You need 1 more coin to complete your registry set--How not to get ripped
TahoeDale
Posts: 1,785 ✭✭✭
We have all heard of a Set Registry owner needing a hard to find coin that would complete the collection, and the suspicion of malice that one might have in the price quoted for the LAST one.
I think there is a way to avoid this for most thinking and rational people. And I have a couple of examples to provide.
1. Collect the keys first. Not always possible, but the cost of the last coin, if a generic for the series, cannot be too high.
2. Deal with reputable sellers, be it your hometown local shop, or major companies with great reputations. They want your continuing business.
3. Know your series backwards and forwards. The top pop may not be the nicest coin available, and the MS 63 may fit nicely into your set. Get rid of your troubling ego.
4. If the price for the coin seems high, do the research to be able to say why. A reply to a dealer that says" That sounds high" is not near as efffective as a complete rundown on the prices paid in the last 10 years for a similar coin. Maybe the next time, you will get more respect when offered a coin you need. Or this dealer won't bother you anymore.
5. Don't get the reputation that you have more money than sence. I know very few collectors that fit in this catagory, but the evil dealers will seek you out, if they believe you are one of the few.
6. At auction, set a top price you are willing to pay, after an in person review of the coin. The heat of the battle will cause many an emotional response that needs to be controlled.
Some interesting history to share.
I attended my first major show, Long Beach, 1995 and did not have a clue what to do. I knew one dealer and 1 collector at the show, and wandered around in a fog for the first 2 hours. By that time, I didn't think there were any RARE coins, as I saw thousands of them all at one time. When I asked to see a coin, and then got a price, it was all high retail, as no one knew me, and I had no knowledge to be able to negotiate a fair price.
By the time I got home, I felt totally inadequate and needed counseling. I thought I would never have the knowledge necessary to buy coins on my own, and would just have to rely on my local dealer to do my buying. Not a terrible idea, as they were a great firm.
But I wanted to be independent, eventually, and be able to make an informed decision on fairly expensive coins( for me at the time, this would not exceed $50,000 in a year). So I started learning, along with buying. What a great idea!
Almost 10 years later, and more time spent than I ever thought could be allotted ( my business partners thought I was crazy), I have come to appreciate the time and effort necessary to feel comfortable in my collecting habits.
And I can assure all listening, it was worth it. But not until the learning process kicked in, and there was a serious undertaking to know the series invoved.
Knowledge is King. Some discretionary income is a close second.
I think there is a way to avoid this for most thinking and rational people. And I have a couple of examples to provide.
1. Collect the keys first. Not always possible, but the cost of the last coin, if a generic for the series, cannot be too high.
2. Deal with reputable sellers, be it your hometown local shop, or major companies with great reputations. They want your continuing business.
3. Know your series backwards and forwards. The top pop may not be the nicest coin available, and the MS 63 may fit nicely into your set. Get rid of your troubling ego.
4. If the price for the coin seems high, do the research to be able to say why. A reply to a dealer that says" That sounds high" is not near as efffective as a complete rundown on the prices paid in the last 10 years for a similar coin. Maybe the next time, you will get more respect when offered a coin you need. Or this dealer won't bother you anymore.
5. Don't get the reputation that you have more money than sence. I know very few collectors that fit in this catagory, but the evil dealers will seek you out, if they believe you are one of the few.
6. At auction, set a top price you are willing to pay, after an in person review of the coin. The heat of the battle will cause many an emotional response that needs to be controlled.
Some interesting history to share.
I attended my first major show, Long Beach, 1995 and did not have a clue what to do. I knew one dealer and 1 collector at the show, and wandered around in a fog for the first 2 hours. By that time, I didn't think there were any RARE coins, as I saw thousands of them all at one time. When I asked to see a coin, and then got a price, it was all high retail, as no one knew me, and I had no knowledge to be able to negotiate a fair price.
By the time I got home, I felt totally inadequate and needed counseling. I thought I would never have the knowledge necessary to buy coins on my own, and would just have to rely on my local dealer to do my buying. Not a terrible idea, as they were a great firm.
But I wanted to be independent, eventually, and be able to make an informed decision on fairly expensive coins( for me at the time, this would not exceed $50,000 in a year). So I started learning, along with buying. What a great idea!
Almost 10 years later, and more time spent than I ever thought could be allotted ( my business partners thought I was crazy), I have come to appreciate the time and effort necessary to feel comfortable in my collecting habits.
And I can assure all listening, it was worth it. But not until the learning process kicked in, and there was a serious undertaking to know the series invoved.
Knowledge is King. Some discretionary income is a close second.
TahoeDale
0
Comments
than it is to buy them already slabbed.
In some modern dates, they may have millions if not billions minted. But very few get slabbed thus driving up the rarity and price.
Of course this isn't for all the coins in a set. Maybe just those that are harder to get than nomal.
By the same token I negotiated a price on a variety and a couple months later I realized a fair market price was $200 less then what I got. I contacted this registry member and refunded this $200. It does work both ways.
None have offered to give me any extra money yet.......
Ken
rainbowroosie April 1, 2003
Seth
Interesting post. I have the three Barber halves listed in my signiture line that I still need in AU 55-58.
I have not posted which coins I need to upgrade on my SLQ collection, specifically because I refuse to be held hostage for FH SLQ's. ( This is the only reason all my sets are blocked from viewing).
Yes, the market for these FH SLQ's is volitle, and I refuse to give any SLQ dealer a head's up on which I need ( or want to ) upgrade. I will upgrade thru auction only for the time being, until the duplicte set of "Just Having Fun's" is available for private purchase. --- Then I'll "Pittman" my house for the funds
Now, when all's said and done, I'll have a collection that far exceeds my original expectations and something that will not rival the #1 or #2 sets, but will be something that'll rival price appreciation of Naples, FL real eatate ( currently running at exhorbitant rates ).
Everyone keeps telling me that I'm nuts collecting coins, when I'd do alot better in the real estate market down here now. They may be right, but I can't hold dirt in my hand and call it extrodinaryly beautiful.
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
I appreciate the several responses that indicate there are good reasons for hiding the coins needed, but thankfully I have not been bloodied or even bruised by the dealers who want to overprice the top pop coins.
I don't mean that they are not out there, but I just refuse to deal with them. I try to do a continuing business with about 5 companies, and with auctions every month or so, the bad people can just hold onto their coins. There are plenty of coins available, if you are patient.
There are exceptions, for the registry sets where the competition is fierce for top GPA. I just hope those collectors have a good reserve when the first MS 69 is made. Or when I decide to sell the Eliasberg 1892-O micro o in MS 68(just kidding).
Ebay is nice for shopping for that one last coin, because you're not at the mercy of the seller. The market determines the final price. Unless all sellers of the coin you are looking for start their listings outrageously high, or set high reserves, you could still get that last piece relatively cheaply. In the coin shop, the dealer determines the final price, so you end up getting screwed.
I agree that when you are down to the last couple you must be careful. I also agree one should start with the key dates and get the less rare coins later (you can always find them). But what a thrill when you finish!
BTW, Dale you never know who you meet at bus stops in Orlando!
My $10 Indian Gold Registry Set
$20 Saint Gaudens Registry Set
No you don't, and you should be more careful who you speak with.
For those of you who do not have the background, my wife and I were waiting for a bus back to the FUN show last year, after a day of sightseeing, and met jp. He had just completed(or almost completetd) his 5 Indians and had to tell someone.
It just so happened it was another collector he chose to tell, and we run into each other all the time, now.
Glad you spoke up.