have you sold coins to buy a house?
Geoman
Posts: 2,491 ✭✭✭
My wife and I are trying to buy a new house. And we need some more $ for a downpayment. I have stopped buying coins, but am thinking about selling part of my collection. Have any of you done that? Did you have regrets later? Looking back on it, would you try and "find" the money somewhere else, because you regretted selling your collection? Or was it worth it?
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But, I'd not have any qualms about selling them. Especially to get into my own home. Go for it!
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Seriosly though, if it made a difference and I needed the money the coins would go.
Dr J
My omnicoin collection (or how my coin photography has progressed)
Why step over the dollar to get to the cent? Because it's a 55DDO.
But ULTIMATELY, you have to be able to live with your decision.
Good luck!
Cheers,
Bob
I've sold my collection twice: once to pay for college, and the second time to make a down payment on a house. It was worth it both times, and both times I kept some coins that I knew would not be replaceable later on. Dr. Sheldon consigned his first large cent collection to auction to pay for medical school, so I figured if he can do it, I can too.
Sell anything you know you'll be able to find again within 5-10 years. Most rare coins are not rare, just expensive, so they'll turn up again. If you have something truly unique, or if you've never seen a comparable specimen, keep it. A coin is really rare if the chance to buy it is rarer than the coin is!
The most recent time I sold a substantial chunk of my collection, I sold it through an ANR auction and had excellent success. Of course, I work there, but I suspect if you collect nice coins you'd have good luck at auction too.
After trying to live under a small pile of colonial coins, I've decided that in case of rain a house is better. In all seriousness, I have not regretted my decision, and I have continued to build my collection while dealing with the mortgage etc.
Good luck with the decision. And go Eagles! (sorry, had to get that in there)
JK
Betts medals, colonial coins, US Mint medals, foreign coins found in early America, and other numismatic Americana
Check out a Vanguard Roth IRA.
Shelter = basic necessity of life
hobby = basic desires of life
Necessity wins over desire every time. Mortgage payment knocks a coin buy aside many times for me.
USMC Veteran 1981-1992
Cold War Veteran
It's truly funny, no make that truly sad, that people in this day and age are so wrapped up in their own little world that they refuse to try and teach someone else the correct or accepted way of doing things.
On the scale of 1-100 of things you need in life a house is 95 and a coin collection is a 2.
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since 8/1/6
I have been able, thru the grace of god, to build a better collection than I owned before.
Rainbow Stars
It’s tough to let them go, given how difficult it was to locate them. Some of the material I sold I had had for almost 20 years. I miss my babies.
Do I regret it? No, not really.
Dave
I have told this story here before, but I'll tell it again.
I sold my original Lincoln cent collection just at the beginning of this crazy run up in prices. I sold it for a down payment on our house. I couldn't believe how well those coins did. Well, in that collection were coins that I will never be able to replace again. My pop1 1919-S in 66RD went to Gerry and even if he ever decided to sell it I could never compete to buy it back.
My advice is don't do it!! If you must be very careful about what you sell. Sell off the stuff you can replace after you get your finances back in order.
LordM is movin' to the country, probably by the first of November.
Frankly, houses aren't going to perform so well in the coming years.
Selling them for coins is not such a bad idea....as long as coins keep going up. Getting a few thousand back in tax breaks each year is fine.....as long as your house isn't depreciating $10-30,000 per year!
roadrunner
My Auctions
David
Fortunately, this idea lasted only for a short period of time. After reading the advice of many, I've come to see coins as less of an investment, so my coin spending curtailed. Besides, even if I kept the pace I originally set on my coin spending it still would not have made much of a dent towards the cost of a house, especially in Southern California.
I sold collection in 2001 to pay for daughters college. And you know what , it dosent end after that, you just buy more coins.
Mitch of Wondercoin helped me that time and I will never forget him for it.
colorman3
<< <i> I am house-poor. Owning a home is one of the best feelings in the world. But, I still miss a few of those coins. If I hadn't sold the best pieces, though, I wouldn't have been able to afford the house. Clearing out the collection and being house-poor have made me a better collector now. Not having money to buy a lot of >>
Sounds like a case of house rich and money poor; not a desirable situation either.
Looking for PCGS AU58 Washington's, 32-63.
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Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
Ask me no questions, I'll tell you no lies.
Look at the other side of the coin ( pun intended )
John J. Pittman did it the other way. at one point in his collecting career he took out a mortgage on his house to buy coins !
he is now remembered for his great coins, not his great house !!
Honestly, if you have rembrant quality coins, then keep them.however if they are " almost" rembrant quality, then sell.
" ALMOST" ONLY COUNTS IN HORSE SHOES AND HAND GRENADES !!
average quality coins will never appreciate in value. you might get inflated dollars as compensation down the road, but if they " almost" make the grade then sell the coins and buy the house !!!!!
Greg Hansen, Melbourne, FL Click here for any current EBAY auctions Multiple "Circle of Trust" transactions over 14 years on forum
09/07/2006
I sold off my Registry set of MS Franklin Halfs and Registy set of proof Barber quarters to put a sizeable down payment on my dream home. I built an all brick rambler with everything I've ever wanted in a home. Including a huge covered patio with a big natural gas grill and a complete gym.
I figure that you don't live in your coin collection. Besides, I've started a new collection anyway. I haven't been purchasing five figure coins again, but I will eventually.
For about the last 26 years !!!
Paul
I regretted selling the Franklins and have often thought about that Harley....
Back in 1983 I sold a 1909 original Proof set to raise part of the down payment on my first home. I wish that I had sold the set a couple of years earlier because at that time I could have raised the WHOLE downpayment.
If I had it my way, stupidity would be painful!
<< <i>How about selling a house to buy coins.......................? >>
If that's you sole residence, that's degenerate.
Can you spell homeless person?
mojo
-Jim Morrison-
Mr. Mojorizn
my blog:www.numistories.com
I sold my 1890 proof set to get into my first house in 1980. Great timing. Enough for down payment, washer-dryer and money left over. Bottom line - house doubled in price, coins about the same. Go for the house.