Legend Market Report- don't be afraid to step up for the right coin...
TahoeDale
Posts: 1,785 ✭✭✭
...even if you do not know fully what it's worth.
Then. do what? You have to trust your dealer in situations like this!!
Perhaps yes, for the newer collectors that do not have the grasp of the market, like a seasoned dealer.
But collecting coins is an education, that lasts a lifetime. I suggest you use your gut, and if you think you will be buried in the purchase, for a long time, then pass. You will make mistakes and this will teach you to be more aggressive.
I, like many of my contempories, have passed on coins that I wanted, due to cost, and regret several I should have bought. But there are more that I should not have paid moon money for, that were not indispensible.
Then. do what? You have to trust your dealer in situations like this!!
Perhaps yes, for the newer collectors that do not have the grasp of the market, like a seasoned dealer.
But collecting coins is an education, that lasts a lifetime. I suggest you use your gut, and if you think you will be buried in the purchase, for a long time, then pass. You will make mistakes and this will teach you to be more aggressive.
I, like many of my contempories, have passed on coins that I wanted, due to cost, and regret several I should have bought. But there are more that I should not have paid moon money for, that were not indispensible.
TahoeDale
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Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
And after I did, I was offered a significant profit that I summarily refused.
In the meantime, the guy who kept circulated 90% in coffee cans in his garage or basement has done very well.
Go figure.
The only one who makes me afraid to stretch for a coin is Mrs curly. Once she gives me her approval, ol' curly is slappin' leather.
<< <i>...even if you do not know fully what it's worth.
Then. do what? You have to trust your dealer in situations like this!! >>
That is absolutely ridiculous. You have to at least know what the coin is worth to YOU.
The hours spent enjoying the coin must, IMHO, be counted as part of the coin's value.
The Market Report and Hot Topics are (to my mind) always very interesting reads.
You have never had a problem deciding what to pay for the right coin--very few have not been bought, if you thought the coin was all there.
However, some collectors, including me, have a smaller( lot smaller) budget within which to work. I can handle 50% more than market in the arena where an average cost is 10,000. Most can afford the 50% premium where the typical buy is $500.
And the larger question is: If I really want this coin, am I confident that I am not paying too much? 15% over market might be exorbitant for some non-essential dates/grades.
It is almost inevitable that, at some point, the value of these great coins will be lower than it is today.
Both statements are true.
<< <i>TDN,
You have never had a problem deciding what to pay for the right coin--very few have not been bought, if you thought the coin was all there.
However, some collectors, including me, have a smaller( lot smaller) budget within which to work. I can handle 50% more than market in the arena where an average cost is 10,000. Most can afford the 50% premium where the typical buy is $500.
And the larger question is: If I really want this coin, am I confident that I am not paying too much? 15% over market might be exorbitant for some non-essential dates/grades. >>
I have budget limitations just like everyone else. Opportunity cost is always foremost in my mind. Some coins come along so infrequently that opportunity is more important than price.
<< <i> In the meantime, the guy who kept circulated 90% in coffee cans in his garage or basement has done very well. >>
I have never once spent a hour with a loupe entranced with my newP....... of a can of 90% silver.
<< <i>Some coins come along so infrequently that opportunity is more important than price. >>
Wise words that pretty much sums it up.
TO PAY FOR THE DARN THING.
Camelot
There is a hidden assumption that they are also more likely to have a longer horizon for holding the coin.
There isn't any formula as to what a scarcer coin is worth, just the strong likelyhood that if you don't buy this one, you won't have a chance to buy another.
For the opportunist, that isn't reason enough to over spend, but for someone who has studied the series it is very compelling.
<< <i>don't be afraid to step up for the right coin... >>
What about stepping up for the right plastic?
Yikes, Andy Lustig got me to pay 43% more for this hunk of 1942 plastic ($700) than the last time I paid $488.75 at a Heritage Auction in 2009!
Even the increasing price of oil is making the price of PLASTIC GO UP!
<< <i>Collectors that are the most familiar with a series, or a rarity, are more likely to "step up".
There is a hidden assumption that they are also more likely to have a longer horizon for holding the coin.
There isn't any formula as to what a scarcer coin is worth, just the strong likelyhood that if you don't buy this one, you won't have a chance to buy another.
For the opportunist, that isn't reason enough to over spend, but for someone who has studied the series it is very compelling. >>
Aint that the truth! The extreme cool stuff is so hard to come by and when that special opportunity arises it`s really a no brainier...Well said Mr. Willis and TD...
AB
Do I wanna pay triple book for a $5000 coin that I really want? Not very likely. It would have to be a coin I was convinced I'd never have another shot at, and right now I can't even come up with a coin I'd want that would fit this category.
http://www.shieldnickels.net
<< <i>If you don't know as much or more about what you are purchasing than the dealer, keep your money in your pocket. >>
WELL SAID!
<< <i>If you don't know as much or more about what you are purchasing than the dealer, keep your money in your pocket. >>
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It is for threads like this one that I frequent the board. Thanks for the insight!
EA
The more esoteric the item, the more rabid the collectors, and the higher the price will be. Hence, a new 'top price' is established, and that becomes the norm.
My particular buying philosophy is (in a nut shell....not) that when I encounter a coin (CBH for me)that is the grade range I seek AND has the eye appeal that I search for (which of course is subjective as beauty is always in the eye of the beholder), then I will step up.
However, if the CBH is a scarce or rare variety based on grade, then I will usually get it and will pay only slightly more than I normally would and sell it when a nicer, more eye appealing example comes along.
Now, because I really don't know when such an example will come along, the ones I have picked (at least so far) have risen in value so that it will be worth it when it comes time to sell. An example from CBH set is my 1823 Ugly 3 PCGS 58. It is obviously dipped however not over done by any means, and because I am not a fan of "white CBH's" I bought it simply because I knew of it's scarcity and how often this variety comes along in choice AU. Hopefully, when a nice more eye appealing one (that is, IMO) comes along then it will go to another opportunist, who is not as picky as myself.
The way I see it, I buy coins that would appeal to MOST people who collect a particular series so that when it comes time to sell, the extra I paid for it will be worth it as the profit will hopefully be there as well.
That is, because my intention is to hang on to the MOST eye appealing coins I own.
I am sure it was not to confirm the grade, but to determine the present market value of a true rarity, that did not have pricing information, due to infrequent( if any) trades.
This area of numismatics is always very subjective, and calls for some serious thought and research. I wish I had the need, more often than my budget will allow, to be in that position.