I feel bad about this.
ajaan
Posts: 17,399 ✭✭✭✭✭
I had an ex student, he had both me and my wife, contact me about a coin he bought. He wanted to know if it is real or not. This is the coin, No Cents:
I told him it looks real from the image. He told me he paid $50 for it at an antique shop. I suggested to him he get a Red Book before he buys anymore coins.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
6
Comments
Great suggestion!
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I don’t think a Red Book would teach him how to price a coin like that?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Well, he’s joined the rest of us in the “paid more than it’s worth” club. All that’s left is the “got less than I paid for it” club dues. That will happen soon enough.
TurtleCat Gold Dollars
He can always spray paint it gold and.........
Another life lesson. We learn as we go.
Tough for a 12 year old.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Well that holder is intended for a very special nickel. Your student may just find something for that holder at some point down the line.
(It's not) yet wouldn't it be cool if that was a proof?
peacockcoins
And a 1913, instead of an 1883!😮
😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I hope he can get his money back.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Does he like the coin?
@ajaan
can we rule out that coin is not a 64/5 from that image or have you seen the coin in-hand already?
i'm not sure if that is the students image to you or your image to us.
Student image to me. I haven't seen the coin.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Are people noticing it is a problem coin? What are you grading it at? It doesn't seem like a really terrible buy, I have seen and made worse.
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any way to get your hands on it? or perhaps you don't have the desire to put the time into it considering it is probably just an AU no cents and i wouldn't blame ya. i can see if it turns out good, it could put him in an even more risky position but then again he could be the next busthalfbrian or stealer...
99% it isn't but i'd LOVE to find out later it turned out to be a proof, even if impaired.
the advice about the redbook is the same advice i've given and it is good. for the value, tough to beat. usually can find em for $5 and for 1-2 years old.
Be honest with him. Good lesson for a kid. And be a good mentor....buy him a Red Book. He will remember you forever.
I don’t see any indication that the coin is a proof. Also, it looks as if there might be die cracks (often seen on business trikes) at the upper right obverse, near the border.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Forget the Redbook.
School of hard knocks is the best way to learn.
Have the youngster lose a few bucks on some early purchases and he should become a very wise and astute buyer of coins.
If he doesn't learn from his mistakes, then he has no one to blame but himself.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Why did he buy the coin?
Because he wanted it?
I hope he likes it!
It's part of life's education !!! 👍
Well... a lesson learned.... at least I hope you did more to educate him (gently) than just advise a Redbook...We have all made mistakes, and they can be painful. However, good advice and mentoring will last long after the pain has faded. Cheers, RickO
I am trying to get my thoughts wrapped around how this is a big deal, with uber-important numismatic tuition cost, etc. ???
OK . . . an 83NC with a spot, in a nice Capital plastic holder. Let's say it is a 63 or so . . . probably since most of them are . . . . being this one of the most-saved coins of that era. On the bourse floor, this coin is going to sell for $30-$35 or so, and someone is going to get a custom CapPlastics holder that once retailed for about $25, although admittedly . . . we don't worry about that.
Ummmmm . . . tuition? If this guy only gets hit that hard and learns a "lesson" from the loss of a day's decent lunch money (well, with one martini added) . . . well, heaven help out heavy hitters around here who drop 4 or 5 figures down the toilet when an auction goes awry for them . . . . .
PCGS Price Guide in 63--$55 . . . . . in 64--$120. Hmmmmmm . . . he paid $50 and got the cool holder too?
OK . . . I need to realize I am missing something here. I am popping off when I should be a good boy . . .
Drunner
I don't think a 12 year old is going to have a martini lunch. The big deal to me is that we hear all the time about how kids don't get into coin collecting. The coin looks like an AU to me from the image valued at $20. To have him pay $50 might turn him off from collecting. I'm surprised how many people said 'it's tuition ' etc. Still doesn't make it right to charge that much for the coin. Keep this up and believe me, young kids will stick to their video games and forget collecting.
I'm through with this thread now. I'm sorry I even started it.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
So tell him to submit it to PCGS for grading to see how he really did.
How old is this ex student ?
I don't see anyone coming out too poorly on this nickel. Price is fine with me if it's an UNC.
Didn't over or under pay.
bob
12
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Tell him, that in this hobby, that kind of purchase is called tuition.
Ask him if he can return it.
not me and i hope to read more about this or other students buying items like this and glad he contacted someone about it. i recall doing the same thing several times from my teenage years to mid 20s and i give the people i consulted an "F" for their paltry efforts to at least point me in the right direction ie" redbook, price guide etc. i give myself a D+ because i didn't push harder.
water the seeds...
The grading and postage would exceed the value of the coin. There are less costly ways to see how he really did.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I agree with this. I'm actually not sure what the Redbook is supposed to teach beginning collectors about initial purchases these days.
I would tell him to look for PCGS coins on eBay with the following examples, and also post on these forums.
Most probably. Although, without seeing the coin in hand, that would determine the ultimate, in tuition.
After seeing the young person is only twelve, and being a dealer , I would have been more likely to give a kid a break and offered it to his parent for half ask. Pity , if the act turns one person away from an otherwise wonderful hobby.