Coin Purchase vs. Gambling Loss

LeeBone · October 3, 2014 9:18AM

A Single Coin Purchase

A Single Gambling/1 Bet Loss

Which was your most costly?

AUandAG · October 3, 2014 9:31AM

Even though I live in Las Vegas, as you know, it certainly is the coin purchase. I don't gamble (can't and live
in Nevada!)

bob

LeeBone · October 3, 2014 9:34AM

Good on you Bob

(long time no talk my friend

)

MidLifeCrisis · October 3, 2014 9:36AM

I do like to play blackjack...but my answer is single coin purchase, by a very wide margin.

LindeDad · October 3, 2014 9:42AM

About the same and went into both with fun money.

LeeBone · October 3, 2014 9:57AM

Not a gambling man...I work hard for my money and don`t like to give it away.
My answer(also) is single coin purchase, by a very wide margin.

crypto79 · October 3, 2014 9:59AM

6.5k for a coin
20$ for lost bet of formal gambling, I suspect there has been a few steak dinners paid out for informal wagers that would eclipse the 20$ level but we all walked away winners on those. I hate gambling unless I know I am going to win which isn't really gambling then. Vegas is not a draw to me.

BaronVonBaugh · October 3, 2014 10:11AM

I don't gamble.
2.1K is the most I've ever paid for a single coin.

drwstr123 · October 3, 2014 10:34AM

Only gambling winnings...I own the key to the back door.

BillJones · October 3, 2014 11:12AM

You can deduct gambling losses against winnings. You can't deduct coins losses against gains. The IRS thinks gambling is more "moral."

TwoSides2aCoin · October 3, 2014 12:36PM

I bet a bundle on CLCT even though it's against the rules here. I've lost a lot more gambling at the U.S. Mint, though.

Bought this when it was valued at $8500 in the price guide. Check it out now

WYNN some, lose some.

lasvegasteddy · October 3, 2014 2:28PM

coin purchase crowd here...only because you included the single coin clause

i love gambling and coins
i kinda see coins as gambling in safe mode

for all we know the economy could crash and all these coins become pennies on the dollar in value
probably more exiting this hobby then filling the ranks too

but yeah
coin addiction aides my gambling as in the long run

i've always been intrigued by those..."out of circulation only" coin collectors
who never lost a cent on coins

lasvegasteddy · October 3, 2014 2:32PM

i should add though

chances of a big win is better in coins as it's like having an edge on the game

lordmarcovan · October 3, 2014 2:37PM

My biggest single coin purchase: $2,300 (for this.)

My biggest single gambling loss: $2 (the price of a $2 scratchoff lotto ticket, which is my max. Usually I stick to the $1.00 tickets, if I buy them at all.)

No contest there.

On the flipside:

My best single coin purchase, in terms of cherrypicking profit: probably when I bought a 1904 $20 in an old green PCI MS62 holder for $400-ish (basically melt, at the time), made it into a PCGS MS64, and reaped somewhere between $700-900 profit. But I also made a $700-ish profit after I cherrypicked this out of a bulk bag of Wheaties.

My best gambling win: $500 (off one of those $2 lotto scratchoffs.)

ARCO · October 3, 2014 3:58PM

Vegas.

$500 lost on coin.

$800 in Vegas. Probably more like $1500 when you add the booze and strippers.

Tyler

SAM5969 · October 3, 2014 5:04PM

<< <i> Probably more like $1500 when you add the booze and strippers. >>

That's not gambling - that's just fun - $50 lap dances or $50 for registered 2-way shipping to PCGS - it's all part of the hobby - I'll take the lap dance and leave my coins raw every time

MrEureka · October 3, 2014 5:44PM

You can deduct gambling losses against winnings. You can't deduct coins losses against gains.

Why not?

ColonelJessup · October 3, 2014 11:11PM

Corporations do it as a matter of business, and corporations are people. Ergo, get a smart accountant who knows Antonin Scalia. . . .

ricko · October 4, 2014 12:58AM

Coin purchase....usually win/break even in Vegas...only play blackjack. Not BIG winnings....Cheers, RickO

Baley · October 4, 2014 1:03AM

The single coin purchase was larger by a mile, at $6600. The most I've wagered (won some, lost some) on a SINGLE BET was probably an "all in" poker table bet of a couple hundred dollars.

I'd answer differently if the question were about a gambling session, day, or weekend, which some respondents seem to have answered to. Even so, my answer would be "coin"

johnny9434 · October 4, 2014 1:26AM

<< <i>I don't gamble.
2.1K is the most I've ever paid for a single coin. >>

same here and most paid was $900 for a coin.

ctf_error_coins · October 4, 2014 1:45AM

As a poker player, I do not consider poker to be gambling as it is a game of skill.

I have put my poker winnings into coins.

There may be a few coins that I lost money on, but those are learning experiences so it's all good.

coindudeonebay · October 4, 2014 1:50AM

I lost $850 on a drunken football bet. Not even close to the amount I've spent on a single coin though.

MrEureka · October 4, 2014 2:36AM

Just the facts, courtesy of the IRS.

Sonorandesertrat · October 4, 2014 7:17AM

My biggest loss didn't occur as a result of market timing. It happened because of poor storage conditions. I had an expensive large cent stored in a floor safe in my family home in SE Florida years ago. I pulled it out after 15 years, only to discover that it had turned into a mess because of the heat (the shaft of the safe was sunk through the crawl space under the house, which wasn't air conditioned) and humidity. That cost me about $22K. Many other coins were ruined too. I sold everything and learned a tough lesson. My total loss was close to $50K. Storing coins in PVC flips didn't help either.

Needless to say, I am VERY particular about how they are stored now.

BlindedByEgo · October 4, 2014 8:48AM

Never lost more than I was carrying at a poker table.

Made some nice coins, time to time.

I love the rush of gambling (at least, winning), but coins are a safer bet.

Most costly? Vegas.

ms70 · October 4, 2014 12:06PM

OMG, a coin purchase by far! LOL....

I went to Vegas for a week one time and only spent about 20 minutes on the casino floor!

Nap · October 4, 2014 1:04PM

Most I've gambled and lost is probably about $200. That's what I take with me when I sit down at a poker table. I expect to lose it all. Never re-buy, when it's gone, it's gone.

I've spent more than that on coins. I'm sure I lost more on coins, though the losses aren't real until you sell, so if I never sell...

I have a good friend who is, unfortunately, a bit of a compulsive gambler. I've been to Vegas with him, and watched him lose thousands of dollars at table games. He wins too, but it's a bit scary to me to just throw money around like that.

Purfrock · October 5, 2014 12:31AM

biggest coin purchase was 11k
biggest loss at the casino 800 (I don't gamble anymore.)
biggest loss on a sold coin 300

Coinosaurus · October 5, 2014 1:46AM

<< <i>Just the facts, courtesy of the IRS. >>

Yes, but what happens if the IRS decides your coin is a "collectible:"

More IRS Rules

It appears in that case you get hit with 28% gains, not 15%.

Orville, please save us

Lakesammman · October 6, 2014 12:22AM

You can deduct gambling losses against winnings. You can't deduct coins losses against gains. The IRS thinks gambling is more "moral."

I'm not going to get into the CPA details, but hobby losses are off set by hobby gains. I'd rather pay 28% than 40% plus!

I save a few mistake purchases for those times that I make some money, then sell them.

If it's your business and not a hobby, that's a different animal.

Lakesammman · October 6, 2014 12:24AM

Oh ya - the original question!

Coin gains and losses are much bigger than any gambling swings.

Gambling would be easier if I inherited the money rather than earned it.

AngryTurtle · October 6, 2014 1:08AM

A little bit comparing apples to oranges - Question was Coin purchase rather than coin gain/loss but to answer the OP question coin purchas is bigger by about a factor of 100x.

TPRC · October 6, 2014 1:12AM

Coin purchase and not even close, though I do like to play hold'em

ColonelJessup · October 6, 2014 1:26AM

"I spent half of my money on booze, gambling and wild women. The rest I wasted" W.C. Fields

MGLICKER · October 6, 2014 2:44AM

$300 bucks on a horse race 20 years ago.

Much more than that on a low pop MS66 Saint.

BillJones · October 6, 2014 2:48AM

<< <i>You can deduct gambling losses against winnings. You can't deduct coins losses against gains. The IRS thinks gambling is more "moral."

I'm not going to get into the CPA details, but hobby losses are off set by hobby gains. I'd rather pay 28% than 40% plus!

I save a few mistake purchases for those times that I make some money, then sell them.

If it's your business and not a hobby, that's a different animal. >>

Hobby losses are offset by hobby gains ????

I wish you could find that in the IRS code. According the accountant who does our taxes, you can't offset hobby gains with hobby losses.

Ajjohnson77 · October 6, 2014 3:18AM

Never made a bet even close to the most I have paid for a coin.

Hussulo · October 6, 2014 5:56AM

Coin by a wide margin. I've only even gambled and list the of $20. I generally don't gamble unless its for fun on say the Grand National race once a year.

OKbustchaser · October 6, 2014 5:57AM

I've traded for coins that would have cost considerably more, but never made a cash outlay on a coin that would match my largest gaming loss--3000 dollar buyin to a poker tournament in which I failed to cash.

goodmoney4badmoney · October 6, 2014 10:50AM

Sometimes gambling can be really fun....

Coin Purchase vs. Gambling Loss

Comments

Leave a Comment