What’s the most you ever overpaid for a coin?
dan1ecu
Posts: 1,573
Have you ever paid 2x, 5x, 10x trends for a coin that you really wanted? I guess answers will vary depending on the amount of money we’re talking about. For instance, it wouldn’t hurt too much to pay $20 for a $10 coin, but how about paying $2000 for a $1000 coin? ...or $5000 for a $1000 coin??? What’s the “farthest overboard” that you ever went while in pursuit of that really special coin? ...and what were your reasons?
(I’m looking forward to some interesting stories!)
Dan
(I’m looking forward to some interesting stories!)
Dan
0
Comments
Here's a warning parable for coin collectors...
I've never overpaid for a coin. I pay what the coin is worth to me, and if others think I overpaid, that's their perception.
Russ, NCNE
$750! ($1350 for a $600 coin)
I was a newbie and trusted a dealer at a coin show on the purchase of an 1877 IHC that he claimed was AU-50/55.
The coin had been ATed and the grading services rejected it. This was my first "expensive" purchase and the dealer (ANA Life Member, Blah, Blah ..) convinced me with an incredible story that it was unusual natural toning. After doing some studying and learning, I realized that I had been taken. Yes, it was my responsibility - I believed the "expert" and placed my faith in his nuministic credentials.
As one who takes responsiblity for my own actions - it was a great (but very painful) learning experience. So, beware of "coin fever" when you're not completely educated.
I'm willing to expose my former ignorance to everybody because maybe some newbie will remember this little story and be extra careful before making that first "big purchase".
Thank you for your attention. I really need to pet the cat.
K S
Dan
mcinnes@mailclerk.ecok.edu">dmcinnes@mailclerk.ecok.edu
<< <i>good thing i had pcgs grading standing behind my coins, huh? >>
Karl,
So PCGS refused to honor their grade guarantee?
Russ, NCNE
On most of the coins I thought I'd overpaid, I later learned I hadn't because I had paid strong money for the RIGHT coins. The right coins will always be in demand.
Again, only selling will give you that answer. Still, an interesting post.
GSAGUY
I take it you cracked the coin out of the slab. You probably sold the coin to someone who convinced you that there was not enough of the horn there for a grade above fine. Am I right?
One additional comment about my overpaying on an 1877 IHC. I finally started to become suspicious when the patina started to turn dark brown after a few weeks and it would "flake-off" on my latex gloves.
Maybe this is similiar to what happens when the ladies get a poor "dye job" on their hair?
Too bad my sons didn't make a video of the experience and submit it to one of those shows "America's Most Surprised and Shocked Videos".
I sold it to my local dealer at wholesale as a "Fine - cleaned". I couldn't stand to have it around the house - these experiences can get you not only in the pocket book, but also become similiar to an old, dead fish that you know you have to get out of the house, even if the cat likes it.
i bought the pcgs coin around 1993 or so (when pcgs was very "conservative"). it had about 10% of a horn, but was graded VF-35. i NAIVELY believed the story about their "consistency" so i had no qualms about cracking it out & putting it in my set, "knowing" i could always get it back in a holder if necessary. a few years later, i decided to sell my buff set to concentrate on early material. by that time, i was turned on by anacs, so decide to have them reslab the keys to the set. that is when the slaughter happened.
all my keys, the 26-S, 24-S, 21-S, got absolutely hammered in grade, w/ the 26-S being the worst. anacs called it "vf detail, corroded net f-12"!!! pcgs had graded the 24-S & 21-S as VF+, & again, anacs nailed both of them down to f+. i discussed the huge grading discrepancy w/ mike faraone at great length, & he was very "diplomatic" in his evaluation of pcgs's grades, but bottom line was that he did not believe i would ever get them back into vf holders at any of the big 3. overall, i lost $1000 on my buffalo set, & it was the event that put me on the anti-slab road ever since.
THE MOST IMPORTANT thing i leaned from my $1000 debacle was to NEVER NEVER NEVER buy coins sight-unseen. most of my buffalos i had ordered from magazines, mail-sale, etc., so i bought only certified, & i always assumed that i'd be safe. WRONG. obviously, the sellers made big bucks on the overgraded coins in plastic, & it was too late for me to do anything about it.
sure, you could say "it's stupid to crack coins out, leave 'em in the holder", but c'mon a 23 point spread in grades between services???
the bottom line was that i had been too lazy to learn how to grade, and be able to validate grades myself. I DID NOT TAKE RESPONSIBILITY for learning how to grade, because it was easier to dish out the bucks & let someone else do the work.
i ask everyone to heed my warning: LEARN TO GRADE COINS FOR YOURSELF. if you put 100% of your faith in someone else, no matter how well intentioned, YOU WILL LOSE. my story may sound extreme, but i bet there's a lot of collectors out there who've been similarly screwed, & are maybe to embarrassed to admit it. not me, because like i said, MY FAULT for not learning to take responsibitliy.
that's my story, every bit of it true. maybe it'll help someone else not make the same mistake.
K S
I paid $75 for a pair of Daniel Carr signature New York ICG coins when they first came out. I still have them. Actually, they're cool, not worth much, but cool.
The very first certified coin I ever bought was a 1998 Silver Kennedy "PR70" from that grading company everyone hates (I won't mention names, but think *way down* the accuracy scale
I wish this forum had been in my life back then.
of an average coin because they had special appeal, usually due to superb toning.
The funny thing is, these are some of my most treasured pieces. I pull them out and
look at them more often than my average coins, and I get the most enjoyment out of
them regardless of the money spent.
If you're looking for real buy/sell examples of monetary losses, I've had my share, but I
really try my best to forget about those!
Ken
Not talking about it...
Rusty.
I bought the Kennedy from AH himself. He never left feedback for my timely payment.
I still have the Daniel Carr signature quarters. I'll probably keep those for a good while (they can keep my Formation of the Union sets company.)
I didn't know that Daniel Carr did any ICG signature coins like that...any idea how many were made?
I did buy one each signed NY P&D rolls from him (supposedly he did 10 of each).
I also bid on his original drawings of the NY quarter design, but they went for quite a bit more than
I anticipated.
Ken
<< <i>I forgot the story part...
I bought the Kennedy from AH himself. He never left feedback for my timely payment. >>
Ursabear,
Don't feel like the Lone Ranger. When I first started, I looked at his listings and thought I was in hog heaven. Grabbed me a nice load of PR69 and PR70 1964's and thought I'd discovered some kind of secret to getting cheap coins.
But, I get even stupider. After that debacle, I discovered ICG. Read all about how they were number one in some eBay survey, checked their site and got all excited about their idea of no graders being allowed to be in the business, and started grabbing ICG graded stuff on eBay.
But, it doesn't stop there. Heard of NTC? Well, you get the message. Fortunately, none of this was mortgage-money level screwups.
Now, before I venture in to an unknown area, I come here and ask first.
Russ, NCNE
<< <i>OK ok, This much! But you must admit, it's one of a kind!
You didn't pay too much, not if the coin looks close to the scan.
Welcome to the Coin forum, by the way- I haven't read one of your posts yet.
peacockcoins
This made me very upset and almost made me give up coin collecting. Just another inexperienced collector making an expensive mistake. I bought various books on grading and other numismatic publications. I learned that some heavily circulated gold coins still maintain their luster and they can be easily confused (to the inexperienced) as BU. Under 10X magnification the cleaning was obvious on the coins high points. Lesson learned "buy the book before you buy the coin." and do not trust someone you have never dealt with before.
In May 1983 I lost a mail bid on one to a bid of $73. The next mail bid I bid $75 and won. Today's price is less than half but I do have a complete set.
K S