ok. Back to some coin stuff: What's your WORST purchace? Time to fess up!!

TheLiberator

Ok boys and girls...it's time to admit it! We have all made stupid purchaces for one reason or another and regretted it later. What's your worst? This goes for anything: hidden damage, paid too much, bought wrong date, fooled by a copy etc.

I'll start off. I guess mine isn't too bad, but I purchaced an ms65 red 1931 s lincoln cent of heritage earlier this year. Well, I paid more than I should have and I found out later that they had one in their "buy it now" section for quite a bit cheaper. The one I didn't get was much nicer as well. OOPS!! That is what happens when you jump in on the auction action without knowing quite what you are doing! (At the time I didn't realize how easy it is to find that coin either! I was just going by mintage numbers not realizing that coin had always been hoarded.)

So anyone else? I kow you've got these stories burried away in your "I don't want to ever think about this" file! Let's hear 'em!!

mgoodm3

probably my worst was a harshly cleaned bust quarter i bought before i knew any better.

ajc

I have bought a couple problem quarter eagle indians that didn't grade, however the dealer i use lets me trade in anything I am not happy with for the same price I bought it for. Otherwise I would be out some dough.

ziggy29

Bought a "certified AU-55" 1934-S Peace Dollar about 5-6 years ago for a little less than XF money. I thought I was the stuff, man.

But it was in a slab. Which I didn't want. And it looked cleaned, too (the picture made it look original). So I submitted it to ANACS and got the expected results back: AU details, cleaned, net XF-40.

So I didn't really get too ripped off, but for buying a cleaned coin and buying a slab, it was *not* my finest moment.

flaminio

I bought nine gold coins that were all sold as "uncirculated". Years later I sent them all to ANACS, and only three came back MS and problem free -- the rest were either AU something or problem coins .

numonebuyer

In general, my worst purchases have been NTC and PCI slabbed Morgans. I had bought them expecting the PCGS crossovergrade to be lower than the grade on the slab, but the grade in some instances were much lower. I no longer purchase NTC or PCI slabbed Morgans. In my opinion and in my experience, they (NTC or PCI slabs) are no better and are often many times worse than raw Morgans.

partagas

Bought an $5 gold coin that had damage, not visible in photos. Paid $170 has ms details. But damage makes it worth less money.

Russ

Probably this pair:





Bought them raw at a show. Bodybagged by PCGS. Found out later that this wasn't their first trip to Newport Beach. They had been sold to another forum member by this dealer and returned to the dealer after they were bodybagged when the forum member submitted them. I guess that must have slipped the dealer's mind.

Russ, NCNE

TheLiberator

Ouch Russ! Those are pretty though...I guess they were AT'd?

relayer

All my "Not Genuine" gold coins

(I was able to return them all for a refund, but had to play the Police card on one seller)

JrGMan2004

Thankfully I've never been burned badly... about the worst I've really done, was a common date "MS-63" Morgan that had been cleaned... so I really only lost like $15 on it, cause it's still worth the silver content...

Russ

<< <i>I guess they were AT'd? >>



Yep, bodybagged for color. Chalk it up to tuition expense.

Russ, NCNE

BillJones

Back about 30 years ago I had a wild idea about collecting gold dollars by date. In my haste I purchased an 1874 in "BU" from a dealer with whom I had done a great deal of business. The price was $450.00. When I REALLY looked at the coin I saw that it had more problems that I had first thought. I tried to return the coin to the dealer, but "they" would not take it back. In the mean time the market for gold dollars fell, which made the situation worse.

I got so sick of the coin that I finally blew it off for $150.00. It soured my relationship with that dealer and taught me to REALLY look at coins before I buy them. Back at this time a salary of $12 to $14 grand was thought to be pretty good, and a new car cost $3,000 so losing $300 on a coin was a bigger loss than it is today.

DominusDeus

One word: Littleton.

LincolnCentMan

1922-Plain Die pair #2 ACG XF45. I paid a little over $500 for it about seven years ago (I think... on the time part).

in actuallity... it was a G-6 shadow D. This was the only AGC coin I ever bought. I told myself that day that I would never buy another ACG coin, a promiss I have kept. I almost bought a toned dollar in a ACG holder one time. The seller laughed when I asked him if he would crack it out before I bought it if I agreed to the purchase price.

David

JFKPROOFCOLLECTOR

Bought this from the Coin Vault.



Grandpa's Piggy Bank
price: $139.95 ea
s&h: $6.49


Who wouldn't love the element of discovery and ensuing thrill of going through Grandpa's piggy bank! Filled with coins from an earlier time, each has its own unique story to tell. You could spend days marveling the craftsmanship and history alone! We've packaged the opportunity to experience this delight with our version of Grandpa's Piggy Bank. All coins will be in collector's grade. Don't miss out! You will receive:
Three Indian Cents
Fifty Lincoln Wheat Pennies
Twenty-five BU Lincoln Cents
Five Buffalo Nickels
Five V-Nickels
Five WWII Nickels
Five Mercury Dimes
Five Roosevelt Dimes
One Standing Liberty Quarter
Three Washington Quarters AG
One Walking Liberty Half Dollar
One Franklin Half Dollar
One Kennedy Half Dollar
One Barber Half Dollar
One Barber Quarter
Two Barber Dimes
Twenty-five Steel Cents
One Morgan or Peace Dollar
Image is representative of possible product combinations you may receive with this collection.

ziggy29

<< <i>One word: Littleton. >>

I just checked their web site. Holy smokes!

$6.95 for a G-4 1907 Indian cent? (That's TWO BUCKS on a *good* day.) $20 for what is presumably a VF 1909 VDB?

Their "featured" item is an MS-63 1887 Morgan, presumably raw, for the bargain-basement price of $78. Or maybe you'd prefer an XF 1885-P Morgan for "only" $46.50?

Prefer modern proof sets? The silver 1999-S set is yours for $375.

This is unreal.

Oak

By far my worst purchase was when I bought $800 worth of raw morgans (about 20 of 'em or so) from a board member 3 years ago (no return privilege). There were PVC damaged coins, overgraded coins (only when the higher grade made a big cost difference it seems) It was my first purchase since collecting as a kid 25 years ago. I thought I could trust a guy building a million dollar registry set, but either he was a crook or didn't know SH!T about PQ coins. Looking back on it, I wonder how I could've been so naive. Oh well, the only good thing out of it was that I also bought a beautifully toned 90cc for greysheet bid from the same guy. That one's done well the last 3 years.

Other than that one, the worst I've done is bought a few average for the grade coins at average for the grade prices.......which I've come to appreciate as a mistake too.

Russ

Oak,

Is this board member still around?

Russ, NCNE

Shamika

I bought an 1927-D MS63RD off of eBay about 5 years ago. The coin has a great strike, clean surfaces, and actually looks MS64 at first glance.

However, upon closer inspection, the coin is obviously cleaned and recolored.

I'd name the company that slabbed it, but I wouldn't want to be sued.

P.S. The compnay IS NOT PCGS!

XpipedreamR

I bought a bust half as MS63, sent it to PCGS and it came out AU55


Damn cabinet friction.




It worked out OK, though. I cracked it out and sold it to another sucker for the same price I paid for it!

Louis

<< <i>I bought a bust half as MS63, sent it to PCGS and it came out AU55


Damn cabinet friction.




It worked out OK, though. I cracked it out and sold it to another sucker for the same price I paid for it! >>

XpipedreamR

Just kidding!



The dealer took it back with a full credit

rhedden

I found a "blazing red" 1911-S Lincoln at a show for $275. I don't collect Lincolns, and I didn't realize that it was dipped and retoned. In all fairness, it was a very deceptive coin, not something that had a dipped look. I put it into a box full of paper envelopes and it has partially retoned, but it's never going to be "real." It's nice, but nobody legitimate is ever going to slab it for me. I'd never buy another expensive "red" copper coin unless it was in a PCGS slab. Even if they are real, people are going to question the color until they're slabbed.

DennisH

The 1879-CC Morgan MS64 I'm still convinced is PL, but DID NOT buy for $4000 a handful of years ago because the $#%@!! dealer wouldn't let me use a credit card.

prooflike

I had overpaid for a gold coin, lost about $100 on the deal...

BillJones

<< <i>The 1879-CC Morgan MS64 I'm still convinced is PL, but DID NOT buy for $4000 a handful of years ago because the $#%@!! dealer wouldn't let me use a credit card. >>



Paying with a credit card changes to dynamics of a deal. When a dealer is working on what can be a 10% mark-up, you can’t afford to give away 3% to a credit card company in some cases.

When making a deal a credit card IS NOT the same as cash. That’s why you see dealers refuse to sell bullion gold and common date $20 gold coins on credit card purchases. The margins on these items are just too thin.

If I am a jewely store that is making 100% mark-up, I dont' care about the credit card. A coin dealer who is working close can't afford it.

orie

My first venture in the coin market was during the silver boom. Purchased 5 raw Morgans for $2,500. Sold them 5 years later for $100. Have enjoyed collecting coins ever since.

Longacre

I bought a 1915-S $10 gold eagle for $1250, and the current market price is about $750. I also bought a 1913-S $5 half eagle for $345, but didn't notice there was a rim dent until well after I purchased it (it was pretty well hidden in the slab). I was lucky and sold that to a dealer for $335 (only a $10 loss).

BillJones

<< <i>My first venture in the coin market was during the silver boom. Purchased 5 raw Morgans for $2,500. Sold them 5 years later for $100. Have enjoyed collecting coins ever since. >>



Good for you. And congrats on hanging in there.

Most newbees pull the plug after they get burned like that.

Shamika

<< <i>My first venture in the coin market was during the silver boom. Purchased 5 raw Morgans for $2,500. Sold them 5 years later for $100. Have enjoyed collecting coins ever since. >>



OUCH!!!

TheLiberator

<< <i>My first venture in the coin market was during the silver boom. Purchased 5 raw Morgans for $2,500. Sold them 5 years later for $100. Have enjoyed collecting coins ever since. >>



So far, you might just take the cake for the worst purchase!

Seriously though, as others have said, congrats for staying in the hobby.

But wait...maybe you are one of those billionare collectors...! In that case, I don't feel so bad!

Clankeye

My worst coin purchase was a Stone Mountain commemorative graded NGC 67 back in the boom days of the early nineties. I would rather go over Niagra Falls in a barrel than do it again.

atarian

The worse deal ive had was teh 1914D penny. they claimed it was VF20 and swore by it ( but i questioned it and should have said something but its about a vg8 . a hurt to the ole pride. but i still got it as a filler. till i find a better one. i wont go there to taht dealer again

Myqqy

Bought them raw at a show. Bodybagged by PCGS. Found out later that this wasn't their first trip to Newport Beach. They had been sold to another forum member by this dealer and returned to the dealer after they were bodybagged when the forum member submitted them. I guess that must have slipped the dealer's mind.

I guess some dealers have a lot on their minds, and can't remember little details like that.....

RYK

When I first got back into collecting a couple years ago, I thought thay you could trust the grade on the slab and liberally buy coins sight unseen from the auction houses. I bought a bunch of $20 Libs, mostly Type II's and a few Carson City Type III's that were, in retrospect, hideous. Some were dipped and unattractive, some were overgraded, and some, while properly graded, were downright fugly. When I realized what was up, I dumped them all (to a wholesaler), lost some money, but I learned my lesson. I rarely stray into the auction arena without having seen the coin or having had a trusted representative see the coin and never for a serious or expensive purchase.

MrEureka

What's your WORST purchace? Time to fess up!!

Finally, a competition I can win!!!

EagleEye

We should all make a toast to Andy's worst purchase!

oreville

MrEureka:

You mean to tell me I can't win this competition when I found how I screwed up on that pattern I bought from Heritage in 1997 which was supposedly unique and certified by NGC as such (silver J-326A) and then reading about it in Coin World that I may have been duped and that I was the mystery buyer who screwed up?

CarlWohlforth

I'd toast Andy's worst purchase, but I would want to hear about it first!

I bought a raw MS 63 Bust half. PCGS said AT. Once I learned how to grade I realized AU. I lost $400.

Welcome to the folks with low post counts contributing to this thread! It sounds like Grampa's Piggy bank from a TV show was a reasonable lesson.

MrEureka

You mean to tell me I can't win this competition when I found how I screwed up on that pattern I bought from Heritage in 1997 which was supposedly unique and certified by NGC as such (silver J-326A) and then reading about it in Coin World that I may have been duped and that I was the mystery buyer who screwed up?

Not even close, but I have to admit that was a good one.

Myqqy

You mean to tell me I can't win this competition when I found how I screwed up on that pattern I bought from Heritage in 1997

This sounds like it was an expensive mistake......

EagleEye

All my purchases are great ones - its the sale that gets me.

I sold a 1856 Copper (J-181) graded PR66 by PCGS to Stewart Blay for $18,000. He resubmitted it to PCGS and they called it a copper-nickel example. It was an S-3 too (the only real proof S-3 I know of). Sold recently for $47,000

MrEureka

Well, I won't tell you about my worst purchase, but I'll tell you about an especially interesting one. About 16 years ago I bought the first Type 1 $20 Lib in MS-66. It was an 1861 and it cost me 150K. I immediately upgraded it and turned down 250K from a dealer. At the time, Type 1's were rare in 64, almost unheard of in 65, and incomprehensible any better. I figured the coin was worth 350K. Shortly after I turned down the 250K, the SS Central America was discovered, along with thousands of gem Type 1 $20's. I think I sold the coin for about 80K a year or two later and considered myself lucky.

mgoodm3

if that's not your worst, you've definitely won.

TheLiberator

Wow Andy!! If that one was only "interesting" I'd hate to hear the worst!!!!!!!!!!

islemangu

The mystic of owning the "perfect" MS70 coin in one of the big 2s' slab started itching me inside. Just had to get my first and finally picked one off. The darn coin had a spot on it. That itch never came back after that.

UncleWiggly

I bought a two cent piece from Coast to Coast when I was a beginner newbie. It was in the back of their mail out magazine and it was gorgeous. GEMBUPQ and all that stuff. I paid $200 plus. I took it to the Houston show and showed it to several dealers and ANACS. Yep it was cleaned etc. So, I sent it up to Williams Gallery and they put it up on eBay for me and properly described it for what it was. It sold for just over $80, and rightly so. I also bought a very nice 3-cent silver from Coast to Coast and a Trade Dollar from Mount Vernon from one of their specials, both confirmed cleaned. If I ever sell them I doubt I could get a 1/3 for what I paid. That is why I discourage all newbies to NOT buy the coin instead of the holder. Now, until I get better at telling the cleaned, whizzed, etc I buy PCGS, NGC, and occassionlly ANACS and ICG.


Jerry

MrEureka

if that's not your worst, you've definitely won.

Lucky me!

oreville

Andy so you were the famous one with that 1861 $20! Nice coin too.

I looked up to that coin so much!

mightyhunter

My worst purchase was a 1926 S Standing Liberty Quarter I bought a few years ago. It was advertised in Coin World as MS 63. "The Collector's Friend" was the dealer. I needed one for my collection and couldn't find a slabbed one. After a couple of months of seeing this coin in the Coin World ad, I bought it raw and paid too much. It arrived as a blast white coin. I sent it in to NGC and it came back MS 63. Within a year, the coin toned out in the slab and looked liked someone had poured syrup on it. The toning was uneven and ugly. I sent it back to NGC and they told me it had been dipped improprerly. I hadn't dipped it. I contacted "The Collector's Friend". As a buy back, he offered me 70% of the original price paid in trade on other inventory he had. That didn't work for me. I ended up selling the coin on EBAY for a big loss. It was not a pleasant experience, just a valuable one.