Did you ever lose money on a coin purchase ?
TwoSides2aCoin
Posts: 44,615 ✭✭✭✭✭
Welcome to the coin world.
But it's not whether we win or lose. It's how we play the game. Show me the keepers.
8
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My Keepers
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
The coins I am most likely to lose money on are the ones I am most likely to sell. The losers are usually lesser coins that I don't want to hold onto. Here's one of my keepers. I'll probably lose money on it if I ever sell it. But who would want to do that?
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
@neildrobertson NIce 50 Pfennig!
Years ago I learned to sell my ugly loser coins to build up my PayPal account until I found a truly unique coin that I had to have.
Repeat over and over again until all I have left is the best.
I have no doubt that I have lost money on a few of my purchases....However, I still have them... and maybe... If I live another fifty years, I will make money....
Cheers, RickO
Is this a trick question?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Often. Most of the time because I didn't know the current value of what I was selling or when my AU-58 coin became an "MS-65" gem as soon as the dealer bought it.
I built up my Paypal account selling carefully purchased winners.
Just about anytime a dealer or auction company is involved.
My Saint Set
Technically you never lose money on a purchase until you sell it. I've lost more than I care to admit when selling US Mint products, especially post 1968 proof sets and proof Ike dollars.
it's crackers to slip a rozzer the dropsy in snide
Is the goal to make money or have fun? (might be an interesting poll)
There's a difference, but the two often get mixed up here.
Although, let's be honest...... One of the appeals to this hobby for most of us is the chance that we'll wander into a jackpot.
It's all about the pursuit!
Great transactions with oih82w8, JasonGaming, Moose1913.
Is there any other outcome....?
This is a great plan since all but a talented few have purchased naught but winners.
"Inspiration exists, but it has to find you working" Pablo Picasso
Most of my bad purchases made when I was young came from the classified section of coin magazines/newspapers sight unseen. A couple dealers gave me some decent trade in values, so I took a haircut but didn't get decapitated. As an adult I've lost more on loosing lottery tickets each year than in this hobby.
As my discretionary income has increased over the years to allow me to "upgrade" coins in my various sets, yes, I have often sold coins for less than I paid. However, rather than "having lost money", I look at it as having "rented" those coins for the time they were in my custody. They gave me pleasure, and that is part of the benefit I received from having "rented" them. The process of buying and selling also taught me some things, so my education has increased as well, and that "rent" I paid also covered that "tuition".
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
If you never lost money on a coin sale, then you have never sold a coin.
Unless, of course your name is Newman
BHNC #203
That's why dealers love see me walking towards them!! ;-)
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Keepers:
My YouTube Channel
My YouTube Channel
Rhetorical question, but interesting nonetheless.
Depends... If I haven't sold yet, did I lose money? I keep pretty close watch on what I've paid and routinely estimate what I "probably" could sell them for. As of today, I'm down 80 to 90k. (Not inflation adjusted) I'm probably about "even" on 90% of my coins but ~10% of them I really had to pay up to get them. I didn't buy to make money (that's pretty clear). Same with my gun collection. Although, I'm making money (theoretically) on my guns. Some are up lot (double to triple or more on some of them) some up just a little, but all are probably up.
Every poster here has lost money on coins. Every poster here who has been actively buying coins the last three or four years has lost even more.
Just like the days of the California gold rush, it was the suppliers (auction houses, dealers, TPGs) that supplied the gold miners that made most of the money.
Bryce, my goal is to own, and periodically view some attractive snippets of history, without losing money. Very few collectors actually make money in numismatics.
"Seu cabra da peste,
"Sou Mangueira......."
Is the water wet?
Latin American Collection
I loose 100% on the purchase, but if I sell it later I have a chance to regain some, all, or even a bit more.
[Edited to add a keeper] I'll never loose any thing on this one:
It's the friends you make along the way in life - that are keepers.
Very deep thoughts
I consider breaking even on a sale a win!!!
I'll lose money when I die!
Only on the ones I sell!
How many have I sold? Hardly none!
I've won some and I've lost some.....But by and large; I think I'm ahead of the game.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
@TwoSides2aCoin You need to post the word "ALERT!!!" Or "CAUTION!!!" before you write something like this. I almost spit coffee on my computer when I read it.
Of course I have lost money purchasing coins. Just don't make me spend even more money on computer repairs.
Honestly, I’m well ahead.
rainbowroosie April 1, 2003
Did you ever lose money on a coin purchase ?
You're kidding. Right??
Here's a warning parable for coin collectors...
Who cares. It's called collecting, not investing.
You have got to be 💩ing me. Almost ever time I buy one and that's me trying not to lose money.
I’m willing to take a hit to buy something spectacular. Holding a coin or medal in my hand helps channel a connection to a certain time period. Revolution, Civil war, WWI, Depression, put current struggles in perspective. The visual aid helps compound interest and desire to further research history. Expeditions and Gold rushes that built a nation, pieces that showcase values and commemorate personal and national achievements prove I’m an idealistic romantic. Mix all this with condition and it gets even more fascinating. It helps form my attitudes and style of living life.
Ownership has its price. When all the bills are paid and obligations met, I enjoy buying a coin or medal as a treat. Who knows what level I will sell at, but I won’t give em away, unless I leave them. I imagine I’m not the only one who values the pieces I do at the same level.
It’s hard for me to relate to buying and selling coins as strictly a money making proposition although I can see a disengagement of interest and emotions as a key ingredient to selling. I hope these folks have the right connections that can unearth something spectacular I’m interested in. Sometimes I have to pay them for their resourcefulness while I’m not paying attention working my day job and hanging with family. Does that mean I lost money?
I've lost money on every coin purchase. I get a little bit of it back if I sell the coin.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
never, not once ever, nope
Collector, occasional seller
I'm going through the pain right now at Heritage but here's a keeper:
Has anyone besides @TDN made money on a coin purchase?
I think that many have done well over the years. Especially those who bought Rarity, quality and eye appeal and then held for the long term.
Brent Pogue, Gene Gardner, Eric Lane and dr. Duckor all did very well.
I read a very interesting book by Robert W Shippee....he was a banker who built a complete U.S. typeset and resold it 5 to 10 years later. He definitely came out ahead and made some pretty decent money. He made a few mistakes but his good buys more than made up for them. It was a great read.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
If someone answers the question in the negative the person either has never sold a coin (and thus a loss has never materialized except on paper) or the person is lying.
The fact that I have a nominal gain on many of my coins is a reflection of my age rather than my wisdom.
I also have my fair share of clunkers.
So, if I buy a coin for $1000 and I see that 5 years later it trends at $1500, but I decide to wait and keep it and the market recedes a bit down to $1200 and I sell... have I lost $300 or have I made $200?
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
Sounds like a gain of $200 to me...over 5 years that's an annualized ROI of 3.71%...or obviously less depending upon how much longer you waited to sell...and not factoring in any selling costs...
I remember searching in Sunday newspaper for Littleton and a long list of coin dealers in the back of Popular Science magazine .
My roman coins 👍
All the time !!!