Bad decisions as opposed to good decisions?
joeykoins
Posts: 14,882 ✭✭✭✭✭
Only as from the coin collector in you. Would you say that you have made more bad decisions or more good decisions in your collecting years? For me honestly, I would have to say that I've made more bad decisions. Yep, I have to admit either I left a whole lotta money on the table by selling too quick and too cheap for the particular coin/coins. or I made a too quick to buy response on a coin/coins that did not at all materialize into anything! To this day I have a vast amount of coins in my collection that I can hardly give away. The dealers don't even want them with the smallest price. Plus, sometimes deciding to study and collect in this hobby, I found out, it really takes quite a bit of my time. Too much sometimes. Sure the hobby is fun and interesting but when one really thinks hard, is this hobby a good decision or is it really a bad decision? I guess that answer is only in the eye of the collector. 
One More Thing... I don't mean to bum anyone out. Don't get me wrong this hobby has made me happy and also (sometimes) profitable. Probably, the good decision I made was to join this forum and get to chat and relate with you guy's! -joey
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.
Comments
I will shtick my head in the sand and just believe that I have made more good decisions than bad decisions.
Reality, I have probably made more mediocre decisions.
Bad decisions are not necessarily a waste of time or money. Its what you pay for educating yourself and maybe add a coin to a study sample pile so you do not make the same mistake again.
WS
Wisdom, the result of accumulated knowledge and experience. There are good and bad in both areas... some of the most memorable lessons come from bad experiences. Cheers, RickO
I bought a shop. Bad decision.
I'm mostly at peace with my decisions of which coins to buy and how much to spend for them, and like my collection.
However, to do it all again, I'd never buy a single coin, and instead buy shares of Apple, Priceline, United Health, etc
Liberty: Parent of Science & Industry
I have made bad decisions by selling at wrong point in market cycle sometimes. But it may have taken clairvoyant sensitivity to avoid.
Hindsight changes our views on good or bad decisions. Once a decision has been made and acted upon it is best to just move on and not worry about it.
I knew to back away from shady operators, tried to reach out for expert advice when needed. Painful experiences from coin show dealers trying to turn a quick buck on problem material could have been avoided by second or third opinions at coin shows.
I think I'm at about 50/50. I've sold some coins I wish I had back and bought some I shouldn't have but I also have some nice coins that I'm into pretty easy.
I've made some bad decisions (bought coins that I shouldn't have and passed on ones that I should've bought. Also paid WAY too much for a few coins) but OVERALL I think that I'm doing rather well. If I were to grade myself; I'd give myself about a 90%.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
I have never made a mistake! Of course, I have selective memory so who knows if that is true. :-)
I made a good decision by not buying into those modern coin craps.
I think that I have made far more good decisions than bad decisions. The proof of that is the joy I get from my collection and the fact that I would make money on it if I were to sell it.
That is not to say that I have been perfect. I have regretting buying some things, and there are a couple of items that I regret passing upon to this day. The advice I have for that is that sometimes you have to listen to your gut and not listen to advice of people who may have been out of the market for a while. Advice is good, but sometimes when the "collector bug" bites, you need to act on it when the item is rare, important to you and almost never available.
More good decisions by a lot, though I certainly made many bad decisions. I think that anyone who decides to get into coin collecting or dealing is going to make mistakes. It's just part of the process. And I think the only way to really tell how you are doing is to sell some of your collection from time to time. That is just a real eye opener! But the time spent studying, the history learned, and the friendships made, well, that has been priceless.
Tom
I regret some of my "good decisions", when I bought a coin just because it was a good deal, or a rare opportunity, then I decided not to put in the work of having it graded or selling it, thinking maybe I would eventually branch out my collection to include it as a main focus, but it ended up just sitting outside of my primary areas of interest. Sure I could dispose myself of it but that takes work and plus every time I see it I can pat myself on the back for getting a 'good deal' and rekindle the forlorn hope to put together a set of them, then forget it for a few months.
On the other hand, some of my "bad decisions" where I am buried in a coin and could only sell for a loss, are some of my favorite items. Given the opportunity I would go buy them again.
So ultimately I'm mostly at peace with my collecting decisions and have given up on second guessing myself.
If you have a lot of "mad money" it probably doesn't matter if you take real risks on certain numismatic material. If you are strapped for money you would be foolhardy to put tight capital at risk. If you are in a business area that is not doing well re-allocate resources to areas you know that are.
do the bad decisions neccessarily have to apply to numismatics or just bad decisions in general?
Good decisions are good, bad decisions can be a learning experience which can be really good.
He is speaking numismatically but this can, of course, also be applied to life in general.
I will testify to that.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Bad decision; Attempting to complete an entire U.S. type set. Only the mind of a twelve year-old could concieve of that. Good decision; Concentrating on Jefferson nickels. Cheap, easy, doable.
Bad decision; Using Brillo pads and hydrochloric acid as main cleaning agents for collection. Again, only the mind of a twelve year-old. Good decision; Do nothing in the cleaning arena.
Bad decision; Showing the collection to my "buddies." As in, where'd it all go? Once again, only a twelve year-old would think that was a good idea. Good decision; Building a secret safe room with an industrial strength safe as the centerpiece.
Bad decision; Relying on my expert instincts to determine the best "buy price." Good decision; Subscribing to Coin-Facts.
Bad decision; Relying on my expert instincts for anything. Good decision; Buy the book(s) before even THINKING about buying the coin.
Worst decision; Five years with Wanda
Best decision; Dumping Wanda for Betty.
A piece of advice on significant purchases especially raw coins; get a second or third opinion from another dealer at coin shows, I see a lot of "experts" that make mistakes they would be able to avoid by doing so.
One of the Good (Best) Decision one can make is to let our host deal with our burden in trying to think for ourselves if the coin is authentic and what the coin is truly graded. Sending in the coin to PCGS is not a good decision but a great decision. My opinion anyway. or on second thought, is this one of my "Bad Decisions"? LOL
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.That's a good start on the right road.
Pics of Wanda and Betty or it didn't happen!