How to deal with making a bad purchase
NIPSZX
Posts: 79 ✭✭
I recently downloaded the APMEX app and I purchased a "Sacramento Assayer Hoard California Gold Dust 1.5grams. I thought it was cool and I was in a hurry so I just made an impulse purchase. It cost $187.99. The next day I wasn't quite as busy and I looked on eBay and these are going for about 139.00 on eBay. Looks like I made a bad purchase. How do you guys deal with this mentally? 
It seems like I could never break even on this purchase in the future.
2
Comments
Learn by your mistake and move on.
It sounds like you're asking for advice on how to invest. Internet message boards are not where I would go for this sort of thing.
Suck it up as a learning experience and shop around before the next purchase.
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Cheap tuition.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
Better than buying a counterfeit gold coin and then have nothing.
Lafayette Grading Set
Analyze your decision process before you make your next purchase.
In a hurry, why?
Unfamiliar product? Why?
Pricing discovery after purchase, why?
Apmex. For non bullion? Apmex normally does not leave money on the table.
Need to break even, why?
It was just a random impulse buy but I'd like for the item to go up in value but when you pay a 30% Mark up it's difficult.
I learned my lesson years ago doing that. Anytime I get interested in something now, I price search. I just took it as a loss at my fault.
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Does APMEX allow returns?
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
Small tuition payment. If you're like most of us, you'll likely pay several more installments.
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Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
That's barely a blip on the radar. Cheap compared to some of the stories I've heard here, if I remember correctly someone threw away (literally) a PF67 Stella once.
How to get over it? Read, read, read. Buy the book before the coin. When you as the buyer know more than the seller does, that's when your number of bad purchases goes down drastically. It also will cut you down on impulse buys until you truly know what you're looking for. Find an area of the hobby to specialize in rather than randomly buying stuff.
And a bit of advice. I'm young, but I learned this early on so it's done me very well. Don't expect your coins/purchases to go up in value. It's a hobby, and unless you really, really know how to grade and have years of experience you will only lose money trying. Yes, sometimes it happens, but when it does it's either because someone knew what they were doing or they got lucky.
Coin Photographer.
I imagine that most of us did something roughly similar at some point.
But, being in a hurry and being impulsive are a dangerous combination.
Take it as a lesson learned and it will be worth the tuition. Otherwise, there will be more similar disappointments in the future.
Buy another one at the cheaper price, then you can split the difference and only have paid an avg inbetween the two prices. Live and learn.
Or if you subscribe to the “everything is free” pie in the sky with pigs flying mentality—when in doubt, just go outside to your money $$$ tree and pull off a few bills. It works all the time for me.
Chance favors the prepared mind.
We do not speak of this sordid memory here ever more.
BTW, with all due respect, you are still not doing your homework.
The $139 is at the very low end of what is on ebay now. They go all the way up to $200, and the APMEX ones on ebay are more than what you paid.
If you look at completed auctions the cheapest sold listing is $139 and the highest is just under $200.
So, you didn't overpay quite as much as you might think you did.
The item can go up or down in value, regardless of your cost. And unless you know the seller’s cost, you don’t know what the markup was. You’re talking about wanting to make a profit, which is much more difficult to do when you overpay. But as others have advised, use this as a low cost, but valuable learning experience.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I don’t think anyone ever comes out on top on an impulse buy.
Keep it and enjoy it or sell it and move on. I hate paying more than I have to, also, but it happens to everyone eventually (and usually repeatedly if given enough chances).
Thanks for the positivity.
Relax, enjoy your purchase and try to do better next time. I don’t think there’s a single person on this forum that hasn’t done that very same thing.
Be happy and carry on my coin brother 😊
Tuition pId, move on
Don’t dwell on it - in the grand scheme, this is a very small amount of money and at the end of the day you arguably paid the going retail price.
If you can’t stop thinking about it and it’s bothering you, I suggest selling it on EBay if you can’t return it.
As far as investing, making a profit or breaking even you either need to buy cheap (not at retail prices) or wait and hope prices go up.
If that’s the worst mistake you make, count your blessings.
Many of us have had losses over $1000 on what could be characterized as "bad decisions". In the case of false advertising, mis-representation or fraud, you may have other options. You did not do your due diligence to find out real market values. I got the US mint catalogue where many of the prices are over high retail which you see with many other sellers.
People here are extremely nice. Great forum!
@NIPSZX Did you call APMEX to see if they allow returns?
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
They actually shipped the order out this morning. I guess I could email support
Wait until you get it in hand. You may decide to keep it. I checked the APMEX web site. You can return any purchase that you are unhappy with within seven days of receipt, but you must contact them before you send it back to let them know you are making the return. Check their web site for the details.
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
Most people waste more than that on tchotchkes on vacation. I’ve been there and done that as well. In my case it was a Mexican 2 peso gold coin I overpaid for. I just put it away and remember to be more careful next time.
TurtleCat Gold Dollars
Restocking fee may be just as bad. Have fun be safe we have all done it and I do it once a month.
Hoard the keys.
Have you ever lost a $50 wager? Have you ever had a lousy $100 meal at a restaurant?
Tomorrow is another day. You’ll be okay.
There is always a spread between buying and selling. You bought a neat collectable you can enjoy owning
I've always been attracted to gold nuggets and but, they do sell for over melt. In your case, the residual value will always be there. And if gold doubles in price as some say it will, you'll start making money.
1.5 grams = 0.0482261 troy ounce x $2,000 = $96.45
Coin collecting is a hobby for me... part of my entertainment budget. Occasionally, I might get a windfall and treat myself, but for the most part, I treat it like going to the movies. Unlike the movies, I'll likely get a little bit of my coin money back... I'll never see a dime back from a crappy movie or dinner out...
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Well, with respect to your story, I’d just take the hit and move on. You probably paid too much, but at least you’re getting something of note and quality.
I think we’ve all made purchases that are much worse in my mind - coins that just aren’t very nice, are overgraded, have hidden (or obvious) problems, or that don’t fit the rest of our collection. In that case, I’ve learned to sell them quickly, even if it means taking a financial loss. Keeping them in the hope that they’ll somehow look better later or appreciate in value just seems to magnify the mental negativity.
You can’t change the past. What you do next is what matters. Learn from your mistake and don’t repeat it. Apply what you learned to making purchases outside coins.
@NIPSZX .... Relax... Things could be much worse... as indicated above. Gold may increase in value significantly and you will be in a break even situation or maybe even profit. Cheers, RickO
$40. All this because of $40? I’m sorry.
Cat and beaver started reading with out me and I found them rolling on the floor, laughing so hard they were crying 🙀🦫
They weren’t laughing at you, they were laughing at me! 🤨
Seems they think I’m the poster child for this kind of purchase and they think your a winner.
Stinkin critters 😉🙀🦫
🎶 shout shout, let it all out 🎶
Like others said, consider it to be cheap tuition. If you collect coins for the long haul going forward it will happen again. The key is to learn from your mistakes, and end up will far more "winners" than "non-winners"
live and learn from your mistakes
Coins for sale at link below
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I made an impulse buy of a gold Vatican Medal some years ago while in Rome on vacation with my wife. I knew nothing about Vatican items but this one spoke to me. The sales person seemed very happy with my purchase at the time.
Arriving home, I found why she was so happy. I overpaid by not a little amount. It bothered me for a time.
Soon, I realized that looking at the medal brought back memories of the wonderful trip my Wife and I had enjoyed ( and still does) and those memories smoothed over the financial misstep I had made.
As a benefit of my “ mistake” being in precious metal, time has since eliminated the bad cost basis leaving me ahead in value plus still having the good memories the purchase helps invoke.
The lesson I learned from this was to at least have some idea of a fair price for a purchase before making said purchase. If something attracts you to it, it’s hard to do. In the end, it’s only money. There are far more important things in life to dwell on.
The esteemed members who post on this board are knowledgeable and freely share their expertise with other collectors making this place a valuable stop on one’s journey to knowledge. Good luck with your future purchases.
Well, you could do it like so many others who want to shift blame and not accept responsibility for their actions. Stomp feet, throw temper tantrum. Go on a smear campaign. ( just kidding on that last suggestion).
Or hold on to it, who knows. I bought these two 1.5 grams of gold vials in 2002. Not a bad investment, as it turns out. I've done far worse.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Paying over book value is not so bad if you love what you get. Others' hesitancy becomes your opportunity. You may soon see this as an opportunity. But if it still bothers you over time, sell it and don't look back.
Matt Snebold
I go on to the next thing and remind myself not to rush next time.
I'm starting to wonder if the look of the gold dust matters. Do you think that if the chunks are larger, they hold more premium compared to dust? It seems like the smaller the grain dust, the lesser they sell for on eBay. And the larger the chunks, the higher the price. Would this be true?
Exactly this, life is too short to lament every mistake in life
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Bad transactions with : nobody to date
Let it go, refocus, learning from one's poor decisions is a great opportunity to get it right the next time. Peace Roy
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There are a lot of gold nugget dealers on the internet - Gold Nuggets. - with educational websites. Have fun checking them out.
No worse than making a bad stock trade or paying too much for a car and finding out it was less in the next town…just move on and do better next time!
Just return it