Should I buy this coin?

FredF · May 10, 2009 10:57AM

Guys-

I'm having a tough time figuring out whether or not I should buy this coin. It is absolutely gorgeous. I have spent quite a bit of time staring at pictures of it. It's literally one of a kind - at least to me. I've never seen this coin in this grade look this nice. But there's that little problem - it's not cheap. Not for me anyway. Would be the most expensive coin I've ever bought.

But it fills a hole in my set. A hole that's just waiting for a coin this nice. However, to be honest, I started my set a couple grades below where it is now, and then after a few coins I upped my target grade, and then after a few more coins upped my target grade again. I had a budget for the set. The budget is long since toast.

It's all "discretionary money." I mean, if I took the money that I would be spending on this coin and lit it on fire, I'd survive. Of course, I'm still driving a 1997 Civic. But it runs like a champ and gets 30 MPG and doesn't even have 100,000 miles on it yet. So by that logic I'd be ok, but then would I be able to buy more coins next month? Probably shouldn't, but I know I would anyway.

So who defined my set this way anyhow? Who is to say that I need one of this coin in my set? I mean, I have a bunch of other coins, including some that look almost exactly like this one (well, nothing looks like this one from an eye-appeal perspective, I mean similar design and stuff). Why should I listen to someone else define what should and shouldn't be in the set?

I don't know if I could buy this coin and then tell my wife how much I'd pay for it. If I did, I'd probably get in trouble. Well, being honest, that's not true. She'd just use it as an excuse to go shopping. She bought a pair of jeans a couple weeks ago. I didn't know they made jeans that expensive. She then told me the prices of some of the pairs of jeans she didn't buy. I was floored. She also doesn't understand why some people pay higher than face value for a coin. There are coins more expensive than those jeans. I will wisely keep my mouth shut.

Forget about the jeans, I have to decide about this coin. I was all set to call the dealer yesterday but it was after hours and I didn't want to leave a message. I showed the pictures to my wife. I don't think she understands why it's so special. She looked at me and asked a perfectly innocent question - "how many coins do you need, anyway?" No attempt to guilt me or anything by that, it was truly honest curiosity. How many coins do I need? If the answer is "just this one more" would that mean I can get it?

There are plenty of other holes in my set, and if I tried to fill all of them with coins this nice, there is no way I could afford it. Not this year anyway. Maybe if I saved up for a couple more years...

Or then there's that other set I want to start. If I say that this set is "finished" then I can go start on that one. I know what grade I can afford that one in, and still finish it in a couple years if I find the right coins. Of course, who's to say I won't start at one grade then decide to move up a few more notches again.

But back to this coin, it would make a great investment. Oh no, isn't that something people say when they are about to buy a coin they shouldn't? My 401(k) is like yours, it's more like a 201(k). (well, April was nice, so maybe a 301(k).) Is it ok to think about investment when using discretionary income to buy a coin? Or does this mean I'm just seeking another way to rationalize to myself?

What if I don't buy the coin? I could spend some of the money on the kids, I guess. Or buy my wife something to go with those zillion-dollar jeans (ok, they weren't a zillion dollars, but jeans? Give me a break). Or I could save it for the new car I will have to buy someday (but it won't come close to the price of a car, who am I kidding). What if someone else buys it? What if one of you is staring at the same photos thinking through the same decision? I saw it first (I think), it should be mine! Right?

I have no idea what I'm going to do here. Maybe I should grab one of my son's lincolns and flip it - heads I win, tails... maybe I flip it again?

-Fred

AnkurJ · May 10, 2009 11:01AM

If you are writing this much about a coin, you need to buy it.

tradedollarnut · May 10, 2009 11:01AM

I don't think that you should spend money on a coin if it impacts your family life or your relationship with your wife one iota.

With that said, really the only regrets I've ever had in numismatics are the ones that got away. But then again, the coins I usually buy are one of a kind, unique in grade and availability. Which raises the question - how often do coins of its ilk come on the market? Is this something readily available to purchase? Even if it only comes along once a year, you can still afford to wait. Coin collecting is a long process - no need to attempt to shorten it by spending too much at the wrong time.

Placid · May 10, 2009 11:04AM

Have a link to the coin?

illini420 · May 10, 2009 11:04AM

hmmm, sounds to me like you probably shouldn't buy the coin. unless it's truly one of a kind (which I'm guessing it likely isn't), there will be another one down the road. but if it's truly one that you don't think you'll ever see again, you may regret letting it go. I've missed out on several so far that I've considered "one of a kind" that i'd love to have... some I missed out on because I just didn't bid/pay as strongly as I could have and I really regret it now, but a few others I just couldn't afford at the time and those I don't regret at all

garsmith · May 10, 2009 11:06AM

Only you can make this decision, but don't start problems with your wife over a coin.

DUIGUY · May 10, 2009 11:07AM

Exactly WHAT coin are you talking about?

stinkinlincoln · May 10, 2009 11:07AM

How many times do you get to live a fun and rich life?

Buy it!

RickMilauskas · May 10, 2009 11:08AM

Buy the coin... and there is no need to say how much you spent on it.

After all you have tormented yourself, you should get it (you deserve something that you'd like once in awhile).

If you still feel guilty, remember this...it's okay to buy it...if you need to have the money, you can always sell it.
(Can your wife do the same with her pricey jeans?)

19Lyds · May 10, 2009 11:13AM

If its all discretionary funding then just buy the coin!

Hopefully, you've seen this in hand and are not making judgements via a dealers internet photo.

fcloud · May 10, 2009 11:15AM

When I popped for my most expensive coin ever (it still is), I told my wife first. It was like making car payment, but we could afford it. It is nice to have the support and I would suggest if it that expensive you need a family decision. I hope you really enjoy it and it will become more special if you don't hide it from your wife. If she finds out later, you may have to pay.

intence · May 10, 2009 11:24AM

buy it since it clearly shows you want it

lkeigwin · May 10, 2009 11:29AM

Ha! What a fun read. I hope you buy the coin. Ask the Mrs. how many pairs of shoes she needs, some day. Or handbags. I guarantee your coin will be worth more than her jeans or shoes in 10 years.

Okay, kidding. Don't challenge your wife over her expensive choices. There's no winning that game. If you can manage it, buy it. It'll be good for your state of mind, and just maybe a lot more!

Lance.

keets · May 10, 2009 11:32AM

heads I win, tails... maybe I flip it again?

that's pretty good!!! i was thinking that if you lost it'd be 2 out of three, 3 out of five......................i guess that means you want the coin.

csanotes · May 10, 2009 11:33AM

If the coin is a stretch for your usual budget and you really want it and it will fit into your set I'd say go for it. I have never kicked myself in the butt later after stretching to get a nice piece. I'd much rather cry a bit upfront and get the best or a real stellar piece, whatever that is for each collector, then be saying later that you should have gotten it after it's gone. The only other suggestion I'd make is ok, put up the spare money you have set aside for this and get it, be happy and have it fill a hole...but in the next week or month or so do something for your family--go shopping with your wife, let her get some jeans...take the kids to get some stuff to have fun this summer. If this is discretionary and a big piece for your collection take that as a win, take a break from coins for a bit and spend just as much time and energy agonizing over where to go on a family day trip. Blood is thicker than water (coins). That's my two indian cents.

tradedollarnut · May 10, 2009 11:35AM

Most rare coins, aren't.

ChrisRx · May 10, 2009 11:38AM

If your wife was going to use it on something like shopping for jeans then by all means buy it.

291fifth · May 10, 2009 11:41AM

If you really can't afford it, don't buy it. You will find that it will be a burden.

tightbudget · May 10, 2009 11:43AM

Buy it. Seeing how your wife knows nothing about coins, I suppose you could tell her an amount that was less than your actual purchase price. But that would be dishonest, wouldn't it.

Hmm...

KentuckyJ · May 10, 2009 11:53AM

"Attachment is blinding. It lends an imaginary halo to the object of desire." - Sri Yukteswar

In my experience, as has already been noted in previous posts, another equally fascinating object of desire is waiting for you only a little ways further down the road. I've given up living with regrets or remorse over "the one that got away." Be glad of what you've thus far achieved. Pace yourself. Take your time and carefully build your collection. Don't go too far out on any limb, no matter what the pleasure or addiction, if it will negatively impact your life or your family.

busco69 · May 10, 2009 11:56AM

Buy it you only live once.

TomB · May 10, 2009 12:02PM

Your post tells me that your patience in building your collection is more scarce than this coin.

TwoSides2aCoin · May 10, 2009 12:19PM

If you would have asked in one paragraph I'd say buy. Since it took two chapters, I'd say no.

lasvegasteddy · May 10, 2009 12:23PM

so i'm scurious...what's the coin?

FredF · May 10, 2009 12:59PM

<< <i>so i'm curious...what's the coin? >>

That implies that there actually is one

. There is some factual background here - my wife did indeed buy a pair of jeans where my reaction was "they make jeans that expensive?" Then she showed me some others that were 4 and 5 times as much and I saw a totally new side of the clothing industry. And I do drive a 1997 Civic. I was showing my wife some of the things on the internet that I was looking at, and my wife did quite honestly and with true curiousity (not anything negative) ask how many coins did I need? My wife has never given me any sort of problem for buying coins because it is all with discretionary money, although she did see prices on S-VDB's in various conditions and totally didn't get why people would pay hundreds or thousands for "a penny."

However the post was intended to be more about a thought process than thinking about a specific coin. That's why I left it generic. Whatever we collect (unless we're buying $2.3 million coins at auction) there is probably something that is really nice that is in a higher grade and/or more rare and thus more expensive than what we had previously been looking at. Same as if looking for cars when set on a Camry and then an ad for a BMW catches the eye. Where's the right balance?

I found the responses interesting, I think there was a pretty even split for "buy it" vs. "don't buy it" - even without knowing what "it" was. And no, I don't know if I'll buy "it" (which actually means - I have to decide if the set I'm working on is "done" or not. By my original defintion when I set out to start it, it is done. But now there are mintmarks to chase

. So there are a few "its" left, or I could shift to something like a 19th century type set, which I've never done). Until I figure that out, I'm not really buying anything at all, which is the safer play. However that's a personal philosophy that goes well beyond coin collecting - don't spend money until I know I want/need whatever it is.

Thanks for the Sunday evening conversation

-Fred

AskRaq · May 11, 2009 1:41AM

Okay - I didn't read everyone's comments.... only the original post.

JUST BUY THE FREAKIN' COIN

How 'bout that?

If you change your mind later - THEN SELL IT

It goes something like this... Don't worry about whether it goes in your set or not, just leave it as a stand-alone "looker".... you can stare at it 'till your eyes go buggy.

If you don't buy it and someone else does you will always wrangle with yourself over not buying it. If you buy it and later wonder what the heck you were thinking, well then sell it and you will have fulfilled your need to have it for a while.

doh · May 11, 2009 1:44AM

If you're thinking this hard about buying it and second guessing yourself already: DO NOT BUY THE COIN.

MidLifeCrisis · May 11, 2009 1:50AM

<< <i>Okay - I didn't read everyone's comments.... only the original post.

JUST BUY THE FREAKIN' COIN

How 'bout that?

If you change your mind later - THEN SELL IT

It goes something like this... Don't worry about whether it goes in your set or not, just leave it as a stand-alone "looker".... you can stare at it 'till your eyes go buggy.

If you don't buy it and someone else does you will always wrangle with yourself over not buying it. If you buy it and later wonder what the heck you were thinking, well then sell it and you will have fulfilled your need to have it for a while. >>

I really like this post...and I agree with every word.

ziggy29 · May 11, 2009 1:57AM

<< <i> She also doesn't understand why some people pay higher than face value for a coin. There are coins more expensive than those jeans. I will wisely keep my mouth shut. >>

Ask her how much she could sell her jeans for if she got tired of them or wanted to trade them for other clothes.

BECOKA · May 11, 2009 1:59AM

Really nice coins only come along a couple times a year, at least for what I collect. I already regret not buying one that has not been seen in several years.

If you are are really on the fence then just ask your wife the question. If she says go for it then get it. If not, well you will survive for another day and be just that much stronger.

grip · May 11, 2009 2:08AM

Double up on your meds and buy the coin already

richardshipp · May 11, 2009 2:23AM

Hopefully you are not relying upon a public internet forum to help you make your decision.

telephoto1 · May 11, 2009 2:52AM

Perhaps this 5-step plan will make it easier.

1. Don't try to rationalize the purchase with your wife using the cost of jeans for comparison. No good will come of it.

2. Stop agonizing over the purchase. You aren't passing an act of Congress.

3. Ask yourself one question- "Would I rather have the coin, or the money it would cost me?"

4. If you answered "The coin", buy it and be done with it.

5. If you answered "The money", then pass the coin and be done with it. Another will come along later.

KoinMann · May 11, 2009 2:56AM

Priorities....Should you buy this coin...???

That's up to you.

PerryHall · May 11, 2009 3:06AM

Buy the coin. Money can be replaced.

dizzyfoxx · May 11, 2009 3:44AM

Elcontador · May 11, 2009 4:48AM

Ignoring all of the family stuff, unless you're looking at top drawer registry set material, if you don't buy this coin, another one will come along sooner or later.

Once I was offered a really nice Barber Half. I had been looking for one such coin for two years. But, I couldn't put it on a credit card and full pay it when it would have been due, so I passed on the coin. It took another two years before I found another equally nice Barber Half for which I could pay in full at the point of sale, and I bought it.

There is only one coin which I wanted which "got away" in my lifetime, and one person on these boards knows about it. Coins are discretionary purchases. If you have second thoughts about buying a coin for any reason (anything from you may not be able to afford it or you don't know whether you're okay with the grade on the slab on one hand to potentially causing personal / family issues on the other), don't buy it.

Should I buy this coin?

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