Do you get great buys caused by others idiocy?

Goober · January 26, 2007 3:36AM

My dealer, as I would guess other dealers on the board, gets random walk ins from those who've purchased investment lots. For the most part it's quality gem BU coins unslabbed. They then seek to sell thinking they're going to profit from the purchase they made 15-20 years ago only to find out the thousands they paid then are in reality only worth hundreds today. I then buy the choicest at Redbook or below. It's sad to think how many out there are scammed in this fashion but it does give way for some good buys.

pharmer · January 26, 2007 3:49AM

Have any examples you can show us?

BECOKA · January 26, 2007 3:49AM

I hear this story way too often. There were many people who got scammed out of thousands of dollars. The good part is if they were able to hold for 20 years they should still survive after selling for a loss.

Pentimento · January 26, 2007 3:51AM

If people were 'investing' in coins, why didn't they treat what they had like an investment?!?! Would they buy a random stock, forget the ticker symbol, forget to track it for 20 years, and then bringing it to a broker assuming that they are going to get a huge payout?

Goober · January 26, 2007 4:17AM

<< <i>Have any examples you can show us? >>

Sorry at work

Most all I pick up is common silver from the 40's and 50's. A few BU 09-VDB's, one that graded MS66 at NGC, the others are still raw. But for the most part it's all GEM BU, and for the price I just can't beat it. I paid $12 each for the VDB's.

Bear · January 26, 2007 4:29AM

I am afraid I have my hands full, just

dealing with my own idiocy.

Coxe · January 26, 2007 8:36AM

<< <i>If people were 'investing' in coins, why didn't they treat what they had like an investment?!?! Would they buy a random stock, forget the ticker symbol, forget to track it for 20 years, and then bringing it to a broker assuming that they are going to get a huge payout? >>

Rare coins are a little different, at least in most peoples' heads. They stay rare and presumably increasingly desirable. You are absolutely correct though. Who goes and invests any money of significant without doing due dilligence independent from what they are told on the phone ot cable TV? You know people fall ofr the hot stock tip spam and the phone calls about the oil penny stock that is poised for explosive growth. You know what? I don't feel sorry for the victims in the least. I think the predators should be taken care of but the prey are adults who lose out of their choice of ignorance, abyssmal priorities and, quite possibly, greed. Commit to anything, sign a contract, or do anything not certifiably under duress or highly manipulated fraud? Tough.

BigRed · January 26, 2007 9:08AM

I think some of it is that people just tend to trust people. That was my problem when I first starting collecting coins. I lived in the same town as my coin dealer (small town) and he was on the town board and all and I just thought this guy has got to be honest. I was wrong.

Trime · January 26, 2007 10:03AM

I try to work on my own idiocy

carl · January 26, 2007 10:44AM

I remember those scams about 20 or so years ago. Used to get calls at work even telling me about a great new find in silver dollars and I was the lucky person to be able to get in on a super great deal. If I send them a few thousand, they'll send me what someday will be worth hundreds of thousands. And just because they I am so lucky. I used to say please call me back in about ten years and we'll make a deal. They never called back.

Do you get great buys caused by others idiocy?

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