Need advice...lessons and decision...coin is sold!
RYK
Posts: 35,796 ✭✭✭✭✭
Let's say that you have the opportunity to buy a really great coin. It costs approximately twice what you typically pay for coins and 50% more than you have ever paid for a coin. It is not exactly what you typically collect, but it is a beautiful coin that you keep coming back to view. While you can afford it, buying it might mean that the next coin that comes along that is high on your want list for a set may have to be passed over. We all have probably been in the situation, or some variation thereof.
Do you...
1. Buy it! Throw caution to the wind. Who knows how long it will be before the darn 1861-D $5 comes along anyway!
2. Pass. Wait for the 1879-O $20. You may need the dough to stretch for it. Do not get distracted by every pretty coin that comes along.
3. Sell some "mistake" coins or upgraded ones to fund the purchase--coins that are desirable but series or issues that you were once interested in but no longer actively seek. Besides, they are taking up too much room in the ol' safety deposit box.
4. Sell the "mistake" coins, but bank the cash. What if the 1861-D and 1879-O come along at the same time?
Do you...
1. Buy it! Throw caution to the wind. Who knows how long it will be before the darn 1861-D $5 comes along anyway!
2. Pass. Wait for the 1879-O $20. You may need the dough to stretch for it. Do not get distracted by every pretty coin that comes along.
3. Sell some "mistake" coins or upgraded ones to fund the purchase--coins that are desirable but series or issues that you were once interested in but no longer actively seek. Besides, they are taking up too much room in the ol' safety deposit box.
4. Sell the "mistake" coins, but bank the cash. What if the 1861-D and 1879-O come along at the same time?
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Comments
If you really like the coin that much, buy it while you have the chance.
(take a deep breath, stay focused, keep breathing. . .)
On the other hand, this is supposed to be a fun hobby. I say that if the coin is calling your name and you dream about it, you better buy it!
Check out the Southern Gold Society
Take the plunge, by all means, if it REALLY makes your heart go pitter-patter, and brings out the Greedy Goblin in you. However, you can still take the plunge with caution and look before you leap.
i'm thinking I missed my "chance of a lifetime" and i regret it
--------T O M---------
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Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
As to buying an expensive coin I'm OK with that. As long as it fits my collection. I really am trying to focus these days
Specializing in 1854 and 1855 large FE patterns
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I've found in my experience that when I want a coin I don't know as much about, I usually overpay and don't get quite what I would have wanted had I known the series. My first forays into a new series usually end up being the 'mistakes' you mention in #3. I try to make those first ones as inexpensive as possible.
So, for me, I would never make my most expensive coin one in a series that I didn't know well.
2 Cam-Slams!
1 Russ POTD!
if you like the coin, if you really really like it, the price does not matter
the corollary to this is: DO NOT pass up a coin you really like!
make sure you definitely, irretrievably, undisputable LOVE the coin, be totally honest, & your conscience will be your guide
K S
Been there, Done that!!
RYK,
Remember the story about the old lady and the 79-O? I'll call the old shop and see if they can track her down. I suggested that she get it certfied....PCGS called it AU50. And the was back in 1986 or 1987, first generation holder......that mean its at least MS62 today.
Seth
While you should always sell coins that are mistakes, were upgraded, or are of no interest, don’t spend your money on coins that are not on your regular WANT-LIST.
It’s happened to me before. I spend money on a coin that was earmarked for another yet to be found and BAM, there it is, the one that I’d been looking for from my want-list. But guess what? I now no longer have the money to buy it. And of course, when I finally have the funds, the coin is long gone and I’m left holding yet another coin that, although beautiful, is not what I reeeeeally wanted.
Stay the course. Accomplish your goal.
I was hoping someone would tell me to pass and stay focused. I have not yet decided, and frankly, I am hoping the coin sells to someone else before I get a chance to secure it. If I ever do get it, it will be posted here.
Hint: It has been previously posted on these message boards.
If the coin has been posted on The Forum, it probably is a beauty that would be hard to pass.
But as you said yourself, “I was hoping someone would tell me to pass and stay focused”. Few people ever finish a series and you can now see why.
FOCUS, FOCUS, FOCUS!
1. Buy it!--8 votes
2. Pass. --1 vote (thanks Shamika)
3. Sell, then buy--11 votes
4. Sell, bank $ for future coin--6 votes
What I have learned:
1. Everyone has "mistake" coins. They are not necessarily bad coins, but coins that you, in retrospect, wish that you had not purchased.
2. You are better off ditching your mistake coins. They sit around, take up space and capital, and are a reminder of that mistake.
3. Learn from your mistake. Was it a Heritage auction in which the photo was deceiving? Was it an ebay auction coin purchased when you were bored an browsing? Was it a series you thought you might collect but changed your mind? Was it an impulse purchase? Learn why you made the "mistake", so history does not repeat itself.
4. Patience is the key to a truly excellent collection. Admittedly, this is not my strength in any area in life (work, family, commute, recreation, etc.). Conversely, impatience is the bitter enemy of the great collection.
What I plan to do:
1. Sell the mistake and duplicate coins ASAP.
2. Wait until after ANA.
3. If the special coin is still available, still calling, and I have not purchased a want list coin from my primary dealer after the ANA, I will buy the special coin. I will then conclude that it was "meant to be".
If money is not an object, don't wait to sell coins at a distressed level because you what something else. Sell those coins when there are buyers and interest. I would not make the decision to buy the coin conditional on selling over coins if that can be avoided. What if you sell something only to find out the coin you wanted sold? Good luck and please consider posting a scan of the coin should you choose to buy it.
Experience the World through Numismatics...it's more than you can imagine.
And here it is...
Nice coin, but I can understand your dilema. Exppensive coins are hard to swallow, especially when they are not on your immediate want list.
Something else will come up that will make you just as happy.
Jay
Just kidding
Anyways good luck with your set RYK.