When it "pays" to "pay" stupid money!
fcloud
Posts: 12,133 ✭✭✭✭
Two of the various coins I have paid stupid money for are my pair of 1921 Mercury dimes (Philadelphia & Denver). To find these two in MS63FB (MS63 was my minimum goal) was a long process and when the coins became available I simply thought they were more than I was willing to pay. At the time the economy was good and they were some of the last few coins to upgrade in my set. The first one; the 1921 D was purchased in October 2005. The second one; the 1921 was purchased about a year later in September 2006. I have kept an eye on this date when they come to auction, and I think they consistently sell for more than the price guide. I am glad I paid too much because as time went on I find other people pay more than the price guide for this date. When it comes down to it by today's standards I picked these up as a bargain. 
Share you stupid money stories with us!
Share you stupid money stories with us!
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
0
Comments
/edit to add: The dealer asking $75 went fishing and found a fish (me).
<< <i>I think it pays to pay stupid money for something when 1) it is not replaceable, 2) you really, really want it, 3) you can afford it, 4) you plan to keep it for a long time and 5) profit is not your primary motivation. >>
I agree.
However, I think you should also make sure that your "stupid money" coin is popular enough that the demand justifies the price. In other words, don't pay stupid money if the coin meets all the criteria above but is a coin only you want.
--Jerry
<< <i>I think it pays to pay stupid money for something when 1) it is not replaceable, 2) you really, really want it, 3) you can afford it, 4) you plan to keep it for a long time and 5) profit is not your primary motivation. >>
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>I think it pays to pay stupid money for something when 1) it is not replaceable, 2) you really, really want it, 3) you can afford it, 4) you plan to keep it for a long time and 5) profit is not your primary motivation. >>
I completely agree. Here's my example of stupid money...and I love it:
<< <i>So did the seller have a good feel for the actual value of the coins or was he just looking for someone foolish? I assume you're saying you paid more than full retail. I don't consider full retail stupid money.
--Jerry >>
The 1921 D dime came from an auction so it was up to me how bad I wanted it. I simply purchased the other one. My guess would be we both knew it's value as these things rarely sell for what the "book" says.
I paid over retail for both at the time.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
I also passed on the F/VF 1802 half the same dealer was offering at $800. I didn't pull the trigger because it had a couple of little hairlines on the obverse, though I thought it would still holder. Can't get that coin for less than $2,500 now, and I still don't have an 1802 half. Now THAT was stupid.
Its good to see others come out well with stupid money that was spent.
Ken
Like a pop 3 Lincoln penny purchased before the registry boom
<< <i>I really like the look of that 1921-D. >>
+1
Ken
as there's always been someone with even stupider money outbidding me
<< <i>It's been hard for me to spend stupid money on things I've really wanted at auction in the last 2 years....
as there's always been someone with even stupider money outbidding me
With rare, key, semi-key, and the like it is probably more common than on the stuff you can buy everyday.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
If the guide is too low for specific coins, that is a separate issue. The term has more to do with paying over current market rate. So high that an immediate rather large percentage loss would result if the coin had to be sold immediately wholesale. In my case, paying $75 vs. perhaps $33 wholesale is that kind of loss, a 60% immediate loss if I had to sell at fair wholesale the next moment. The auction coins mentioned in the original post were more likely in the typical 20% spread range to fair cash wholesale for coins of that price, date and grade, and don't fit the definition of "stupid money."