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What is the definition of a "RIP"?

SanctionIISanctionII Posts: 13,214 ✭✭✭✭✭
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: 7,324 ✭✭✭✭✭
    Is there any accepted definition?

    Common-law larceny by trick?

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    Bayard1908Bayard1908 Posts: 4,184 ✭✭✭✭
    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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