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

ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

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

Discuss ....

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    ZoinsZoins Posts: 33,893 ✭✭✭✭✭
    edited December 30, 2022 10:43AM

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

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    @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. :o

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    1madman1madman Posts: 1,295 ✭✭✭✭✭

    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.

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

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    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.

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    logger7logger7 Posts: 8,081 ✭✭✭✭✭

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

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    spyglassdesignspyglassdesign Posts: 1,511 ✭✭✭✭✭

    "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!

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    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.

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    @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.

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    CladiatorCladiator Posts: 17,919 ✭✭✭✭✭

    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.

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    FloridafacelifterFloridafacelifter Posts: 1,153 ✭✭✭✭✭

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

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

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

    It is a business so I have to buy right.

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    FloridafacelifterFloridafacelifter Posts: 1,153 ✭✭✭✭✭

    @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

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    DisneyFanDisneyFan Posts: 1,709 ✭✭✭✭✭

    By what standards is it too much?

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    RLSnapperRLSnapper Posts: 521 ✭✭✭✭✭

    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.

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    Mr_SpudMr_Spud Posts: 4,446 ✭✭✭✭✭

    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

    Mr_Spud

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

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

    My gut.

    The price of the other coin.

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    3stars3stars Posts: 2,282 ✭✭✭✭✭

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
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    JimnightJimnight Posts: 10,818 ✭✭✭✭✭

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

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    coinkatcoinkat Posts: 22,789 ✭✭✭✭✭

    No

    Experience the World through Numismatics...it's more than you can imagine.

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    CatbertCatbert Posts: 6,603 ✭✭✭✭✭

    @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? 😉😂

    "Got a flaming heart, can't get my fill"
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    BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭

    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.

    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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    jt88jt88 Posts: 2,835 ✭✭✭✭✭

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

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    NeophyteNumismatistNeophyteNumismatist Posts: 888 ✭✭✭✭✭

    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.

    I am a newer collector (started April 2020), and I primarily focus on U.S. Half Cents and Type Coins. Early copper is my favorite.

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    Coin FinderCoin Finder Posts: 6,953 ✭✭✭✭✭

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

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

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

    25%

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    Coin FinderCoin Finder Posts: 6,953 ✭✭✭✭✭

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

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    RayboRaybo Posts: 5,273 ✭✭✭✭✭

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

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    yspsalesyspsales Posts: 2,215 ✭✭✭✭✭

    @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.

    BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out

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    Yup

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    renomedphysrenomedphys Posts: 3,506 ✭✭✭✭✭
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    ShaunBC5ShaunBC5 Posts: 1,633 ✭✭✭✭✭

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

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    rickoricko Posts: 98,724 ✭✭✭✭✭

    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

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    TwoSides2aCoinTwoSides2aCoin Posts: 43,848 ✭✭✭✭✭

    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.

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    1Mike11Mike1 Posts: 4,414 ✭✭✭✭✭

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

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
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    gumby1234gumby1234 Posts: 5,428 ✭✭✭✭✭

    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.

    Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM

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    jkrkjkrk Posts: 966 ✭✭✭✭✭

    @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.

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    NumisOxideNumisOxide Posts: 10,989 ✭✭✭✭✭

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

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    Cougar1978Cougar1978 Posts: 7,637 ✭✭✭✭✭

    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.

    So Cali Area - Coins & Currency
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    LazybonesLazybones Posts: 1,394 ✭✭✭✭✭

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

    Only if you buy it from me. :#

    USAF (Ret) 1974 - 1994 - The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. Remembering RickO, a brother in arms.

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    ShamikaShamika Posts: 18,760 ✭✭✭✭

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

    Buyer and seller of vintage coin boards!
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    pcgscacgoldpcgscacgold Posts: 2,638 ✭✭✭✭✭

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

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    JonBrand83JonBrand83 Posts: 453 ✭✭✭✭✭

    Yes!

    Life is short.

    Jbknifeandcoin.com
    IG: jb_rarities

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    ashelandasheland Posts: 22,694 ✭✭✭✭✭

    @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:


    :D

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    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 :o

    :)<3

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    AlanSkiAlanSki Posts: 1,829 ✭✭✭✭✭

    Is it your money or someone else’s money?

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    ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    @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.

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    AlanSkiAlanSki Posts: 1,829 ✭✭✭✭✭

    @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.

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