Coin collecting good and bad buys

Hussulo · April 2, 2010 2:06AM

I'm sure we've all made some and its like falling off a bike, a learning curve.

Anyone want to share? pictures would be good as well.

SaorAlba · April 2, 2010 2:43AM

When I was 14 I paid $50 for a 1723 Hibernia halfpenny, about twice what it was worth. I bought it more for the date than anything.

sumnom · April 2, 2010 4:11AM

When I started collecting cash coins I bought quite a few that I later learned were obvious fakes. I didn't lose too much money. It was just a little embarrassing. There are probably plenty of better quality fakes in my collection that I still don't know about.

I also used to have a penchant for buying cleaned and/or re-colored coins without realizing it. I have mostly gotten over that now but I am still not so good at detecting cleaned and re-colored coins.

lordmarcovan · April 2, 2010 5:26AM

With bad purchases, I can't remember any I really lament. Yes, I have lost money plenty of times, but never so heinously that I couldn't chalk it up as an education. I can't recall ever unknowingly buying an outright fake- perhaps that's just been a matter of luck at times.

On the flipside, and a positive note, I've made some lucky scores over the years by cherrypicking bulk Darkside lots. Some of these cherrypicks had American colonial associations and were listed in the Redbook, which is always good for their pricetags. These were a London Elephant Token (damaged but real, for which I paid mere pennies), a Connecticut copper (low grade but undamaged and ditto), and a St. Patrick farthing (actually quite decent and ditto).

Probably my best coup was this $700-ish coin that cost me less than a nickel. It was in a bulk box of Wheat cents I purchased on the BST forum. It had a bit of dirt concealing the mintmark. At first I was happy enough just to find a nice 1914, but when I removed that dirt with a toothpick, I was over the moon. "D" doesn't just stand for "dirt"!

PCGS graded it XF40.

spoon · April 2, 2010 5:46AM

I've definitely been lucky to experience more good than bad. Really haven't had any horror stories yet.

One good guy that stands out is Bob Pasin. I used to buy a lot from him when he was more active on ebay, always quality at great prices. Anyhow, I was trying to complete a set of the 1928 Mewar city view coins in UNC. He had a nice half rupee which I won for a very modest price. When it arrived I found the quarter and eighth rupee in there as well with a note saying he didn't realize he had those as well and included them as freebies!

Here's a so-so pic of the 1/4 rupee:

I later found a rupee at a show to round out the set, AU/UNC but nicely toned so it'll do

lordmarcovan · April 2, 2010 5:49AM

Hm. I've heard of Mewar (only just barely), but I had no idea there were Indian cityview coins. Cool.

wybrit · April 2, 2010 7:05AM

Good buys:

Reason: R13 and got it cheap last year on the 'bay.

Reason: Large '8' - I had no idea it was "extremely rare" (the Krause catalog just listed it as another common variety). I don't even know who I bought it from!

Bad buy:

Reason: bad artificial toning to cover up cleaning. I was even more ignorant then than now. It was one of my best lessons and really didn't cost me much, luckily.

Hussulo · April 2, 2010 7:43AM

Overall I've had a good run of better buys. My best buy however was a US Colonial coin which was an unattributed by the seller .

1787 Massachusetts Cent (Ryder 8-G) only a handful know and very rare in VF or above.

Here's a link to a discussion about it:
http://forums.collectors.com/messageview.cfm?catid=26&threadid=717161&STARTPAGE=1

Don helped my send it in and it came back PCGS VF25BN.

My worst buys were a Russian Paul I rouble counterfeit I purchased for about £110 on ebay when I was not long into coin collecting.
Looking at it know it screams FAKE but at the time I didn't have a clue especially about Russian coins.
I still have it as a memento and a reminder to do some research before you buy something you don't know much about.

Likewise another couple of coins I bought when I was visiting an antiques shop whilst on holiday on the coast of Scotland. I have a habit of asking antiques dealers if they have any coins.
The owner and his helper had a metal box of mostly very worn George V and Victoria Pennies he was asking something like £60 for the box.
I asked if had anything nicer, the helper answered that he did have some coins a metal detectorist or collector (something along those lines) once sold him and we arranged to meet the next day to look at them. There were two hammered silver looking coins which I know very little about and a Roman copper one.

I noticed one looked to say something like PFFA on it and remembered there once were coins struck for an OFFA. I didn't have any reference material with me the best price he would do was £130 for the three as he said he paid £110 for them. The colour didn't look right on them in the shop but I took the gamble as I was keen not to return from my holidays empty handed. Anyway after returning and doing some research I found the Roman one was genuine but worth a couple of pounds and the "hammered" ones were both fakes.

Another expensive lesson leaned. I still have them and will try and upload pictures if I get time.

IloiloKano · April 2, 2010 9:41AM

lordmarcovan, I remember a My Three Sons (or possibly a Leave It To Beaver) episode where someone stole The Beave's 1914-D.

C'mon, fess up. It was you, wasn't it.

Edited to add Best and Worst Buys...
My Best Buy at under $100 (about $125 after getting it certified PCGS AU55) - 1928/7M US-PI 20 Centavos Mule

Worst Buys are numerous mint sets purchased over the years, which are still selling for less than they cost directly from the US Mint.

lordmarcovan · April 2, 2010 10:41AM

<< lordmarcovan, I remember a My Three Sons (or possibly a Leave It To Beaver) episode where someone stole The Beave's 1914-D.

C'mon, fess up. It was you, wasn't it. >>

If the Beav was the forum member who sold me that bulk lot, then yeah, I stole it from 'im.

I can't recall who it was, actually. It was somebody who came and went off the forums in a fairly short period of time. Add to that the uncertainty caused by my mixing several bulk lots together before I found that, and I really don't know for sure which lot I got it from. But I have a strong suspicion it was the one I got off BST. There were more early dates in the lot, but many of the coins had been whizzed orange (fortunately the dirty '14-D escaped.) Had that guy still been around by the time the coin graded, I probably would have thrown him a bone.

It would be interesting if you could track down the TV show you mentioned. There have been a few threads about coins in movies and TV shows.

mnemtsas2 · April 2, 2010 12:30PM

I'm lucky to have been 'educated' fairly cheaply in my coin collecting, thankfully I've formed a friendship with a very experienced collector who has helped me a lot and prevented some foolish mistakes.

Worst Purchase:

An Australian 1910 3d in Gem from one of Australia's best known dealers. At the time it was the most I'd ever spent on a coin ($200 or so) and I spent several hours agonizing over it at a coin show before buying it. For two years it was my favourite coin until I pulled it out of the Eagle holder to send to PCGS and realized it was wiped. I've since found out said dealer is quite well known for 'improving' his coins.

Best Purchase:

The best financially would be an Australian 1969 Yarralumla PNC which I picked up for $50 and that usually sell for $700-$1000 or perhaps a 1919 penny that slabbed up as MS62BN and cost me $10. There's been a number of room auction coins that have slabbed up extremely well but the one I've been most happy with is a 1919 plain penny which I bought from my favourite coin dealers stock book for quite a bit of money. It slabbed up at the grade expected and I've been very happy with it ever since. While not a bargain I was happy at the time spending the money I did for what is just pure quality.

1919 1d Plain - PCGS MS65RB

spoon · April 2, 2010 5:22PM

Ha! I read this as "good or bad GUYS" earlier.. thought we were talking smack about dealers

Well, one of my luckiest snags was probably this nicely toned BU 1914 shilling.. not even $4 shipped, bought on ebay. Had to sell it for funds recently, didn't really want to let it go, but at least it made me a little profit

Seller's pics:

My pics:

That guy had a lot of nice GB stuff go super cheap that week, I mean hammered, milled, everything.. if I weren't completely broke at the time I would have bid on a lot more than just this! Ever since that he starts all his auctions at $9.99

Edit for LM: Yeah, I'm not sure if those are properly termed "city view" anything (I've never heard anyone call them that), but that is a fortress/walled city from the area on it so that's what I call 'em

They're actually kinda tough to find nice, not because they don't exist, just because no one seems to pay attention to them. But, like lot of other stuff nowadays, it seems when they pop up nice they're either bid up like crazy or totally ignored.

Gazza · April 2, 2010 5:53PM

I think this is probably my best one, I snagged this 1908 F164A R5 with a group of coins from Australia for less than £10 including postage. A similar but beat-up penny had sold two weeks earlier in a Colin Cooke auction for just under £600

I think my bad boy is this 1937 Crown PCGS PR67 which I paid £431 after being told by Torex that it's a VIP proof. I'm less than convinced as there's very little difference when compared to my proof from a proof set. I think what I have is just a kicking proof not a VIP.

lordmarcovan · April 2, 2010 8:03PM

Eric- your pictures of that Geo.V shilling are a quantum leap beyond the previous seller's! No wonder you stole it!

Still, even with his pictures, it's a wonder that it went for so little, and that he charged so little for shipping. Many sellers would have charged you four bucks for shipping alone- forget about shipping AND the coin! That grab qualifies for a "you suck" award, though it might not have been as big a financial windfall as some of the others here!

7Jaguars · April 2, 2010 10:55PM

Well, do friends count? Friend of mine 6 years ago bought an 1838 sovereign off ebay from a British seller for 1250 pounds that turned out to be a milled edge proof and was the discovery coin for that variety with edge & confirmed at Spink. Recall is that they at the time offered HIM 5k pounds for it!

BillyKingsley · April 3, 2010 4:55PM

I don't consider any purchase I've made to be bad, yet. Only one that I consider questionable but it cost me less then $5 so how bad could it be? That was a US coin.

The only time I could see something as bad is if I get a counterfit and don't know it. Most of my world coin collection comes from bulk lots from a trusted source (actually, a board member) so I don't think it's too likely.

I'm not in the hobby to make money so if I overpay for something I want...it's not the end of the world as yes, I may have paid a little more then I should have BUT, it's not like I am empty handed...I still have something I wanted for my collection!

If I was one of those guys who was actually able to afford stuff, I might not have the same post to make!

Billyray · April 22, 2010 9:37AM

<< It would be interesting if you could track down the TV show you mentioned. There have been a few threads about coins in movies and TV shows. >>

My Three Sons

Syracusian · April 22, 2010 10:31PM

When I first started collecting Swiss coins, I didn't know how cheap some dates were. Goldberg's was auctioning a very pretty 1920 PCGS MS67 franc, and I've placed a very generous bid. However, I still thought it wasn't going to be enough, so I asked a friend who was going to be there live, to place an even higher bid, and he did, thus bidding against myself.

Oh who cares, I still have that beauty and it's definetely not a bad buy, just too pricey. The real bad buys, were done in the mid 90s and I 've sold them all,most at a loss because I couldn't stand looking at them, so I was willing to let them go cheap, as long as they were out of my sight.

But it's an interesting topic. I'm sick and tired of collectors bragging about super buys (example coins worth $3K slabbed that cost them $400), but they never speak about their bad buys, making them look like Dr Geniuses.

IloiloKano · May 21, 2011 5:13AM

<< 

<< lordmarcovan, I remember a My Three Sons (or possibly a Leave It To Beaver) episode where someone stole The Beave's 1914-D.

C'mon, fess up. It was you, wasn't it. >>

If the Beav was the forum member who sold me that bulk lot, then yeah, I stole it from 'im.

I can't recall who it was, actually. It was somebody who came and went off the forums in a fairly short period of time. Add to that the uncertainty caused by my mixing several bulk lots together before I found that, and I really don't know for sure which lot I got it from. But I have a strong suspicion it was the one I got off BST. There were more early dates in the lot, but many of the coins had been whizzed orange (fortunately the dirty '14-D escaped.) Had that guy still been around by the time the coin graded, I probably would have thrown him a bone.

It would be interesting if you could track down the TV show you mentioned. There have been a few threads about coins in movies and TV shows. >>

Rob,

I've tracked down a reference to the My Three Sons episode to Ernie losing his 1914-D cent and blaming his brother Chip. http://www.coinworld.com/articles/coins-starring-roles-in-tv-shows-a-pleasant-r/

I still can't find a YouTube video, but it would have to have been an episode after the 1965/1966 season, since that is the season Ernie was adopted. If memory serves, he was 2 or 3 years older in that episode than when he first joined the cast, so that should put the broadcast date somewhere between 1967 and 1969.

Steve

Edited to add...
In the show, Ernie said the coin was worth $37.50.
My 1966 Redbook priced it at $45 in Good, my 1967 Redbook priced it at $42.50 in Good, and my 1968 Redbook priced it at $35 in Good, so the price was going down from 1966 to 1968. Perhaps in 1969 it had risen from $35 to $37.50 in Good?

bidask · May 21, 2011 11:00AM

My best buy was a raw 1916 cuban peso.....that later graded pcgs 63.

My worst buy was a raw german thaler thatI discovered later had altered surfaces.

OzzyAndy · May 21, 2011 12:28PM

I've had some good buys buying some German lots with bad pics of ebay.de, often end up selling half of it for twice what I paid. Also lose some the same way, had some unclear photos which I could make out a few good coins so I bit a reasonable price then found it was basically a type set including some rarer types but all heavily cleaned! Still, didn't overpay by too much but dented my pride having to list a whole lot of cleaned coins for sale on ebay.

Also had a 25kilo darkside lot sent from Hungary that had heaps of silver not stated in the auction or shown in the photos. Had months of fun going through that.

Zohar · May 21, 2011 12:39PM

Where do I start.... early on bought improperly cleaned... mounted/removed.... even a fake. You live and learn - what to buy, who to buy from and what is too good to be true. Over the years you gain more knowledge and avoid similar mistakes.

theboz11 · May 21, 2011 6:03PM

Best buy, Unique in Gold 114 gm 22k, Purchased on ebay as Bronze.

Worst was a 3$ US Gold piece that I purchase and it was a fake. Sold it to a collector of counterfeits.

secondrepublic · May 21, 2011 11:03PM

worst buys? not too many of those. bought some cleaned coins early on. no fakes that I'm aware of.

best purchase percentage wise was a Polish 5 zloty dated 1932 (the woman's head type). there are two varieties, one minted in Warsaw w/ mintmark, the other minted in London w/ no mintmark. Seller listed a cleaned XF on ebay with a BIN of around five dollars but showing only one side (not the side w/ mintmark). $5 was a reasonable price for the London version at the time in that condition, but the Warsaw was a $100+ coin. I e-mailed asking for a photo, and it came back right away.... Warsaw. Needless to say I jumped on it very quickly.

MrEureka · May 22, 2011 2:03AM

Best buy, Unique in Gold 114 gm 22k, Purchased on ebay as Bronze.

That's hilarious! (Unless you bought it from me. Did you?)

canadacolornut · May 22, 2011 2:15AM

Afraid all I have is a "worst sale" story.

I sold a Chinese coin (forgotten the year) in PCGS MS 65, with gorgeous toning on both sides
about six months ago for $950. The feedback I got was "VERY pleased with my purchase".

SInce i'd paid less than $300 for it about two years ago I was "VERY pleased" with the price I got.

Now I see "Genuine"s in the same date selling for about the same price.

Needless to say I'm "VERY pixxed off" for not holding on to it for awhile

theboz11 · May 22, 2011 5:16AM

<< Best buy, Unique in Gold 114 gm 22k, Purchased on ebay as Bronze.

That's hilarious! (Unless you bought it from me. Did you?) >>

I don't thinks so Andy. The gentleman was in England. He stated in the Auction that he thought it was Gold but did not know for sure. I guess everyone was asleep that evening. Interesting feature of this piece and the Bronze ones is that they are all Cliche's pressed together at the edges, The medal is Hollow,The only Victoria medals that I know of to be fashioned as such.

mnemtsas2 · May 23, 2011 10:06AM

Here's a couple more from the last 12 months.

Worst Buy: 1934/3 overdate 3d, scarce in EF/AU and bought as such. When it turned up it had been wiped ever so slightly and wouldn't grade. Spent $1000 on it, expect to get perhaps half that back for it.

Best Buy: 1924 1d sold as EF for $80. Just got it back from PCGS where it was graded as MS64RB and catalogues at $2500 in choice. Lovely die clash on the reverse.

IloiloKano · May 23, 2011 12:23PM

mnemtsas2

I suspect a number of weak strikes and die clashed uncirculated coins have been undergraded by sellers who don't understand what constitues wear.

That 1924 1d is a beauty and was certainly a good buy!

Having just made my first submission in 2 years, (8 coins in total), I hope to have 2 or 3 of them turn out to be fantastic buys 5 or 6 weeks from now, especially this one.

I also suspect this one will turn out to be another one of my bad buys, and bad action in that I cracked it out of the other TPG holder. I'm certain it won't get the AU58 it was previously assigned, but I am hoping another one (purchased raw) that I'm sending along with it will make that grade.

Coin collecting good and bad buys

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