Home› U.S. Coin Forum

Co-worker is a train wreck in slow motion

PrethenPrethen Posts: 3,461 ✭✭✭
in U.S. Coin Forum
I work with someone (probably the only other person in the over 1200 people in the company) that enjoys collecting coins, especially U.S. He's nervous about showing me his coins because I'll "criticize" them. He's basically said that he's a value buyer. Since he never sells his coins, his never had an honest critique of what he has bought. I already know by some of his descriptions of what he has bought that he's buried in the coins and that they're likely a problem and/or not market acceptable.

Yes, I've tried to gently explain why I "critique" coins and that I've been burned enough (and still occasionally do!) that after licking my wounds I learn what to look for in that next purchase. He hasn't had any of those lessons.

As an example of why I'm worried, he noted that he's in love with the seller Great Southern Coins on eBay. He mostly buys every coin on eBay.

Is there a single really easy-to ready, no brainer type article (online or otherwise) that I could suggest he read to open his eyes a bit?

Maybe one day, I can show him parts of my collection and reveal some mistakes (that I'm still happy to keep) and some goodies that took care to select.

Comments

  • chumleychumley Posts: 2,305 ✭✭✭✭
    your kindness will probably not go unpunished but keep trying anyway....wish I had a friend like you when I started collecting
  • partagaspartagas Posts: 2,056 ✭✭✭
    I think the best thing you could do for him is show him a good coin and a bad coin.
    Once you see the difference it is night and day. Hand him a polished turd and a nice original coin. Ask him what he thinks. If he picks the turd then you might as well just forget about it.
    If I say something in the woods, and my wife isn't around. Am I still wrong?
  • dcgolferdcgolfer Posts: 253 ✭✭
    Yes, keep trying. I too wish I had someone like you around about 15 years back. Would have saved me a lot of hard learned lessons and money.
  • CasmanCasman Posts: 3,935 ✭✭
    You have to convert him. My associate used to make all his purchases from Littleton, and yes he got ripped on every purchase often paying 50% or more to much...I think I have straightened him out.image
  • SeaEagleCoinsSeaEagleCoins Posts: 3,262 ✭
    You could do for him that same that was done for many of us... turn him on to this forum... and ask him to do a search of Great Southern (when they are raw there is a problem) Coins...
    Re: Slabbed coins - There are some coins that LIVE within clear plastic and wear their labels with pride... while there are others that HIDE behind scratched plastic and are simply dragged along by a label. Then there are those coins that simply hang out, naked and free image
  • dsessomdsessom Posts: 2,435 ✭✭✭✭✭
    A little education never hurt anyone. The only non-slabbed coins I buy are "widgets" I find in 2x2's at shows and B&Ms that cost less than $20 or so. I occasionally find good looking IHCs, 2C's, V nickels, Mercs, etc. in 2x2 holders that I like, and if they are under $20 or so, I don't mind buying a "problem" coin. On occasion, I've even spent $40 or $50 on a 2x2 raw coin but those are rare cases. In some ways, I just like having a few non-slabbed coins in an album so I can take them out and touch then if I want.

    My point is that if you enjoy what you are buying, that's what really counts. Now, on coins that cost several hundered or more, I buy slabbed only. I too learned the hard way that raw coins can lose you money if you don't have a keen eye and know what you are doing.
    Best regards,
    Dwayne F. Sessom
    Ebay ID: V-Nickel-Coins
  • jmski52jmski52 Posts: 23,281 ✭✭✭✭✭
    Is there a single really easy-to ready, no brainer type article (online or otherwise) that I could suggest he read to open his eyes a bit?

    Check the Coin World archives and find an article or two by QDB that might address the question.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • drwstr123drwstr123 Posts: 7,049 ✭✭✭✭✭
    Show him this thread.
  • crazyhounddogcrazyhounddog Posts: 14,071 ✭✭✭✭✭
    I would be brutile with him, it works...image But if it's your friend and co-worker maybe not, Second thought ....If he's buying from "great southern coin" Be BRUTILE with him and explane he's getting RIPPED!!!!!!!!!
    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • rheddenrhedden Posts: 6,632 ✭✭✭✭✭
    Stop trying to help him, I think. He doesn't want to be helped, and he's not going to stop doing what he enjoys doing, which is buying junky coins cheap.

    10 years ago, I had a friend who would not buy a numismatic coin, but he did sink $10k into junk silver, which he bought from the one person in our area who would NOT give him a fair price. He did this without asking my advice first. He paid 20% more (for mostly 40% silver Kennedy halves mind you) than what he could have done at any reputable bullion dealer in the area, so he was already buried $2k up front. In the end, it turned out great for him, because silver was $6 an ounce when he bought it. He likely is sitting on more profit right now than I am with the carefully selected, nicely original large cents and bust coins I bought during those years. So who should have been giving advice to whom?


  • coinguy1coinguy1 Posts: 13,484 ✭✭✭


    << <i>Show him this thread. >>

    And others about Great Southern Coins, byiung sight-unseen, etc.
  • crypto79crypto79 Posts: 8,623 ✭


    << <i>he's not going to stop doing what he enjoys doing, which is buying junky coins cheap. >>



    If he is buying them from GSC, he is not getting cheep
  • LakesammmanLakesammman Posts: 17,461 ✭✭✭✭✭
    I have a coworker that buys alot of gold and currency, always sight unseen.

    I've offered to preview coins for him (for free) at the major auctions. He took me up on it only once and I didn't like any of the coins he was considering.

    He hasn't asked me again. image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
  • DUIGUYDUIGUY Posts: 7,252 ✭✭✭


    << <i>

    << <i>Show him this thread. >>

    And others about Great Southern Coins, byiung sight-unseen, etc. >>






    image
    “A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly."



    - Marcus Tullius Cicero, 106-43 BC
  • llafoellafoe Posts: 7,220 ✭✭
    James Garcia has some nice articles.
    WANTED: Cincinnati Reds TEAM Cards
  • slothman2000slothman2000 Posts: 952 ✭✭✭
    at least he is not a member of the Robert Chambers fan club.....
  • RedTigerRedTiger Posts: 5,608 ✭
    If he is enjoying the hobby, let him be. Perhaps he could do better, but you can't give him your "eye" for coins--that trick would likely take years of training and effort on his part. A person like that will tend to flinch at the prices for no-problem, original looking coins. If he is buying his coins at true auction, he is paying the going market rate for the dogs, so isn't that far gone. Someone that doesn't have much talent for grading and/or spotting problem coins isn't likely going to pick that up without major effort. It is unlikely that he wants to make that effort.

    You can't save every fool in the world. Some folks like where they are and have no desire to change. In any case, there isn't a "right" or "wrong" way to collect coins and enjoy the hobby. As long as he is spending hobby money, vs. borrowing and/or missing mortgage/rent payments, there is nothing "wrong" with the path he is on. Sure he could do better if he is willing to take the considerable effort to learn more, but that is not easy or quick.
    Investment blog: gold, stocks and more
  • ubercollectorubercollector Posts: 277 ✭✭
    If he's like my friend, he really doesn't want a critique of his coins. He just wants to show them off to another collector. Sometimes people just don't want an opinion. If he shows you his coins, hold back on the urge to point out the deficiencies of the coin. If he asks, make sure he wants your honest evaluation, then give it to him.

    Otherwise, do what Partagas suggests; show him the difference between a junky coin and a good one. Critizing, no matter how well intentioned, tends to elicit a defensive response and your attempt to educate him will fall upon deaf ears.
  • CoinosaurusCoinosaurus Posts: 9,645 ✭✭✭✭✭
    Don't tell him his coins are crap. Instead:

    * Encourage him to sell some coins so that he understands the market better

    * Show him some good coins and tell him what you like about them

    If that fails, you may have to come down on him a little harder.
    Newman Numismatic Portal, www.NewmanPortal.org
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    Well if stupid hurt more, it might not be so prevalent.
    image
    My Current project....https://www.pcgs.com/setregistry/mysetregistry/album/160794
  • DentuckDentuck Posts: 3,824 ✭✭✭
    For Valentine's Day, give him a copy of the Expert's Guide to Collecting and Investing in Rare Coins, by Q. David Bowers.

    The book is entertaining enough that he might not realize he's being educated as he reads.


    image



  • kurtdogkurtdog Posts: 1,456


    << <i>He's nervous about showing me his coins because I'll "criticize" them. >>

    If he's like that, he's got a bigger problem, he doesn't want to learn, he doesn't want to know the truth. As my dear, departed grandmother would say, fuhgeddaboudit!
  • MikeInFLMikeInFL Posts: 10,188 ✭✭✭✭


    << <i>Don't tell him his coins are crap. Instead:

    * Encourage him to sell some coins so that he understands the market better

    * Show him some good coins and tell him what you like about them

    If that fails, you may have to come down on him a little harder. >>



    +1

    In my experience, these are lessons a person needs to learn for themselves, and little that's written by another person will sink nearly as well as the lesson learned first hand.
    Collector of Large Cents, US Type, and modern pocket change.
  • clackamasclackamas Posts: 5,615 ✭
    Its funny, there was a thread yesterday about a shill bidder, and the buyer being nervous, and the seller was .............Great Southern Coins. I would run so fast from that seller.
  • streeterstreeter Posts: 4,312 ✭✭✭✭✭
    He doesn't want your advice. You two are on completely different playing fields.

    Sounds like he isn't in the same arena as you and he couldn't understand your advice even if you spoon fed it to him.

    Help the helpless and ignore the clueless.

    He likes to buy...and isn't concerned with selling. Buying is his tonic.
    Have a nice day
  • sinin1sinin1 Posts: 7,500 ✭
    ask him how he values the coins that he is buying

    surely he understands spending $300 for a $600 coin is good
    and spending $300 for a $100 coin is bad


    then ask him if he is willing to get 4 coins certified by PCGS, to see how he is doing with his evaluation/grading/purchasing
  • habaracahabaraca Posts: 2,050 ✭✭✭✭✭
    and if none of the above work.....

    sell him your old mistakes
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    This is a no-win situation. I have been in this situation, and believe me, they do NOT want to hear the truth. Twice I have been asked for, and given, my input on coins purchased from TV and schlock houses. Both times, even being extremely gentle and diplomatic, I was virtually cussed out, called a liar and, in fact, not spoken to again by these parties. It is just not worth it .... Cheers, RickO
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    Forget about his coins. He doesn't want to hear he's been buying crap.

    Instead, invite him over to your house so he can see some of your coins. When you show him the coins, make sure you do it under a good lamp in an otherwise dark room, and explain to him how that helps you see the coins better. If the lesson is not lost on him, he'll check out his own coins under similar lighting at his own home, and he'll learn something. At that point, the next move is his.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • fastfreddiefastfreddie Posts: 2,905 ✭✭✭✭✭


    << <i>polished turd >>



    That's funny - you crack me up Todd!

    Seriously, To each his own but keep trying to steer him. I have a co-worker who like coins - completely opposite of my taste. My co-worker likes modern's and I like old. He likes value and I like original value. He likes blast white and I like sun-tanned beauties with some crust and color!

    What you should also do is encourage him to review this forum - there is plenty of good info. I have learned much in my first 12 months here.
    It is not that life is short, but that you are dead for so very long.
  • leothelyonleothelyon Posts: 8,492 ✭✭✭✭✭
    God grant me the serenity to accept the things I cannot change; courage to change the things I can; and the wisdom to know the difference.

    Tell him to stop whatever he's doing and repeat the above 5X a day out in the street..............

    Or show him a coin he'll never see in his lifetime if he plans on continuing to buy blindly.

    I wish I had someone like you back in whatever.....

    What a joke! I've been warning Jefferson nickel collectors and the like about collecting bad coins for over 10 years and not once has anyone ever thanked me for saving them thousands of dollars. As a matter of fact, I'm more aware of collectors that likely despise me than those I've helped.

    They has seen others lose their shirts/money buying what they buy but yet they haven't learned how to stop that train from derailing. I'm totally baffled by these type of collectors, if you can call them that.


    Leo

    The more qualities observed in a coin, the more desirable that coin becomes!

    My Jefferson Nickel Collection

  • JustPlainAlJustPlainAl Posts: 66
    I think you need to refer him to an uppity coin collecting forum. That way he can read everything about coins and the people who collect them.

    Soon he too will be sticking his nose in the air and scoffing at unprofessional collectors.
  • pakasmompakasmom Posts: 1,920 ✭


    << <i>and if none of the above work.....

    sell him your old mistakes >>



    image
  • jmski52jmski52 Posts: 23,281 ✭✭✭✭✭
    think you need to refer him to an uppity coin collecting forum. That way he can read everything about coins and the people who collect them.

    Soon he too will be sticking his nose in the air and scoffing at unprofessional collectors.

    I guess it depends on what you consider uppity. If you secretly enjoy seeing a friend or co-worker get taken to the cleaners by some shyster dealer, then by all means, just ignore the whole deal and nod approvingly whenever he starts talking coins with you. No biggie.

    Is that the kind of advice you prefer?image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • questor54questor54 Posts: 1,351 ✭
    Tough call. The advice you give, if any, would depend on the kind of relationship you have with him and his personality. If I was you, I would nod, smile, and maybe invite him to go to a coin show with you to help him break the eBay-only habit. Or a coin club meeting? He may not realize how wide this hobby is.

    By the way, it sounds like you are being a really good friend by wanting to help him. Good for you!
  • ebaybuyerebaybuyer Posts: 2,984 ✭✭✭
    i wouldnt worry about what the guy spends his money on until he begins asking you to lend him money to buy coins. unless you are very good friends with this guy, i would have to assume he is more than just a little put off by you being so interested in his coins. there may be MANY reasons why this guy would rather downplay his collection even if he has a wonderful collection, not everyone likes to advertise what thier collection is worth just because his coins may not appeal to the masses does not mean that his coins are all junk.
    regardless of how many posts I have, I don't consider myself an "expert" at anything
  • DNADaveDNADave Posts: 7,308 ✭✭✭✭✭


    << <i> If he picks the turd then you might as well just forget about it. >>




    POTD
  • razzlerazzle Posts: 993 ✭✭✭
    Prethren,
    Let your friend come to you. When he does, you are free to make suggestions. If you would like your ideas/suggestions to gain acceptance with him, talk about what he does already that you can find something right about. Keep expanding on whatever he is doing that you like. Anyone can find what's wrong, that will only push him away.
    It's good to know you have taken such an interest in another collector. Best wishes.
    Markets (governments) can remain irrational longer than an investor can remain solvent.
  • crazyhounddogcrazyhounddog Posts: 14,071 ✭✭✭✭✭
    Why in the world do buyers just flock to this sellerimage It cracks me up, but sad at the same time. I see time and time again folks will pay sometimes double the cost for this sellers raw coins, when I see graded coins for sale " sometimes on the same page" for less than half the price???????
    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • CarlWohlforthCarlWohlforth Posts: 11,074 ✭
    Lots of good advice here. My favorite is:

    <<Don't tell him his coins are crap. Instead:

    * Encourage him to sell some coins so that he understands the market better>>

    Nothing like trying to sell a coin (especially if you never have) to learn what coins are worth. image
    Carl's Coins website w/ links to Carl's auctions
  • truecollector70truecollector70 Posts: 51
    interesting post:

    Bought these in July at $75 for 50 they have gone up $25 in 8 months silver value of course...


    image
    Think outside the box . Coin collector for 45 years
  • keyman64keyman64 Posts: 15,548 ✭✭✭✭✭
    If he buys PCGS Slabbed stuff from GSC then he should be ok most of the time as long as shilling is not going on. The big problem is if he has been buying RAW from GSC....YIKES! I had one very good experience!

    1944-D PCGS MS67FB Merc - PCGS Value is $160. Many dealers pay between $110 - $130 for this common coin and try to sell it between $150-$160.
    I got mine on a slow week night for $96 with free shipping! image

    Not a huge score, just a good experience....although I have seen GSC sell them for over $140 on eBay. I guess the difference is that I know what the heck I am doing most of the time and he is just going off of blind luck. Buying RAW on eBay can be scary, no matter who you are buying from!

    Greg
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • MidLifeCrisisMidLifeCrisis Posts: 10,560 ✭✭✭✭✭
    Very little chance this has a happy ending.
  • tmot99tmot99 Posts: 5,238 ✭✭✭
    Can you bring him to a local show for an hour or two and show him quality coins? Not sure how you get along and if an hour or two is more than you can handle.
  • atarianatarian Posts: 3,116 ✭


    << <i>

    << <i>polished turd >>

    >>



    according to Beavis from Beavis and Butthead you cant not have that.

    Anyway. if you have your friend come to the boards have him do a search to some of my earlier posts back in 2003-04. i remember having a mind set and RYK among others really tried to steer me in the right directions and i was naive to it and was kinda set in my foolish ways. AND he got mad at me as others did to the point he threw his hands up and walked away from me as a pointless case. It took me a while to wonder why everyone started to ignore me and to re-read what RYK and others wrote and then it started to sink in. Even when i started posted and started following their suggestions people were skiddish till they saw yes i was for real and not joking around. To this day I dont know how many experienced timers I might have burned bridges with due to my immaturity and ability to learn from the greats .

    Granted this had to go with Gold coins but still.
    Founder of the NDCCA. *WAM Count : 025. *NDCCA Database Count : 2,610. *You suck 6/24/10. <3 In memory of Tiggar 5/21/1994 - 5/28/2010 <3
    image
  • gummibeargummibear Posts: 786 ✭✭✭
    Show him the ones in your collection where you got burned or at least learned a lesson on what to look for. Then let him look at his own and let him ask to have you look at them for him. If you push he won't. If he doesn't you probably aren't going to be able to get him too. I would think by showing your mistakes and if they are bodybagged as evidence your won't be hurting his feelings but might open his eyes. If you know the series he is in that would be even more helpful. Just be humble in your losses and lesson or he will still run.

    Good luck,
    Richard

    my car art & My Ebay stuff
  • OKbustchaserOKbustchaser Posts: 5,549 ✭✭✭✭✭


    << <i> think you need to refer him to an uppity coin collecting forum. That way he can read everything about coins and the people who collect them.

    Soon he too will be sticking his nose in the air and scoffing at unprofessional collectors.

    I guess it depends on what you consider uppity. If you secretly enjoy seeing a friend or co-worker get taken to the cleaners by some shyster dealer, then by all means, just ignore the whole deal and nod approvingly whenever he starts talking coins with you. No biggie.

    Is that the kind of advice you prefer?image >>



    Is his morgage paid every month? Does his family suffer because he is spending money on what to him is an enjoyable hobby? If the answer is no, then...
    FOLKS, SOMETIMES IT'S NOT ABOUT THE MONEY!!!

    If he asks for buying advice then by all means provid it. Otherwise, MYOB.
    Just because I'm old doesn't mean I don't love to look at a pretty bust.
  • lkeigwinlkeigwin Posts: 16,893 ✭✭✭✭✭


    << <i>If he is enjoying the hobby, let him be. Perhaps he could do better, but you can't give him your "eye" for coins--that trick would likely take years of training and effort on his part. A person like that will tend to flinch at the prices for no-problem, original looking coins. If he is buying his coins at true auction, he is paying the going market rate for the dogs, so isn't that far gone. Someone that doesn't have much talent for grading and/or spotting problem coins isn't likely going to pick that up without major effort. It is unlikely that he wants to make that effort.

    You can't save every fool in the world. Some folks like where they are and have no desire to change. In any case, there isn't a "right" or "wrong" way to collect coins and enjoy the hobby. As long as he is spending hobby money, vs. borrowing and/or missing mortgage/rent payments, there is nothing "wrong" with the path he is on. Sure he could do better if he is willing to take the considerable effort to learn more, but that is not easy or quick. >>

    I couldn't agree more. Nicely said, too.
    Lance.
    Coin Photography Services / Everyman Registry set / BHNC #213

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Format
SpoilerCodeQuote
Heading 2Heading 1
Emoji
:):D:(;):/:o:s:p:'(:|B):#:*<3o:)>:)
Url
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file
Home • U.S. Coin ForumComment As ...