What constitutes a "rip"?

GoldenEyeNumismatics · June 24, 2008 10:55AM

I think the term gets grossly overused. Maybe my definition just doesn't coincide with that of others.

When I think of a "rip," I think of being able to acquire something for less than 50% of the fair market value. However, a true "rip" would be like buying a $50k+ gold rarity for melt.

What say you?

Russ · June 24, 2008 10:57AM

I once bought a rainbow toned 1964 Kennedy at a show for $2.50 and sold it on eBay for $77. That's a rip.

Russ, NCNE

gecko109 · June 24, 2008 10:59AM

I think there is more of a "spectrum" concerning that term. If I had to create that spectrum i'd have to say anything bought at 50% is a low end rip......anything bought at 1% is a high end rip. In essence, a person could hash out $60 for a nice VF half dime with an R7 rating thats worth $3,000. That is a major rip since it was purchased for about 2% of its true value. On the other end of that extreme, if I bought a vg/f frankie at a flea market for $3, that too is a rip, a minirip, but a rip all the same.

Barndog · June 24, 2008 11:17AM

much of cherrypicking is "ripping" ?

jonathanb · June 24, 2008 11:29AM

I have a hard time getting excited for anything less than 5x markup and $100 profit (at the same time). Doubling your money on a $20 item -- or even a $50 item -- is plenty nice, but not a rip to me.

Anything over 40x markup and $1000 profit (at the same time) starts to get real interesting.

SDSportsFan · June 24, 2008 11:31AM

When I think of a rip, I think of the scene at the beginning of Blazing Saddles

Steve

Barndog · June 24, 2008 11:53AM

<< I have a hard time getting excited for anything less than 5x markup and $100 profit (at the same time). Doubling your money on a $20 item -- or even a $50 item -- is plenty nice, but not a rip to me.

Anything over 40x markup and $1000 profit (at the same time) starts to get real interesting. >>

so if I ripped something, but have not sold it, I have an "unrealized rip" or something along those lines?

jonathanb · June 24, 2008 12:00PM

<< so if I ripped something, but have not sold it, I have an "unrealized rip" or something along those lines? >>

Yeah, that's how I figure, although if you snag something of "definite" value, the selling can often be a formality. For example, if you buy a "Coin Pendant - South Africa" for $50 and end up with a Kruggerrand, I'd say that counts as a rip even before you have cash in hand. (And no, I didn't do that -- I'm just making up an example).

You definitely can't claim rip status before you have the item in hand, tho. If the post office eats it, you're out of luck...

sparky64 · June 24, 2008 12:04PM

<< so if I ripped something, but have not sold it, I have an "unrealized rip" or something along those lines? >>

Your "unrealized rip" would be a rip ripe for reverse ripping. I think?

morgansforever · June 24, 2008 12:05PM

While inside the local B&M today, a women walked in with some nice 18k jewlery.

Long n short, melt value for the jewlery was around 1k, she received $200, and was thrilled.

Dealer laughed and said, "They think I'm giving them money, there giving me money".

Is it a rip? Kinda left a bad taste in my mouth. Was a cool coin shop, but now it seems he'll buy anything with PM's in it.

LeeG · June 24, 2008 9:17PM

I think this qualifies? Bought raw for less than 60 money. Graded MS64.

yellowjacket · June 25, 2008 6:36AM

I paid $42 for an AU 1914 Buffalo that later returned from PCGS ($60 more) as a 1914/3 in 55. I promptly sold it at the Baltimore show for $2400 to someone putting together a registry set. It was a win-win rip.

Garrow

TwoSides2aCoin · June 25, 2008 6:44AM

Paying less for more

SanctionII · June 25, 2008 6:47AM

I have heard story that, if true, would be one of the biggest rips.

Decades ago an elderly collector died leaving his widow with a collection valued in the very high 7 figures. Her husband and or her had befriended a person interested in coins. The widow sold the entire collection to this person for a price in the low 6 figures.

SanctionII · June 25, 2008 6:50AM

Does hold time have any impact on whether a buyer got a rip? If a coin is bought today for peanuts and is sold tomorrow for big money, that can be considered a rip. However, if the coin was bought 30 years ago and only brings big money 30 years later, that would not be a rip, that would be smart investing.

blu62vette · June 25, 2008 6:50AM

<< 

<< I have a hard time getting excited for anything less than 5x markup and $100 profit (at the same time). Doubling your money on a $20 item -- or even a $50 item -- is plenty nice, but not a rip to me.

Anything over 40x markup and $1000 profit (at the same time) starts to get real interesting. >>

so if I ripped something, but have not sold it, I have an "unrealized rip" or something along those lines? >>

be sure to file for phantom rip income on your taxes

BECOKA · June 25, 2008 6:52AM

If you hear a tearing sound I think you are pretty close.

I have yet to achieve rip status on anything as I usually end up losing money.

Meltdown · June 25, 2008 6:54AM

I think this qualifies. A couple years back, I bought this 1952 proof for $9.25 out of a regular tray full of Franklins.

Broadstruck · June 25, 2008 6:55AM

<< I think this qualifies. A couple years back, I bought this 1952 proof for $9.25 out of a regular tray full of Franklins.

>>

And... it's still just the same 1952 proof, RIGHT

Meltdown · June 25, 2008 6:58AM

It is actualy. It filled a big hole in my whitman album without having to crack any slabs.

ziggy29 · June 25, 2008 7:05AM

<< Anything over 40x markup and $1000 profit (at the same time) starts to get real interesting. >>

Like a certain 1860-O dime?

You STILL suck for that one!

doh · June 25, 2008 7:08AM

<< Dealer laughed and said, "They think I'm giving them money, there giving me money". >>

That's not actually a rip, that's a jacka$$.

morgansforever · June 25, 2008 7:24AM

<<That's not actually a rip, that's a jacka$$.>>

Just one of many examples. I wanted to tell her flat out, "leave now".

My superego held me back, and I left, disgusted.

Why does he treat me so good, and rape others?

Scott

jonathanb · June 25, 2008 7:27AM

<< Like a certain 1860-O dime? >>

Actually, that one was only about 25x. I bought it in a group of other stuff where I paid $407 for the group. Then I paid slabbing fees to PCGS, too. And I still have it, so it's hard to count ratios exactly.

I have one item in transit that I hope will be my first rip over 100x ratio, even if the dollar profit isn't going to be (quite) as high as for the 1860-O dime.

FWIW, I was looking at my recent sales, and it turns out that I had two sales in the last month where I got $200 on a $20 purchase and $150 on a $15 purchase. For whatever reason, those don't "feel" like rips to me. I'm not knocking the profit, of course. I just have a hard time labeling them as rips in my mind. Go figure.

lasvegasteddy · June 25, 2008 7:30AM

this was a pretty rip i thought
26-s oregon for $22.50

USAROK · June 25, 2008 7:52AM

A couple of weeks ago I was looking for information regarding National Parks Medals and found this listing on a booksellers site:

Title: National Parks Centennial Silver Series, 1872-1972 Item I.D.: 28730
Author: Roche Jaune, Inc
ISBN-13:
Publisher: Roche Jaune
Yr. Published: 1972
Description: Some tape reinforcement to the medal-holder in Vol I;
otherwise fine. Certificate of Authenticity and limitation laid in. 36
medals in high relief.999 pure silver. 2 vols. 8vo,

I paid $81 including shipping and received 2 albums in a slipcover containing 36 different 1.5" .999 silver National Parks Medals.

What constitutes a "rip"?

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What constitutes a &quot;rip&quot;?

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What constitutes a "rip"?