What price point, for you personally, do you consider "throw away" on a coin?

Bochiman

Not talking about buying crap coins as throwaway, but rather, if you see a coin that interests you, is there a price point, above what you could likely sell the coin for, that you consider something above what you are willing to risk/throwaway?

For example:

You see a coin that you want.....conventional/current wisdom says that the coin will sell all day long at $25 (pick you amounts for what you collect) but it is already over $50. Maybe it is toned, maybe it is blast white. Maybe...whatever. Is there an amount that you just don't care about?

I didn't used to have an amount...I was a stickler for "the book price", or what I saw them going for. I missed out on plenty of nice coins. I probably got more than my share of "average" coins because of this. That's fine with me....tuition and learning.
However, I do have a personal cap.....even if toned (one never knows if someone else will value the toning the same as you do) or top pop (will another be minted? Is it a fad coin?)....I think my throwaway cap is probably about $50. That isn't on every single coin as that wouldn't be smart, but rather, it is on the harder to find looking like that coins.

So, if I buy a coin for $100, and book value is ~$50, then to me it should have a really nice look and not be something that one can find every single day with no problem.

I know some folks can blow hundreds of $$$s with no problem/thought. I can't do that. But, I have found that sometimes the enjoyment of the coin is worth a bit....even if one can't get that value back, in cash, when it is sold.

I say this because I didn't bid early enough on a 1959-d, toned, franklin for my son's franklin book weeks ago. It wasn't "spectacular" in toning but it was nice. It wasn't "top pop" but it was unc. I forgot to put a bid in late, missed out entirely on bidding on it, and haven't seen one before, or after, that was anything but blast white or just average white looking.

Same goes for some of the proof IHCs......I think my limit on those is $100-$200 above what they should sell for, if they have a nice look. I am ok with that amount as I don't spend it often, but I know some folks wouldn't pay the extra and I know others will pay a lot more (I know this because I seldom am the winner of these coins).


So, what's your "throwaway" limit? Any?

PrivateCoinCollector

Mine is tied in with what I will buy without a slab. About $200 is the most I will do (except for bullion stuff) without wanting it in a slab to somewhat assure I do not "throw away" the money.

lope208

I don't have a dollar amount, it's just a gut feeling. If I'm going to pay over book price for a coin, it had better be one that catches my eye and something I can't find every day (like you mentioned). If it's ultra nice and I don't think the price guide has caught up (i.e. the 1854 half cent I just picked up for 75% over PCGS price guide). The look matches my large cent from the same year. I plan on working on my 1854 mint set for years and hanging onto the coins for 20+ yrs. So I didn't mind paying too much to get the coin I really wanted now.

But I'm sure we all have differing opinions on this.

GoldenEyeNumismatics

Depends on the coin/bill. I think the highest I ever threw away was probably about $500, simply because it was a coin I'd always wanted and it was a great example.

Swampboy

<< <i>I know some folks can blow hundreds of $$$s with no problem/thought. I can't do that. But, I have found that sometimes the enjoyment of the coin is worth a bit....even if one can't get that value back, in cash, when it is sold. >>



Yes, I refer to this as the 'rental fee'. That's why I started a thread stating I wasn't a coin collector but a coin renter.
About $50.00 is my maximum which was just what a piece I sold today will cost me when the smoke setles.
I've enjoyed it for a year so it cost me a dollar a week to hold.

Type2

I would go 100.00 over if it is nice now if I like it alot at the last min I'll go 250.00 if it is very very nice. need to see the coin, what am I bidding on.

mirabela

That's a good question.

For me it's less a dollar amount than a percentage of sorts -- like around 20%, whatever the price. That might mean I eat $200 (not trivial, for me) on a $1000 coin, but I only buy coins in that price range that I really, really dig anyway -- and not very often at all, even so.

This doesn't necessarily mean I'm only willing to go 20% over "book price" though. I can think of certain draped bust issues, for instance, where the book might say $400; I happen to know I could get out tomorrow at $725, so yeah, if I really have to have the coin I might spend $850 and call the rest the rent I might end up paying to own the coin if the market doesn't move up over the time I hold it.

I mean, let's face it -- the market can move down anyway; I could buy something where I don't see any "throwaway" in the price at all, and by the time I sell it might be worth a fraction of what I could have sold it for today.

I sure don't have a crystal ball.

NHSBaseball

As many times as I have heard someone say something along the lines of "throw away the sheet if you want nice coins", it wasn't until last month that I actually did so. I bid more than double the "book" on a half dime graded MS-61 that many who commented upon it when posted here said would probably be AU if cracked and re-slabbed. I now have the coin in hand and know they were wrong, but you really couldn't tell from the auction pics- so for all I knew I was bidding 3-4x what the coin was "worth".

It is now by far the nicest coin in my collection, and I get more pleasure out of it than I could have imagined. I am not going to post a pic because the only ones I have don't do the coin justice, and I don't want to debate the merits of a great coin based on a bad photograph.

I might be "buried" in this coin, but I don't care because they're going to have to bury it with me.

Bochiman

<< <i>

<< <i>I know some folks can blow hundreds of $$$s with no problem/thought. I can't do that. But, I have found that sometimes the enjoyment of the coin is worth a bit....even if one can't get that value back, in cash, when it is sold. >>



Yes, I refer to this as the 'rental fee'. That's why I started a thread stating I wasn't a coin collector but a coin renter.
About $50.00 is my maximum which was just what a piece I sold today will cost me when the smoke setles.
I've enjoyed it for a year so it cost me a dollar a week to hold. >>




That's a good way to look at it, Gil.
I've definitely lost more than that in stock

packers88

I don't know what a throw away coin is, but I sure see alot of coins on teletrade with winning bids under $20. I think teletrade could do itself a service and the collecting community by offering coins with projected sales of over $50 and get rid of alot of excess. I still have no idea who these bozos are that consign a coin to teletrade that ends up selling for $10.

RedTiger

The cost of lunch at McDonald's, more than that and we are talking "serious" money (I am only half kidding here, in the past I was a notorious tightwad).

ArizonaJack

Oh, maybe the $20-$50 range. If I see something on Ebay that stikes me, and is an oddball item that I just WANT, I'll toss a throwaway bid like that. This mostly includes Detroit related tokens, paper money, etc that I want for my Detroit non sports collection.

Unknown

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lasvegasteddy

i just don't see me "throwing away" on my matty's

i'd rather anty up now...get um done...and enjoy them till i die...whatever happens later in price...just doesn't matter much

Bochiman

<< <i>I don't know what a throw away coin is, but I sure see alot of coins on teletrade with winning bids under $20. I think teletrade could do itself a service and the collecting community by offering coins with projected sales of over $50 and get rid of alot of excess. I still have no idea who these bozos are that consign a coin to teletrade that ends up selling for $10. >>



If you buy a $10 coin on TT, and that is the ONLY coin you buy in that auction, and it REALLY is a $10 coin, then you just experienced throwaway money
($10 for a $10 coin, 12% (soon to be 15%) buyer's fee, and ~$10 shipping. So, you have about $15+ of "throwaway" money there

veryfine

I wish I could say that my "throw away" amount is for spectacular looking, hard to find coins, but I can't. I have paid 40-50% over book value for AVERAGE coins for the grade!

Not something I'm proud of, but I thought I'd expose my impulsive, reckless side.

Bochiman

<< <i>I wish I could say that my "throw away" amount is for spectacular looking, hard to find coins, but I can't. I have paid 40-50% over book value for AVERAGE coins for the grade!

Not something I'm proud of, but I thought I'd expose my impulsive, reckless side. >>



I have coins for sale for you...let me know what you are looking for

lasvegasteddy

hey boch,

any pr64r/b mattys?

luckyman

Here's evidence of my throw away mindset ....

totally on a whim today on ebay....

just liked the toning....

don't have a grey sheet...

red book says $110....

threw an extra $40 at it....total $150 free ship

I'm starting to collect overdates.....

humble beginnings....

1829/7 bust half

1822/1 bust half

now this......

if the seller is a member here...I can't wait to see it in hand!

BAJJERFAN

<< <i>

<< <i>I don't know what a throw away coin is, but I sure see alot of coins on teletrade with winning bids under $20. I think teletrade could do itself a service and the collecting community by offering coins with projected sales of over $50 and get rid of alot of excess. I still have no idea who these bozos are that consign a coin to teletrade that ends up selling for $10. >>



If you buy a $10 coin on TT, and that is the ONLY coin you buy in that auction, and it REALLY is a $10 coin, then you just experienced throwaway money
($10 for a $10 coin, 12% (soon to be 15%) buyer's fee, and ~$10 shipping. So, you have about $15+ of "throwaway" money there >>



Minimum juice is $8 and min shipping is $5 so a $10 winning bid would cost you $23.

seateddime

the most painful coins to buy are the best ones too.

If I see a great coin that is not coming again soon I just pay what I have to pay to get it. I just paid $1250 for a wild toned coin that books for $500 but I will love the coin long after I forget the price.

veryfine

<< <i>

<< <i>I wish I could say that my "throw away" amount is for spectacular looking, hard to find coins, but I can't. I have paid 40-50% over book value for AVERAGE coins for the grade!

Not something I'm proud of, but I thought I'd expose my impulsive, reckless side. >>



I have coins for sale for you...let me know what you are looking for >>


It's cruel to take advantage of a coin addict.

TwoSides2aCoin

I pay what I must to get what I need for whatever tickles my coin fancy.

OKbustchaser

I will never recoup a dime that I have spent on my collection because none of them will ever be sold while I own them. Since the most I have ever paid for a coin was 8500.00 I guess I should say that currently my "throw away" limit is 8500.00.

fc

melt or slightly over it.

ricko

I do not pay premiums, I do not pay 'juice'... I am a collector, and will find my coins at the proper price.... so I will not throw money away. I have no problem attending a coin show and leaving with all my funds intact. I do not, and will not waste money on toning, provenance etc.... the coins I obtain are strictly for my pleasure - not for any other reason. Cheers, RickO

Bochiman

<< <i>I will never recoup a dime that I have spent on my collection because none of them will ever be sold while I own them. Since the most I have ever paid for a coin was 8500.00 I guess I should say that currently my "throw away" limit is 8500.00. >>



Not to pick on you, since I have seen others post with the same "reasoning" but that logic isn't what I was posting the thread about.
In your, and others', case, the logic that I was asking for would be more akin to asking you what a reasonable sale price of the coin(s) in question would leave still on the table from what you paid?

So, if you paid $8500, and the coin had to be sold (spouse/widow/son/etc), what would the price likely be? $8000? So, $500 was 'throwaway'?

In reality, it doesn't really matter....it is just a question I got to thinking about as I went through a few things in our collection and looked at a few things I had just purchased or had missed out on purchasing. Thought maybe others had a similar way of thinking....wasn't really looking for the "it's mine forever and I am taking it to the grave with me" just like I wasn't looking for the "only pay what I can flip it for" answers

renomedphys

The logic is tempting to say... Oh, whatever I spent on a coin that I'll never sell, or whatever the limit on a coin that I'd consider cracking out, but really, truthfully, and honestly, it must be somewhere around 1 - 2 % of the total value of my collection. That is the amount that I would be willing to risk to bring a coin into my set based only on a gut feeling and nothing else. If I really like it, and I just don't know, then that's the limit. 2%.

That way, even if I lose out, I can use the rest of my set to justify the expense.

OKbustchaser

When--not if--my daughter sells my collection after my death she will be very happy to get melt. That's all that the coins are worth to her so, yes, in my case pretty much the entire 8500 was thrown away. If, on the other hand she actually gets market value for it then none of it is now thrown away because of a rise in the market. If I had died a week after buying it then probably 750 to 1000 of it would have gone down the drain.

Bochiman

<< <i>When--not if--my daughter sells my collection after my death she will be very happy to get melt. That's all that the coins are worth to her so, yes, in my case pretty much the entire 8500 was thrown away. If, on the other hand she actually gets market value for it then none of it is now thrown away because of a rise in the market. If I had died a week after buying it then probably 750 to 1000 of it would have gone down the drain. >>



Thanks

btw....can I have your daughter's number? I'll be happy to give her 2x melt for ya

(j/k)

pennyannie

I do not have a actual dollar amount. But in the past i only bought coins that i was 90 percent sure i could flip for profit. It did not take a real learning curve just a good circle. As time passed i have noticed that i have more money in my core collection that i can get out of it due to the "stretch" factor dealers love to throw around. A PQ coin is worthy of more $$ UNTIL YOU NEED TO SELL IT, then it gets picked apart. lol After typing and thinking the limit is 250 dollars. My core collection is about 50 coins and for those i do not mind over paying, it will be a cold day in hel before i sell them. I will not, my kids probably will.

kryptonitecomics

If it's a coin I want....the sky is the limit......I left the land of price guides when I started collecting nothing but eye appealing toned coins. They may or may not be a good investment but I have never gotten more pleasure from my collection as I do right now.


Quality deson't come cheap.....if you don't want to pay a premium then in most cases you won't acquite premium coins.......there is nothing wrong with that....I just don't want to limit myself becuase I make my collecting about fun and that doesn't include widgets or investment type coins