As a dealer, every now and then I don't mind buying a coin for $200 and then selling it for $100

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ctf_error_coins
ctf_error_coins Posts: 15,433 ✭✭✭✭✭
in U.S. Coin Forum

This recently happened to me on one of my 99 cent ebay auctions. I lost 50%.

But, ........

This made me take a hard look at what I had bought on how it performed. It was a major error coin but it fell out of the parameters of what I usually buy. One influence on the decision to buy was that it was a BIN on an ebucks 10% day.

Constant reevaluation and refinement in my business model has really helped my bottom line.

Think first.

Comments

  • coinpalice
    coinpalice Posts: 2,469 ✭✭✭✭✭
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    their have been some purchases I made years ago that i bought with a 10 percent e bucks promo that I would lose money on even if I sold it with a 10 percent seller e bucks promo

  • Peace_dollar88
    Peace_dollar88 Posts: 1,256 ✭✭✭✭✭
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    I think if your are in the business long enough there will be a time or two a coin gets sold by you from cheaper than what you purchased it for.

  • Hallco
    Hallco Posts: 3,727 ✭✭✭✭✭
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    @topstuf said:
    You simply made an ....error... in the acquisition. >:)

    Stop it!

  • Aspie_Rocco
    Aspie_Rocco Posts: 3,872 ✭✭✭✭✭
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    I can identify with this, I usually do not sell at auction for this very reason. I have lost money and basically given stuff away at times. I have even lost when selling buy it now items.
    I actually feel guilty when I win an auction for substantially less than the true value.
    It all sort of evens out when I cherrypick a high grade variety that I need or that I can flip.
    I see each transaction as a lesson, unfortunately most of my education has come at considerable expense.

    https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/

  • Hydrant
    Hydrant Posts: 7,773 ✭✭✭✭✭
    edited October 2, 2018 12:36PM
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    Aspie_Rocco said;

    I actually feel guilty when I win an auction for substantially less than the true value.

    Don't feel guilty. It's not healthy. I know where you're coming from. Better to be happy. Basically, you outsmarted the competition. That's a good thing.

  • Treashunt
    Treashunt Posts: 6,748 ✭✭✭✭✭
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    Anyone who hasn't lost some money on coins, is a person who collects his change to roll up.

    Frank

    BHNC #203

  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,223 ✭✭✭✭✭
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    Business has it's lessons. I struggle with the same question, every month. "Should I keep paying the rent, or get a job as a greeter at Wally World ? "

  • Hallco
    Hallco Posts: 3,727 ✭✭✭✭✭
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    @TwoSides2aCoin said:
    Business has it's lessons. I struggle with the same question, every month. "Should I keep paying the rent, or get a job as a greeter at Wally World ? "

    Sorry folks...park's closed! The moose out front shoulda told ya!

  • jwitten
    jwitten Posts: 5,423 ✭✭✭✭✭
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    I have to occasionally decide to take a loss on a coin. Sometimes it just doesn't make sense to keep on holding it.

  • Hydrant
    Hydrant Posts: 7,773 ✭✭✭✭✭
    edited October 2, 2018 3:00PM
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    Interesting. But where's the profit?

  • Hydrant
    Hydrant Posts: 7,773 ✭✭✭✭✭
    edited October 2, 2018 3:11PM
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    Very uncalled for. But expected.

  • Coinstartled
    Coinstartled Posts: 10,135 ✭✭✭✭✭
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    Tesla has it down. Lose money on every car and make it up in subsidies.

  • Paradisefound
    Paradisefound Posts: 8,623 ✭✭✭✭✭
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    Do you have one in mind? Please entertain me! ;)

    I have to occasionally decide to take a loss on a coin. Sometimes it just doesn't make sense to keep on holding it.

  • mustangmanbob
    mustangmanbob Posts: 1,920 ✭✭✭✭✭
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    In the words of the Prophet, Clint Eastwood:\

    "A man has got to know his limitations."

    I buy and sell every day, a non coin type of stuff, where there is no price guide, just past sales on ebay, seat of the pants experience, swings in demand, etc.

    I would be NEGLIGENT if I did not buy some stuff on a gamble that it would be profitable, and it was not, If I was that timid, I would lose out on buying a lot of true winners.

  • Coinstartled
    Coinstartled Posts: 10,135 ✭✭✭✭✭
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    @mustangmanbob said:
    In the words of the Prophet, Clint Eastwood:\

    "A man has got to know his limitations."

    I buy and sell every day, a non coin type of stuff, where there is no price guide, just past sales on ebay, seat of the pants experience, swings in demand, etc.

    I would be NEGLIGENT if I did not buy some stuff on a gamble that it would be profitable, and it was not, If I was that timid, I would lose out on buying a lot of true winners.

    Well said. Especially in the case of the OP where error coins are nearly unique and certainly unconventional.

    Ebay of course extracts the same percentage whether the coin is a home run or a soft pop out.

  • Paradisefound
    Paradisefound Posts: 8,623 ✭✭✭✭✭
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    Watch out ...... don't whisper to my ear; I need to let go some fume >:)

    @ColonelJessup said:
    Monthly :/

    Boredom breeds brain farts :s

  • mannie gray
    mannie gray Posts: 7,259 ✭✭✭✭✭
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    OP, you could do what several sellers have done to me when I win an auction at a low price and then "can't find" the coin. :D

  • Type2
    Type2 Posts: 13,985 ✭✭✭✭✭
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    It's the only profession I know that if I lose $$$ on a coin it does not bug me to much. I just move on to the next one.

    Brain farts do happen.



    Hoard the keys.
  • TwistedArrow1962
    TwistedArrow1962 Posts: 58 ✭✭✭
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    Maybe it was just a bad auction and the coin really is worth $200. Seems like that happens more and more often on eBay.

    The way I look at it is that in order to learn and adapt to the ever changing market I have to take chances. Usually I make money and sometimes I lose money. If I'm not pushing myself to try new things I feel like in the end I'll have a limited area to buy and sell and won't make near as much. That is me. I think the downside of being like this is that I'm more of a jack of all trades and not a true expert in any area.

  • cameonut2011
    cameonut2011 Posts: 10,914 ✭✭✭✭✭
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    @ErrorsOnCoins said:
    This recently happened to me on one of my 99 cent ebay auctions. I lost 50%.

    If you paid $200, and the coin closed at $100 you lost more than half when you account for eBay fees and PayPal fees. This is why no reserve auctions are scary in this market when you are handling esoteric material. There are too many variables beyond your control. I feel for you.

  • cameonut2011
    cameonut2011 Posts: 10,914 ✭✭✭✭✭
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    P.S. I once had a coin I valued at $4,000 (not far off from the last Heritage auction records and well below guide value) that closed around $1,500. It's one of the reasons why I am skeptical of people that claim that no reserve auctions are always the best solution.

  • Treashunt
    Treashunt Posts: 6,748 ✭✭✭✭✭
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    Anyone who hasn't lost some money on coins, is a person who collects his change to roll up.

    Frank

    BHNC #203

  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    Technically, I have not lost money on any of my coin purchases. Simply because I have not sold them. If I did sell them, I am sure I will lose a lot :D Cheers, RickO

  • Lakesammman
    Lakesammman Posts: 17,698 ✭✭✭✭✭
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    Think of the $30 you saved by writing off the loss - you're only down $70! :D

    Gone but not forgotten: IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Ricko, Big Moose, Cardinal, CoinsAreFun.

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