What is the most stupid/overpriced/rushed coin purchase you have made? Make me feel better!

TheLiberator

We have all done it...I hope!

I was looking over my collection and realizing that MY worst purchase was when I overpaid for a 31-s Lincoln on heritage quite a while ago. I had just gotten back into collecting and I obviously looked at the mintage of this coin thinking it was a bargain compared to the 09s vdb. My mistake, of course, was not knowing the history of this coin being so well preserved since being minted. I saw one on auction and scooped it up...at quite a bit over retail!

I look back now and I think "Wow. I was really green!"

What about you guys? Do you ave any purchases that make you go: "D'oh!" ??????

mhammerman

Don't beat yourself up too bad. It's just nature's way of thinning out the heard. You have to feel the pain of your mistakes or you will keep repeating them. We've all done it but the ambition is that as we travel down the timeline we continue to get more competitive...or we go the way of the great american bison.

CarlWohlforth

My worst purchase was when I bought a raw Bust Half at a coin show about 10 years ago. I thought it was NT and MS but PCGS disagreed with me on both counts. I took a bath when I sold it.

magikbilly

grrr...Wes, making me think of this.

Long ago. Passed on a heavily toned original 1947 complete mint set in orig packaging for a miraculous 1939 Pr66 Mercury. I was literally rushed. And blinded by the light off the Proof I guess - it was incredible, but how many sets like that are there


Later,
Billy

KingAlanI

A $50 purchase on eBay. It was a 'grab bag' of 18 silver coins, with a 1/5 chance of getting a gold coin. I was guaranteed 2 proofs.

*First off, I was one of the 4/5 who didn't get any gold.
*One of the proofs was a proof *nickel*. (The other one, a 1963 Franklin half)

I ebayed the Franklin, I kinda regret that. Nice coin!

*Shipping took forever!

*A couple coins were whizzed and a couple coins were overgraded.
I was so glad to finally get the package, with the late shipping and all, that I had already left positive feedback! D'oh!

Chazpear

A few years ago and a local show I had been running around looking at all the tables. I was specifically looking for Shield nickels and Liberty nickels. There were a few that I really liked, but because I had limited funds for the show I had to be selective. Just when I thought I had it narrowed down to a couple that I really liked, I ran across this one table that I hadn’t stopped at earlier. The dealer was packing up for the end of the day. In one of his trays he had a couple of really nice Shield nickels that I really liked and the priced seemed to be comparable to the others that I had seen. But what caught my eye was a Seated dime (something at the time I hadn’t collected, nor was I really familiar with the series). Anyway, he must have seen the “Will spend money frivolously” stamped on my forehead and started his pitch. Well that’s all I needed. I forked over my cash, nearly $200 (about twice what I had planned on spending) and grabbed the coin and ran. After I got home and got a chance to look at it much closer, I realized it had been cleaned and the fields were just filled with little hairline scratches which the toning covered nicely.

Even using the PCGS pricing today, it would have to be a 63-64 and it might be at best a 50 – 53. Lesson learned, bill paid for that one in full.

Even worse, I didn't get anything I was looking for.

coppercoins

I paid MS65RD money for a 1938S Lincoln cent that exhibited what I found later to be a very common die variety. It was only after I left the show did I notice the coin was whizzed and cleaned...basically worthless.

I paid F12 money for a 1909S Lincoln cent that also exhibited what I found later to be a common die variety. It was a cull, damaged on the reverse and pitted all over, but I was certain at the time that the coin would bring profit because of the die variety. I was wrong.

The 1938S coin was given to a kid to teach them about RPMs, and the 1909S was given to another collector who needed to fill the hole. I lost 100% of the purchase price on both coins - on purpose - to teach myself a lesson in careless, fast-snatch buying without properly evaluating the coin.

Millertime

<< <i>A $50 purchase on eBay. It was a 'grab bag' of 18 silver coins, with a 1/5 chance of getting a gold coin. I was guaranteed 2 proofs.

*First off, I was one of the 4/5 who didn't get any gold.
*One of the proofs was a proof *nickel*. (The other one, a 1963 Franklin half)

I ebayed the Franklin, I kinda regret that. Nice coin!

*Shipping took forever!

*A couple coins were whizzed and a couple coins were overgraded.
I was so glad to finally get the package, with the late shipping and all, that I had already left positive feedback! D'oh! >>



I won a few of those auctions (I won 5 to guarantee the gold) but the gold I ended up with was a miniscule Harry Truman commemorative made out of 14K gold, it's about half the size of a dime. I thought the proof Franklins were pretty until I browsed this site and saw real ones so my son eded up with a Franklin from the tooth fairy.

Millertime

mgoodm3

I've bought my share of raw, harshly cleaned coins.

Tsimmerdown

<< <i>I've bought my share of raw, harshly cleaned coins. >>



Same here, only for paper currency: I've bought cleaned & pressed notes before I knew what to look for.

TheLiberator

<< <i>1948-d Wash qtr NGC ms67 I paid 3k for (approx.) coin was in a heritage signature sale. I was a anxious as heck to fill my last coin on the

Ngc set. When I got the coin it was a low end 67 even by NGC standards for Washington's. Coin is worth maybe $350. I have kept this coin

simply to remind me of the need to avoid compulsive bidding. Everytime I bid on higher end coins I pull it out as a reminder. >>



Ouch...I don't feel so bad now!

100proof1957

Anything from "Coinmovahs" !

wam98

Purchased this scrubbed coin a few years back. Forgot my glasses that day and was in a hurry. This was an old dark coin shop and the coin didn't look all that bad at arms length. Add some light and magnification and you can see the horror this old Bust half went through. I keep it on the desk, just to keep me reminded of a $55 error.

DennisH

About 18 months ago I was bidding on an XF45 PCGS 1889-CC Morgan in a Heritage auction. I decided to place a 'marker bid' of Grey Sheet XF.

When I won the coin and wondered "WHAT!!!??" I discovered that the price column I'd looked at in the Grey Sheet was AU not XF, so I overpaid by (I think) about $300.

I held the coin about 6-8 months and sold it for a profit. Thank heavens for a rising market. I didn't tell my wife about the mistake until after I sold the coin!

michael

25 years ago bought a december strike low end unc 1836 reeded edge half dollar


oh and edited to say i lost my ass on it when i had to sell

RedTiger

I bought an 1862 Seated Dollar holed and repaired, noted as such. The dealer I bought it from specializes in Seated material. He told me how much he had in the coin. In retrospect, I think the dealer overpaid by a good bit and I agreed to a healthy markup (over 35%) as well. The 1862 is a relatively difficult coin to find in affordable grades. I think I've seen maybe one or two low grade examples in the years since I bought it. If I sold it today, I believe I would take a 50% to 75% hit, even with a rising overall coin market.

TerrapinWill

I would say I lost about $250 buying Raw Morgans and Peace Dollars on Ebay....not expensive coins mind you, but bought about 20 of them.....I resold them as "cleaned" and gave a low net grade....each coin sold for $10-15 less than I paid.....come to think of it, it was probably more like I lost $350.....

PerryHall

<< <i>25 years ago bought a december strike low end unc 1836 reeded edge half dollar >>



So what's the problem? Did you assume it was a high end unc and you overpaid for it?

Artist

I had good run a year or two back buying raw gold on Ebay - 1914-D $10, 1900 $10, 1900 $5, all three bought for AU-MS60 money, all three now in NGC MS-63 holders.

The run ended with a 1914-D $2.50. Paid about $175.00 - showed great detail in the scans - but it was harshly cleaned in person. Seller wouldn't return my emails. After that I bought a few cheeper silver pieces, but didn't make any scores. Kind of took it as a sign that it was time to get up from the table and enjoy what I have for a while.

tcmitssr

I went to a major show and was going to participate in my first auction. I saw a gorgeous Alabama 2z2 that I had to have. The bidding started and I quickly outbid the only other bidder who was online. Score!

I couldn't believe that no one else was interested in this 2z2. All of the other registry set collectors must have taken the week off.

I pay up and get the coin only to discover it is not a 2z2 but a plain Alabama. I rush to the catalog to prove my point. Yep, in my haste to play auction participant, I bid on the Alabama plain, one coin before the one I wanted. I paid wow money for an average coin.

I did get lucky though and sold it to a middle of the line commem dealer for $200. over what I paid. Six months later he still has it on his website for sale.

BillJones

My most recent boo-boo was both a stupid buy and a stupid sale.

I was looking for a $3 gold in MS-63. I spotted one and paid a little over "ask." At the end of the same show I spotted a far nicer MS-63 for only $50 over bid. I thought about it briefly and then bought the coin because it was attractive and it was an 1854, which was the date I really preferred.

I put the one I'd paid the premium for out for sale in the business. At a Novemeber show a dealer made me an offer that resulted in a $500 loss. I took it because I wanted to free up some money for the FUN show. Now 6 months later, my $500 loss could now be a $1,200 gain.

Yes, I screwed up, but thank goodness I don't do it very often.

The good part is that I now have a "paper profit" on the 1854 $3 gold that I kept of around $1,500.

MJPHELAN

I don't collect silver, but my local dealer showed my a complete set of mercury dimes. For the price offered, I figured I could slab the 1916-D, the 1921's, and the 42/1, sell them, and break even with the rest of the set in my hands. All four came back from PCGS as cleaned. I will never buy raw silver again until I learn more about it! I got my money back and spent some of it on an ICG 1909-S V.D.B. AU-58. I cracked it out and sent it to PCGS where it was graded MS-63 Brown! That made up for the grading fees.

Hedger

All of my purchases so far have been mistakes.

dimples

About 10 years ago I won a 1896-0 raw 62 Morgan through a Bowers auction for $850. Sent it to NGC a few years later. It came back a 58. Now worth about $200.

I guess David Q Bowers had an off day back then when he graded it.


Do YOU think I should have it regraded in todays market?


Dan

Shamika

About 7 years ago got into a bidding war over an "AU+" 1912-S Lincoln on eBay. I was so hell-bent on winning the item that I overpaid (dont' recall by how much). And of course the coin was really an XF-40.

About 6 years ago I paid way too much for a 1927-S ACG MS63RD. I won't tell you what I really think of this coin.

DoctorPaper

I collect colonials and consider myself pretty savvy about them as well as the pitfalls of eBay, but I really stepped in it about 3 years ago. I ran across what looked like a "misplaced" colonial in the tokens section of eBay with the typical story about "I found this item in my dead father's desk etc.,etc." It was in an old Max Mehl envelope and looked like an Albany Church Penny. Check your Redbooks-rare and valuable. Problem was, when I found the coin on eBay I wasn't at home and didn't have access to my books, and there was less than 10' left in the auction. The coin looked roughly right, especially the scalloped border.

I knew I was taking a chance, but I put in about a $300 snipe bid and won the coin. As soon as I got home and check my references, I knew I was in trouble-the script on the coin wasn't right. When the coin arrived, I noticed it was also partially double struck, not a characteristic of real Albany pennys and the lettering wasn't right. Interestingly though, the coin was struck over an old host copper like a lot of the real Albanys were. You can see just a little of the inscription of an old French host copper at 1 o'clock on the corroded reverse.

I guess I could have battled to get my money back, but I guess I felt it was my fault that I bid so high, not the sellers, and the seller made no clain as to what the item was. I took a chance and got singed....

Proofquarter

About 5 years ago I bought a PFUC #70 ICG $50 gold eagle on HSN. Do I win?

TerrapinWill

About 5 years ago I bought a PFUC #70 ICG $50 gold eagle on HSN. Do I win?

don pardo...tell him what he has won.....


Actually when i first started into coins I bought a proof set on CV......then my wife, who is really not into coins at all said "don't you think the mint sells those"....I returned the proof set to CV and lost the 4.99 s/h.......another lesson learned.

LeeG

<< <i>Anything from "Coinmovahs" ! >>

Bought a "Collection" last year, my biggest mistake ever Was lucky to get half my money back, real lucky.

gamer1958

I can't say about dumb purchases, but I will tell you about a sale; about 20 years ago, when I was freshly married and a E3 in the USAF. Hard-up for cash, I sold a sock full of circulated Walkers my Dad left me. Can't remember all the dates, but there was some F/VF keys in there. Found the only dealer in Utica NY, drove over from Griffiss AFB in a semi-blizzard. I think he gave me $250 for the bunch, of which $200 I used to pay the rent. Wished I'd never sold those ever since...I guess I got around $10 per coin.

mtnman

I paid too much for an 1893-S Morgan in a PCI holder before I got interested in this form. I
had seen the PCI ads, but didn't know that maybe it wasn't the best idea to buy an expensive
coin in one with the gold boarders. I've been afraid to send it to one of the other services.

09sVDB

Twenty years ago I bought an 09VDB lincoln with an added mint mark

PerryHall

<< <i>Twenty years ago I bought an 09VDB lincoln with an added mint mark >>



Ouch!!! Did you try to get your money back?

WaterSport

I just hit a BIN on Ebay for what was suppose to be in my mind, an Anacs MS 64 1909 DDO cent. I even looked up the FS number but was in sucha hurry, I hit the BIN for $100, only to realize the next day it was 1 1909 Die # 2! so much for a cross to PCGS.

WS

MrSpud

I once bought a shield nickel labeled as a fine 1883 over 2 out of a dealers bargain bin at a coin show. I got all excited because I looked it up in a Coin Values magazine I had with me and it was worth much more than the dealer wanted for it. I brought it home and researched it and found out it was a filled 2 shield nickel. That and a couple of toned coins (a toned Morgan and a toned Walker) that I now suspect are AT are my worst ones (that I am aware of ). In each case I ended up educating myself (I reasearched the 3 over 2 and ended up doing AT experiments to help me learn to detect AT) which make me feel much better.

Myqqy

I think reading these type of threads can be therapuetic.....

A few years back, I had entertained the idea of doing a full set of peace dollars, and bought about 12 or so on ebay- later to discover that at least half of them had been dipped au material that isn't worth squat now....

dizzyfoxx

I bought a '31-S not too long ago, pic below. Out of curiosity, what did you pay for yours back then?
This will tell me if I over-payed for mine!

millennium

I blew it on this 1914-D Lincoln.....I swear it looked better in the pic on eBay..Set me back $85.00 three years ago...

mirabela

Well, anyone who has been around here for a while knows about mine (thanks, Poe!) but it did come out mostly OK in the end.

Murphy

Bought this locally for $130...


...and it sold on eBay for $70. I was hoping someone would recognize the upgrade potential to deep cameo.

rmoss

Just think about the best bargain you ever got and remind yourself that it's your way of giving something back to the hobby.

Millertime

Before I found these forums I bought a 1909 $2.5 Indian in an NTC MS63 slab for $545. After I found these forums I said ouch and sent it to a board member to be sent to PCGS. It came back as an MS61 so I paid about double what it's worth. Even though it cost me it's my only gold and one of my favorite coins.

Millertime

librtyhead

I bought a wwII war nickle with no "P" thinking it was an error now I believe that its counterfeit lost 40 bucks..............

TheLiberator

I paid something like 560 for my 31-s in pcgs 65 red...

However, after reading this thread I started, I feel better as I only overpaid a hundred bucks or so!

TerrapinWill

it's funny how things even out over time......I've lost I would say a total of about $500 based on ignorance and a little bit of laziness. All of that was returned when i picked up an 1880-o PCGS MS64 for $50 on ebay........

BAJJERFAN

<< <i>when i picked up an 1880-o PCGS MS64 for $50 on ebay........ >>


Did you ever actually get the thing?

SFDukie

I saw a complete set of roosies in varied grades up to bu on fleabay. Did a quick calculation in my head based on silver spot that day, hit the bid buttons- then realized I'd bid 2 1/2 times what I wanted as I did the math based on quarters, not dimes! Well, price wasn't bad at the time, but it kept getting pushed up and up. Paid 60 some dollars for a set I could have bought for $25. Live and learn...
Don

dpoole

Heck, I've even done that recently.


At TNA this year, a guy had raw Lincoln proofs lined up. 1990-1991-1992, etc. Right?

Well, I swooped up one that my brain said was a 1995. I looked at the back. Close AM!!!

Woo-hoo! First discovery! Front page Coin World! Fame and Fortune! Impress Russ!!

Plunked down my $10, ran off to show Blade.

"Nice 1993 Lincoln ya got there, dpoole. Is it rare or smoething?"



I gave it to Blade to give it to his kid, not wanting to look at it ever again!

100proof1957

Anybody remember Hannes Tulving ?