Should I Pay Too Much For A Coin .....

ctf_error_coins

... because it would make an excellent topic for a post on this forum.

Discuss ....

Zoins

It might not be too much if the amount paid is categorized as marketing rather than inventory

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@Zoins said:
It might not be too much if the amount paid is categorized as marketing rather than inventory

Bingo, we may have the right answer.

Actually, I will let my wife make the decision one this one.

MarkInDavis

You should never pay too much. The question is what is too much?

1madman

How much will you benefit in the future from discussing the coin? Sounds like you may not know exactly what the coin is, and looking for advice from the forum once it’s in hand.

ColonelKlinck

"Too much" is in the eyes of the beholder; or reholder!

ctf_error_coins

My consultant said to buy it without seeing it.

I told her she had to see it and I showed it to her and explained my reasoning.

She saw it and said it was really cool and that I should buy it. So I did.

logger7

If you can afford to and get a lot of enjoyment out it then what's the problem doing so?

spyglassdesign

"too much" is too vague to be of real meaning. As Mark said, what is too much? Only the buyer can decide what is too much.

Ultimately it will depend on your goals and needs and wants. Are you a reseller? Then too much is a bad thing as you may never get your investment back out, or it may take a very long time for the value to exceed the investment to make a profit.

Are you a collector of a certain series and only need one coin to fill a gap? The sky may be the limit if you aren't worried about return on investment, or if you plan to hold for the long term.

Is it a piece to learn from? Education is expensive... so if you have no concern for getting your money back, the sky could be the limit!

ctf_error_coins

I have also found that if I have a coin on my watchlist that is slightly overpriced, but I keep going to it to view the images over and over again, I usually end up buying it.

BillJones

You should not pay too much just to show it here. Even the great posts are often buried by the end of a week’s time.

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@BillJones said:
You should not pay too much just to show it here. Even the great posts are often buried by the end of a week’s time.

As Zions stated, Marketing is a consideration.

Marketing is very important in the coin business, especial for the single owner business. You have to let collectors know who you are. What you have to offer. Where your passion is.

The coin I paid too much for will be part of a set as I already owned the other piece. The set tells a story. I do not like coins with stories per se, but visual this set tells one. I will not be selling the coins as a set, but think the potential new owner should consider it as a set and consider both coins.

Cladiator

I think many great collections were built by paying too much for coins. If the coin moves you to pay too much there's a good chance it will move someone else to pay too much for it when your collection is sold.

Floridafacelifter

…..sure if it floats your boat and you’ve got the dough!

ctf_error_coins

@Floridafacelifter said:
…..sure if it floats your boat and you’ve got the dough!

It is a business so I have to buy right.

Floridafacelifter

@ErrorsOnCoins said:

@Floridafacelifter said:
…..sure if it floats your boat and you’ve got the dough!

It is a business so I have to buy right.

That certainly makes sense, but I was answering the OP which had no conditions placed on the paying too much

DisneyFan

By what standards is it too much?

RLSnapper

I like coins that have a story. That is a consideration I take into account when I buy a coin. That being said error coins should be able to tell their own story. My Indian Cent off center or double struck date set was fun to work on and did quite well in the B&M 6/29/2001 sale. The coins I paid the most for did the best but I got the most pleasure from the commentary in the catalogue "With this many off center Indian cents in one offering, it may be easy to overlook the true scarcity of these pieces, especially on a date-by-date basis." It is nice to be patted on the back...collectors like that. Keep that in mind CTF.

Mr_Spud

You should pay the amount that is just right, not too much or you’ll be buried if you need to sell and not too low or the dealers will stop showing you their good stuff

ctf_error_coins

@DisneyFan said:
By what standards is it too much?

My gut.

The price of the other coin.

3stars

Jimnight

If it's what you want ... why not, what's a couple bucks.

coinkat

No

Catbert

@ErrorsOnCoins said:
My consultant said to buy it without seeing it.

I told her she had to see it and I showed it to her and explained my reasoning.

She saw it and said it was really cool and that I should buy it. So I did.

She is unreliable since when has she ever said no? 😉😂

Broadstruck

Can you even afford to buy a coin at all after firing a customer?

Seriously buy it only if you'd foreseeably regret not purchasing it.

jt88

Pay too much sometimes is better than buying a cheap coin. You should not buy a coin because it is cheap.

NeophyteNumismatist

For me, "paying too much" means that I regret my purchase. It means I feel bad when I look at the coin. I try to avoid those situations.

Coin Finder

What are you talkin, 1000 percent to much or 10% over what you want to pay?

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@thebigeng said:
What are you talkin, 1000 percent to much or 10% over what you want to pay?

25%

Coin Finder

Heck I would do that, must be a cool coin and you can get lots of enjoyment owning it.

Raybo

I always pay to much for some reason and I'm not proud about it.

yspsales

@ErrorsOnCoins said:

@thebigeng said:
What are you talkin, 1000 percent to much or 10% over what you want to pay?

25%

I say buy it and enjoy the coin.

1904vernacular

Yup

renomedphys

Definitely!

ShaunBC5

I have several coins that you should overpay for they’re not errors, yet, but I’m going to park at Wal-Mart tomorrow.

ricko

Years ago, when I lived and worked in Barbados, the locals had a saying.... "How much is too much, if it is good!!" They often used that to justify various endeavors. Seems it applies here. Cheers, RickO

TwoSides2aCoin

My sister's sage advice: " never should on yourself"..... or anyone else, for that matter. Ah, but should you ? In public, no less. You are free. Don't let us sway you.

A public service announcement.

1Mike1

We've all already have paid too much for a coin. No sense in stopping now.

gumby1234

Some coins are worth over paying for. Some aren't worth more than face value. It depends on the coin. There are some I debated about, but then they were gone. Kicking myself for not deciding quickly enough whether to pay the extra.

Depends on the coin and only YOU can make that decision.

jkrk

@Zoins said:
It might not be too much if the amount paid is categorized as marketing rather than inventory

My wife says my marketing costs are too high.

NumisOxide

If you can afford it, I don't see why not.

Cougar1978

It’s your money your hobby. If you end up being the end user - Hopefully your happy with it and it takes care of that hole in your album / registry.

Lazybones

@ErrorsOnCoins "Should I pay too much for a coin?"

Only if you buy it from me.

Shamika

I have several collectables that I've paid "too much". But as an informed collector, I didn't regret it.

pcgscacgold

If it’s a great coin, yes. Those are worth it.

JonBrand83

Yes!

Life is short.

asheland

@ErrorsOnCoins said:

@thebigeng said:
What are you talkin, 1000 percent to much or 10% over what you want to pay?

25%

I definitely would! There are a few fractional notes I wanted and paid right around 25-30% above Green sheet for. Never regretted a one!

If you’re asking, then the coin is obviously special to you and it’s working on you. 25% above? I say do it!

Here:

ctf_error_coins

Update, coin in and extremely nice.

Made offer on a third coin on the set. Negotiated for awhile. Bought the third coin in the set for an even higher price

AlanSki

Is it your money or someone else’s money?

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@AlanSki said:
Is it your money or someone else’s money?

I own all my coins.

This one will be paid off when the CC bill comes in. 2% Cashback.

On occasion, I may use a line of credit to buy coins if low on cash.

AlanSki

@ErrorsOnCoins said:

@AlanSki said:
Is it your money or someone else’s money?

I own all my coins.

This one will be paid off when the CC bill comes in. 2% Cashback.

On occasion, I may use a line of credit to buy coins if low on cash.

You can never pay too much for a coin YOU want. Your opinion is all that matters.