Are you curtailing your coin purchases?

quickwing · October 2, 2008 5:21AM

Or shorting your buy list with the panic in the markets and prices falling on precious metals? Is it probable that most coin prices will soon fall as those under financial stress put their treasured collection up for sale? Is this just a short term phenomena that will soon correct itself, and large amounts of mid range coins at fire sale prices just a fantasy?

I have been holding off on several coins I would REALLY like to have believing that they will be available again at lower prices. So far I’ve been wrong. But I’m patient and believe that in the end I’ll be vindicated when more inventory surfaces. Am I going to stay wrong?

silverpop · October 2, 2008 5:23AM

nope still buying

relicsncoins · October 2, 2008 5:25AM

Because of the Anacs photo certificate type set I am building, I have to buy the coin when I find it. With the exception of Morgans and Walkers which I see quite frequently, it may be another couple of years before I see another one.

JJ

fc · October 2, 2008 5:27AM

yes i am. i am buying diddly.

every auction catalog i am getting i immediately flip to lib half eagles
and look for nice coins between the years 1859-1869. Concentrating
the most on the civil war years.

Even if I had a lot of funds there is nothing for me to buy. These
coins are truly rare and appear once a blue moon.

doh · October 2, 2008 5:28AM

Meh....a little bit of curtailing, but nothing major. Trying to put some money in PMs.

guitarwes · October 2, 2008 5:34AM

It's bad on me either way.....I still won't have any money to buy coins when they're cheaper.

I have been slowing up though......a little.

-wes

TorinoCobra71 · October 2, 2008 5:40AM

I had backed off of coin buying because I was in between jobs. Now that I am employed again and got some spending money, I might buy some in the near future.

MikeInFL · October 2, 2008 7:02AM

"Are you curtailing your coin purchases?"

Not in the least. To the contrary, this month I will likely purchase more coins (3 or 4) than I have in the past three combined (2)....Mike

Unknown · October 2, 2008 8:27AM

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adamlaneus · October 2, 2008 8:29AM

Last month was excessive for me due to the Heritage auction.

This month will be lean.

joecopper · October 2, 2008 8:42AM

Not at this point, I bought pieces at Cincy and did not think too much about it. It could change if the bottom totally falls out of the economy.

MrEureka · October 2, 2008 8:56AM

I have been holding off on several coins I would REALLY like to have believing that they will be available again at lower prices. So far I’ve been wrong. But I’m patient and believe that in the end I’ll be vindicated when more inventory surfaces. Am I going to stay wrong?

If you're hoping to buy widgets, you are correct.

If you're looking to buy truly one-of-a-kind-rarities to fill holes in a narrowly defined collection, you don't have the luxury of timing the market. Just buy them when you can and be happy.

COALPORTER · October 2, 2008 9:03AM

I'm decreasing the rate of increase, which according to the state government would constitute a cutback.

Goldbully · October 2, 2008 9:04AM

I'm churning!!!!

STONE · October 2, 2008 9:05AM

<< I'm churning!!!! >>

To my surprise, I'm the same way!

GFourDriver · October 2, 2008 9:06AM

I'm not really curtailing, just saving up till I can afford the last three coins for my dansco 7070 they are all $1000+ coins.

Millertime · October 2, 2008 9:09AM

<< Because of the Anacs photo certificate type set I am building, I have to buy the coin when I find it. With the exception of Morgans and Walkers which I see quite frequently, it may be another couple of years before I see another one.

JJ >>

It's the same way with my rattler Mercs. At times I go months without find any and then all of sudden I'm spending $500 in a week.

Luckily I have a job where I can get paid overtime almost anytime I want it.

Millertime

BBN · October 2, 2008 9:16AM

Not at all! I just paid for a 1799 PCGS dollar off of Shawn Yancey's ebay auctions. I had a PCGS 1799 in F12 and regretted forever letting it go. The VG10 I just landed looks almost as good as my old F12 so I'm happy. Now will probably look for a buffalo half ouncer in the next week and budget myself enough money to buy 1/4 ounce of bullion gold each month for awhile.

Unknown · October 2, 2008 9:22AM

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ricko · October 2, 2008 9:54AM

Nope... Cheers, RickO

ElKevvo · October 2, 2008 11:51AM

A little bit...I bought several items earlier in the year and since I stick to my budget mostly

I am throttling back a bit now..

K

quickwing · October 2, 2008 11:37PM

Well you folks pump me up with your uber confidence. Cinderella just might make it to the ball after all.
I totally agree with some who are buying high end multi-thousands dollar coins, to fill holes in their top sets. You have to be ready to move when the right coin comes along. However my lack of knowledge and experience along with a smaller budget is holding me back in the “middle class” coin bracket for now. I define that as roughly a $500-$1800 coin. Not the coins dreams are made of, but nice type examples. This particular price point is where inventory could soar, if in fact the rank and file workers (and limited collectors) become stressed during a protracted period of economic stress. Even with bailouts and stimulus packages galore I’m not so sure this long term run of prosperity is still in tact.
It is interesting to see the strong buying and no fear attitude of many here. I would venture to say most of this group is less sensitive to financial constraints or worry of the monthly bills than the average man. As an aside, I was thumbing through my latest mostly worthless NN and came upon the Salomon coin index. Looking through the list of coins I could quickly tell almost every one of them was well above my price range even though it was mentioned the list contained no key dates or rarities. Thanks for the responses.

pocketpiececommems · October 2, 2008 11:40PM

No I'm still looking for a circulated Cincinnati and Maryland. I've got the money if you've got the coin.

etexmike · October 2, 2008 11:45PM

Still buying coins when the right ones come along.

Mike

500Bay · October 3, 2008 12:13AM

I have been thinking I should cut back for some time now.
Then another coin I was looking for becomes available...

I'm still buying, including this week.

KlectorKid · October 3, 2008 12:51AM

I haven't bought a coin in years but I think I just might get back into it.

mrcommem · October 3, 2008 1:27AM

I am done for the rest of the year.

BECOKA · October 3, 2008 2:03AM

<< I am done for the rest of the year. >>

I'd like to think I am too but if I find the perfect specimen all bets are off.

I have not bought a coin since June partly due to funds but mostly due to the fact I have not seen any quality material for what I collect. I never really let funds get in my way.

RYK · October 3, 2008 2:10AM

I would say a qualified yes. If coins on my well-groomed mental wantlist come available, I will continue to pursue them. I am not buying "whim coins" for the time being, and I am not looking as hard for coins, either.

fishteeth · October 3, 2008 2:16AM

No. I will continue to add whenever I can find a nice coin. This is a hobby and I collect for enjoyment.
Now my fiance (soon to be wife) may try and curtail my purchases, but that is an completely different problem.

Elcontador · October 3, 2008 2:24AM

There is one particular coin I am going after right now; getting it is a work in process of sorts. Other than that, buying coins are off my radar at the moment.

stman · October 3, 2008 2:36AM

<< Are you curtailing your coin purchases? >>

Absolutely, but not really for all the doom and gloom. But as a small owner operated business I need to keep things in check. The main reason I've backed off is I'm tired of having to return coins. I've returned more in the last year, then the last 5 years put together. Am I picky? Yes, but I ask a few questions up front to help save the seller and myself the aggravation and cost. Some dealers that I could count on their description in the past, isn't the same for quite some time now.

Either they are wanting to pump it out due to the times, or hoping/counting on the coins will stick. IMO, they might be too spoiled from previous years that anything might stick with most collectors. Not really with me, because when I would ask a question I would get a direct answer. Note to collectors...... if you send an email about a coin, and
certain questions are not addressed, it may be for a reason. Not because they forgot, or were too busy.

jfoot13 · October 3, 2008 2:37AM

My method of buying coins hasn't changed.. when I sell coins I put the money in the cashbox in the safe, if by chance I have a windfall and want to allocate some of it for coins I throw it in the box... when a coin or collection comes available if the money is in the box I buy it.. if it's not and worth it I try to broker it and make more money for the box... if that dosen't fly I just sigh, wait for the next deal and do it again... BTW there is always a next deal so don't let it get you down.

mozin · October 3, 2008 2:42AM

Last month alone, I bought my usual ANNUAL number of Bust Half Dollars. It could well be that the bids are not as high as in recent months, so I won more auction lots.

fishcooker · October 3, 2008 2:47AM

Yes. Due to unrealistic asking prices, and I believe the bull run ended some months ago. Plus, I think the bull run put customer service on the back burner in too many cases... so I just spend less on coins and more on other hobbies. They are, after all, hobbies.

EagleEye · October 3, 2008 2:53AM

I think the buyers who are looking for lower prices will end up buying the lower quality coins instead. Same holder - cheaper price, but awful eye appeal.

farthing · October 3, 2008 3:04AM

Nope!

ziggy29 · October 3, 2008 4:16AM

I haven't been buying much lately but if the current situation brings some nice coins back into my price range again, I'll be ready to buy.

DoubleEagle59 · October 3, 2008 5:00AM

not curtailing, but I'm being a little more selective.

yellowjacket · October 3, 2008 5:10AM

I'm with Rick Snow and Andy Lustig on this question. If the right coin comes along at the right price, you need to seize the day. So, yes, I'm still looking to buy.

("I" before "e," except after "c", or like "ay" as in "neighbor" or "weigh"....or SEIZE!) An exception to the rule...

Garrow

sparky64 · October 3, 2008 5:31AM

<< Are you curtailing your coin purchases? >>

Yes.

Mowgli · October 3, 2008 5:39AM

<< If you're looking to buy truly one-of-a-kind-rarities to fill holes in a narrowly defined collection, you don't have the luxury of timing the market. Just buy them when you can and be happy. >>

Longacre · October 3, 2008 10:20AM

I'm becoming more selective. For those who think we are BIG collectors-- we are not. 99% of what "regular" collectors buy can be replaced or found within a reasonable amount of time. For the 1% of collectors (as MrEureka and Eagle Eye described), I agree that coins should be sought after at all costs.

illini420 · October 3, 2008 10:25AM

I've told myself the following about a dozen times over the past month, "after this next purchase, I'm taking a break..."

Just keep finding good stuff out there...

tightbudget · October 3, 2008 10:46AM

Buying, but putting off major purchases until the economy restrengthens a but.

PCcoins · October 3, 2008 10:49AM

Its been a month since my last coin purchase. I've slowed up alot for now.

lkenefic · October 3, 2008 10:50AM

For the moment... Yes. I'm in the midst of a big job search and my income will be in flux so coins are on hold for a while... this plus I made a big purchase when I cashed out gold/Morgan Dollars a few months ago... L

Raybo · October 3, 2008 12:54PM

I'm always looking for.............deals?

Heck! I always pay to much no matter the economic weather!

Ray

BillyKingsley · October 3, 2008 1:04PM

No, in that, I really didn't have a lot of spending money for coins to begin with!

I have a little bit each month I can "play with" but not for October. Got a big road trip (To Toledo, Ohio) in less then a week and it's taking all my money. So I probably won't add much new this month, unless it's a gift (my birthday is October 18th) or I get things to fall exactly as I want them to, which, knowing my luck, isn't likely.

Really good stuff was out of my price range before, and it still is, but I collect what I can, when I can, and I enjoy having it.

Trime · October 3, 2008 9:52PM

Checked my gas gauge; gas tank near empty

OnlyGoldIsMoney · October 3, 2008 10:35PM

I am buying less only because I cannot find the coins I want. The infrequent appearance of the low mintage Liberty quarter eagles dated 1863-1885, many rare in any grade, is the limiting factor. That said I am happy I sold my retired Buffalo and Mercury sets during June and July and not in October.

Are you curtailing your coin purchases?

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