"Greed" vs. bargain hunting

gyocomgd

I posted a couple of days ago of my being slapped around by a certain odious ebay seller whose is known far and wide, on this board at least. Shortly after this happened a couple of months ago, I read everything I could find on them. It all was educational in a hundred ways, but one thing that really stuck with me one member's reaction to someone else being taken in a separate instance. It was something along the lines of, "the greed and stupidity of some people never ceases to amaze me...." etc. etc. He was referring to the buyer--a newbie no different than me.
I felt pretty embarrassed. No question, I saw the possible value of the coin and was blinded by the upside, $$-wise, if I won. I intended to get it graded and then sell it for more than I paid for it--maybe double!--the profit to be used to buy more coins--some of which I would collect, others to also turn around and try to profit from. But not many people this side of Gordon Gecko are flattered by being viewed as "greedy" person.
So where does looking for a hell of a deal end and greed begin? It's more than philosophical; anyone who wants the hobby to grow knows it takes a hit when a newcomer gets excited about the hobby, overpays wildly for something he sees on the Coin Vault, finds out about and gets out for good, having never really started.

LeeG

and don't let one post get you down. We're all looking for that next "Rip". I promise you that 99.9% of the folks posting here have made some mistakes along the way. Hopefully we learn from them. Buy some books and learn patience when it comes to spending the cash. For every coin you jump too quickly on theres 15 better, and cheaper, right behind it. Got to develop thick skin and don't take things personally up in here. You'll be fine and Good Luck. Lee

Yousri

I collect coins for the enjoyment of having the coin, never bothered me a bit that I paid too much for a coin I want. Even if I know I might get 10 cents on the dollar when it is time to sell it, If I ever want to sell it in the first place.
If you got burned from one purchase, that should not have any negative impact on your hobby. yes it is nice to have the coin you want with a bargain price. But you should not care what anybody is saying, because you bought the coin at that price. if it was me, I would say, they might not paid the high price for that coin which I paid. But it is my hobby, my coin, my enjoyment.

So, don't let any body dectitate what you buy, or what you pay for your hobby, if you have fun and enjoyment doing it.

JMHO

And I forgot,

gyocomgd

That's kind of you guys--thanks. But the post wasn't written to me specifically, nobody is that rude. Certainly an element of greed played into my action. I was just curious if many people are motivated by the financial end of it (dealers excepted), whether they find it distasteful and whether the desire to profit has taken them down some thorny paths.

RYK

We're all looking for that next "Rip".

I would disagree with that statement. I am looking to buy quality coins for the grade for my collection. They cannot be "ripped". In almost every case in my world, you get what you pay for.

I collect coins for the enjoyment of having the coin, never bothered me a bit that I paid too much for a coin I want.

I tend to agree with this approach more, but I will not grossly overpay for something that I need just to have it. There is a fine line between buying a high quality coin for reasonable price that skirts between getting a bargain and getting buried in the coin. Sometimes the line is finer than others.

stev32k

It does not bother me to overpay (within reason) for a good coin. I don't buy them to sell so I'm not looking for a profit. I believe if you want a good coin you will normally have to pay a fair price. Occasionally one comes across a raw coin that is grossly under priced compared to a holdered one, but that is fairly rare. Usually a cheap coin for the date and grade is just that - cheap. Meaning something is wrong - either it has been cleaned or otherwise altered, or it is grossly over graded. My Grandfather used to tell me "if you want good fresh oats you have to pay a fair price. If you want oats that have been though the horse one time you can get them for a lot less".

nwcs

I think we all have been burned by that desire to get something for nothing. I remember buying a bunch of morgans from this one ebay seller that were all supposed to be like ms64s and all. This was about a month after getting back into coins. Well, sent them to PCGS and they all came back AU except for two bags for cleaning. I was pissed. I wasted a good deal of money all the way around.

I think the difference between getting a deal and greed in coins is in how closed your eyes are when you buy the coin(s).

LeeG

RYK your valued opinion is noted! Lee

Russ

<< <i>I intended to get it graded and then sell it for more than I paid for it--maybe double!--the profit to be used to buy more coins--some of which I would collect, others to also turn around and try to profit from. >>



You should be ashamed of yourself.

Russ, NCNE

Conder101

<< <i>So where does looking for a hell of a deal end and greed begin? >>


There isn't a set price level, I would say that greed begins when the possibility of profit or desire begins to blind you to the possiblity that you may have missed something. Wishful thinking can make you overlook things.

ccr

Condor101 pretty much summed up what I was going to say. You`ll get burned and disappointed by looking at it only as an " all profit " venture. To me, it`s a real personnal thing when I see a coin. I could care less if someone else likes it, except if I decide to sell it! But the point is that collect something that makes you excited. It`s more meaningful that way. Also, if you`re excited about it, someone else may like it too.

Keep giving the hobby a chance and I think most people here in the forums will do what they can to help with any questions. We been beaten around a few times til we got the hang of it. Also don`t spend more then what you`re willing to lose. Chances are, you may not get back all that you`ve spent. It a tough business to make a profit on a regular basis and I think most dealers can attest to that.

I don`t know who or what context the statement "the greed and stupidity of some people never ceases to amaze me...." came from but, when I see or hear that from someone, I let it go in one ear and out the other. It`s a statement that sets up a crapfest that doesn`t go anywhere but downhill.

CUEBALL

Speaking for myself, all I want is my money's worth.That is hard enough to do for me most of the time.

JrGMan2004

<< <i>But not many people this side of Gordon Gecko are flattered by being viewed as "greedy" person. >>

Russ is PROUF of his title... Coin Ferengi!