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What is wrong with "flipping?"
Geoman
Posts: 2,491 ✭✭✭
What is wrong with flipping? It seems there is a negative attitude with people flipping a coin for a quick profit. Do you consider flippers less of a coin collector/dealer? Maybe the "modern" term is associated with flipper, since most of the coins people sell (ie: flip) for a quick profit do this with modern coins. Personally, I don't have a problem with anyone flipping a coin for a quick profit. To each their own.
I pretty much missed the boat on the 20th Anniversary ASE sets, and only bought 4 sets at the last minute. Sold them almost right away for double my purchase price and I was happy! I bought 4 of the spouse coins and will be happy to double my money on them. Is this unethical? Do I view myself as any less of a collector? No! I plan on using any profits to just buy more coins. I don't have a huge budget where I can buy coins whenever. So if I can use part of this hobby to generate money to buy more coins - what is wrong with that?
What are your views on flipping?
I pretty much missed the boat on the 20th Anniversary ASE sets, and only bought 4 sets at the last minute. Sold them almost right away for double my purchase price and I was happy! I bought 4 of the spouse coins and will be happy to double my money on them. Is this unethical? Do I view myself as any less of a collector? No! I plan on using any profits to just buy more coins. I don't have a huge budget where I can buy coins whenever. So if I can use part of this hobby to generate money to buy more coins - what is wrong with that?
What are your views on flipping?
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<< <i>What is wrong with flipping? It seems there is a negative attitude with people flipping a coin for a quick profit. >>
The only negative attitudes are the sour grapes posted by the people who missed out.
There's nothing wrong with flipping. If someone didn't set their alarm this morning, or waffled about ponying up the bucks for the Hags™, that's their problem; not the flippers. To the victors go the spoils; for the rest, there's always eBay...
An economic model started by the captains of industry, Carnegie, Rockefeller, J.P. Morgan.
I think it's fine. It's not like you are gouging anyone if you sell them for current trends. And I'm like you on the "not having a huge budget to buy coins whenever." I enjoy making a few dollars so I can buy better coins, usually classics.
What's the difference in buying a "Classic coin" for cheap and selling it the next week for a nice profit. That's "flipping".
anyone else?
Too many positive BST transactions with too many members to list.
I could kick myself for not buying the AGE 20th Anniversary set, but I'm not crying either. I just don't like the flippers who brag about every dollar they score and whine when they lose. It's a gamble, live with it.
I think it's like getting in on an IPO in the stock market, but you don't have to be an "insider" to play.
I personally feel that's dirty money. YMMV, of course.
And I'm tired of people saying it's "sour grapes." I've had the chance to get in on ALL of these frenzies and chose to pass because I don't feel right about profiting that way.
me thinks the sour grapes toot and and the ones who don't give a hoot, don't.
sometimes it can get crazy and this just puts rocket fuel on the Jefferson "spouse"
<< <i>ziggy, everyone here is a small potato...the real issue is with the big guys that always seem to find a way to buy more than the order limit allows...for example, right after the 20th anniversary silver coin sets came out, the guy on the home shopping network was selling 500 graded sets for (i think) $399... how in the world did he buy 500 sets when there was a limit of 10? >>
That's easy... they bought Mayor Daly's voter list and used that to buy more than their limit.
Box of 20
The negativity stems from the fact that it just isn't interesting and actually has little to do with numismatics.
"FLIPPIN" work schedule kept me until 3:30
The funny thing was that I was home at 11:00 and couldn't stay long.
Rookie Joe
There is nothing wrong with it. It is just another form of speculation. If you make money...I don't care. If you break even...I don't care. If you lose money...I don't care.
The negativity stems from the fact that it just isn't interesting and actually has little to do with numismatics.
<<
I agree with that...plus, i think that real collectors should get the first shot at a us mint product...that is why, imo, the us mint should lower the order limit to 1 item for the first 30 days.
I knew it would happen.
<< <i>nothing ethically wrong about it... supply and demand and basic economics.
I could kick myself for not buying the AGE 20th Anniversary set, but I'm not crying either. I just don't like the flippers who brag about every dollar they score and whine when they lose. It's a gamble, live with it. >>
With a generous 30-day return policy I condider it more of a calculated risk
Absolutley NOTHING!
When it comes to me making an honest profit for taking a risk with my capital, I don't give a rat's ass what anyone thinks about it.
I would not be surprised to see the Mint make changes in the program. Either increasing the mintage or lowering the maximum order or both. Heck, if I were them I would consider inceasing the mintage of the first two coins now, even if that causes the speculators to return their coins.
Seculative abuses in the distribution of the classic commems angered Congress back in the 1930's. In a similar vein, the SEC established hot issues rules for IPOs when it became clear that the investment banking houses were allocating all of the hot issue shares to their buddies.
CG
<< <i>On the other hand if your running the US Mint you might be wondering whether your new products programs are properly serving the public. If one of the Mint's goals is to make these coins avaialbe to a broad swarth of the public at the originial issue price, then allowing speculators and dealers to buy up to 10 coins each may not be serving that goal. Similarly, they may have set the mintage limit too low.
I would not be surprised to see the Mint make changes in the program. Either increasing the mintage or lowering the maximum order or both. Heck, if I were them I would consider inceasing the mintage of the first two coins now, even if that causes the speculators to return their coins.
Seculative abuses in the distribution of the classic commems angered Congress back in the 1930's. In a similar vein, the SEC established hot issues rules for IPOs when it became clear that the investment banking houses were allocating all of the hot issue shares to their buddies.
CG >>
Per the enabiling legislation of the Presidential $1 coin Act, the Supervisor must announce the mintage before the individual designs go on sale.
It is very much like speculating. Hmmmmm! It IS speculating!
Just remember this. Some we win - some we lose.
When we lose it would serve us well to remember the big hits we made and the times we won
and to show some class by taking a whippin' like a man when we guess wrong!
<< <i>Per the enabiling legislation of the Presidential $1 coin Act, the Supervisor must announce the mintage before the individual designs go on sale. >>
So what are you going to do if the Mint decides to increase the issue and give original buyers an order cancelation privilege? Or they could just do it and say "sue me".
The Mint could also just increase the size of the next coins in the series.
CG
<< <i>On the other hand if your running the US Mint you might be wondering whether your new products programs are properly serving the public. If one of the Mint's goals is to make these coins avaialbe to a broad swarth of the public at the originial issue price, then allowing speculators and dealers to buy up to 10 coins each may not be serving that goal. Similarly, they may have set the mintage limit too low.
I would not be surprised to see the Mint make changes in the program. ...
CG >>
I think the Mint knows all the possible outcomes to a given program's policies. I think that the Mint likes speculation to an extent. They did get too much protest over the subscription silliness -- which basically moved the launch date to whatever unannounced date the subscriptions became available, and locked in buyers for a long hard slog through 40+ issues -- so they went to another more calculated approach.
If they had a limit of one or two, they probably never would have sold as many as they did today. If they raised the mintage, it would have decreased interest and they also probably would not have sold as many as they did today.
In other words: do you really think that 40,000 people would have loved these coins enough to shell out $430 each? Don't you think that the two-hour sellout made these issues that much more marketable?
Essentially, they Mint is having speculators take care of their post-launch marketing.
<< <i>If they raised the mintage, it would have decreased interest and they also probably would not have sold as many as they did today.
In other words: do you really think that 40,000 people would have loved these coins enough to shell out $430 each? Don't you think that the two-hour sellout made these issues that much more marketable? >>
Don't you think the speculators who scarffed these up today think that more than 40,000 people want these? If they thought otherwise, they would not have bought up to 10 coins each. Of course they may have miscalculated and there may be 4,000 flippers who will be trying to flip 40,000 coins to a market that only wants 20,000 coins or 10,000 coins or perhaps no coins at all--and in that case the Mint outfoxed everyone.
CG
Edited to add:
<< <i> think the Mint knows all the possible outcomes to a given program's policies >>
I think you are giving them far too much credit.
I knew it would happen.
IMO nothing.
<< <i>There is a old saying "Knowledge is power" and if you can use it to better your collection or make a few $$$ that is the basis of the free enterprise system >>
You are being self indulgent. What separates those whose orders will get filled from those whose ordered will not get filled is not knowledge -- its the speed of computer keyboard.
CG
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<< <i>
<< <i>There is a old saying "Knowledge is power" and if you can use it to better your collection or make a few $$$ that is the basis of the free enterprise system >>
You are being self indulgent. What separates those whose orders will get filled from those whose ordered will not get filled is not knowledge -- its the speed of computer keyboard.
CG >>
Ever heard of the saying the early bird gets the worm? It's been around for 100+ years. Your US Mint chose the format. You don't like it? Complain to you Congressman.......
<< <i>Your US Mint chose the format. You don't like it? Complain to you Congressman....... >>
Personally, I am a mere observer. And my observation is that the program is being run in an incompetent manner that is likely to turn off the public and cause the program to flop. But my guess is that right now the managers at the Mint are boasting about how successful their program launch was--after all it sold out in 3 hours.
CG
Flipping - buying for a certain price and selling for a higher price.
I guess that makes EVERY business a Flipper. The local coin shop bought his stock and is selling it for more, is he flipping.
The grocery store bought food and is selling it for more, are they flipping??
Capitalism, love it or move to Russia.
What is wrong with flipping?
Nothing. Is it "right" enough that you and the others pay income tax on all of the profits?
<< <i>Capitalism, love it or move to Russia >>
Where have you been? Russia has a free enterprise system--at least for friends of Mr. Putin.
CG
For a large selection of U.S. Coins & Currency, visit The Reeded Edge's online webstore at the link below.
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Of course, which is why the "big brother is watching" crowd gets stirred up every time the IRS and Ebay get together.
<< <i>
<< <i>Your US Mint chose the format. You don't like it? Complain to you Congressman....... >>
Personally, I am a mere observer. And my observation is that the program is being run in an incompetent manner that is likely to turn off the public and cause the program to flop. But my guess is that right now the managers at the Mint are boasting about how successful their program launch was--after all it sold out in 3 hours.
CG >>
What are you saying now, I missed it, I was online ordering when suddenly, a big bag of money just hit me in the head...
``https://ebay.us/m/KxolR5
<< <i>Don't you think the speculators who scarffed these up today think that more than 40,000 people want these? If they thought otherwise, they would not have bought up to 10 coins each. Of course they may have miscalculated and there may be 4,000 flippers who will be trying to flip 40,000 coins to a market that only wants 20,000 coins or 10,000 coins or perhaps no coins at all--and in that case the Mint outfoxed everyone. >>
For the mint its a lot less hassle to handle 4,000 orders of 10 coins each than 40,000 orders of 1 coin each. Simple logistics I'd say.
<< <i>What is wrong with "flipping?" >>
Nothing wrong with flippin, tho I suppose it might depend on whether or not you are the flipper or the flippee or even the flipped.