What constitutes a "Rip" to everyone here???

keets · June 13, 2007 2:02PM

What is your definition of a "Rip" when used to describe a coin you've bought/won?? Thanks.

Al H.

Unknown · June 13, 2007 2:09PM

This content has been removed.

clarkbar04 · June 13, 2007 2:14PM

Got it for way less than I expected.

GoldenEyeNumismatics · June 13, 2007 2:14PM

when you have clearly purchased a coin for far less than it is actually worth

AskRaq · June 13, 2007 2:22PM

I have never had it happen.... but my definition would be when you purchased a nice regular coin for less than the average fair market value.... and THEN find out it's some variety, error, die pairing, or other "rarity" that increases the value 10 fold!

The closest I've ever had that happen was buying a $10 roll of circulated halves at the bank and getting 20 circulated '64 silver Kennedys! (yay... better than nuthin!)

keets · June 13, 2007 2:38PM

i've had some "Rips" in the past and the term seems to have been overused lately to the point where many understand it to mean getting something at a bargain price under GreySheet. i personally don't think getting a $100 item for $75 is a Rip, maybe a good deal, but not a Rip.

Or am i wrong and in the minority here??

DUIGUY · June 13, 2007 2:45PM

A rip is when you pick up a rare item that is esoteric and not yet known, Dats a rip .

FullStepJeffs · June 13, 2007 2:49PM

The 53S MS63 with 5 full steps I found in a dealers junk box for $1 was a rip...

I almost skipped out of the show.

Steve

clw54 · June 13, 2007 2:50PM

A rip is when you buy a coin because you see something that makes it far more valuable than the seller realizes.

persaus · June 13, 2007 2:55PM

Come on Keets...................you are vague

Wolf359 · June 13, 2007 2:57PM

Shortly after eating a big bowl of beans.

Shortgapbob · June 13, 2007 3:33PM

<< i've had some "Rips" in the past and the term seems to have been overused lately to the point where many understand it to mean getting something at a bargain price under GreySheet. i personally don't think getting a $100 item for $75 is a Rip, maybe a good deal, but not a Rip.

Or am i wrong and in the minority here?? >>

I agree with you. A "rip" is far different than getting a good deal on a coin. To me, a rip is getting a coin at a price that no one would knowingly sell the coin at, wholesale or retail, if they understood the value of the piece. The coin that was "ripped" would sell at a substantial profit (the percent depends on the price of the coin) immediately and easily.

I'll leave the definition of "substantial profit" to someone else.

stephunter · June 13, 2007 3:36PM

<< The 53S MS63 with 5 full steps I found in a dealers junk box for $1 was a rip...

I almost skipped out of the show.

Steve >>

Yeh, I would say that is a rip.

clarkbar04 · June 13, 2007 4:09PM

Buying a canada 5c in xf40 for $8 is a rip, but well short of a you suck.

Bochiman · June 13, 2007 4:28PM

A rip is what happens when I bend over wearing pants that no longer fit

DUIGUY · June 13, 2007 4:42PM

<< A rip is what happens when I bend over wearing pants that no longer fit

>>

PerryHall · June 13, 2007 4:56PM

A rip is when a dealer buys a collection from a widow.

robkool · June 13, 2007 5:14PM

A kool rip is like buying a coin a seller thinks is a common date, and later finding out that it's really a key date. He/she forgot there was a mint mark on it like an "S"...

Unknown · June 13, 2007 5:29PM

This content has been removed.

clarkbar04 · June 13, 2007 5:32PM

You suck is the granddaddy of 'em all, followed by a you suck lite. I think a major rip and then a rip would follow.

Texast · June 13, 2007 5:50PM

A rip is pulling a BU 31-s Mercury out of a pile of "Common Date" merc's from a dealers junk silver box for $1.25 ... Could also be when two bidders get in a bidding war for a ten dollar item and it sells for $600 (that happened to me last year best profit I ever made)

storm888 · June 13, 2007 5:51PM

A purchase price that allows resale at 5X or better.

Making 100% or 200% is NOT a "rip."

Lakesammman · June 13, 2007 8:57PM

Recently bought at auction a coin for 32K, was willing to pay 50K and another dealer was offering me one in a lower grade for 75K. To me that's a rip.

RYK · June 13, 2007 9:05PM

I don't know--I have never had a "rip".

If I had to define it, a rip is when you are able to buy a coin for a price that is worth substantially more to a knowledgeable buyer than what you have paid, often as a result of the lack of due diligence, carelessness or ignorance of the seller, other bidders, or even yourself at the point of purchase.

njcoincrank · June 13, 2007 9:53PM

To me a rip is defined as follows:

Buying a coin, knowing at the present time, that you have purchased for substantially less than its current, and recognized, market value. This may include you seeing a higher grade than the seller, knowledge of a recognized variety, or recently changed market value that the seller was unaware of. To get a RIP, you MUST have knowledge of the RIP at the time that you are doing it.

The following do not constitute a RIP, but merely luck:

1) Buying a coin as a common date or varitey at the time, only to have someone tell you that it is a better variety.

2) Buying a coin marked a certain date, buying it as such, only to find out that the seller as well as you missed a mintmark.

3) Buying a coin that you and the seller both agree grades say MS-64, and then sending it to a tpg and having it grade MS-66. Unfortunately for the seller his ignorance cost him money. Luckily for you your ignorance netted you a windfall.

I don't believe this list covers all definitions of what does and doesn't constitute a RIP, but you get the idea. Remember a RIP is always accompanied by knowledge.

njcc

291fifth · June 13, 2007 10:11PM

Nothing is really a "rip" until you have actually managed to sell it for a significant profit.

johnnymondo411 · June 13, 2007 11:22PM

I was at a garage sale 2 months ago and was looking through a box of indian head and lincoln cents in cardboard flips. About 100 of them. The lady wanted .25 each or the whole lot for $20 bucks. About half way through I stop and try to put on my best poker face and say "I'll give ya $15 for the lot." She said fine. You will never guess what was in the box........

an 1887 (in my opinion ms62/63) Liberty Gold Dollar! A $500 coin for .15!!!!!!!!!

ColonialCoinUnion · June 13, 2007 11:30PM

<< I was at a garage sale 2 months ago and was looking through a box of indian head and lincoln cents in cardboard flips. About 100 of them. The lady wanted .25 each or the whole lot for $20 bucks. About half way through I stop and try to put on my best poker face and say "I'll give ya $15 for the lot." She said fine. You will never guess what was in the box........

an 1887 (in my opinion ms62/63) Liberty Gold Dollar! A $500 coin for .15!!!!!!!!! >>

Sorry, according to 291fifth, this is not a rip.

OKbustchaser · June 13, 2007 11:36PM

<< I was at a garage sale 2 months ago and was looking through a box of indian head and lincoln cents in cardboard flips. About 100 of them. The lady wanted .25 each or the whole lot for $20 bucks. About half way through I stop and try to put on my best poker face and say "I'll give ya $15 for the lot." She said fine. You will never guess what was in the box........

an 1887 (in my opinion ms62/63) Liberty Gold Dollar! A $500 coin for .15!!!!!!!!! >>

I am forced to ask (just as I do every time this type of thread crops up) "Why is it okay for a collector to rip people off, then come on here and brag about it when that same collector thinks that a dealer who pays 50 to 60 cents on the dollar to someone should be castrated?" Where is the difference?

Once again, I am not saying it is either right or wrong to do so--merely that it should either be right for both or wrong for both.

johnnymondo411 · June 13, 2007 11:38PM

I saw the gold coin in the box, that is why I stopped looking. I didn't want any additional chance of another person coming and wanting to look at the coins.

johnnymondo411 · June 13, 2007 11:48PM

I think that one persons garbage is another persons gold. If you don't take the time to become knowledgeable than you deserve to get ripped off. I was at a friend's house helping them move and his dad had an old safe with tons of Morgan Silver Dollars in it. The only problem is they don't remember the combo to get in. His dad was like "It is only about $200 worth of silver" He thought silver was $4 an ounce. He also only thought they had value as silver coins. Thats was 3 months ago and still they have not opened up the safe.

My other friends Dad died in January and left him a huge collection of coins (Morgans, Indian Heads, Lincolns and other silver coins). His dad has been collecting since the 40's. I told him not to sell to a dealer. I would help him go through the coins and find out what they are worth and than he can try to sell them. He didn't listen, just called a dealer and sold them for $2000. Without any key dates the collection was worth at least $30,000. I would have payed more than $2000 but he didn't want to take the time to research the coins.

One mans garbage is another mans gold.

GMan · June 14, 2007 12:03AM

Does a 1937-D 3 legged Buffalo purchased for $0.10 count as a rip? I only got $700 out of it when I sold it so I'm not sure

Yes I did know it was a 3 legger but it was in an album that had been stored in a humid enviroment and some kind of green corrosion had taken over and eaten into nearly all the coins. I therefore offered the woman $0.10 each for the album as she "just wanted to get rid of it." I wasn't sure if I could salvage the 3 legger, but with a lot of acetone and MS-70 I was able to clean the obv and rev to the point where only one pinhead of the "gunk" was left on the obv. However, the rim had about 3 spots of this rock hard green crap I never could get off. Otherwise coin was a nice full horn XF-45+ I was offered $700 for it and decided to realize my profit

Ironically, none of the other coins was salvageable due to the metal actually being eaten away.

Wolf359 · June 14, 2007 12:10AM

<< I was at a garage sale 2 months ago and was looking through a box of indian head and lincoln cents in cardboard flips. About 100 of them. The lady wanted .25 each or the whole lot for $20 bucks. About half way through I stop and try to put on my best poker face and say "I'll give ya $15 for the lot." She said fine. You will never guess what was in the box........
>>

Now that's just wrong. You got a rip, pay the $20.

Russ · June 14, 2007 1:08AM

Example of a rip:

Bought for $12.50:

Sold for $700:

Russ, NCNE

Russ · June 14, 2007 1:12AM

Example of a rip:

Bought for $32:

Now worth about $700:

Russ, NCNE

Russ · June 14, 2007 1:15AM

Example of a huge rip:

Bought in a group of four for a total of $85:

Market value close to $10K:

The other one graded PR65DCAM and sold for $963.

Russ, NCNE

grabba · June 14, 2007 1:26AM

Awesome rips Russ.

jonathanb · June 14, 2007 5:54AM

FWIW, I like clw54's definition best so far:

<< A rip is when you buy a coin because you see something that makes it far more valuable than the seller realizes. >>

I would say that "far more valuable" also means "at least 2x, at least +$50".

jonathanb · June 14, 2007 5:59AM

In case anyone missed it, there was a thread back in February talking about best rips, all-time. There's a big gray area for what is a rip and what isn't, but there are some that everyone agrees with!

13PacesEast · June 14, 2007 6:02AM

<< I was at a garage sale 2 months ago and was looking through a box of indian head and lincoln cents in cardboard flips. About 100 of them. The lady wanted .25 each or the whole lot for $20 bucks. About half way through I stop and try to put on my best poker face and say "I'll give ya $15 for the lot." She said fine. You will never guess what was in the box........

an 1887 (in my opinion ms62/63) Liberty Gold Dollar! A $500 coin for .15!!!!!!!!! >>

that's just wrong.

oh wait, i forgot.......

it's not illegal or immoral if it is done in the name of PROFIT.

P R O F I T ™

jmj3esq · June 14, 2007 6:18AM

I think the time I bought a 1966 Kennedy for around $4.00 that ended up grading MS67 at PCGS could be considered a rip. It is POP 3 with only 1 higher. I sold for quite a hefty profit.

tcmitssr · June 14, 2007 6:26AM

I've never been sure that I agree with the concept behind a "rip." It's better, I think, for a transaction to be a win-win situation for both sides. Sellers are entitled to a fair profit on their coins and buyers are entitled to a fair price for a coin. When one side or the other has a rip, well then, someone has been taken advantage off.

That's no better than the stereotypical used car dealer down the steeet with his corner car lot, is it?

I like to think that numismatics and coin collecting is better than that.

I agree with the concept of a good deal. That still means that both sides had a win-win but that one got better than half of the good deal. Usually both sides understand that.

It's the idea behind a rip that troubles me.

bidask · June 14, 2007 6:32AM

owning a physical retail store and buying from the public, my friend does it everyday

Elcontador · June 14, 2007 7:15AM

Getting a coin that meets your expectations at a price you think is reasonable.

There are very few real bargains in numismatics, unless you are very lucky or take advantage of someone else's ignorance or stupidity.
The best deals I got in the last 10 years are as follows:

!) A beautifully toned 38 D Buff at auction in a 6 holder for 6 money that I upgraded to a 7. It's a $250 to $300 value increment.
2) The most gorgeously toned Lib Nickel (an 1899) correctly graded in a 6 holder for type $ at auction. $300, maybe $400 less than should have paid.
3) A nicer than average 1903 Lib Nickel correctly graded in a 6 holder for Bluesheet $ at auction. $300,--$400 less than should have paid.

To get a proper perspective, most of my coins are in the $2K to $5K range,

PrivateCoinCollector · June 14, 2007 7:22AM

Buying an 81 proof set at 70% of bid and finding out is was a type 2 set.

busco69 · June 14, 2007 7:32AM

A rip is when a dealer sells a coin to a collector for more than twice what he paid for it.

Russ · June 14, 2007 8:00AM

<< I've never been sure that I agree with the concept behind a "rip." It's better, I think, for a transaction to be a win-win situation for both sides. Sellers are entitled to a fair profit on their coins and buyers are entitled to a fair price for a coin. When one side or the other has a rip, well then, someone has been taken advantage off. >>

You think that the dealer I bought that SGS slab from didn't make a profit selling it? It was a BIN of a three coin set. I doubt he set the BIN at a level where he would lose money.

You think dealers from whom I buy proof sets where I get a rip are losing money? These guys are buying what comes through the door at back of bid and I've been known to pay as much 10x bid to get a set I want. I've gotten my share of rips ponying up strong premiums, but the dealers also made nice fat profits.

Russ, NCNE

RareBronzeCollector · June 14, 2007 8:12AM

This rare variety of an 1861 Great Britain Half-Penny (posted on the darkside), that I recently acquired at a less than expected price even for the commonest variety, would be considered, IMO, at the least a rip, and possibly a candidate for a You Suck.....

Link to Thread on Darkside

I've more than a few acquisitions worthy of a You Suck on the dark side...... All being DEFINITE RIPS.....

morgansforever · June 14, 2007 8:31AM

Russ with the killer rips, wish it was that easy.

Hey Russ, did you purchase those online?

keets · June 14, 2007 8:35AM

.......................and to follow up on Russ' thought-----That's no better than the stereotypical used car dealer down the steeet with his corner car lot, is it?

i think the principal difference is that when we consider something a "Rip" it generally means that the buyer has some type of knowledge advantage over a seller who's asking a price for an item that he feels is reasonable. with the used car salesman as we typically understand them to be portrayed, they are effectively defrauding the buyer in some fashion by misrepresenting the car.

the two are in no way even close to the same thing.

Russ · June 14, 2007 8:40AM

<< Hey Russ, did you purchase those online? >>

Those three were all eBay. In fact, one of them came from a forum member.

Russ, NCNE

What constitutes a "Rip" to everyone here???

Comments

Leave a Comment

What constitutes a &quot;Rip&quot; to everyone here???

Comments

Leave a Comment

What constitutes a "Rip" to everyone here???