Chance of a lifetime?

tradedollarnut · May 28, 2009 1:11AM

What would you do if a coin only crosses the auction block every 40 years or so but it's gonna cost an arm and a leg [and perhaps an eye as well] to obtain it? It's not core to your collection, but it's a perfect add on.

Assume that similar pieces go for $10,000 and you expect this one to go for $30,000. Would you go for it and probably throw $20k into the wind? [Note: numbers not real so responses saying I can afford to blow $20k not valid].

STONE · May 28, 2009 1:13AM

If its a coin that I could reasonably afford, it comes up VERY rarely, and has some position towards my collecting goals, then I don't see why I wouldn't attept to go for it!

lasvegasteddy · May 28, 2009 1:13AM

if it passes the gutt test ya know

jmski52 · May 28, 2009 1:14AM

if it passes the gutt test ya know

mgoodm3 · May 28, 2009 1:35AM

Pass (I'll just take its picture for the owner)

rld14 · May 28, 2009 1:51AM

If you can afford it, buy it. I'm in a similar quandry right now, Heritage has a broadstruck SLQ that's going for more than I would want to pay for it, ordinarially I would bite the bullet and go for it, but it has deep scratches on the reverse (Yet it did indeed grade at PCGS) which is keeping me off of it.

Granted, these show up for sale VERY infrequently, but still....

richardshipp · May 28, 2009 1:51AM

I think I did that once on a lesser scale... I didn't regret it.

CalGold · May 28, 2009 1:54AM

Ignore the 40 year factor—there is no telling how often it will reappear on the market in the future once it sells, and "substitutes" are available since there are "similar" pieces. If this coin and some of the “similar” examples were in a dealer’s case and he was asking $30K for the coin in question and $10K for the others, would you pay the extra $20K for it?

CG

MadMarty · May 28, 2009 1:55AM

Does it have a sticker?

coinlieutenant · May 28, 2009 1:56AM

Life is short. Buy it.

RedneckHB · May 28, 2009 1:56AM

Why is this one 3x a "similar" piece? What is so special when it seems you could get the same at anytime for 1/3 the money?

Longacre · May 28, 2009 1:58AM

Rare coins will always be rare and desirable. As QDB says, a coin coming to auction provides an opportunity, and today's record price is tomorrow's starting bid. I say go for it.

tradedollarnut · May 28, 2009 1:59AM

<< Why is this one 3x a "similar" piece? What is so special when it seems you could get the same at anytime for 1/3 the money? >>

The similar pieces aren't available 'anytime', but the other dates are R-7's vs this one being an R-8 so they come along more often.

RedneckHB · May 28, 2009 2:02AM

<< 

<< Why is this one 3x a "similar" piece? What is so special when it seems you could get the same at anytime for 1/3 the money? >>

The similar pieces aren't available 'anytime', but the other dates are R-7's vs this one being an R-8 so they come along more often. >>

In that case, not being a core part of the collection, I would not pony up the extra $$$. Buy the similiar coin and keep the rest as rainy day money. Monsoon season is around the corner.

CalGold · May 28, 2009 2:12AM

Sounds like a pattern and that it would be of interest to you only as to type not as to date, and if you were really that interested in it as to type you would have acquired the best of the “similar” examples by now. So $20K buys only the “I have the rarer date” factor without any added "completion" of a set of realted items factor.

CG

Tootawl · May 28, 2009 2:16AM

<< Does it have a sticker?

>>

DeepCoin · May 28, 2009 2:20AM

If the coin would be a centerpiece of a collection, even if not the core series, I would go for it. For an R-8 item that only exchanges hands rarely, overpaying sets the bar at a new height.

I am not saying you would not be under water for a few years if you had to sell, but I am also assuming this is a major purchase, but not
one the kills all other purchases for the next 2 years.

A good example might be an early bust coin and you are not generally a collector of bust material. You will regret it if you dont pull the trigger and if it is just "coin money" for some period of you coin budget, I say Go For IT!

TahoeDale · May 28, 2009 2:23AM

Bruce,

The problem I have with extreme rarities that seldom trade( really seldom, if the last sale was 40 years ago, and the new buyer plans to keep it for another 40) is valuation. The market doesn't have a chance to price it, and the Guides(PCGS) as good as they are, do not update(rarely) without transactions.

I would hate to pass on the once in a lifetime opportunity, but I can no longer look 40 years ahead.

After you get it, PM me

KentuckyJ · May 28, 2009 2:26AM

Do you like the coin for the coin itself, not factoring in the rarity? Are you in the mood to spend the money? If you decide to pass on the opportunity, it's only a matter of time, relative to you and your perspective, until another tempting tangible asset arrives on the horizon. I'm not saying don't buy the coin. My only point is, in all collectible fields, it's rare to find yourself tapped out in with no further desire for that something extra special. It's almost like a vicious cycle. Fun, yes, compelling, yes, satisfying, for a moment or two, yes, but, in the long run, it has to all be put into the perspective of what is most important in life, by whatever name you call it. There eventually comes a time when it's time to move on. Until then, maybe you should buy the coin and just get the desire for it out of your system

RichieURich · May 28, 2009 2:33AM

Every 40 years? 40 years is a long time to wait between opportunities! Even some unique coins have sold more often than that. If you can do it, you might as well. Doubtful you'll get another shot.

Unknown · May 28, 2009 2:55AM

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lcoopie · May 28, 2009 2:57AM

someone on the board said this,
and it fits,

would you rather have the cash
or the coin?

DoubleEagle59 · May 28, 2009 3:02AM

--

MidLifeCrisis · May 28, 2009 3:04AM

<< Life is short. Buy it. >>

KentuckyJ · May 28, 2009 3:47AM

> someone on the board said this

The Anaconda rule. You put the money in one hand. Put the coin in your other hand. Which do you want most? Maybe this is why he took off for Costa Rica

tradedollarnut · May 28, 2009 3:49AM

I think I'm gonna pass. In this instance, having a single example of the type of pattern is probably acceptable and oh so much cheaper.

Coinosaurus · May 28, 2009 3:58AM

I suspected it was a pattern coin. You must tell us which one later

Wiscane · May 28, 2009 5:52AM

Economy being what it is............ pass on it for now. It will come around sooner then later and you should be able to purchase it for only an arm

yellowkid · May 28, 2009 5:59AM

<< Life is short. Buy it. >>

Go for it!!

1798CentCollector · May 28, 2009 6:31AM

<< it's gonna cost an arm and a leg [and perhaps an eye as well] to obtain it? It's not core to your collection >>

In this case, I'd probably pass....

Unknown · May 28, 2009 6:38AM

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IrishMike · May 28, 2009 6:43AM

I wouldn't buy a coin not knowing what it is, so I wouldn't give advice without knowing what it is and more history about it.

boiler78 · May 28, 2009 6:55AM

copper Trade dollars are waaaayyyy cool!

Julian · May 28, 2009 7:05AM

This is very interesting that this coin was last sold 40 years ago. Assuming that it is one of the Stirling patterns, it was a different time. The previous owner has passed on and his heirs have chosen to sell it now.

Coins that are added to collections today no longer have the same life as coins purchased 40 years ago. Collections are sold much more frequently now.

It is certainly possible that a coin like this, not having been sold in 40 years, may become part of a collection that could be sold anywhere from 1 to 10 years from now.

There are very, very few collectors that have the Pittman, Reiver, Bass, Eliasberg mentality.

Most current collections will be marketed much sooner than the collections just mentioned.

JMW · May 28, 2009 7:28AM

If you can appreciate the coin the uniqueness of the coin, go for it. Let us all see it if your successful

speety · May 28, 2009 7:34AM

I say go for it, you've made crazier buys before and they've always worked out (for the most part). I think if the coin is nice enough, pay the premium.

TomB · May 28, 2009 8:14AM

I would not buy the coin given the initial parameters of the thread.

Fairlaneman · May 28, 2009 8:32AM

You, as a collector, has a place to dump the coin at 3 times usual price. Most collectors do not. Buy the thing.

Ken

GrumpyEd · May 28, 2009 8:38AM

Starting with a queastion: Universal Rarity Scale URS-8 means up to 125 exist, R-8 is a Sheldon scale, what number should that R8 equal on the Sheldon scale?

I might be totaly wrong but some coins are so rare that they don't have enough to make a market so the value is sort of vague and tough to determine. I'd aim for something that more people collect where I can see a market and a value for it.

The one case where you might want it is if you want a centerpiece for your collection and can justify the cost to yourself and you love the coin. I'd assume pass on it because you asked in this thread, if you were certain I think you would have bought it instead of asking.

RedTiger · May 28, 2009 8:48AM

I value the coin at $10,000, it is being offered for sale at $30,000. What is there to think about? It is not a coin on my want list. What is there to think about? PASS. Basically, I can boil it down to a nice looking piece of metal that would be cool to own, but is being sold for 3x what I estimate to be fair value.

If I buy it and then auction it off what is the estimate after subtracting the fool (me) from the equation? Any coin that is sold once every 40 years isn't on anyone's realistic want list, so why bother? May as well collect theoretical coins as seeking coins that come up for sale once every 40 years. Let someone who actually has a strong desire for the coin buy it.

BECOKA · May 28, 2009 8:49AM

TTIWWP

Nic · May 28, 2009 8:54AM

I like the copper Morgan in addition to the trade $. Also an "every 40 year" deal it would seem. I'll be priced out.

K

greghansen · May 28, 2009 9:58AM

I'd take a big fat pass under the circumstances described.

MidLifeCrisis · May 28, 2009 10:03AM

<< TTIWWP >>

What?

IGWT · May 28, 2009 10:20AM

Buy the coin only if you wanted it before it became available.

PreTurb · May 28, 2009 10:25AM

You're in this hobby for profit, so pass on this particular opportunity...

tradedollarnut · May 28, 2009 10:31AM

<< You're in this hobby for profit, so pass on this particular opportunity... >>

huh?

IGWT · May 28, 2009 10:32AM

If my previous post is unclear, I meant it to be from a collector to a collector, which is how I view TDN.

DieClash · May 28, 2009 10:39AM

I think the Poster who indicated that a coin that only sells every 40 years has no Market Price has a clue! I'll go with the folks who say: "If you like it buy it" and "If you'd rather have the coin than $30,000 in hand then buy it"

In the $40 to $500 range that I buy at, if I like the coin and the price seems reasonable, then I don't hesitate.

Cheers!

bidask · May 28, 2009 10:47AM

In your example, if similar pieces sell for 10k, why pay 30k?........ unless the piece coming to market is really not so similar afterall.

tradedollarnut · May 28, 2009 10:49AM

This weekend I'll post the actual coins, my guesses of the actual values, prices realized and what I did or didn't do.

Chance of a lifetime?

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