What was your first "flip"?
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Can you remember the first "flip" you did with modern mint products? Mine was the 2001 Buffalo Coin and Currencies sets. I think it was something like $60 with no or a high household limit. Think it was reselling for $250 at the time. Nice to see that this one has held up pretty good in comparison to other mint products.
There have been it seems about one per year since, many have not held up to the initial price rush and are back to issue price.
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Wow, I bought 95 2001 Buffalo Dollars in the different sets from the mint. A perfect flip.
I put all the insane profits into truly rare major error coins.
First flip: bought three 2006 $50 gold buffalos from the mint for $600 on the advice of my investment newsletter (Peter Schiff). Followed his additional advice - joined PCGS and sent them for grading. All three came back PR70 First Strike. Flipped each immediately on ebay for $1800 each. Been flippin' ever since.
Following year flipped a couple hundred of the new presidential $1 Washington missing edge lettering on ebay for $300-$700 ea. Paid $1 each via branch bank 1000 coin bricks. Was fortunate to live in one of the very few cities where these errors were initially sent. Hit all the local banks ordering/buying bricks and rolls. Searched over 40 1000-coin bricks that year. Returned the non-errors back to the banks in the same rolls in the same boxes. T'was a flippin' good year.
Put most all the profits into American Gold and Silver eagles. Been buying, grading and flippin' ever since.
No Way Out: Stimulus and Money Printing Are the Only Path Left
My first flip is not for profit but rather a personal satisfaction on PF69 > PF70
I went through all the trouble getting one during the fiasco opening day; send it in to our host just to receive back it as PF69
Not that there is anything wrong with 69 ..... is a matter of fact 69 is practically PERFECT but I wanted a 70 to keep so the trade up landed me this .....
The only flip that would qualify was about 10 or 11 years ago, when the silver 1999 proof set was high, I found one in an antique mall for $40 (Or maybe $30) I forget exactly, but I grabbed it and the very next day on my lunch break I sold it to a dealer for $175!
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Many of us bought the 2000 silver sets thinking the same thing.
A complete flop, and I lost money I think on those sets.
this thread is worthless without pictures
No Way Out: Stimulus and Money Printing Are the Only Path Left
It's interesting to see how many flips have flopped as long term investments. The 1999 silver proof set is a great example - I think it was up to $300 at its peak, but once the state quarters program v1 ended, it dropped like a brick. I think the 2009 Lincoln coin and chronicles set was another flash in the pan.
It's also interesting to see that a lot of flippers use the profits to buy classic coins, sort of a self funding hobby!
Learning what to buy and flip is the hardest part of good flipping.
No Way Out: Stimulus and Money Printing Are the Only Path Left
It would be interesting to create a flip database showing issue price, max avg price during flip, and current avg price. I bet there are some real dogs in there (calling you, prez bucks chronicles)
I've mentioned this previously here, but I purchased a PR70DCM Lincoln cent on Teletrade years back for around $300. I think it was a 1983-S, but I cannot remember. Didn't like it much so I sent it back to Teletrade about 6 months later, where it brought around $2300.
Not bad, eh!
Armed with my superior coin trading skills, I immediately purchased a SBA dollar in PR70 for about $1500. right about then ICG got into the market. I still have that SBA somewhere. It's worth about $40-$50, I guess.
Tom
Modern mint products? The 25th anniversary silver eagle sets. Bought 5 @ $300 each. Never even opened the shipping box from the mint, flipped them the day they arrived in the mail @ $800 each.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
The 1970 Proof sets ... I think had six of them, they were selling for more than the issue price right out of the box. I sold them all to a flea market dealer at the Wilmington, Delaware Farmers' Market.
It was the bird, as I recall.
RIP, bro.
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Timing is also crucial. I got skunked on the 2018 plats by jumping on a deal too quickly pre-sale (still was a good deal for 5 minutes of work, but left considerable money on the table), but burned by holding the prez bucks chronicles sets for too long and barely breaking even, even with good offers pre-sale..
My first mint flip, and what brought me onto coin forums, was the 2011 Silver Eagle set. I was able to buy max on several accounts, and shipped to friends, family, etc. I did pretty darn well, and got hooked. lol
I never flipped. Never bought anything from the mint for fear of getting stuck with it.
Prez bucks C&C aren’t doing that bad. Truman is still selling for 215-225 with a 59.95 issue price - they’ve fallen from 300-ish right after sellout but still... Eisenhower has actually risen and is now 150-ish. Some of the later issues like Kennedy and Reagan are selling above issue price
My next flip will be my first...
Just not a coin seller... Cheers, RickO
The thing about selling coins is that I end up buying way nicer coins with the proceeds of coins sales.
2009 UHR. Co-worker got me and about 8 others in the office involved. We all graded and flipped them.
Never
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Several modern proof kennedy halves to a friend afraid of ebay.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Bought proof and uncirculated Jefferson's Liberty first spouse coins from the mint, and flipped them to Bear.
First flip I can remember was the 1999 Silver Proof Sets with the first year State Quarters. Bought 2 because that was the household limit. Was offered double by a local dealer but I didn't sell. Dealers couldn't get enough to fill orders. Then the mint raised the household limit and offers to buy disappeared. But I think because of the way things played out, people were afraid to buy more (I was) and so there weren't large hoards. When the mint cut off sales they started their climb to $300. I sold somewhere along the way for a nice profit and of course regretted not buying more when I had the chance.
Awww, greed and fear. That's what moves a market.
I have had much bigger flips since that made a lot more money, but that is the oldest one that I can recall.
Mine was with the 1994 Jefferson Coin & Currency set, which featured a Special Strike Jefferson Nickel. That was before the Mint had an internet portal for purchasing products, so it was mail order only, and any order arriving prior to the release date was rejected. In addition to that, it was first in, first out, until the sell-out.
So, what did I do? I sent in my order the day before the release, using USPS Overnight mail. I was able to get the 10 sets I wanted at $34 each, and flipped them within a day of delivery at $300 each!
My first flip, the 1999 Silver Proof Sets. They reached apx. $400 before the decline.
The gold "wonder" Kennedy with the weird weight (0.75 Oz) that was going to be worth thousands. Be lucky it was only $20.
I had a bust half I bought in the 1980's. When I decided to get back into coins in 2009 I took it to a show and just accepted the first offer from the Dealer running the show, ( less than half of it's actual value). I sold it then said "I'm not new at this but from time to time I may need some guidance". "I let you make some money off of me, I'd appreciate your help if I have a question."
I had a question a few shows later, his answer was not helpful at all. Never dealt with him again.
That 2015 APE. Grossed $300, bot a Diez Pesos gold coin with the proceeds early in '16.
The 2006 20th Anniversary 3-pc ASE set. HHL, 10 sets. And it was a beauty! Some of these were probably my first PCGS submissions. Got two 70’s for the Reverse Proof. Have no 2006 ASE’s left!
By the way, going farther back to the 10th Anniv 5-pc set (before my time), I wonder has anyone ever cherrypicked the 95-W ASE from somewhere like a pawn shop? That would be a total “You Suck” cherry!
Speaking of which, what’s the last “you suck!” you’ve seen on the boards? I haven’t seen a new one since the discoverer of the 10c 1919 DDO posted it...(not OP flip-related, I know!)
I have a friend who is a dealer who bought a very large collection. While going through it later he concluded that he got the 95-W silver eagle for spot, (the whole set, gold and silver for spot)
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1975 Webbs coins Latham, NY. Pete on the counter has two nice unc $ 2 1/2 Indians he just got in Webb ripped them for $75 each over the counter. Pete's not telling me that part of the story just offering the coins for $125. each. I said; OK, back then we had Unc and b&w ANACS photos. So, I took them down to Ferris on Central Avenue. Offered them Wendell's wife says two unc $2.5s paying $ 250 each. I said; OK. So, two OK's and I got a $250 profit about a weeks wages back then take home that is.
So, like an idiot I tell Pete and he's dumber than me and tells Webb about the $50 profit on each coin and Webb about falls over (you know that guy eba, ebaz, eber, something in Dicken's A Christmas Carol) So Webb proceeds to give me a lecture on how I shouldn't have bought them cause a customer could come back etc...........I said; PPPHHHHHHHTTTTTTT to that story.
That's my story and I'm sticking to it.
I bought 15,000 2017 Enhanced Uncirculated sets...still trying to flip those.
Don't quote me on that.
The Roosevelt coin chronicles set. Max household limit. I did not even open the box. Received one day, sold it the same day, shipped the next day for more than double the original cost.
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Goal !!! Goal !!! Goal !!! ...................................yes!
Those were my first (only?) flip too
That must have been at or near the peak after-market value!
A common Morgan dollar I bought raw as 63 st a shop that went 63 at pcgs.
1986 3 coin Statue Of Liberty set cost 375$ from mint, sold for 1050$ that year.
My first flip was the 2006 RP ASE. Bought one set, submitted the RP and it came back a 70. Immediately sold it on eBay for enough to buy a Proof 69, a 1987 Constitution $5 gold piece, and a 1834 VF-35 CBH.
My first real flip:
not long after they were discovered, I cherrypicked a 1914/3 P Buffalo, got it graded as a PCGS-63.
Made a nice profit.
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