The coin you have been seeking becomes available.....

bidask

Lets say a speciman coin that would be core to your collection comes to market.

It has the originality you want, the look, you don't know when your going to get another chance.

Examples come up every 8-15 years.

Maybe it's in an auction . Maybe it's being offered by a dealer or other collector . You want the coin.

Honestly, whats your attitude about purchasing the coin ?

What factors come into your thinking?

Sapyx

It's difficult for me to imagine myself in this situation, as I don't aim for "sets" that have super-rare coins as their "key" or "core". So I'll have to answer a similar question: "What do you do when you see a coin, that you really, really want?".

I don't tend to look at price guides. Especially if it is, as you say, a coin that rarely if ever comes up to market. Price guides are next-to-useless in such circumstances.

I check the ask price. If it's under the amount of money I'm prepared to pay for a single coin (currently AU$1000), then I buy it. If it's over, I walk away with regret.

That's about it for me really.

pruebas

Agree with @Sapyx. What’s the price?

What else should I be asking? Is there room in my SDB? What’s the turnaround time at PCGS?

bidask

Let me be more clear.

Most likely the price you pay will make you feel uncomfortable. After all its a special coin and other collectors want it.

Can you afford it ...yes.

Boosibri

@bidask said:
Let me be more clear.

Most likely the price you pay will make you feel uncomfortable. After all its a special coin and other collectors want it.

Can you afford it ...yes.

I’ve been uncomfortable for most of 2020 and a part of 2021 for that same reason. If the coin is special and you can afford it, go for it.

MrBreeze

This exact scenario has happened to me twice since COVID began. Coins that I have sought out for years have come to auction and It could not be a worse time, unless you are the seller. Not only is the normal price acceleration in effect, the COVID effect has multiplied that times 10. So, unfortunately for me, the uncomfortable stretch price was multiplied by at least 3 or 4. But, I paid it, got the 2 coins and have not had a single regret. I firmly believe 99% of people would say I’m buried in those two coins. I would only say that while the price/cost/value may be debatable, the opportunity was darn close to unique.

pruebas

@MrBreeze said:
This exact scenario has happened to me twice since COVID began. Coins that I have sought out for years have come to auction and It could not be a worse time, unless you are the seller. Not only is the normal price acceleration in effect, the COVID effect has multiplied that times 10. So, unfortunately for me, the uncomfortable stretch price was multiplied by at least 3 or 4. But, I paid it, got the 2 coins and have not had a single regret. I firmly believe 99% of people would say I’m buried in those two coins. I would only say that while the price/cost/value may be debatable, the opportunity was darn close to unique.

As you know, high prices bring out good coins. Sometimes that’s the only time certain coins come out.

Now that it’s over and done, care to share the coins?

pruebas

@bidask said:
Let me be more clear.

Most likely the price you pay will make you feel uncomfortable. After all its a special coin and other collectors want it.

Can you afford it ...yes.

I don’t see any questions here. So no, you haven’t been more clear.

MrBreeze

https://www.cngcoins.com/Photos.AM/4-1VLLEU/4-1VN2OF.jpg

https://www.cngcoins.com/Photos.AM/4-QVQ2W/4-QVUW4.jpg

pruebas

@MrBreeze said:
https://www.cngcoins.com/Photos.AM/4-1VLLEU/4-1VN2OF.jpg

https://www.cngcoins.com/Photos.AM/4-QVQ2W/4-QVUW4.jpg

Admittedly I know nothing about either coin, so here’s my outsiders opinion.

The silver coin is beautiful and has great eye-appeal. It’s very rare to boot. I think you’re fine on that.

The gold is a little more tricky. Do you know what it sold for in the auction 15 years ago? How rare is it?

SmEagle1795

Sell less critical coins if the price makes you uncomfortable. If it's that rare, it's worth stretching.

Abuelo

Now prices are obscene. But recently I got my 8E Hookneck, and I was looking for one of those for as long as I have been collecting. The opportunity arose and I paid for it. It is all a matter of $.

MrBreeze

@pruebas

To me, the importance of that particular guinea is the date, 1693. It coincides with the founding of the College of William and Mary. The 5 guinea and 2 guinea seem to appear more than the 1 Guinea and the 1 guinea is way more affordable, compared to 5 figure minimums on the decent 5 guineas. I don’t know if there is an easy way to price compare because all of these coins seem to have their own issues/problems/grades etc. But, I’m pretty sure I overpaid. But again, no worries as it checked so many boxes for me, I could not let it go. It literally was perfect for my needs.

bidask

@pruebas said:

@bidask said:
Let me be more clear.

Most likely the price you pay will make you feel uncomfortable. After all its a special coin and other collectors want it.

Can you afford it ...yes.

I don’t see any questions here. So no, you haven’t been more clear.

You strike me as passing on coins you really want because you don’t want to pay the price 😎

pruebas

@bidask said:

@pruebas said:

@bidask said:
Let me be more clear.

Most likely the price you pay will make you feel uncomfortable. After all its a special coin and other collectors want it.

Can you afford it ...yes.

I don’t see any questions here. So no, you haven’t been more clear.

You strike me as passing on coins you really want because you don’t want to pay the price 😎

Sort of like you at the Morton & Eden sale?

I think we all weigh how much we want a particular coin vs where else we can deploy our funds and get just as much pleasure and possibly more “bang for the buck.”

I won’t stretch on an ugly coin.

bidask

Sort of like you at the Morton & Eden sale?

I bought a ton of coins at that auction .....

TwoKopeiki

I've stretched for attractive coins before. Especially if they have all the characteristics I enjoy (originality, color, luster, lack of hairlines). How far I'd be willing to stretch entirely depends on how nice / scarce the coin is.

Bob13

I think you stretch for this coin IF you don't "waste" money on other coins that aren't all there. It takes discipline but than easier to swallow when you need to go after a big coin.

Boosibri

I purchased at least three major coins in 2020 which were both bordering on the impossible to acquire; the 1765-G 8R in 64+ which is the finest extant Guatemalan 8R of the rarest date, a 1828 Coquimbo Peso, and a unique 1764-Mo 4E. In addition to those I added several other coins which I would likely never have another chance at in 10 years.

I sold many replaceable coins with the mindset that I would prioritize selling anything which could be replaced in 5-10 years. That left me to sell many of my high end type coins which in and of themselves, were defined more by the plastic that they were in and not the importance of the coin itself. Through that process, my collection fundamentally evolved and it is way better for it.

Now when faced with a similar situation, funding that next coin becomes increasingly difficult as the coins which might fit the bill for disposal to fund a more important piece are much harder to replace.

This dilemma is part of what makes the hobby fun.

SmEagle1795

@Boosibri said:
I purchased at least three major coins in 2020 which were both bordering on the impossible to acquire; the 1765-G 8R in 64+ which is the finest extant Guatemalan 8R of the rarest date, a 1828 Coquimbo Peso, and a unique 1764-Mo 4E. In addition to those I added several other coins which I would likely never have another chance at in 10 years.

I sold many replaceable coins with the mindset that I would prioritize selling anything which could be replaced in 5-10 years. That left me to sell many of my high end type coins which in and of themselves, were defined more by the plastic that they were in and not the importance of the coin itself. Through that process, my collection fundamentally evolved and it is way better for it.

Now when faced with a similar situation, funding that next coin becomes increasingly difficult as the coins which might fit the bill for disposal to fund a more important piece are much harder to replace.

This dilemma is part of what makes the hobby fun.

I did exactly this last year as well. It's a bit unnerving knowing I'm now flat-out of "trade in" material but glad to know that the coins which remain have earned their place in my collection.

It's also going to be more challenging to add new pieces moving forward as they'll have to live up to their brethren post-culling; it might be time to start an inexpensive side collection to keep occupied between bigger/permanent purchases.

amwldcoin

This is a great discussion! All I can add is the couple of times I let a piece I really wanted go because of the price I still think about it and cuss myself about it today! What's funnier is I would be willing to pay more for those 2 coins now if the opportunity arose!

WildIdea

With the criteria in your op, absolutely buy it. My attitude is 8-15 years is a big percentage of my life to be waiting for another lap. If it comes back around for less I’d buy it too and sell the lesser of the two.

bosox

Buy it. A couple of years ago a rare pattern in my series came to auction and I wanted it. Head and shoulders the best of ten pieces known. Add in a Farouk/Norweb/Belzberg pedigree. I set a mental max bid and thought that's my limit. I am in the auction room and we are past that number in a millisecond. Sometimes you just have to say, "WTF." I bought it for nearly double my "max" bid. I am still over the moon about the coin. Plus my wife just did an eyeroll and let it go.

Stella

If you end up going for it, hopefully you will post it here so that we can congratulate you!

bidask

@bosox said:
Buy it. A couple of years ago a rare pattern in my series came to auction and I wanted it. Head and shoulders the best of ten pieces known. Add in a Farouk/Norweb/Belzberg pedigree. I set a mental max bid and thought that's my limit. I am in the auction room and we are past that number in a millisecond. Sometimes you just have to say, "WTF." I bought it for nearly double my "max" bid. I am still over the moon about the coin. Plus my wife just did an eyeroll and let it go.

That’s what I’m talking about 😉

BustDMs

I ask myself two questions.

Do I have the money or resources to acquire the piece and do I want it more than the money/other items.

Problem solved.

Boosibri

@BustDMs said:
I ask myself two questions.

Do I have the money or resources to acquire the piece and do I want it more than the money/other items.

Problem solved.

Are my financial prospects and earnings potential significantly brighter in the future such that if I pass up the opportunity now, I will be kicking myself in the future when I can more easily pay for the coin

ncsuwolf74

@bidask said:
Lets say a speciman coin that would be core to your collection comes to market.

It has the originality you want, the look, you don't know when your going to get another chance.

Examples come up every 8-15 years.

Maybe it's in an auction . Maybe it's being offered by a dealer or other collector . You want the coin.

Honestly, whats your attitude about purchasing the coin ?

What factors come into your thinking?

I think this depends on the person. One thing that I've read the last couple of weeks is Ecclesiastes 5 verses 18-20. Hope this helps

koincollect

I have have always been very happy when I took advantage these kind of opportunities and always regretted when I passed on these!

bidask

@ncsuwolf74 said:

@bidask said:
Lets say a speciman coin that would be core to your collection comes to market.

It has the originality you want, the look, you don't know when your going to get another chance.

Examples come up every 8-15 years.

Maybe it's in an auction . Maybe it's being offered by a dealer or other collector . You want the coin.

Honestly, whats your attitude about purchasing the coin ?

What factors come into your thinking?

I think this depends on the person. One thing that I've read the last couple of weeks is Ecclesiastes 5 verses 18-20. Hope this helps

Excellent scripture!

Tibor

Many times I buy a coin that stretches the budget. I put it on my CC and pay it off
over time. If another highly desirable coin(s) come along, I repeat the process. The
interest charged by the CC is the price I pay for ownership. Lester Merkin once said
" Sometimes the opportunity to buy a rare coin is rarer than the coin". You only live once
and the opportunity to own a rare/very rare coin is the same.

HoledandCreative

It is only money, just don't use the grocery money.

rec78

If it is in an auction, I nuke bid it and hope that I overpay enough to win it. Price guides mean nothing. If you want something you must go for it while it is available. I am still searching for a coin after 40 years or more of looking. When one comes to market and I see it, it is mine. It is not that expensive of a coin, but they just aren't around in the condition that I want. IF a dealer has it, I simply buy it. My time is running out and tomorrow the coin will cost more. I do plan to sell my whole collection one day, but not until I finish getting what I want. It sure would suck to be one coin short when I go to sell. When you get it you feel relived and move on to the next challenge knowing the long wait is over.

MrEureka

@HoledandCreative said:
It is only money, just don't use the grocery money.

I’m about 40 pounds away from even considering that advice.

FilamCoins

Can you hold it for a decade without losing interest or needing the cash? What will the market most likely look like then based on supply and demand? No one likes to lose money on coins, no matter how often they tell themselves they're only a collector and don't care about the profit. Definitely stretch, even a big stretch, but don't go overboard. You'll have regrets if you're truly buried and the coin will look less and less appealing as time goes on. I suspect you know your coins, know your market, and will do just fine. Making money from money, while enjoying your collection, is one of the great things about this hobby.

WCC

@Boosibri said:

I sold many replaceable coins with the mindset that I would prioritize selling anything which could be replaced in 5-10 years. That left me to sell many of my high end type coins which in and of themselves, were defined more by the plastic that they were in and not the importance of the coin itself. Through that process, my collection fundamentally evolved and it is way better for it.

Now when faced with a similar situation, funding that next coin becomes increasingly difficult as the coins which might fit the bill for disposal to fund a more important piece are much harder to replace.

This dilemma is part of what makes the hobby fun.

I'd consider doing this to but collect at a noticeably lower financial scale than you do and "cashed out" of my prior primary series and banked the funds over 10 years ago. So I do not have much left to sell out of my non-core collection.

There have been a few coins I would like to have bought that I passed on but none in a similar category to those you listed. Closest one recently was probably the 1761 Peru NGC MS-66 1R. I had four chances to buy it but passed because of the price, twice at auction and twice with the same dealer. I have an ok one in PCGS XF-45 (second best I have ever seen) but considered the other over graded and overpriced. However, I might be sorry later.