How do most people feel about the price they pay for coins?

stman

Although money is always a factor one way or the other. Do you think most people care ( or even know) if they get good quality coins,
or mainly feel if they get a coin for what some consider a "rip" they are happy even though it may have dip spots fingerprints etc?

Or... Do you feel it is worth to pay high retail for a nice eye appealing problem free coin even though it is not at auction or sold for auction prices?

michael

some people would not know a good quality coin (for me a great coin, see comment below on waht is a great coin) if it jumped up and bit them in the ass just based on what i have noticed people currently buying and the prices paid for such at auctions, web sites etc.

for me a coin is not ever a "rip" if in other words you got it cheaper because it had a problem

and there is no such thing as retail or high retail or wholesale price wise

if i look at a coin and it is within my area of specialization and i think it is monster extraordinary and is a very good "value" and is a sleeper coin and may or may not be currently hot

then it is a coin with a reason to rise in value, hence to me a great! coin and then it is a good coin to buy at the price offered. from my point of view

sincerely michael

Gemini

I like the old addage "No one is going to give you a dollar for ninety nine cents" you get what you pay for and if you also settle for a coin that has a problem to save a few bucks and you wll never be happy owning that coin...

Take the time and search for the right coin and a coin that you will be proud to own.

Another addage that can fit here..."Buy in haste and repent in leisure"....

DHeath

I like to think I paid a fair price, but the coin is primary, and I don't think the price has anything to do with the purchase until I've decided I want it. I'm not a buyer of one of a kind pieces, but if I were, I suppose price would become less relevant.

darktone

stman- I think it all comes down to your own personel taste. Some people would be happy to get a so-so coin for the grade at a cheap price and others don't mind paying big bucks for the top end stuff. Is one way better than another? not in my opinion. Mike

PS- your new walker is excellent!

BigD5

Isn't quality perceived though?
Some people look only at the price tag. The bargain hunters. Don't care much, nor think much about the "quality" of the coin. Just filling holes. Not a bad thing if that's what your into.
Others weigh different factors into the price of the coin. Strike, luster, eye appeal etc. and make offers accordingly as to how those factors weigh on the coin.
Eye appeal is the biggest factor for me. If I find the coin attractive, most times someone else will also find it attractive. Now to just put a price on that.
I'll let strike quality or luster, for example, slide a bit if I like the eye appeal of a given coin, and still pay a given premium.

UncleJoe

darktone has it. (I know, and everybody else does not want to catch it from him)

I always feel like the minority on this board (and that's OK) because I probably represent the opposite of how most board members "collect".

It is almost like a mantra "Buy the best" (usually because of the profit motive). It seems that some "collectors" find it unbelievable that someone could possibly want a worn or damaged or some other type of coin that the "collectors" "think" is not worthy of owning.

As far as someone not knowing "quality", quality to whom, and by who's standards? Not too long ago we had someone buy a "quality" coin that passed through the hands of at least two very knowledgeable collectors/dealers and when it was posted on this board a lot of members did not agree with the grade. It is now re-holdered with the "right" grade and monies refunded.

Who was right? I don't know, but apparentely neither did a lot of other people. It's this very reason that I don't do MS. As far as "quality" some board members are adament that toning and or eye appeal should increase the grade while others not. Who's right and who's wrong?

I think you'll agree I have gone on too long. Oh, BTW, just bought another 1931-S buffalo in fine for $6.50. I am extremely happy with my purchase as it completes another set of low-rent buffalo nickels.

Joe.

itsnotjustme

While I like to get coins cheap, I don't want them to be problem coins, and I don't mind paying a modest premium for a nice coin.

I few examples....

I bought that 1957 Franklin with the near DCAM obverse and brilliant reverse for the fair price of a purely brilliant coin. That was a premium coin at a non-premium price.

I found an 1818 Large Cent in MS62BN that has much red, and looks more like a 63RB.

Also, I bought a MS64FH 1930 SLQ for the low price of $275. I submitted that coin for grade review, and it went upgraded to MS65FH!

A less good example, I bought a MS68 silver Ike. I see little difference between it and some of my top end MS67s, but at least I paid low end of MS68 prices for it.

mdwoods

Do you feel it is worth to pay high retail for a nice eye appealing problem free coin even though it is not at auction or sold for auction prices?

Yes, a choice coin is always a better move. I am selling a high grade Peace dollar that I just got. It is a superb coin with tons of luster, but I wanted a coin with a great strike, even if it wasn't quite as lustrous. The point being, never settle for a coin you are not happy with no matter what grade level you are collecting at. If you settle for a coin that does not meet your criteria, you will never be happy with it. mdwoods

FrattLaw

Since I'm a collector and not a dealer, price really doesn't factor into it. Matter of fact I really don't waste my time remembering the price I paid for anything I bought.

Can't tell you how much my sofa was, can't tell you what I paid for my TV either. Why, because I bought them for the enjoyment, not the resell. Same thing with my coins. I'm not going to resell the coins I buy for a premium. Therefore I don't care. If its a coin I need and I want it, I will pay depending. Of course this doesn't mean I throw around money, I just do lament over it.

Since I'm collecting toned Peaces, I really can't either. Its not as though I can pass on certain coin with the knowledge that a pretty cheaper example is right around the corner. If I do upgrade, I'll have to sell the first coin and if I lose some % of my money so be it. At least I'm happy about getting a better coin.

Michael

MW Fattorosi Collection

fantasiize

Always buy the coin, always by the coin you like, always buy the coin you like, at the highest possible grade/price you can afford ... even though these have been stated here time and time again, they are good simple words to live by (as a collector) in the numismatic field.

Personally, I avoid any problem coins and don't mind paying a premium for a key, a coin that I need or if a coin is among the last one or two for my set.

I want to re-iterate a joke about accountants that can help with this thread ... accountants know the cost of everything but the value of nothing ... buy what you like and what makes you feel good.

coinrookie

I always try to buy the coin that appeals the most to me. Once in a great, great,great while I get a great coin for a below average price. But usually I pay market value and too often I pay a premium for a coin. But I am very picky, so great bargains do not seem to be my lot in life. But if I was looking at a really expensive coin in say MS-67, and found one in MS-66 that maybe had 1 tiny extra tick mark I would probably go with the 66. Sometimes the line from grade to grade is very blurry and IMHO is not worth the premium.

mr1931S

great comments here that i find myself mostly agreeing with...

old-worn out cliches (some are originals from kind-of-old,if old is measured in terms of absolute years of life,yours truly) that have a lot of truth in them,in my opinion:

"Buy the book before the coin...read it and share with other collectors."

"Buy the coin because you like it,not because you think someone else will like it."

"Buy the best quality coins you can afford,but never take a second mortage on your home to do this."

"Given affordability and reasonable price,buy the truly rare or scarce coin when you see it otherwise you be kickin' yourself in the butt later."

"Before buying the coin,answer this question for yourself,"What would a knowledgeable dealer (deal only with knowledgeable dealers) pay me for this coin if i were to try to sell it tomorrow? If the answer is less than half or 50% of what you are about to pay...pass on the coin...there's another one out there..."

"If you are buried with your coin collection,mr1874 will eventually find you and kick your butt."

MacCoin

it depends on the coin I need at the time. I brought a g .20 peice for 30.00 red book says its a 50.00 needless to say I like that, last year I paid 80.00 for a 21 HR peace$. this year its 50.00 in the red book I don't like that.

I needed a capped bust dime I brought a g grade because I can't see a dime very well but the lg size capped bust will need to be F or better. the draped bust quarter, half and dollars I'll settle for g and ag because of the prices.

I do buy the best I can afford as a rule.

09sVDB

Within the last year I have found a dealer I really like. Besides this dealer I have purchased from 2 or 3 others over the last year and returned all but one coin. I pay a little more to buy from them but the security is knowing that when I eventually go to sell or upgrade there will be no surprises. They have also openned my eyes to some of the things to look for. My latest purchase from them was a nice original problem free 1798/7 PCGS G06 Large cent. I have purchased coins in the range of G06-MS66 and not been dissapointed. Although most of the coins that I have purchased have been certified, if you purchase a raw coin from them, it is gaurenteed to certify at the grade stated or your money back.

kranky

Was it Bowers who said, "There is no Santa Claus in numismatics"?

I know no one is going to sell coins for 50% on the dollar (despite the claims of certain outfits who push a monthly "investment" program), but one thing that keeps me from buying more coins is not knowing if I'm being asked to pay a fair price. I'm not chasing ultra-rare pieces that you have to buy whenever they come available for whatever it takes.

Of course you have to step up for nice coins, but there's a difference between stepping up and getting clobbered. At a recent show I saw a really attractive 1884 IHC in a PCGS 66 RB holder. It was at least 75% red, no carbon spots, nothing interesting in the way of toning. I checked either the Greysheet or Bluesheet (I don't remember which) at the time which indicated a price of around $500 for a 66RB Proof Indian (type). When I inquired, I was quoted $1275. If I had paid that, would I have been buried forever in that coin? I'm not a specialist in IHCs so I didn't know if the price was reasonable or not - but because it was so far above the sheet, I passed. I found out later that the last one in this grade sold by Heritage was in January and went for $575.

I don't buy with the intent of reselling, but if the "cost of ownership" is over half of the price of a coin, I am much less interested in buying them. Sometimes I wish the Greysheet would list a range of prices for a grade - at least you'd have an idea if an asking price is in the ballpark.

CLASSICS

todays high prices for beautiful coins, will seem like a bargain in the future

stman

Thanks everyone for the replys. A lot of good insight on how some members judge what they will pay for a coin

Myself sometimes I think I might "step up" too much for a coin, but if I can afford it I don't mind. I am only a collector so I really don't think about selling too much. But I have sold plenty and took a loss. I guess sometimes when I buy a coin and think, what I could sell it for and would I take a loss and the answer is usually yes. I will compare it to maybe buying a couch for the living room or something else to that effect. As soon as we walk out the door with those things we are doomed as far as ever selling it. At least with coins you can always sell it for something and if it is a great coin and you know the "right" people to sell to, you can do fine.

I don't like to compare a coin I'm considering to buy to recent auction prices, as if it is something special we can throw out the recent auction prices along with the sheets.