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Having ants in your pants could at times cost you dearly!
Broadstruck
Posts: 30,497 ✭✭✭✭✭
I personally hate auctions as I prefer to purchase items immediately once discovered, as I like to hunt go for the kill and then on to the next. Lack of patience with auctions has at times almost cost me dearly! Alright I'm no angel and if there's been something I desired it's not uncommon for me to contact the seller with a figure to end the auction. Many times I've calculated what the true value was and made a very fair offer just to secure it and finalize the deal. Many times the seller refuses to end and the auction goes thru it's full duration. On many occasions as the high bidder this has saved me exorbitant amount of funds as the final hammer price was far lower then my so called perceived true value.
To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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bob
<< <i>I personally hate auctions as I prefer to purchase items immediately once discovered, as I like to hunt go for the kill and then on to the next. Lack of patience with auctions has at times almost cost me dearly! Alright I'm no angel and if there's been something I desired it's not uncommon for me to contact the seller with a figure to end the auction. Many times I've calculated what the true value was and made a very fair offer just to secure it and finalize the deal. Many times the seller refuses to end and the auction goes thru it's full duration. On many occasions as the high bidder this has saved me absorbent amount of funds as the final hammer price was far lower then my so called perceived true value. >>
The biggest factor is patience. Patience is a must when it comes to coin collecting. I used to have the same problem. I would bid on whatever coin came along. This often resulted in me having a lousy coin. Now for certain coins that are truly rare, the time might be NOW, but most coins have plenty to go around.
A collector taught me this: Look at the coin, and think to yourself: "Would I be able to keep this coin for 20 years?". If you have any doubts, then don't bid. Now if your a dealer/slinger, disregard the above. However if your a collector, if you don't like the coin, then don't bid on it, another one might be 2 weeks away, that you fall in love with.
<< <i>Yup, been there, done that. >>
AUandAG, Good to hear as I'm glad I'm not alone!
<< <i>The biggest factor is patience. Patience is a must when it comes to coin collecting. I used to have the same problem. I would bid on whatever coin came along. This often resulted in me having a lousy coin. Now for certain coins that are truly rare, the time might be NOW, but most coins have plenty to go around.
A collector taught me this: Look at the coin, and think to yourself: "Would I be able to keep this coin for 20 years?". If you have any doubts, then don't bid. Now if your a dealer/slinger, disregard the above. However if your a collector, if you don't like the coin, then don't bid on it, another one might be 2 weeks away, that you fall in love with. >>
If you notice the abundant threads just about delays in grading submission results on this forum... You'll see that no matter what age we all have the patience in this hobby of a 5 year old awaiting Christmas. As far as patience in this thread I'm speaking of when the "right coin" comes along and as a collector you feel the need to own it at any cost.
<< <i>The logic of coin collecting often seems to go out the window when OCD pops up. That said some of my most prized finds I had to over pay for when getting them. Oh and they in most cases were also the ones others were willing to over pay for when I was selling them.
LindeDad, Let's focus on Patience and not OCD... As I think I've already washed my hands three times since starting this thread!
Coin Club Benefit auctions ..... View the Lots
<< <i>Have you ever tried it with auctions other than ebay? >>
Those other auctions are even worse due to the juice and crazy bid increments. I notice now on Heritage at $300 the BI is $25. A $325 greysheet coin bid up $300 will cost you $382 plus shipping if you want to get it for the next bid of $325. No wonder collectors get buried in coins.
Much of this depends on your frame of mind and collecting goals. If you are the sort that collects ultra-rarities (be they inexpensive tokens or multi-million dollar pieces) patience is a pre-requisite, but then when opportunity arises the time for action has arrived!
If you're looking for a piece that fills a hole in an album, waiting for a stellar example at an acceptable price can require some discipline. The urge to finish the set or plug the hole can be hard to resist. Sadly, many collectors (me included at times) are desperate for their "next fix". Such collections can be full of mistakes. Sorting it all out and making something of a thrown-together collection can be expensive and frustrating. This is where a good mentor or a good dealer can really help.
Interestingly, in retrospect, some of the pieces in my collection that seemed difficult to find at the time show up at auction or on the market with suprising frequency now. Maybe in a few more decades I'll have a better feel for which ones to pounce on immediately and which ones to let slide......
<< <i>A $325 greysheet coin bid up $300 will cost you $382 plus shipping if you want to get it for the next bid of $325. No wonder collectors get buried in coins. >>
A $325 greysheet bid is for a wholesale (dealer to dealer) transaction, at least according to the people who published it. $382 is a about a 15% markup over that. Hardly buried, if you ask me.
edited to fix silly math error...
I wonder if there is some kind of 12 step program that can help us. Or maybe, they will give the problem some kind of fancy name, then call it by some abbreviation. I know pms, blt, ra, aa, aaa, am, pm, bc and ad are all taken; but there must be some combination of letters that can be used.
type2,CCHunter.
This practice not only helps me move coins, but also saves me some of the anxiety of waiting and wondering what the final hammer will be ...
Amat Colligendo Focum
Top 10 • FOR SALE
Now BST/BIN listings, well, that's a different story.
<< <i>
<< <i>A $325 greysheet coin bid up $300 will cost you $382 plus shipping if you want to get it for the next bid of $325. No wonder collectors get buried in coins. >>
A $325 greysheet bid is for a wholesale (dealer to dealer) transaction, at least according to the people who published it. $382 is a about a 15% markup over that. Hardly buried, if you ask me.
edited to fix silly math error... >>
Buried to the point of not very likely to get your $$$ back even here on the BST where you don't have to pay a commish or fees or worry about someone slashing the 17% juice from their bid. It's plenty easy to overpay for a coin to the point where it is tough to recoup your cost.
<< <i>Buried to the point of not very likely to get your $$$ back even here on the BST where you don't have to pay a commish or fees or worry about someone slashing the 17% juice from their bid. It's plenty easy to overpay for a coin to the point where it is tough to recoup your cost. >>
If you're a collector...
No wonder collectors get buried in coins.
I wouldn't think your first thought regarding a new purchase would be how quickly you could recoup your cost when selling. But then, that's just me.
I agree and have stated such in the past, that if it's something I really want for myself I am happy to pay a few dollars more. By the time I'm ready to sell, decades will likely have passed and it won't matter.
Amat Colligendo Focum
Top 10 • FOR SALE
<< <i>
<< <i>Buried to the point of not very likely to get your $$$ back even here on the BST where you don't have to pay a commish or fees or worry about someone slashing the 17% juice from their bid. It's plenty easy to overpay for a coin to the point where it is tough to recoup your cost. >>
If you're a collector...
No wonder collectors get buried in coins.
I wouldn't think your first thought regarding a new purchase would be how quickly you could recoup your cost when selling. But then, that's just me. >>
I was thinking more of stuff I bought a few years ago. It's not like most collectors get buried in coins, but when you have a combo of big bid increments and 17% juice it is very easy to overpay for a coin, esp. if it's one that you need/want and it's already bid up to GS pricing. With the current venues available to the collector/seller, it's hard to recoup your cost if you have to pay fees to sell.