Behavioral theory in coin collecting

dan1ecu

Greetings, All -

If you were writing a book titled "The Top Ten Mistakes that Coin Collectors Make," what would be some items on your list?

These could be mistakes related to ignorance, greed, the pack mentality, or whatever.

Dan

FC57Coins

Collecting coins that other people tell you to collect.

JrGMan2004

<< <i>Collecting coins that other people tell you to collect. >>



And add to that... buying coins that the telemarketers tell you to buy...

edsondl

One can easily improve the value of a coin by cleaning, dipping, rubbing etc..

dpoole

Buying raw coins off of Ebay.

DHeath

Buying coins you don't have a passion for. The reasons we collect are wildly varied, but if you know what you really like and stick to it, you'll rarely find yourself dumping a mistake. If you have to think about it, don't buy it. If you wouldn't crack it, don't buy it. If you don't love it, don't buy it.

Russ

<< <i>Buying raw coins off of Ebay. >>



I frequently buy raw coins on eBay.

Russ, NCNE

Russ

<< <i>Buying coins you don't have a passion for. >>



I frequently buy coins I don't have a passion for.

Russ, NCNE

fcloud

Not all third party grading companies are equal.

DHeath

I frequently buy coins I don't have a passion for.

with intent to commit larceny.

fivecents

Buying coins too quickly and ending up with "dogs for the grade" or problem coins.

ms70

<< <i>I frequently buy raw coins on eBay.
I frequently buy coins I don't have a passion for.

Russ, NCNE >>



You're a loose cannon!

kranky

Spending too much of your collecting budget on coins you don't know enough about.
Not doing your own research but relying on what someone who's trying to sell you something tells you.
Not caring properly for your coins.

nwcs

Here are some things I would add:

1. Buy with both your mind and heart in gear
2. Odds are, the same coin (or a similar one) will be available later so you don't have to buy it now
3. Always look at everything offered before deciding to spend your hard earned money
4. Don't buy for resell unless you want to actually be a dealer or you may end up making a big mistake
5. Be sure of what you understand before you say done deal
6. Everyone has different tastes. Somewhere someone will think what you collect is garbage and somewhere someone will collect something you think is garbage. Just leave it alone.
7. Don't tell everyone you collect, only tell the people who are trustworthy

Russ

<< <i>You're a loose cannon! >>



Yeah, if I actually had any money I'd be dangerous!

Russ, NCNE

relayer

Greed and ignorance is a dangerous combination

stman

The dealer selling you all the market graded double bumped up coins that says you need to see the forest through the trees.
When you try to sell them the same coins.... they all of a sudden become technical graders, pull out the high power loupe, and try to low-ball you on price.

I just tell them I can understand this "Forest through the trees" approach. But there are too many branches in the way.

Oh yeah, and when they tell you the fingerprints are "Unobtrusive" and they don't matter. RUN. I can't stand somebody telling ME
what matters. Please see Sig line and that really sums it all up.

FoundingFather

"If you were writing a book titled "The Top Ten Mistakes that Coin Collectors Make," what would be some items on your list?"

They think that extra minty pocket change is worth a ton of money and/or get caught up in the hypster-engrained marketing machine the coin industry has come to love.