Attention ALL Coin Sellers (POLL) ~OR ~ How Many Times Have You Lost Money On Coins?

redcents

What percentage of coins that you sell do you lose money on? I'm talking about straight gross sales minus cost of goods sold - i.e sold it for less than you paid for it. NO overhead etc. in the picture. I'm sure EVERYONE has sold at least 1 coin for a loss.

Russ

I lose money on every coin I sell. I do it only because I am very altruistic.

Russ, NCNE

foodude

It's possible to lose money on coins

Hmmm..., the scarcasim just does not come out well in this format....

fantasiize

I am in the 20 to 30% range.

My theory, if I bought it for $50 and I don't need/like/collect/care to keep it or just want to move it for something else I want, I have no problem losing on 20 to 30% of the times I sell.

Call it opportunity cost gained or stupidity, it works for me when I want to move "stuff".

mintluster

I have no problem taking a hit once in a while if I am moving stuff I don't want or need to get stuff I do want or need. Usually when I lose money it is my own fault because it is something I paid too much in the first place and then I moved it too quickly. You really need to hold onto coins for a few years or more, getting something one week and moving it the next in tough, unless it is really desirable in the market.
Last week I sold a 1938 Buffalo PCGS MS66 to a friend at work for 50 bucks and I had paid 60 for it a month ago. But it was a coin I got on eBay and it did not look quite as nice compared to the scan and I absolutely hated it once I saw it. So I quickly moved it for cold hard cash to put towards something at an upcoming show.
That may seem stupid oh well, it happens to the best of us sometimes.

redcents

I too, don't mind a hit every now & again, especially if it is during an upgrade scenario where I sell the coin I don't need anymore to someone for a good deal to them & make them happy to boot.

For myself thus far:

43.27% (196) Winners

54.97% (249) Losers

1.77% (8) Ties

But over all, still about 5% profit on all I've bought & sold. Keep in mind, for someone that was a rank newbie at the beginning of the year, there were MANY stupid mistakes buried in the things I've already dumped (like ICG, SEGS, NTC, etc.). All my big (early, stupid) mistakes are already liquidated. There are MANY coins I still have that I got for killer deals the will generate huge (percentage) profits when sold.

Waldo

I'm in the "god help me" category. I am constantly upgrading my coins and sell on Ebay. The only coins I made a profit on was the gold Indians I sold.

puff

Definately in the "God help me" collum!

MoneyLA

Frankly, Ive lost money on nearly all of the coins Ive sold. I will venture to say that if I were to combine ALL coins sold, I have a net loss overall. I never bought a coin thinking I would make money -- but for the joy of the hunt and the pleasure of the collection. Now, had I held onto the coins LONGER I would have turned a profit -- no doubt about that. But I tend to turn over coins and collections in a year or 18 months and that cuts my chances for a profit. In coin collecting, as in real estate and art, profits come with time -- and patience is rewarded. I have no patience for profits -- I want the pleasure of collecting, and moving on to something new.

On the other hand, Ive scored some big LONG TERM profits on my art collection -- but these are pieces I have owned for 20 years or longer including my collection of Calders which even survived intact after two divorces.

cheers, alan mendelson

oreville

MoneyLA:

Your quote......

<< <i> I have no patience for profits -- I want the pleasure of collecting, and moving on to something new. >>



Hey, that is not the full definition of collecting. You seem to like the action of buying coins and then quickly selling them so you can then buy more (and different coins)!

Collecting by its defintion includes caring for the coins for a long enough time so that you eventually become the custodian of little pieces of history for the next generation. Collecting also includes owning coins and watching them go through periods of when no one wants them to periods when people will give up their wives just to have your coins (especially when YOU are between wives!!!)

Nic

Great wisdom Oreville. K