My Biggest Rookie Mistake

Banemorth · June 18, 2011 8:21AM

Paid $600 for four Seated Liberty Dollars on Craigslist. This is what happens when a 24 year old newbie tries to get into coins I guess.

After this debacle I tried to redeem myself by buying another Seated Dollar on Ebay which I sent out to get graded and came back Whizzed, Rim Filled and Plugged. Seller charged me a 20% restocking fee. Also picked up these terribly cleaned Morgan, 20 Cent Piece and Flying Eagle Cent...

Thanks everyone on here whom has helped me learn from this crap so far. I guess I have nowhere to go but up eh?

AUandAG · June 18, 2011 8:24AM

Most won't admit we did the same! Well, maybe not exactly the same but we have all learned by
our mistakes! Yep, nowhere but up!!

bob

Barndog · June 18, 2011 8:27AM

everyone pays their dues. Visit some reputable dealers who specialize in seated stuff if that's what you like.

MidLifeCrisis · June 18, 2011 8:27AM

Don't get discouraged. We've all been there.

Find a mentor - either a dealer or a very experienced collector (or two or three). Learn from your mistakes; don't let your ego stop you from asking for others' opinions before you buy your next coin.

If it makes you feel better, my rookie mistakes cost me multiples of what your "tuition" has cost you so far.

bestmr · June 18, 2011 8:32AM

Unless you know the series you collect, it's best to always buy slabbed. However, you have to be careful. Even those can be faked and often are for key dates, especially Morgan's. Case in point, I'm putting together a Washington album and when it comes to the 32-d and 32-s, I plan to buy them slabbed from members off this forum that KNOW they are real.

MercCrazy · June 18, 2011 8:32AM

While you're new... Only buy slabbed.

Try to pick a series to focus on, buy some books, read about 'em and diagnostics of genuine articles. I focus on two series' myself, Morgans and Merc Dimes.

mkman123 · June 18, 2011 8:32AM

Are the first four fakes? Buy slabbed coins.

llafoe · June 18, 2011 8:42AM

<< <i>Are the first four fakes? Buy slabbed coins. >>

... in lucite!

JedPlanchet · June 18, 2011 8:48AM

In this one it looks like the eagle is laughing! Sorry, couldn't resist ... we've all paid "tuition".

devious · June 18, 2011 9:09AM

I have an entire box that represents my mistakes. You're doing good so far.

I started just over two years ago. And I still pay for mistakes sometimes.

FilamCoins · June 18, 2011 9:13AM

Been there, done that.

Good learning experience.

Don't give up!

PerryHall · June 18, 2011 9:15AM

<< <i>Are the first four fakes? Buy slabbed coins. >>

Yes and very bad ones typical of what's coming out of China these days. Unless you're an expert authenticator and grader, only buy PCGS or NGC slabbed coins.

RedTiger · June 18, 2011 9:17AM

Beware that there are fake slabs as well, many with fake coins inside, some with real coins in at a higher grade. Many fake slabs are being sold to newbies that think slabbed means safe, via Ebay. The cliche that comes to mind, is that if a person doesn't know their coins, they had better know their dealer. A person won't get any of these kind of "bargains" buying from a well known dealer.

In a market filled with so many fakes, including high quality fake slabs, including real coins in fake slabs, I tell new collectors that it is best to stick to reputable dealers. Again, a person will pay retail, but one bad fake, or a bad problem coin and all those bargains are washed away. A couple of them like the original poster got stuck with and it is all money down the drain.

Banemorth · June 18, 2011 9:38AM

Thanks guys appreciate the support. My problem is I don't know WHAT series I want to collect and I was trying to buy one of everything to see how I felt about each one. I am really leaning towards Walkers and Standing Liberty Quarters. So gorgeous. I picked up a G-4 1917 S (reverse) Walker and I'd say a VF 1929-D SLQ for $11 today so that was a pretty good score

Can you guys suggest anyone here on the forums good with Walkers/SLQ's that wouldn't mind answering questions when I have them?

Ahrensdad · June 18, 2011 9:40AM

Take a look at the BST forum. You may be able to pick up some nice coins, and generally speaking your dealing with good sellers, just ask for and check references.

Rampage · June 18, 2011 9:59AM

It has indeed happened to everyone, whether it is admitted or not. Some folks pay more tuition than others. Some never learn and keep paying that tuition over and over again. Your tuition cost you less than $1,000. That is not too bad. My tuition did not cost nearly half of that. But, that was many years ago, too. I turned around and sold them while at the same time, noting what the problems were. They were genuine, just had problems. I got about 85 or so percent of my money spent back. So, in all total, not too bad. After I apdi my tuition, I bought only coins sold by reputable dealers and in reputable slabs, until I learned how to do things on my own. Every now and again, I make an error, not not big ones.

Good luck to you.

illini420 · June 18, 2011 10:16AM

Yep, many wont admit it but almost all of had made "rookie mistakes" in our coin buying.

For me I spent around $700 on a 1908-S Indian Cent that was advertised to me as MS64RD!! I won it in a local auction and I was prepared to bid up to $1000 on it since even then I thought I'd be getting a good deal. Up to that point, I hadn't seen enough mint state original red Indian Cents to know what original red color should really look like. Of course, I eventually sent it in for certification and it came back as having altered surfaces/artificial color and maybe worth $250 or so. Still have the coin and it's in my 1908-S IHC Grading Set (linked in my signature line). Will continue to keep it as a reminder to not buy raw coins that I don't know much about and to also remind me that if a deal is too good to be true, it most like is!

The best way to learn is just to see more coins, especially ones you know are the real deal and accurately graded (look at certified coins and coin being sold by reputable dealers). Go to as many local coin shows as you can and look at lots of coins. Also joining a local coin club might be helpful.

Don't get completely discouraged but be more careful, especially buying anything uncertified. I've been buying higher value rare coins for several years now and there are many series of coins that I still wouldn't dream of buying uncertified.

GoldenEyeNumismatics · June 18, 2011 10:16AM

Stick with certified coins.

curly · June 18, 2011 10:27AM

I prefer certified (PCGS in particular) accompanied with a blessing from a man named John.

mkman123 · June 18, 2011 10:33AM

also buy from the forums here...........no member would dare sell you a fake coin disguised as a real one..........they would be blacklisted and lose all reputation

roadrunner · June 18, 2011 10:34AM

Slow down the buying and pick up as much information as you can over the next 6 months. Spend as much time as you can viewing coins in hand, especially those already
slabbed to help train your eye. Being able to eliminate cleaned, wiped, whizzed, tooled, and altered surface coins will be quite a challenge. The PCGS grading guide is $25 well spent.

Just beware that each time you try a new series or shift to higher grades, mistakes will probably follow unless you have some good people on your side. Be very careful once the day comes when you start to consider Uncirculated coins.

roadrunner

ChrisRx · June 18, 2011 10:35AM

Deal with trusted people.

Shamika · June 18, 2011 3:18PM

Don't buy from Craigslist. And don't worry too much about your mistakes, 100% of us have made a poor decision at some point when buying. All you can do is strive to keep the mistakes to a minimum.

mkman123 · June 18, 2011 3:34PM

The fact that you haven't quit is great. Your gonna learn and do well

Bochiman · June 18, 2011 3:56PM

<< <i>also buy from the forums here...........no member would dare sell you a fake coin disguised as a real one..........they would be blacklisted and lose all reputation >>

Let's adjust that a little to say "established members".
I wouldn't necessarily lay out a lot of trust to new members, or very low post count (and particularly post count from only posting in the BST forum) members.

stevek · June 18, 2011 3:56PM

As my old high school math teacher used to say, it's okay to make mistakes but don't wear out the eraser.

Frankly, the bottom line is ya got greedy thinking you were getting some sort of huge bargain from a website that is notorious for collectible fakes. You could have posted the website sale info here first, for advice before ya made the purchase, but ya didn't want somebody else grabbing that "huge bargain" away from you right?

"Greed is good" as Gordon Gekko in the fictional movie "Wall Street" used to say, but Gekko knew was he was doing and worked basically on inside information. There is no "inside information" on Craigslist, ebay or anywhere else when you don't know what you are doing. It takes knowledge, skill, and usually a little bit of luck to spot a bargain on the internet websites and even B&M auctions...and you had neither of the first two going for you. So yes greed can be good, and can be profitable, when you know what you are doing...and if you try to substitute luck for knowledge and skill when buying collectibles, then you are basically playing a sucker's game.

But now you're getting wise by posting here and learning from this great forum, and hopefully, ya won't wear out the eraser.

My Biggest Rookie Mistake

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