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Am I insane for even considering buying this coin? *UPDATE - my decision*
seanq
Posts: 8,733 ✭✭✭✭✭
A major dealer has on his current list an early-date coin which I need for my date set of clipped Lincoln Cents. My problem is, the coin is in PCGS MS63RB, and his asking price for the piece is 7½-times the Trends and CU Price Guide price for the date and grade.
When I've been able to locate high-grade clips in the past, I've never paid more than a slight premium (no more than 10-20%) over the price of a normal coin in the same grade. For example, I have a coin in my set from the same year, but a differnt mint, which was in an ANACS MS64RB holder and was purchased for CW Trends.
As of yesterday afternoon, the dealer has the coin on reserve for me, and I have until the end of October to pony up the cash. However, last night I started having second thoughts. On the one hand, I've had this coin on my want list for six years, it's the first I've seen available, it feeds my desire for the finest set, and I have some stuff I can sell to raise the money. On the other hand, I know this coin isn't unique (other sets I know of have the date), I know this dealer's typical mark up, and 750% of Trends feels... well, like too much to pay.
One wild-card possibility I'm considering is a trade. I have a coin right up this dealer's alley which cost me much less than his asking price, and which I'm sure he could sell for at least as much as the coin I want. (I'm sorry for not using dates, names, or actual prices - I hope this all still makes sense).
So having vented all that, I guess my question is - in this situtaion, what would *you* do - pay the cash, offer a trade, or walk away?
Sean Reynolds
When I've been able to locate high-grade clips in the past, I've never paid more than a slight premium (no more than 10-20%) over the price of a normal coin in the same grade. For example, I have a coin in my set from the same year, but a differnt mint, which was in an ANACS MS64RB holder and was purchased for CW Trends.
As of yesterday afternoon, the dealer has the coin on reserve for me, and I have until the end of October to pony up the cash. However, last night I started having second thoughts. On the one hand, I've had this coin on my want list for six years, it's the first I've seen available, it feeds my desire for the finest set, and I have some stuff I can sell to raise the money. On the other hand, I know this coin isn't unique (other sets I know of have the date), I know this dealer's typical mark up, and 750% of Trends feels... well, like too much to pay.
One wild-card possibility I'm considering is a trade. I have a coin right up this dealer's alley which cost me much less than his asking price, and which I'm sure he could sell for at least as much as the coin I want. (I'm sorry for not using dates, names, or actual prices - I hope this all still makes sense).
So having vented all that, I guess my question is - in this situtaion, what would *you* do - pay the cash, offer a trade, or walk away?
Sean Reynolds
Incomplete planchets wanted, especially Lincoln Cents & type coins.
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
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You'll probably never be able to sell the coin and recover your money, but if this will really make you happy, go ahead and sell your house to get the money you need to buy it, and rent a single wide mobile home to live in.
What's important in life is what's important to you.
Ray
K S
<< <i>you sound like a collector, so if you like the coin, buy it. K S >>
Agreed. I
peacockcoins
and still be insane.
Camelot
I have to tell you that I LOVE the clipped Lincoln collection that you have collected. I'm very jealous.
But you do have a serious delema. You know how hard it is to find these early date Lincolns with clips, expecially when they are MS63RB or better, but if you don't buy it you may kick yourself 10 years down the road if you're still looking for it.
Although 750% over retail is excessive, I am surprised that you have been able to buy other clipped cents for only a 10-20% premium. I would suck it up, bite the bullet and just buy the coin.
If you are a true collector and the asking price won't cause you to miss paying one of your monthly bills, the cost should be of no concern.
If the dealer won't negotiate something reasonable to you, I'd walk. Chances are in 2-3 months he'll still have the coin and you can approach him again.
Edited to correct a typo.
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I have just a couple holes remaining for a complete set of my own and when I get the hole count down to one, then someone will probably make out like a bandit on the sale of that last coin I need.
Numonebuyer
I thought when a person buys an error, they buy it by error standards, not by trends standards. I would say with the market for errors the way it is these days, you were very lucky to obtain what you already have at the small premium you paid, considering what little I know about the prices of such coins. I've seen many of them go for many times the value of a 'normal' coin, but then again, I'm not used to seeing them priced in the earlier years, as I am sure this one is. A 1960 cent is worth a quarter, typically, but a clip could sell for up to $10 depending on its grade, type of clip, percentage of clip, etc.
In the end it's your choice - but I would stand clear of this one. The dealer is likely not to be able to sell the coin to anyone else, and if he hangs onto it for a month, his price will likely change. Dealers are in the habit of trying to move stock....that's what they do for a living. If the price is too high, he'll come down off of it.
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Would it be possible for YOU to sell your "in hand" coin that is "right up this dealers alley" for more than the clipped Lincoln you want to purchase from the dealer. If your "in hand" coin cost you so much less and you are able to sell it for the purchase price of the clipped Lincoln, then you are basically purchasing the clipped Lincoln for the original price of your "in hand" coin. If you can sell your "in hand" coin for more and then offer the dealer less than his current ask for the clipped Lincoln, all the better.
Just my 2-cents, Jim
At the current asking price, I just couldn't pull the trigger. I finally realized I wouldn't look at the coin in my set and think "Another step closer to completion!", but rather "I can't believe how much I paid for *that* one!" So I wrote the seller a courteous email stating that upon reflection, I simply was not comfortable paying his asking price. I offered him two counter-proposals: a trade for another error coin of similar value (but which I had less money in), or a cash offer about 20% less than his asking price (but still 6x Trends). If neither were acceptible, I would relinquish my 30-day privelege on the coin.
His reply was equally courteous, to quote him: "No problem, we'll just put the piece back in inventory. Your offer to trade is fair, but I have found that [your coin would be] a bit difficult to sell. We'll cancel the invoice, and hope we can do some business again in the future."
So now, I suppose, I'll wait. If I still see the coin in his inventory in a couple of months, I'll write with another offer. Meanwhile, I'll call the missus and tell her she can stop rationing the cat food
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
I think you made the right choice....the choice the makes you feel better.
You posted in your decision what I was going to mention to you....and that I didn't see anyone else mention:
"looking at the coin in your collection" and having "buyer's remorse" for having paid so much.
I would hate to see someone who wants/loves a coin so much end up not loving it due to the cost.
Buy what you can, buy what makes you feel good....when buying it won't leave you feeling good, then don't.
Good decision, and very nice, courteous reply from the dealer. Sounds like a good dealer to work with, in general.
For you, I hope it is still there in a few months and he is willing to work with you on the price.
I am not sure how many collect what you do (clipped lincolns) nor how many might be after a piece like that, but, at a price that you find so high, I would imagine there are many competitors for you.
Best of luck,
Ron
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
As collectors we often get into a I must have it now or else mentality. You do NOT "need" the coin. You want the coin. The best part about collecting is the chase.
If you have doubts now I am certain I would have doubts later on. I am willing to bet this coin will be available from the same guy for alot less in the near future or will pop up at auction for even less. I have seen it happen a 1000x.
Sometimes it's better to aim than fire. It's only a hobby and coins are not going to disappear, plenty of coins and plenty of time.
Good decision.
and a nice courteous response.
However, all part of cat and mouse.
I would not be surprise if a more reasonable offer made it's way to you in the near future. I would imagine at that price there is a very limited universe of collectors for the coin, and an even more limited one at that price.
After having inventory dollars tied up in it for while, the dealer may very well be looking to get out of the coin. However, he took a shot at crazy money.
Before pulling the trigger on anything, objectively put yourself in the other person's shoes and think about what teh sale means ot them, and how making teh sale or not making it will impact them. He how has the most desire usually gets the "sh*tty end of the stick"
Good luck!
BTW, if anyone here owns this coin, PM me