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How to lose money on your coin collection

BearBear Posts: 18,953 ✭✭✭
in U.S. Coin Forum
1.Stay ignorant. It's comfortable never to have to

learn, question and comparison shop.

2. Never plan your collection, always buy on impulse

3 Always buy on the cheap. Quality should never be an issue.

4. Never sell a coin. It will only depress you, knowing how badly
you are being shafted.

5. Do not ever waste your money on reference books. You can use the book
money to buy more coins. Ignorance is always bliss.

6 .Always be willing to buy the latest hot fad item and at top dollar too.

7. Never listen to more experienced collectors. No one could possibly be smarter
then you when it comes to coins.

8. Always have faith that coin publications will review and check on ads for
honesty and accuracy.

9. All TPGs are made equal.

10. The more professional associations a dealer belongs to, will always show the dealer
to be to be honest, informed and a person that is trustworthy.

11. Do not pay attention to this Forum. After all, why waste your time on babbling by collectors.

There once was a place called
Camelotimage

Comments

  • blu62vetteblu62vette Posts: 11,933 ✭✭✭✭✭
    I will memorize this list!!image
    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • PlacidPlacid Posts: 11,299 ✭✭✭
    Sell it for less than you paid is another way. image
  • BearBear Posts: 18,953 ✭✭✭
    I did not list buy high and sell low, because

    that seems to be the system I follow and often.image
    There once was a place called
    Camelotimage
  • intenceintence Posts: 1,255 ✭
    lol good list
    image
  • garsmithgarsmith Posts: 5,894 ✭✭
    I must be doing something right, my investment in my collection is 66% of my collections value.
  • garsmithgarsmith Posts: 5,894 ✭✭
    #12 always give jelly donuts to bear and he will give you good advise.
  • WalmannWalmann Posts: 2,806 ✭
    Okay, but what's the max I should pay for a roll of the recently released Lincolns?

  • RayboRaybo Posts: 5,334 ✭✭✭✭✭
    I'm guilty of #2.
    I can be an idiot at times. image
  • PCcoinsPCcoins Posts: 3,354 ✭✭✭
    I like the last one image
    "It is what it is."
  • BearBear Posts: 18,953 ✭✭✭
    50 CENTS PER ROLL.image
    There once was a place called
    Camelotimage
  • 123cents123cents Posts: 7,178 ✭✭✭
    #13. Let everyone in the neighborhood know what you got!
    image
  • pendragon1998pendragon1998 Posts: 2,070 ✭✭✭
    Q: How to lose money on your coin collection?

    A: Have one.



    lol
  • BearBear Posts: 18,953 ✭✭✭
    How to be come a millionaire from your coin collection.



    Start out as a multi millionaire.image
    There once was a place called
    Camelotimage
  • etexmikeetexmike Posts: 6,850 ✭✭✭


    << <i>I did not list buy high and sell low, because

    that seems to be the system I follow and often.image >>



    This seems to be the one that I tend to follow also. image


    Mike
  • OPAOPA Posts: 17,136 ✭✭✭✭✭
    Don't do any research before you buy or sell to give you a feel of what the going price is. Especially in Classic "Junk."
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • BearBear Posts: 18,953 ✭✭✭
    Making money on your collection is merely a function of time.





    100 to 200 years should do it!image
    There once was a place called
    Camelotimage
  • MidLifeCrisisMidLifeCrisis Posts: 10,550 ✭✭✭✭✭


    << <i>How to lose money on your coin collection >>


    Thanks for the advice...but I'm pretty good at losing money on my own. image
  • bidaskbidask Posts: 14,017 ✭✭✭✭✭
    Its common to lose money on coins.

    Its also common to make money on coins.

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • options26options26 Posts: 1,431
    OK, just to pass along my lessons learned. I have been guilty of:

    2. Buying whatever was cool
    3. Cheaper the better, only in it for the registry points. I fell into the Omaha Coin crap, man those coins were low quality.
    4. Yep same here, but once you get going it feels great to get coins that stunk out of your collection.
    5. Almost - I read and listened. But going back to #1 I was ignorant
    7. I listened to the experienced collector, but with this registry crap they were the people I was competing against so it went in one ear and out the other.
    9. TPG's I learned quick that they are not created equal. I can semi grade now and I buy the coin not the holder.
    11. Yep, but I learned

    Thanks for reminding me that the direction I am taking is the slower but better road.

    Jim

    Edited to add: The actual person the set me straight was Stewart Blay. His interview on PCGS laid on why he chooses certain coin, when he buys and why. It was a great lesson to live by. As he said in some recent posts. At auction someone just paid for a few IHCs more than he paid for his entire set. Gotta tell you something
    Life member of the SSDC
  • garsmithgarsmith Posts: 5,894 ✭✭


    << <i>Okay, but what's the max I should pay for a roll of the recently released Lincolns? >>



    50c
  • SilverEagles92SilverEagles92 Posts: 6,787 ✭
    As the saying goes, want to know how to make a small fortune in coins? Start with a large fortune image
    image
    To support LordM's European Trip, click here!
  • golfer72golfer72 Posts: 3,588
    #12 Buy from Dealers and sell to Dealers.
  • FatManFatMan Posts: 8,977 ✭
    You will lose plenty of money if you listen to the "Buy what you like" mantra preached by so many dealers. You will do fine if you stick to the mantra "Buy what you know".
  • CoinlearnerCoinlearner Posts: 2,498 ✭✭✭✭
    Yep,That about sums it up. Those that need to see this,are not here to read it. Most here try to buy "right".....Still, many times one may buy the coin/coins, for the enjoyment,without ever expecting a profit on them.
  • WalmannWalmann Posts: 2,806 ✭
    Additional pointers.

    Try to purchase exclusively from TV coin shows.

    If you must order directly from the US Mint, be sure to place separate orders for each item, this helps maximize shipping charges.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,463 ✭✭✭✭✭
    You forgot about paying the kids allowance with statehood quarters from the mint that I paid forty cents each for. I got even with them. I made them work twice as hard for their allowance. image
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,463 ✭✭✭✭✭


    << <i>You forgot about paying the kids allowance with statehood quarters from the mint that I paid forty cents each for. I got even with them. I made them work twice as hard for their allowance. image >>



    ...because a 4% return is better than a swat on the ass.
  • tahoe98tahoe98 Posts: 11,388 ✭✭✭


    ...........ah yes, but in the end you'll always have at least face value.image
    "government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
  • ElKevvoElKevvo Posts: 4,130 ✭✭✭✭✭
    Where was this post 40 years ago when I started? Now I find this out! image

    Thanks for the good advice!

    K
    ANA LM
  • PerryHallPerryHall Posts: 46,570 ✭✭✭✭✭
    How to lose money on your coin collection?---sell it to a B&M dealer.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • tahoe98tahoe98 Posts: 11,388 ✭✭✭


    << <i>How to lose money on your coin collection?---sell it to a B&M dealer. >>





    .............OUCH!image
    "government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
  • FredFFredF Posts: 526 ✭✭✭
    Oh man, what's wrong with impulse buys!

    (Of course, I'm the type of guy who after a stressful week at work chose to unwind by looking through the entire heritage catalog, finding coins I liked that were way beyond my means, and bidding a fraction of what they will actually go off for. Like the coin I bid $3k on that will likely go off closer to $15 and if I get it at 3 I will a) have a ton of explaining to do and b) be thrilled .)

    Successful BST (me as buyer) with: Collectorcoins, PipestonePete, JasonRiffeRareCoins

  • lkeneficlkenefic Posts: 8,248 ✭✭✭✭✭
    Great list... I might only add... Always buy on QVC!!
    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
  • Bossman88Bossman88 Posts: 638 ✭✭
    By paying Moon Money
    for Earth Bound Coins.image

    Regards, Larry
  • lathmachlathmach Posts: 4,720 ✭
    Thanks for the tips, Bear, but I don't think they'll help much though.
    I've been trying to lose money on my Seated Quarter collection for a long time now, so I wouldn't get hit with such a high capital gain tax, when I sell.
    Seems like no matter what I do, they just keep going up in value.
    Oh well, the tax man will get his due, I guess.

    Ray
  • percybpercyb Posts: 3,333 ✭✭✭✭
    #13. Always buy from the Home Shopping Network!!
    "Poets are the unacknowledged legislators of the world." PBShelley

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