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Confession time aka "The Morgan of Shame"
DJC
Posts: 787 ✭
When I first started collecting (and didn't know any better) I purchased most of my coins through a large, multi-page Coin World advertiser, located on the east Coast. 
Fortunately, a small budget precluded purchases of much more than $20-30, usually those "gem bu" late date buffalos, walkers, franklins, mercuries, etc that such companies are well known for. Apparently slow to learn, I purchased many raw coins at local shows and shops as well, my only real standard for grading and eye appeal having been developed through the aforementioned mail order dealers. (Dates aren't exact here, but it was in the early years of slabs, '86-'90 era, roughly)
Now the kicker. I don't remember the exact price paid (having long since suppressed my failure, I guess) but I bought another of those "gem bu" pieces, an 1890-S Morgan, for what was, at the time, a huge sum for me. Again, I don't know the exact sum, but this was in '89-'90, and it was priced as a high 63-64 for the era. Probably around $200, given my earning capacity at the time.
All the other pieces are long gone, at no real loss, as they were "nothing" pieces of mostly $5-15 range. But I've still got the '90-S Morgan. I really wish I had a camera available to post a photo of this thing, but I'd be surpised if ACG would call it AU. Whizzed, dipped out, crappy strike to start with, and just plain seriously abused. At this point it's become a pocket piece, as I still just can't quite get rid of it. Don't know why, maybe just as a reminder to keep my wallet in my pocket until I know what I'm doing. Maybe in another 15 years or so, once I've worn it down to AG I'll be able to sell it in good conscience. (Seriously, it'll take that much honest wear to make this thing look decent again.)
Anyway, will anybody else step up, and share the worst hit you've ever taken, by your own doing. Not scams, or times you've been ripped on a variety you didn't know about, just the really, really stupid purchases you've made, through ignorance or impulsiveness?
Fortunately, a small budget precluded purchases of much more than $20-30, usually those "gem bu" late date buffalos, walkers, franklins, mercuries, etc that such companies are well known for. Apparently slow to learn, I purchased many raw coins at local shows and shops as well, my only real standard for grading and eye appeal having been developed through the aforementioned mail order dealers. (Dates aren't exact here, but it was in the early years of slabs, '86-'90 era, roughly)Now the kicker. I don't remember the exact price paid (having long since suppressed my failure, I guess) but I bought another of those "gem bu" pieces, an 1890-S Morgan, for what was, at the time, a huge sum for me. Again, I don't know the exact sum, but this was in '89-'90, and it was priced as a high 63-64 for the era. Probably around $200, given my earning capacity at the time.
All the other pieces are long gone, at no real loss, as they were "nothing" pieces of mostly $5-15 range. But I've still got the '90-S Morgan. I really wish I had a camera available to post a photo of this thing, but I'd be surpised if ACG would call it AU. Whizzed, dipped out, crappy strike to start with, and just plain seriously abused. At this point it's become a pocket piece, as I still just can't quite get rid of it. Don't know why, maybe just as a reminder to keep my wallet in my pocket until I know what I'm doing. Maybe in another 15 years or so, once I've worn it down to AG I'll be able to sell it in good conscience. (Seriously, it'll take that much honest wear to make this thing look decent again.)
Anyway, will anybody else step up, and share the worst hit you've ever taken, by your own doing. Not scams, or times you've been ripped on a variety you didn't know about, just the really, really stupid purchases you've made, through ignorance or impulsiveness?
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Then again, I've always liked coins over the buttons, so maybe it wasn't so bad afterall?
Pete
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