Took a chance...
coinlieutenant
Posts: 9,320 ✭✭✭✭✭
My dad let me know that this coin walked into the small coin shop near my hometown. In a PCGS XF40 holder. Had to buy it (bad) picture seen with no return.What do you think? Will it be a keeper?
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Comments
But not mine.
Stick me with it instead.
It can go between my nasty and dirty 1806 and 1813.
See, it would have a home where it wouldn't be intimidated.
It's beneath your usual standards.
But not mine.
Stick me with it instead.
It can go between my nasty and dirty 1806 and 1813.
See, it would have a home where it wouldn't be intimidated.
At least you know it will be XF40. I would certainly feel better than if I was buying it raw.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
In honor of the memory of Cpl. Michael E. Thompson
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
I'd take a chance with return privileges. But otherwise I'd pass.
Lance.
siliconvalleycoins.com
Well, I guess it all depends on what price one can buy it for, right?
That's a great point!
I always kind of wonder when people can comment on a coin without knowing the price.
My first impression about this coin: "It depends on what it cost!"
(and if you did get it for 10% over melt, or even 10x melt, then:
Liberty: Parent of Science & Industry
Well, I guess it all depends on what price one can buy it for, right?
That and the fact that your dad saw it and told you about it.
I am assuming that he may have an idea of the types of coins, and their looks, that you would be interested in?
If so, then I think you will like it....bad picture and all.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Was there any picture of the slab label? If you knew the cert number, I suppose there's a chance for a TrueView or Secure Plus image?
- Jim
Great transactions with oih82w8, JasonGaming, Moose1913.
Well, I guess it all depends on what price one can buy it for, right?
Your original post asked what folks thought of the coin and if it was a keeper. Obviously, if you ripped someone off you would do well financially, but that is not the same thing. Regardless, if you ripped someone off and sold a POS it would not help your reputation as a source of quality coins in any manner and might hurt it overall.
In honor of the memory of Cpl. Michael E. Thompson
Well, I guess it all depends on what price one can buy it for, right?
Your original post asked what folks thought of the coin and if it was a keeper. Obviously, if you ripped someone off you would do well financially, but that is not the same thing. Regardless, if you ripped someone off and sold a POS it would not help your reputation as a source of quality coins in any manner and might hurt it overall.
This doesn't seem fair. His dad bought it from the small coin shop - if anybody did any ripping off it was the shop, not coinlieutenant and his dad.
Cheers, RickO
Well, I guess it all depends on what price one can buy it for, right?
Your original post asked what folks thought of the coin and if it was a keeper. Obviously, if you ripped someone off you would do well financially, but that is not the same thing. Regardless, if you ripped someone off and sold a POS it would not help your reputation as a source of quality coins in any manner and might hurt it overall.
This doesn't seem fair. His dad bought it from the small coin shop - if anybody did any ripping off it was the shop, not coinlieutenant and his dad.
It's entirely fair. Coinlieutenant is the one who suggested that everyone would applaud if the coin were purchased for 10% over melt. It is nothing that I suggested. You may not like it; but that doesn't mean it isn't entirely fair to write.
In honor of the memory of Cpl. Michael E. Thompson
I have a feeling it will be nicer than the pic.
I am in this camp.
Coin Rarities Online
It must be an election year or something.
When I typed the post that Tom quoted, I was responding to posts by Lance and Mark that both stated they wouldn't do this transaction without a return priv. I should have quoted those responses in my response.
I'd take a chance with return privileges. But otherwise I'd pass.
Lance.
To those guys, my answer stands as it is...It really matters about what I paid, right?
Tom then said:
Tom, you replied that you weren't loving it. Fair enough. You answered the question!
At the price point I got it at, yes sir, I thought the same thing.
The guy originally wanted 7150 for the coin. I thought that was too high given the lack of return. After waiting a month or so, I called him back up and told him that I would pay 5800, just so he knew what floor he had in the coin. He said he would take 6000. Greysheet bid is 5500. I wrote him a check for 6K and figure my maximum downside is 500$. Downside is probably a small profit in actuality and I get to handle a cool coin that has a small chance of going into the collection.
So, no little old ladies were harmed in this transaction. The dealer was happy...he made money, although if I would have bought it at 10% over melt, I wouldn't have felt too bad. Dealers are fair game. I get cherry picked all the time. Just ask Seth Chandler, that guy is a shark baby.
In all seriousness, if I am buying or selling, I want people to do well. Not only is it in their best interest, it is also mine. Whether buying or selling, I always try to leave a little meat on the bone if at all possible.
Now the real question for Tom Bush, who I felt did a great job channeling his inner Mark Feld in this post, is....what if it was a little old lady that happened to BE a coin dealer? Is it ok to buy her stuff for 10% over melt.
I love you Tom...you know that. Now sell me that 39-O, for way over melt! Everybody have a great day. I will post better pics when I get it in hand.
John
siliconvalleycoins.com
I hope you're well.
Lance.
It sure looks to me like a lot of people aren't in love with it so you should consider these learned opinions and get the one I pointed out to you which is way way better and stick ME with that slug in the OP.
I am an understanding sort and would help this old junky XF on the road to recovery in my meager box.
This is something you should do.
Not only to feel better about yourself, but to rid yourself of the controversy and make an EXTRA few hunnert bucks on TOP of your cost to prove how dumb I could be but would still be a good foster home for the thing.
PLUS it would eliminate your worries about "downside" risk.
Now...do the RIGHT thing.
CONFORM!!!
I have a feeling it will be nicer than the pic.
I am in this camp.
NONO NO.
It's DRECK!
All widgety.
Otherwise, I'm not interested. Even if there is a return privilege from an unknown seller, I'll pass. I don't need the hassle. There are no free lunches in numismatics.
The above being said, that's just how I do business. It's not for everyone. I hope that you are happy with the coin.
"Seu cabra da peste,
"Sou Mangueira......."
If the coin turns out to be crap, topstuff gets first shot! ??
siliconvalleycoins.com
Did HE see it in hand and, if so, what were his comments...other than it was there and the price?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Terrible eye appeal. This is one of those coins you have to buy the coin, not the holder.
SEE????
It should be disposed of at the earliest opportunity.
Oh... also I need a 180 day return privilege.
Just sayin'
My original post was based upon my interpretation of your question in the title and opening post and I expected that you wanted our opinions on the coin as a potential piece for your collection. It is true, I am not loving it and I do not think it would match the caliber of coin (regardless of grade) that you typically endeavor to obtain. On that point, I think we are all on the same page.
However, I was not mistaken about the next post. It could just as easily have been written as-
"I would pass on a coin I didn't like, even if I knew I could make money on it on the wholesale or retail level, because I would rather forgo the profit and not be associated with the coin in question."
My business philosophy is far different from many other folks and that is okay with me. I'm not a very good businessman and my company has not grown by leaps and bounds, but I tend to only handle what I like and will generally skip anything I don't like even if I can make money on it by blowing it out to other dealers (essentially, even if it is "retail anonymous"). I have the luxury of playing within those parameters and I realize not all can do that, which is where the quoted post of mine was coming from.
I never took your post regarding 10% over melt as a literal recollection of history and only took it as a hypothetical parry to a previous post.
In honor of the memory of Cpl. Michael E. Thompson
My dad has some idea of what I like, but he would readily admit that his eyes are going and that he doesn't trust his expertise completely. His initial reaction without glasses was that he didn't like the coin. When he went back and looked closer he saw that the rim at 2 oclock was likely a planchet thing, not a rim bump. I hope to get it today...so we will see.
Tom,
Understand and a fair assessment. You and I are undoubtedly numismatic snobs. I think that for business, vice personal, purposes, you are a bigger snob than I. And that is ok. I love your business model because I know that if you find me a coin, it will be good. It just isn't the model for the hobby that would work for me. I have generally put my collection together over the years with the help of small bills (like $20s
Not complaining...I find it fun, albeit sometimes tiring. I get to look at lots of coins and when I make money along the way, it pays for my tuition. A good business model thus far. To each his own.
John
siliconvalleycoins.com
siliconvalleycoins.com
"Got a flaming heart, can't get my fill"
Experience the World through Numismatics...it's more than you can imagine.
i see a bit of rim damage...but otherwise it looks legit. i hope you love it. please post better photos when you have a chance. congrats! !
About 1 o/c?
8 Reales Madness Collection
Overall, happier than I thought I would be!
siliconvalleycoins.com
There's definitely free lunches (and dinner) in numismatics. I've probably run across a dozen or more no brainer FL deals that were out of this world. And then another dozen or two I wasn't sharp enough to pounce on over the years. It's the ones you pass on, or flip too quickly for only a little profit that seem to haunt you. Santa Claus is always on the prowl in the coin market....recognizing the opportunity is often the hard part.
Okay, I'll put it this way. There may be some free lunches in numismatics, but I have personally never seen them, and I've been doing this for quite awhile.
"Seu cabra da peste,
"Sou Mangueira......."
Won't comment on price or anything else as I know nothing!
bob
Latin American Collection
think I'd have a hard time getting past the rim nick at 2:00 (unless it is just the lighting that makes it stick out). I wouldn't take that big a chance with no returns. I hope it turns out to be nice and my concerns are unfounded.
Do you have full slab images? Just wondering what holder and cert#.