think the above two mistakes cost me something like $1000 total, so not the biggest loss here, but definitely expensive enough that it left a mark.
Successful BST (me as buyer) with: Collectorcoins, PipestonePete, JasonRiffeRareCoins
Around 2002, I got way ahead of the Toned market and bought an accurately graded PCGS MS-64 for $2,800. This was insane money for a 64 back then, and it was more than I should have been spending at the time. Some second guessing and a need to free up some cash led to me selling the coin back to the dealer i purchased it from for $1,700 within a year or two. He paid me $1,000 at the time and then promptly disappeared off of the face of the earth. So I ended up down $1,800 on a $2,800 coin....that is now probably an easy $5k coin today (See Photo).
We all pay our tuition one way or another in this amazing hobby
@DrewU said:
Around 2002, I got way ahead of the Toned market and bought an accurately graded PCGS MS-64 for $2,800. This was insane money for a 64 back then, and it was more than I should have been spending at the time. Some second guessing and a need to free up some cash led to me selling the coin back to the dealer i purchased it from for $1,700 within a year or two. He paid me $1,000 at the time and then promptly disappeared off of the face of the earth. So I ended up down $1,800 on a $2,800 coin....that is now probably an easy $5k coin today (See Photo).
We all pay our tuition one way or another in this amazing hobby
Sorry to hear that. At least you had an eye for beautiful coins!
Comments
I was about 10 years old around 1963-1964. I had 5 beautiful silver dollars from grandparents, and some other change from mowing yards, and other work. Took them to the bank and opened a savings account like my parents suggested was a good idea.
Went back a year later to get them and instead got a piece of cloth paper saying legal tender with a president on it and a few cents interest. They said they didn't have my silver coins anymore. I was devastated and have never liked banks ever since.
My US Mint Commemorative Medal Set
I bought $1600 worth of silver from a forum member on the BST. He cashed my check and disappeared.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Wow, sorry to hear that! Was he a long time member?
His forum name was bigzestee and he was a member for about seven months. I did one prior smaller transaction with him that went smoothly. It gave me some confidence in his trustworthiness which was a big mistake.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
with me listening to someone else i didnt buy that 1916 slq about 38 years ago cheap. im still kicking myself for that
The Gov't did not have anyone that knew anything about grading. I recall reading about a toned 1885 cc that was sent out with the circulated or 'low grade' uncircuated coins which was later graded MS 68 by our hosts! Fubar!
My grandfather used to give me a Silver Dollar each week or so for no special reason. I was maybe 6 or 7 years old. I kept them until I was around 15 and took them to a pawn shop and bought a snare drum. I didn't understand the value of what I had at the time.
Successful BST transactions with lordmarcovan, Moldnut, erwindoc
I was thinking the 5 oz mint ATB program but it has not really been that long to say for sure. Some have done well. I think for me it was buying a few Morgan dollars that later turned out to be cleaned, but I did not spend too much so maybe a couple hundred bucks.
Best place to buy !
Bronze Associate member
I bought tubes of ASE's when they were $45/oz ... but it was going to hit $100!
Check out my iPhone app SlabReader!
I've gotten coins only to have them tank in value afterward.
My YouTube Channel
I once bought a coin thinking it was X condition only to bring it home from the show to find it was Y condition. Lost $300. Beware the lighting at coin shows!
Dealing in Canadian and American coins and historical medals.
In hindsight, particularly given the sale of the 1958 Franklin for $110,000.00 plus buyer's fee' I made a mistake about 15 years ago.
I bought a 1951proof set in a Capital holder that contained what I perceived to be a Cameo. However the half dollar was toned on both sides with neon pink and yellow colors. AT or NT, I had no clue.
I removed the tone with a dip. A Cameo emerged and I was pleased. However I regret removing the toning. Should have left it alone. Who knows it could have sold for big $ to a fan of toning.
Milk spots
I have similar story - my grandfather used to give me $2 bills whenever I saw him. He passed away. I put the $2 bills in my savings account. The rest is same as your story.
My biggest mistakes: First was buying a coin off of Ebay that didn't have the clearest pictures. It was a 1909-S Indian Head cent, PCGS slabbed. The pictures made it look great. Got the coin home and there were two big carbon spots on it. What I noticed was that if you tilted the coin at the angle that the owner tilted it and then shined a bright light on it, the coin looked really shiny and the carbon spots were hidden. So the pictures were not altered, but were misleading. Lesson learned: don't buy coin over the internet without good images.
Second was getting caught up in the registry craze right after I got back into collecting, when I didn't really have the money to play, and buying a handful of coins based on the plastic not the coin. Dumped those after holding for 6-7 years.
I think the above two mistakes cost me something like $1000 total, so not the biggest loss here, but definitely expensive enough that it left a mark.
Successful BST (me as buyer) with: Collectorcoins, PipestonePete, JasonRiffeRareCoins
The time I sold my stupendous type set.
Around 2002, I got way ahead of the Toned market and bought an accurately graded PCGS MS-64 for $2,800. This was insane money for a 64 back then, and it was more than I should have been spending at the time. Some second guessing and a need to free up some cash led to me selling the coin back to the dealer i purchased it from for $1,700 within a year or two. He paid me $1,000 at the time and then promptly disappeared off of the face of the earth. So I ended up down $1,800 on a $2,800 coin....that is now probably an easy $5k coin today (See Photo).
We all pay our tuition one way or another in this amazing hobby
Sorry to hear that. At least you had an eye for beautiful coins!
I would venture a guess of north of $5k unfortunately. It is a gorgeous coin.