What are some of your favorites coin collecting "myths"?
ohbaby
Posts: 768
One of my favorites [and irritating at the same time] is how many believe that all high end collectors are wealthy.
A few years ago there was a Texas dealer who would always try and impress me by telling me how he sold alot to doctors. Or how an expensive coin was previously owned by a doctor. One day I finally told him I could care less who owned a coin before me, it was meaningless. I also let him know of how many doctors I knew who were dead broke or so high in debt they could barely pay their medical office rent.
He was stunned by he bought into the stereotype and myth of who buys high end coins.
Who really buys high end coins [$10k+]? Speculators, business owners and other coin dealers hoping to flip it to someone else.
A few years ago there was a Texas dealer who would always try and impress me by telling me how he sold alot to doctors. Or how an expensive coin was previously owned by a doctor. One day I finally told him I could care less who owned a coin before me, it was meaningless. I also let him know of how many doctors I knew who were dead broke or so high in debt they could barely pay their medical office rent.
He was stunned by he bought into the stereotype and myth of who buys high end coins.
Who really buys high end coins [$10k+]? Speculators, business owners and other coin dealers hoping to flip it to someone else.
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Comments
Hell, somebody is making money or there wouldn't be dealers!
<< <i>That the older the coin, the more valuable it is. >>
All moderns are common, and the corollary that there are rolls and bags of all moderns and
they haven't been checked for high grade specimens.
<< <i>
<< <i>That the older the coin, the more valuable it is. >>
All moderns are common, and the corollary that there are rolls and bags of all moderns and
they haven't been checked for high grade specimens. >>
I agree cladking. On the other hand a first year type may be very common, while the next year may be rare. Even though they are 100 years old. So age is not rarity. That's all I meant.
With regards to moderns, I see that as a speculative nightmare. Whoever ends up holding the modern MS69 or 70 when the music stops loses bigtime. JMO.
I’ve heard some coin dealers refer to doctors as “Meat on the table” when it came to making coin deals. In other words they were an “easy mark.” Doctors should know a lot about the human anatomy, but some of them have more money than brains when it comes to coins.
Boy, do i blow that one out of the water, on the other hand when i when the lottery [lol]
If i did win the lottery i would build one of the finest type coin collections in the world. it is nice to dream.
<< <i>A few years ago there was a Texas dealer who would always try and impress me by telling me how he sold alot to doctors. >>
You sure he didn't mean coin doctors?
Tom
You have to diversify to make money in coins.
We love to buy back the coins we sell.
Investment grade coins
Coin pricing is only in discrete steps just like the grades are.
All my coins are PQ.
We work on 10-15% profit.
If you don't buy it I have several other dealers who will.
Paying full price for each and every coin you show us.....even JUNK.
Coins are hot.
This is a low pop coin (1973-s Ike in MS63)
roadrunner
<< <i>
<< <i>
<< <i>That the older the coin, the more valuable it is. >>
All moderns are common, and the corollary that there are rolls and bags of all moderns and
they haven't been checked for high grade specimens. >>
I agree cladking. On the other hand a first year type may be very common, while the next year may be rare. Even though they are 100 years old. So age is not rarity. That's all I meant.
With regards to moderns, I see that as a speculative nightmare. Whoever ends up holding the modern MS69 or 70 when the music stops loses bigtime. JMO.
Age doesn't determine the value of a coin.
Age doesn't determine how common a coin is.
First year type may be common while second is rare.
High quality coins lead to losses.
You had me going there for a while.
<< <i>"This coin has never been cleaned or played with"
Tom >>
How do you play with a coin? Take it to a ball game, a little poker, or perhaps go
bowling with the coin. How would the coin hold its bowling ball? It aint got no arms.
Camelot
Don't let it be forgot
That once there was a spot
For one brief shining moment that was
Here in Coin-a-lot!
Coinalot!
I know it sounds a bit bizarre
But in Coinalot!
That's how conditions are
Clankeye
<< <i>
How do you play with a coin? Take it to a ball game, a little poker, or perhaps go
bowling with the coin. How would the coin hold its bowling ball? It aint got no arms.
Why with it's tails of course.
I was saving this for another thread, but didn't need it afterall.
My favorite is the supposedly lost 1913 Liberty Nickel. On the way to a show, I believe several years back in the 1970's (year?), a local dealer who had one in his posession on the way from or to a show or something got into a automobile accident and was killed. The coin was never recovered. The coins were reportedly scattered all over the place.
Is it lost out in the roadside somewhere, still in the automobile thats sitting in somejunk yard, or a good made up story. Or found by someone who still remains anonymous?
peacockcoins
Ridiculous!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Got quoins?
that there are no hoards----large or small----of classics still left..........
that price is determined by scarcity..........
that any of the grading services really have a handle on what is/isn't artificially toned..........
that gmarguli is really missed as much as everyone thought he would be...........
that some dealers who frequent here are really just trying to educate us...........
that dorkkarl never submits coins for slabbing
that MadMarty finds all those killer toned proof Jefferson's in proof sets
that anybody ever really takes me seriously
al h.
Another popular myth is that the term "you're joshing" originated with Josh Tatum and his passing off gold-plated Liberty nickels as $5 gold pieces. Actually, the term originated long before Liberty nickels existed. According to an 1845 definition of the word, "Josh" means to banter, or to 'kid'."
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that anybody ever really takes me seriously
al h.
I always take you seriously, and often wonder why.
That coin collecting is a great investment opportunity and a wonderful hedge against inflation.
That I really know what the heck I'm doing.