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What is the definition of a "RIP"?

SanctionIISanctionII Posts: 13,107 ✭✭✭✭✭
in U.S. Coin Forum
Is there any accepted definition? Or does it depend on the totality of circumstances, including the hold period between purchase and resale?

Example #1 - A coin is bought today for $x and is sold tomorrow for $3x.

Example #2 - Same as Example #1, except the buyer of the coin holds it for 1 year before selling it.

Example #3 - Same as Example #1, except the buyer of the coin holds it for 40 years before selling it.

Your comments please.

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    lasvegasteddylasvegasteddy Posts: 10,492 ✭✭✭
    it's kind of a to each their own type of thing...you know if you got a rip without asking

    i bought an au 26-s oregon for $25...i needed not to ask...yet it wasn't a you suck
    everything in life is but merely on loan to us by our appreciation....lose your appreciation and see


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    rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    I would think only example one would qualify. If you buy something worth substantially more than what you paid for it today, that is what I would consider a rip.
    imageQuid pro quo. Yes or no?
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    laxmaster92laxmaster92 Posts: 777
    Id say example #1 being as a quick profit is made.

    Id also say a rip would be cherrypicking a rare variety or error.
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    amilleramiller Posts: 893
    I would not include #2 or #3 as a RIP as time is not part of the RIP equation, only the purchase price vs current value. A RIP today could still be a loser tomorrow if the value drops significantly.

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    OKbustchaserOKbustchaser Posts: 5,570 ✭✭✭✭✭
    When you steal from a dealer and flip for a quick 10X rather than the dealer stealing from the proverbial widow and flipping for the same amount.
    Just because I'm old doesn't mean I don't love to look at a pretty bust.
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    amilleramiller Posts: 893
    Also, I'd say that selling the coin has nothing to do with it being a RIP, as RIP'ed coins may stay part of a collection indefinitely. Flipping would be my preferred term for a quick buy low/sell high.
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    BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    RIP = the new intitials of ANR when they merged with that NY auction house! image
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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    nankrautnankraut Posts: 4,565 ✭✭✭
    Well...I'm going to show my age again; but I thought a "rip" was when you bent down to pick up something,and the cheeks of your butt popped out of your pants??image
    I'm the Proud recipient of a genuine "you suck" award dated 1/24/05. I was accepted into the "Circle of Trust" on 3/9/09.
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    Steve27Steve27 Posts: 13,284 ✭✭✭
    A RIP is paying a small percentage of an items known worth in today's market (no time factor involved). If you bought a one ounce gold coin today for $900 and gold went to $2000 in a year, that would NOT be a RIP.
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
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    IGWTIGWT Posts: 4,975 ✭
    A "rip" occurs when a purchaser acquires a coin from a seller at a price far below fair market value. Whether a rip is a good thing to be congratulated or a bad thing to be condemned peculiarly depends on whether one (or one's friend) is buying or selling at the time that the rip occurs; except all rips by a dealer from a collector are always bad.
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    mr1931Smr1931S Posts: 7,151 ✭✭✭✭✭
    Is there any accepted definition?

    Common-law larceny by trick?

    Aristotle said, “No democracy can exist unless each of its citizens is as capable of outrage at injustice to another as he is of outrage at injustice to himself.”

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    Bayard1908Bayard1908 Posts: 4,181 ✭✭✭✭
    I think David Hall defined it in his book as a purchase that he could mark up 20% and sell immediately; however, he was talking about making purchases from dealers.

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