@Cougar1978 said:
It's tough take a big pct loss no matter how big or small ticket the coin. I get over it and move on. It's made me more conservative, picky in buying.
The biggest buying mistake I can make is buying beyond my means. Then I am vulnerable to other factors forcing an untimely sale at a loss.
I have to agree 100% with Cougar1978 on this one; my one major loss years ago was about 2K, and it was about equal parts the coin was beyond my means, but moreso, I didn't really understand what I was buying and the price risk when it was seen not as an MS62, but an AU58 (it was a scarcer Indian $5.) Fortunately in other areas I made up for the loss, over time. It was a learning experience and a good thing that it wasn't at a greater cost!
I lost about $5k on a consigned 1914-d 1c PCGS MS64rd OGH/CAC. Watched in horror on heritage live as it received no floor bids, and they sold it to a very low internet bid.
That one hurts to this day, because it had taken me months and months to purchase it.
The only positive is that I learned never to consign anything without a reserve even if they offer you a discounted selling fee. One can never assume just because a certain key date has a proven track record over the years that your auction will not bring a disaster.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
The Kruthoffer $10 Indian Set, from about 25 years ago.
I bought it in partnership with Iraj Sayah, and we turned
down a small profit on it soon after......but we thought it
was worth more......
Between what the set was finally sold for, and the interest
we were paying for it for a few years, the loss was substantial.
Retired Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV. Retired Authenticator for Major Mint Errors for PCGS. A 50+ Year PNG Member.A full-time numismatist since 1972, retired in 2022.
My biggest loss will possibly be on a coin that I paid strong money for that turned in the holder within the first year of ownership. I suspect a poorly done dip. I sent it in for restoration and they declined to try to help it. It went from being a near-finest-known to just a so-so coin.
My biggest loss was during the 2014 Kennedy gold fiasco in Chicago. The hardest part was selling them for less then half of what I paid just to get the money out.
I have never lost a dime.........................But I have never made a dime either
since I have never sold a coin..................YET..time will tell
I cringe seeing some of the losses you guys have had on coin sales. But I also see that I'm swimming with some big fish, having coins worth those kind of numbers!
Comments
I have to agree 100% with Cougar1978 on this one; my one major loss years ago was about 2K, and it was about equal parts the coin was beyond my means, but moreso, I didn't really understand what I was buying and the price risk when it was seen not as an MS62, but an AU58 (it was a scarcer Indian $5.) Fortunately in other areas I made up for the loss, over time. It was a learning experience and a good thing that it wasn't at a greater cost!
I lost about $5k on a consigned 1914-d 1c PCGS MS64rd OGH/CAC. Watched in horror on heritage live as it received no floor bids, and they sold it to a very low internet bid.
That one hurts to this day, because it had taken me months and months to purchase it.
The only positive is that I learned never to consign anything without a reserve even if they offer you a discounted selling fee. One can never assume just because a certain key date has a proven track record over the years that your auction will not bring a disaster.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Mine was the $1,600 I paid for the education in buying coins in a 2x2's that one thinks will upgrade.
I bought fake gold one time.
In God We Trust.... all others pay in Gold and Silver!
The Kruthoffer $10 Indian Set, from about 25 years ago.
I bought it in partnership with Iraj Sayah, and we turned
down a small profit on it soon after......but we thought it
was worth more......
Between what the set was finally sold for, and the interest
we were paying for it for a few years, the loss was substantial.
I suspect this is very true. But as I tell my wife in my "final wishes", since they have no idea what was spent, it's all profit to them!
My biggest loss will possibly be on a coin that I paid strong money for that turned in the holder within the first year of ownership. I suspect a poorly done dip. I sent it in for restoration and they declined to try to help it. It went from being a near-finest-known to just a so-so coin.
My biggest loss was during the 2014 Kennedy gold fiasco in Chicago. The hardest part was selling them for less then half of what I paid just to get the money out.
I've lost $400-$600 per coin a few times, always at auction. Who knows what horrors are lurking in the SDB.
I too play in the shallow end of the pool. I've had a few come back cleaned that were impossible for me to detect. A hundred or so is about the most.
Then again I've made a lot of money buying right so I'm not complaining.
I have never lost a dime.........................But I have never made a dime either
since I have never sold a coin..................YET..time will tell
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
I cringe seeing some of the losses you guys have had on coin sales. But I also see that I'm swimming with some big fish, having coins worth those kind of numbers!
Insert witicism here. [ xxx ]
$175. The eBay fees were half of that on a $450 coin and I didn't know.