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Have you ever sold coins too early or regretted not resubmitting a coin for upgrade?
ANACONDA
Posts: 4,692 ✭
I just can't win. I used to not send coins in for upgrade, but no more. If it's a lock upgrade, I'm sending it in. If I can't sell it for a reasonable profit, I'm going to hold on to it longer.
My screw ups:
I sold a Matte Proof Peace Dollar in NGC 64; I've been told it's now in a PCGS 65 holder.
I sold a MS 68 $10 Indian for $80,000 about three years ago and now I just read one sold for 200K.
I owned a 1795 Draped Bust Dollar in PCGS MS 63 which I sold for about 55K three years ago and now I would pay 100k for it.
I owned a Specimen Wreath Cent in NGC MS 65 which I sold for around 100K and now it is in a 66 holder and the owner is asking like 175K.
I owned a Chain cent in 55 that I finally sold about three years ago for 60K which is now worth way, way above that.
I owned about 200K worth of super high grade currency that I sold for a 30K loss just about 6 months before most of it doubled or more in value.
If I would have just held on to the stuff a little longer or sent it in myself for an upgrade, I would have made out much better. Oh well, it's only money.
My screw ups:
I sold a Matte Proof Peace Dollar in NGC 64; I've been told it's now in a PCGS 65 holder.
I sold a MS 68 $10 Indian for $80,000 about three years ago and now I just read one sold for 200K.
I owned a 1795 Draped Bust Dollar in PCGS MS 63 which I sold for about 55K three years ago and now I would pay 100k for it.
I owned a Specimen Wreath Cent in NGC MS 65 which I sold for around 100K and now it is in a 66 holder and the owner is asking like 175K.
I owned a Chain cent in 55 that I finally sold about three years ago for 60K which is now worth way, way above that.
I owned about 200K worth of super high grade currency that I sold for a 30K loss just about 6 months before most of it doubled or more in value.
If I would have just held on to the stuff a little longer or sent it in myself for an upgrade, I would have made out much better. Oh well, it's only money.
0
Comments
<< <i>Compare those to other coins which you got out of just in time. How far ahead/behind are you now? >>
Good point.
I really couldn't answer that question. Too many transactions.
If the queen had balls she'd be king.
<< Compare those to other coins which you got out of just in time. How far ahead/behind are you now? >>
Good point.
Great point.
Just bought a new car so I sold off the 3 piece gold sets I ordered from the mint for $3350 just to find that dealers are offering $3800 cash. Thats $1500 I just missed on that could have helped with the car.
But I have the other way around also. I bought an MS66 Indian Eagle for $8000 last December and sold it for $12,500 this summer. I think the prices have come back down a bit so this was a good move.
As far as the re-grade thing, I have never had too much luck. I don't get to see many coins first hand like at auctions so it is hard to cherry pick nice for the grade potential upgrades. I have 3 or 4 Indian half eagles that are locks for upgrade in my collection and they will be submitted if I ever decide to sell.
No big dollar value, but I wish I still had that one.
Mike
Lincoln Wheats (1909 - 1958) Basic Set - Always Interested in Upgrading!
<< <i>Compare those to other coins which you got out of just in time. How far ahead/behind are you now?
I really couldn't answer that question. Too many transactions. >>
Ok, take the purchases you made with the money from each sale--did that further you? There are lots of regrets over the long-term, but if you look step-by-step, things much look much brighter.
That being said, I wish that I hadn't sold my MS62 1911-D Quarter Eagle in 1999 when I needed the money for taxes. OTOH, it got me square with the tax man, and I was able to sleep at night.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
*Every* time I sell a coin it's ''too early.'' I never want to sell *any* of them.
<< <i>I just can't win. I used to not send coins in for upgrade, but no more. If it's a lock upgrade, I'm sending it in. If I can't sell it for a reasonable profit, I'm going to hold on to it longer.
My screw ups:
I sold a Matte Proof Peace Dollar in NGC 64; I've been told it's now in a PCGS 65 holder.
I sold a MS 68 $10 Indian for $80,000 about three years ago and now I just read one sold for 200K.
I owned a 1795 Draped Bust Dollar in PCGS MS 63 which I sold for about 55K three years ago and now I would pay 100k for it.
I owned a Specimen Wreath Cent in NGC MS 65 which I sold for around 100K and now it is in a 66 holder and the owner is asking like 175K.
I owned a Chain cent in 55 that I finally sold about three years ago for 60K which is now worth way, way above that.
I owned about 200K worth of super high grade currency that I sold for a 30K loss just about 6 months before most of it doubled or more in value.
If I would have just held on to the stuff a little longer or sent it in myself for an upgrade, I would have made out much better. Oh well, it's only money. >>
On the bright side, just think of all your happy customers.
Since you've been a dealer only in an up market, the perception that you've sold too early is clear. However, as the market turns, and you get stuck with coins you can't sell for more than purchase price, you'll be glad you sold what you did, when you did.
The only coin I regret not keeping is a 1799 $10 NGC AU58. I got it on approval for $8K 3-4 years ago. I returned it to the dealer because it was a real dog and considerably overgraded for all the contact marks it had. Since my crystal ball's battery was dead, and I'm a collector, I returned it. If I knew in advance what it would be worth today, I would have bought it then and resold it now.
Sure, a lot of coins we've sold are worth more today than when we sold them, but thats the idea, isn't it? Sell good coins that people want and, over time, they should increase in value. If they don't, I suspect you'll have some not-too-happy customers.
As for coins that upgraded after we sold them, that too is inevitable. We sell a lot of older holder stuff and choice for the grader stuff and some of it probably gets conserved and upgraded after it leaves us.
I noticed in the Heritage previews for Troy Wiseman's collection in January several of the coins we sold him had been upgraded, presumably by Heritage. In each case the coins look the same, so I say good for them.
<< <i>lock upgrade >>
<< <i>If you're playing dealer, the idea is to turn over coins you buy. >>
My biggest regrets of the past year was letting a pair of finest graded (pop 1) coins get away. Niether was finest graded when I owned them, but I had a good guess one of them would eventually go up. The 2nd coin was a total surprise. One of them tripled in price while the other more than doubled upon the higher grades being assigned. For 5 figure coins it stung just a tad.
The lessons learned will help us to hang on the next group of potential winners just a little bit tighter. I've tried to avoid the crackout game and go for the sure thing. So while I don't always get a doubling in value, I've often asked 50-90% premiums for what appeared to be "lock" upgrades in holders. And as we all know, there are no lock upgrades until you send them in.
roadrunner
The name is LEE!
<< <i>If you're playing dealer, the idea is to turn over coins you buy. If you are a collector, then it's different.
... >>
I don't understand the premise of the thread at all. I thought the original poster was a dealer. Dealers thinking of holding inventory for three years? Maybe a few prize pieces for publicity, but any dealer who routinely operates that way is not going to survive a severe down market, and yes one will come, though in my opinion not any time soon. Prices can move down faster than they move up. Holding and waiting for a bounce sounds like a good way to the poor house [for dealers, for collectors it is different].
Its been a great bull market for certain key dates, generic gold, and some other narrow segments. A good number of coins, though a small percentage of all coins, are up 50% or 100% during the past few years. Coulda, shoulda, woulda is not worth spending time on.
/ edit to add: if a dealer can turn coins over for 5% every two months (30% annual, 100%+ when compounded) that is better than waiting for a home run 100% over 3 years. Two months and 5% is not unreasonable, many dealers do better on one of those numbers. Not every coin can be moved that fast for a decent profit, however far fewer coins double in price in a few years.
<< <i>
<< <i>If you're playing dealer, the idea is to turn over coins you buy. If you are a collector, then it's different.
... >>
I don't understand the premise of the thread at all. I thought the original poster was a dealer. Dealers thinking of holding inventory for three years? Maybe a few prize pieces for publicity, but any dealer who routinely operates that way is not going to survive a severe down market, and yes one will come, though in my opinion not any time soon. Prices can move down faster than they move up. Holding and waiting for a bounce sounds like a good way to the poor house [for dealers, for collectors it is different].
Its been a great bull market for certain key dates, generic gold, and some other narrow segments. A good number of coins, though a small percentage of all coins, are up 50% or 100% during the past few years. Coulda, shoulda, woulda is not worth spending time on.
/ edit to add: if a dealer can turn coins over for 5% every two months (30% annual, 100%+ when compounded) that is better than waiting for a home run 100% over 3 years. Two months and 5% is not unreasonable, many dealers do better on one of those numbers. Not every coin can be moved that fast for a decent profit, however far fewer coins double in price in a few years. >>
Well said RT.
<< <i>
<< <i>If you're playing dealer, the idea is to turn over coins you buy. If you are a collector, then it's different.
... >>
I don't understand the premise of the thread at all. I thought the original poster was a dealer. Dealers thinking of holding inventory for three years? Maybe a few prize pieces for publicity, but any dealer who routinely operates that way is not going to survive a severe down market, and yes one will come, though in my opinion not any time soon. Prices can move down faster than they move up. Holding and waiting for a bounce sounds like a good way to the poor house [for dealers, for collectors it is different].
Its been a great bull market for certain key dates, generic gold, and some other narrow segments. A good number of coins, though a small percentage of all coins, are up 50% or 100% during the past few years. Coulda, shoulda, woulda is not worth spending time on.
/ edit to add: if a dealer can turn coins over for 5% every two months (30% annual, 100%+ when compounded) that is better than waiting for a home run 100% over 3 years. Two months and 5% is not unreasonable, many dealers do better on one of those numbers. Not every coin can be moved that fast for a decent profit, however far fewer coins double in price in a few years. >>
The original poster is a dealer but he asked his questions of the forum, which consists largely of collectors. It made sense to me.
<< <i>I just can't win. I used to not send coins in for upgrade, but no more. If it's a lock upgrade, I'm sending it in. If I can't sell it for a reasonable profit, I'm going to hold on to it longer.
My screw ups:
I sold a Matte Proof Peace Dollar in NGC 64; I've been told it's now in a PCGS 65 holder.
I sold a MS 68 $10 Indian for $80,000 about three years ago and now I just read one sold for 200K.
I owned a 1795 Draped Bust Dollar in PCGS MS 63 which I sold for about 55K three years ago and now I would pay 100k for it.
I owned a Specimen Wreath Cent in NGC MS 65 which I sold for around 100K and now it is in a 66 holder and the owner is asking like 175K.
I owned a Chain cent in 55 that I finally sold about three years ago for 60K which is now worth way, way above that.
I owned about 200K worth of super high grade currency that I sold for a 30K loss just about 6 months before most of it doubled or more in value.
If I would have just held on to the stuff a little longer or sent it in myself for an upgrade, I would have made out much better. Oh well, it's only money. >>
Adrian
I do not look back at past deals made, be them good or bad. The market is rolling along smoewhat still, but what gives you the guarantee conditions will stay the same? It already seems like smoe series are cooling off.
I was glancing thru B&M's Richard & Jean Salisbury/ Ted K. Woods collections from 9/94 today, and I found myself wondering what smoe of the incredible material from that sale would pull in today’s market, and what it might be worth in a downturn, as 1994 wasn’t really the time to be selling smoe of what those collections contained.
The patterns were f^&%$*@ outstanding IMHO.
However things and conditions will always change over time, smoe are lucky to be on the right side of the fence when they do, others are not so fortunate.
Answer is no, I regret nada.
Go BIG or GO HOME. ©Bill
<< <i>What's a "lock" upgrade? >>
Someone's "hope" and "prayer".
A lot of people think they can grade and some of them really can. Trouble is that grading is always subjective to some degree and getting a coin slabbed is paying for an opinion (no guarantee you will agree with that opinion).
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment