mistakes

Hedger

What are some of the mistakes made in the past by people on this board with selling and buying coins? I was thinking back to the time when I traded with a co worker when I first started collecting and boy was I duped! Even though this was many years ago, this is a learning experience for all and I know I'll feel better too. I'll give details of my transactions later on. So, think back and reply. Thanks.

RYK

My biggest purchasing mistakes were impulse purchases, generally purchases bought from outside my regular channels, and either without enough research or without having myself, or a trusted represntative, having seen the coins.

My biggest selling mistake is not getting rid of the "mistake coins" fast enough. Once I realize I have made a purchase mistake, I try to blow it out as fast I can.

BillJones

I've made most of my mistakes when the collector in me bites TOO HARD. I made that mistake this year on a three dollar gold piece that was just a bit too expensive to re-sale at anything but a loss. As a collector it would have fine. As a dealer it was a dumb move. At the same show I found the RIGHT COIN at less than the right price and latched on to it! As a year-end tax loss I took my licking on the first piece I bought ... AND I hope relearned a lesson I've had in the past.

ALWAYS REMEMBER Except in the most extreme cases, NO COIN is irreplaceable. Another one almost always come along if you think that the current one is too expensive.

nwcs

My biggest mistakes are also on impulsive decisions. Both on buying and selling. The next most common mistake I've made is to not negotiate well. Thankfully I've done a bit better on both of those. And thus my losses are much less than when I first re-entered the coin market.

mgoodm3

When buying raw, not knowing how to identify cleaning.

famousramos

<< <i>When buying raw, not knowing how to identify cleaning. >>



Just what mgoodm3 said.

I just got my second ever submission results today and it is also now my second bodybag!!!!!!!!!!

AAAARRRGH!!!!! This makes it sooooo frustrating!

Shamika

<< <i>My biggest purchasing mistakes were impulse purchases, generally purchases bought from outside my regular channels, and either without enough research or without having myself, or a trusted represntative, having seen the coins. >>


I don't make this mistake anymore, but God knows I used to do it ALL THE TIME.

Shamika

<< <i>ALWAYS REMEMBER Except in the most extreme cases, NO COIN is irreplaceable. >>


WORDS TO COLLECT BY!

ndgoflo

I'm sure I've made bigger mistakes, I just haven't found them yet! But about 6 years ago, I was looking through some Memorial Lincolns and found what I was sure was a DDO. I looked in the few reference books I had at the time and I knew it wasn't the biggie, but I also knew that 1972 was a big year for DDO's.

SOooo... I took my little treasure to the local dealer and showed it to him. He agreed that it was one of the other DDO but did not tell me which one. Told me I had a real good eye, as I had only been collecting a year or two. Told me it retailed for $60 and offered me $40 on the spot. I figured it only cost a penny, so if it lost value over the years I wouldn't be out much, I decided not to sell. After all, it was my first variety found in circulation.

Years go buy and knowledge snowballs, I buy lots of books trying to attribute it correctly. Finally get a microscope and get some quality pictures to realize that I have a perfect example of machine doubling.
Shoulda took the $40.

Then there was the $500 Confederate note, but I'll save that one fir later.

dthigpen

Auction fever on holed Flowing Hair / Draped Bust coins!

razorface1027

My biggest mistakes are also on impulsive decisions

Veep

I've made enough mistakes to fill the entire CU Board server. But the most avoidable ones were the coins that I talked myself into. Every time that I wasn't sure whether I wanted to buy a coin, or not, and did so, I was disappointed later and wound up selling the coin. My rule to live by is that if I don't like it a lot right off the bat, I don't buy it. If I have to think about it, its not for me.