Have you ever borrowed money to buy a coin?

jmwarren

as in taken out a bank loan, or putting it on a charge card cause you don't have the cash? Is this a bad thing to do in your opinion?

Placid

I use a charge card often but pay it off within 30 days.

Not having the cash does not always equal not having the money.

LanLord

I absolutely won't do that. I just can't think of utilizing credit to pay for coins, seems like the road to ruin.

coppercoins

Never have, and probably never would. If I don't have the money for something, I don't need it....especially a coin.

goose3

I put part of my first '56 FE on my home equity a couple years ago and paid it off in time. Only thing we've got on there is about 3 months worth left of the wife's mini van. Interest rate is cheaper than a normal loan plus the added bonus of tax time! hmmmmm might be time for a nice coin again!!

clw54

I've bought coins with my credit card, sure.

CLASSICS

if on a credit card, sure ,but pay it off within the 30 day limit. if you cant afford it, then save your money until you can. hobbies are a wonderful thing, but always keep your head, and dont go over what you can afford.

LucyBop

Thats a crazy question, who would stoop so low as to borrow money just simply to buy a coin? Er.......anyone have $5 Lucy can borrow? It's for Margarita mix...Really..!?

Blade

Lucy,
You crack me up.

Sound financial advice would be to not pay for something beyond your means. One surprise trip to the hospital or other misfortune and you could ne selling that awesome coin at 70 cents on the dollar. I'm just too conservative to take a risk like that.

MastaHanky

I borrowed $100ish from my dad once to pick up a coin, but I paid him back later that same day.

its4real

I will loan money to anyone who has been in the forum for a while for the purchase of coins. At a very favorable interest rate, of course.

RGL

No and never ... this is a hobby and fun, not a financial liability! At least not in the sense I owe money!

PhillyJoe

Guilty. Started using a credit card for convenience, paid off the purchases, then the purchases got ahead of the payments, then I stopped buying, but then there was this one coin I HAD to have, well I'll pay more next month............

My name is Joe and I'm a coinaholic.

mdwoods

My name is Joe and I'm a coinaholic.

Hi Joe. You are not alone. I am ashamed to admit how much I have bought on credit cards. Mark

Conder101

Yes I have. Two very rare cent varieties that I didn't have came on the market at very reasonable price at the same time. By streching I could buy either one but not both. I knew it would be a long time before another affordable example (for me) of either one came on the market again. So I ordered both and took out a loan to pay for them then paid off the loan as quickly as I could and got it paid off in half the term of the loan.

nwcs

I use a credit card often, but always pay off at the end of the month. Which is why I have no coin that costs me more than $400. One at $400 (1924 $20 MS-63), one at $300 (1916-D Barber 25C MS-64), the rest are below that.

OaklandBill

Sure. At annual Jan., 1983 San Jose, CA coin show I found a rare piece of California Gold for sale. It was an Octagonal Indian Head Dollar BG-1114. They wanted $270 for it. I only had $200 with me (in my pre-credit card days). Luckily Larry Bovo (the Silver Baron in Alameda,CA) had a table set up and I had done business with him at his shop. I explained the situation and in a heartbeat he loaned me the $70 I needed; I was to pay him back $90 within 30 days. Times were tough but I paid it off, barely. I sent the coin to ANACS for a photo grade (this is about 1986) and it graded out as an original AU. Since I had had my Ken Lee Cal Gold book (the Breen-Gillio reference came out later that year) with me at the show I got the 4th or 5th known example of a major Cal Gold rarity.