If you don't "really, really like a coin"...

MrEureka · July 24, 2008 7:35AM

...the price doesn't matter. Just pass.

Agreed?

PerryHall · July 24, 2008 7:38AM

Disagree. What if you know that you can flip it for a quick and easy profit?

doh · July 24, 2008 7:40AM

Actually yes. I just was going through this very predicament. I found a coin...a stunner...a centerpiece type of addition, but I just couldn't quite swing it financially. (Not yet anyway). I thought perhaps buying a lesser coin from the same series or another series I enjoy would satiate me...but no. Why spend the money on something you don't truly love? Every day I move closer and closer to the box of 20.

nicetoning42107 · July 24, 2008 7:40AM

<< Disagree. What if you know that you can flip it for a quick and easy profit? >>

Exactly my thoughts.

gecko109 · July 24, 2008 7:41AM

<< Disagree. What if you know that you can flip it for a quick and easy profit? >>

BINGO!

Elcontador · July 24, 2008 7:45AM

Andy, I just did this a few months ago. I was offered a problem free Unc. Classic Large Cent that just wasn't quite there for me, so I passed. If the coin doesn't sing to me, I don't want it.

The people who disagree with this statement assume they can flip the coin. In this market, I wouldn't assume anything unless a particular coin is stellar for the grade and in high demand. The coins I have been seeing have either been "throw away the sheets and write a blank check if you want them" or they are real POS.

bidask · July 24, 2008 7:46AM

Julian says allcoins are worth some price.

fc · July 24, 2008 7:53AM

<< ...the price doesn't matter. Just pass.

Agreed? >>

i think this is an interesting thread and wish to compare it to other
hobbies i have.

i collect and read comic books to this day. i do not buy many anymore
and simply try to find the very few i desire the most. the main point
of buying comic books is to be able to read the story since there is
no reprints. Since i know that most of a comic's value is based on
the condition i seek out the finest i can afford, often Mint state and
sometimes the best looking book i have ever seen offered. 200
dollars goes a long way on a comic book especially when it is obscure.

I really really have to like a comic book now days to pay more then
25-50 cents for it. When i walk into a comic book shop i ask about
the rare stuff i want and then go directly to the bargain bin for cheap
reads.

So after typing this out and thinking it through i have to totally agree.

I do not want to own a coin that i do not really really like unless the
price is basically free. Think a dollar or two.

I think that my days of buying coins for 100s of dollars is over unless
it speaks to me in a special way.

I also think that 95% of coins are over priced right now based on
how they look to me.. from circulated all the way to MS (except finest
knowns. Something about owning the best condition wise coin that
is always appealing to me due to its preservation state.)

I also think that most collectors do not think this way thus the run
up in prices for almost everything across the board and my disillusionment
with the current market. The fill a hole mentality, the registry set thing,
and the have to buy every week fix is quite sad in my mind.

Once the hype dies down and the core collectors are left, i fully expect
this market to crash in a big way for 95% of the items for sale.

MrEureka · July 24, 2008 7:54AM

What if you know that you can flip it for a quick and easy profit?

Ah, I forgot how many of you are collector/dealers! And of course I agree.

But my original point was that you shouldn't put a coin in your collection unless you "really, really like it", even if it's a bargain. Should have been clearer.

PerryHall · July 24, 2008 8:02AM

<< The coins I have been seeing have either been "throw away the sheets and write a blank check if you want them" or they are real POS. >>

Very interesting. Where have you been looking at coins?

Rob790 · July 24, 2008 8:05AM

I've never meet a coin I really really didn't like. So if the price is right, I'd probably buy it. With some coins the right price may be near melt... but I think all coins have some redeeming merit.

GoldenEyeNumismatics · July 24, 2008 8:05AM

If you're going to sell me a dollar for 90 cents, I'm going to buy.

RedTiger · July 24, 2008 8:12AM

<< What if you know that you can flip it for a quick and easy profit?

Ah, I forgot how many of you are collector/dealers! And of course I agree.

But my original point was that you shouldn't put a coin in your collection unless you "really, really like it", even if it's a bargain. Should have been clearer. >>

The other issue is how difficult a coin is to find. If a person is building a set, and has been scouring the Internet and bourses for five years, looking for a certain coin in a certain grade with a certain look, they'd might be wise to snap up the coin, even if it seems overgraded and/or seems overpriced. Either that or be prepared to wait another five years and maybe find yet another overgraded/overpriced coin. Depends on how patient a person is, and how long they expect to live, and if they want to complete their set.

Most collections have average coins bought at average prices. By definition, most coins are near average, and most prices are near average. Many collectors want to think their coins are superior, or their coins were bargains, but in most cases, the odds are they are somewhere in the vast middle. The thing to try avoid are average coins at a high price, and low end coins for an average to high price and there are plenty being offered.

Broadstruck · July 24, 2008 8:23AM

Even if your buying it to flip, you better like it somewhat in case you get stuck with it.

veryfine · July 24, 2008 8:25AM

This is a generalization that I always see floating about the forum.

Take me, for example. I sometimes buy coins that I like, but do not necessarily LOVE or "really really like." Why? Well, if I scrutinize any coin long enough, I won't buy anything. There is such a thing as being TOO PARTICULAR.
I am a big fan of MS-63s and MS-64s, but I would LOVE MS-65s and MS-66s. I accept the negatives associated with the lower mint state grades, and compromise by saying, "for the grade, it's a very nice coin, or the marks are commensurate with the grade, or the muted luster keeps the coin from a higher grade, or the strike is slightly below average", etc.

I like my coins, but always want better and better and better. If I had a fortune to spend, there would be more coins singing to me.
To put it bluntly, I will crudely state that COMPROMISING SUCKS when you have expensive taste.

SilverEagles92 · July 24, 2008 8:25AM

I agree 100%. I've bought coins in the past ignoring this rule, only to sell them weeks later because I don't like them.

MidLifeCrisis · July 24, 2008 8:33AM

<< But my original point was that you shouldn't put a coin in your collection unless you "really, really like it", even if it's a bargain. Should have been clearer. >>

I am not a collector/dealer and I completely agree with your original point.

09sVDB · July 24, 2008 8:39AM

If it's for your collection, agreed. If it's to flip for a quick profit possibly

charley · July 24, 2008 8:46AM

...leave it for the next collector that might like it. Respectfully, John Curlis

veryfine · July 24, 2008 8:55AM

What if you need a coin for you collection, have been searching for years and finally found it. This scarce coin is an acceptable example for the grade, neither fantastic nor unattractive, and the price is fair. Does this coin have to "sing" to you, or will you grab it while you have the chance? Let's assume the aforementioned coin is "average" for the grade.
No, it does not result in a coingasm, but you are reasonably comfortable with your purchase. You like it, you buy it. What's wrong with that? Some coins sing and others just hum nicely.

vplite · July 24, 2008 9:28AM

<< ...the price doesn't matter. Just pass.

Agreed? >>

Unless you can buy for bullion. But I know that's not what you were getting at.

As a collector, the correct answer is: "Just pass."

Coins are usually like buses, if you miss one...

fc is right about the current market. I am buying virtually no coins.

IGWT · July 24, 2008 9:34AM

Am I supposed to buy coins I don't like?

I can't afford to buy coins that I don't like.

ColonialCoinUnion · July 24, 2008 10:15AM

<< my original point was that you shouldn't put a coin in your collection unless you "really, really like it", even if it's a bargain. >>

I agree with that, but many collectors seek completion and prefer to fill a hole rather than stare at an empty space. And if that's what they want to do with their money, who am I (or you, for example) to tell them their approach is 'wrong'?

It's a hobby for cryin' out loud - let's let people enjoy it however they want.

veryfine · July 24, 2008 10:15AM

I want you all to take a good hard look at your coins and ask yourselves some questions, responding honestly:

As you examine that half dollar you fell in love with and married, please inspect with a more discerning eye. Does that "minor" mark bother you? Is the toning just a trifle overkill for your taste? Is that "well-hidden" spot starting to jump out at you? In hindsight, do you want something better? Maybe you've always wanted something better. After all, you can always do better, but you LIKE your purchase.

But there's a strong possibility you don't LOVE it.

FilthyBroke · July 24, 2008 10:22AM

I'm on a limited budget. An acceptable coin comes along, I sometimes buy it ( both fitting my budget and appealing to me). Then a better one comes along, or I have a bit more money to upgrade, I sell the old and buy the new.

It's just always been like that with me. The price does matter all too often.

coinkat · July 24, 2008 10:27AM

Andy;

I appreciate where you are going with this but in the final analysis, doesn't it really boil down to rarity and how often that coin may surface in the future?

I do not think there are rules that apply without considering the coin and its rarity combined with the consideration as to the probability of having the opportunity to purchase it again in a higher state of preservation.

veryfine · July 24, 2008 10:29AM

<< I'm on a limited budget. An acceptable coin comes along, I sometimes buy it ( both fitting my budget and appealing to me). Then a better one comes along, or I have a bit more money to upgrade, I sell the old and buy the new.

It's just always been like that with me. The price does matter all too often. >>

A refreshingly honest answer, and I agree with you.

zeus135 · July 24, 2008 10:42AM

As with a lot of topics on this board, it depends if you are a collector or an investor.

NHSBaseball · July 24, 2008 5:35PM

If you collect by die variety, sometimes you grab what you can get and hope to upgrade later! Maybe this is the "filling a hole" mentality, but it sure is fun!

jhdfla · July 24, 2008 5:47PM

I agree, and I understood the point you were trying to make, that this meant coins for your own collection as opposed to coins to sell for a quick profit. Sometimes its hard to resist a nice coin that's "almost there" esp if it is a date you have been looking for or a coin that is rarely offered. I'm reminded of what was told to me by a dealer, now deceased, who was one of the first to offer and understand true gem material. Regarding coins that are not all there, at least in gem grades, if the flaw is there when you buy the coin it's going to be there as long as you own it, it's ot going to go away or be less bothersome over time. If anything, it will bother you more knowing it's there.

John

FullStrike · July 24, 2008 6:30PM

<< Disagree. What if you know that you can flip it for a quick and easy profit? >>

Lightbulb moment

Ah now I understand why some top-tier Dealers sell crap-coins once in a while, especially to lower-tier buyers like me.

I guess that they think that poor folk like me are dazzled by their hoity-toity reps and will accept anything they send me.

Gemini · July 24, 2008 8:06PM

I have bought a couple of different Hard Times tokens that were kind of beat up but not cleaned and so I fiqured until better examples present themselves I'll hold on to them, plus the price I paid for them was pretty reasonable. One was Bucklins Interest tables and the other was Phalons Haircutters. Actually through time they kind of grew on me and so far I'm keeping and enjoying them more and I have come to fully accept them as keepers. They have been through enough Hard Times and now both are enjoying their retirement.

dorkkarl · July 24, 2008 9:15PM

<< Disagree. What if you know that you can flip it for a quick and easy profit? >>

i agree

K S

dorkkarl · July 24, 2008 9:16PM

<< What if you know that you can flip it for a quick and easy profit?

Ah, I forgot how many of you are collector/dealers! And of course I agree.

But my original point was that you shouldn't put a coin in your collection unless you "really, really like it", even if it's a bargain. Should have been clearer. >>

i disagree!

K S

If you don't "really, really like a coin"...

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If you don't &quot;really, really like a coin&quot;...

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If you don't "really, really like a coin"...