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On Buying and Selling as a Collector, and how feelings sometimes help and/or get in the way
renomedphys
Posts: 4,027 ✭✭✭✭✭
When someone, a dealer or another collector, shows you a coin for sale, are you ever embarassed that you don't like it?
What if you own a coin and don't like it? How does that affect the way you try to sell it?
Conversely, what if you really like a coin and another collector/dealer is hounding you to sell it?
In the underground world of private treaty coin sales, these feelings or beliefs in a coin often make or break a deal, make it more juicy, or dry up profits, and often the feelings themselves are exchanged as part of the deal.
Just recently, at the ANA, I had a coin to sell at a slight loss (because I don't dally over proposed sales), and while showing it to a couple of dealers and others, I found that my feelings about the coin, how I really actually liked it, had the inadvertant effect of rebounding right back at me. It seemed that I had changed my mind. What was I doing? I decided that I really liked it enough that I really didn't want to sell it after all.
As HRH says, "ownership adds a point."
-Matt
What if you own a coin and don't like it? How does that affect the way you try to sell it?
Conversely, what if you really like a coin and another collector/dealer is hounding you to sell it?
In the underground world of private treaty coin sales, these feelings or beliefs in a coin often make or break a deal, make it more juicy, or dry up profits, and often the feelings themselves are exchanged as part of the deal.
Just recently, at the ANA, I had a coin to sell at a slight loss (because I don't dally over proposed sales), and while showing it to a couple of dealers and others, I found that my feelings about the coin, how I really actually liked it, had the inadvertant effect of rebounding right back at me. It seemed that I had changed my mind. What was I doing? I decided that I really liked it enough that I really didn't want to sell it after all.
As HRH says, "ownership adds a point."
-Matt
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Comments
I too am very attached to the bulk of my collection. When it comes time to clear house and free up some capital for future purchases, I go through my coins and make a pile for "could sell". Then I go through that pile and remove any coins I hesitate about wanting to sell quite yet. The rest go in a binder/box for future sale. Once they've sat there for a while and I don't have second thoughts, I make an effort to get them sold.
In short, I don't bring any coins with me (say to a show) unless I have already pre-determined what I am going to do with them. Some I will bring just to have appraised/gauge my grading ability, but these aren't for selling.
<< <i>
I too am very attached to the bulk of my collection. When it comes time to clear house and free up some capital for future purchases, I go through my coins and make a pile for "could sell". Then I go through that pile and remove any coins I hesitate about wanting to sell quite yet. The rest go in a binder/box for future sale. Once they've sat there for a while and I don't have second thoughts, I make an effort to get them sold.
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Exactly the way I do it.
The ones that are hard to sell are those that you acquired only because of connections & personal relationships.
I do what another member above posted and that is there are some I would sell first and others last. Once you start selling, the emotional attachment goes away and its easier to let go.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i>I don't get too excited about letting go of auction wins.
The ones that are hard to sell are those that you acquired only because of connections & personal relationships. >>
Interesting. I've never heard of someone making a distinction based on the source of the coin (unless it was from a grandfather or something like that and had sentimental value).
<< <i>I don't get too excited about letting go of auction wins.
The ones that are hard to sell are those that you acquired only because of connections & personal relationships. >>
Agree. 4 coins I will probably never sell: 1836 half F15 - b'day present from my wife; 2004-D WI quarter MS68 - anniversary present from my wife; 2001 NY Firefighters 9-11 quarter #85/100; WI Commenorative half MS66. First 3 are "never will sell" and last is important to me because I was raised in WI. I have a complete set of 2002 PF69DCAM - my son's birth year, and am working on 1962 PF68DCAM - my wife's birth year - these would be hard for me to sell. Everything else just represents money (well, actually it all IS money, but you know what I mean).
If I don't like it I price it so that it will definitely sell and I won't haggle as much.
I've never sold a coin a really, really liked.
-Keith
A lot of them I felt fairly attached to at one point or another.
While there are a handful I'd keep if I had it to do over again, it's freeing to realize, I don't actually *miss* any of them now that they're gone. Not one.
I try to keep that in mind when my attachments are getting between me and making a sale that, rationally speaking, I should make.
I really never wanted to sell my 1885 lib nickel in MS 67, or 1909-O Barber quarter in MS 66. But they both went when the complete sets were sold.
I changed that with the Barber halves , putting a very high reserve on one coin that I could not see selling, at least at the time. And I still own it-- the best of the best--1892- O micro o in the ultimate grade.
There are quite a few others that should have been put away, but finances required they go so others could become part of larger sets.
When a knowledgeable dealer/expert shows me something about a coin(in a series I do not regularly trade), that detracts from the quality, I do think less of the coin, and lean towards selling it.
But for a series in which I know well, what others say usually does not affect me adversely.
One other factor that may influence letting a coin go I would not normamlly consder selling-- the need of a fellow collector for his/her set.
<< <i> are you ever embarassed that you don't like it?
What if you own a coin and don't like it? How does that affect the way you try to sell it?
Conversely, what if you really like a coin and another collector/dealer is hounding you to sell it? >>
no.
and no one seems to be embarresed to tell me they dont like it.
most likely i'd be willing to sell it at a loss, just to get it out of the collection.
everything has a price...
emotional attchment adds a decimal place or 2
<< <i>I used to be emotionally attached to my coins but no longer. I've come to realize possessions can own you and am becoming more of a minimilist. >>
"The less I have, the more I am!"