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vegasvagrant
New Member
USA
9 Posts |
 Posted 07/29/2005 2:10 pm
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Hi. I am brand new to this site and just looking for advice. I am not a coin collector (get the boos out now LOL) but my husband has recently began this obsession. He is interested in purchasing a "speared bison", graded MS 66, for $575. I am ready to faint just typing it but he believes it is worth that. It is an NGC graded coin. Please, he might be buying this tonight! Does it sound like a reasonable price for this error and grade? If I can give him recommendations/advice/warnings from those that have been collecting a lot longer than him, he just might listen.
Thanks in advance and your site is very informative. I hope I am not overstepping boundaries by asking this here.
Tracy
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Metalman
Moderator
USA
6533 Posts |
Posted 07/29/2005 2:32 pm
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Hi Vegas
Welcome to the forum !
You will get varying opinions on this coin! my personal belief is that the price is high !!
we have a resident expert here on the buffalo varieties, I would recommend asking your question in the main coin forum for a more well rounded opinion! the error forum doesnt get the traffic that the main forum does.
Rick
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Susanlynn9
Forum Mom
USA
5533 Posts |
Posted 07/29/2005 2:36 pm
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Welcome to the forum! As Forum Mom, I will move this to the Main Forum.
In answer to your question, I feel that it is high. The new coins are being hyped with so many errors that when the smoke clears, I think none of them will be worth much of a premium. That is just my opinion however.
Would your husband be interested in checking out our forum? It sounds like he's looking to buy on ebay, and if he's new to collecting, there are a lot of sharks in those waters. We'd love to help. 
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vegasvagrant
New Member
USA
9 Posts |
Posted 07/29/2005 2:51 pm
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Thank you for moving the message. If it will receive more exposure over here, I am grateful for the travel
I am going to show him this forum tonight. He has a habit of hopping onto Ebay after I have gone to bed and making purchases that I need to pay in the morning. Since it is his "spending money", I can't really tell him what to do or what not to do but if I can give him advice from those that have been involved in the business, he might hold off on these purchases.
His main focus in the past few months has been the new nickels and we have several boxes and rolls of the mint that has the speared bison (I think it is Denver but I really am not into collecting). He has moved up to buying those coins that are graded already, telling me that the unopened $100 boxes are more valuable as they are? I think half the fun would be searching thru them to find our own treasures but... I don't mind if he buys coins (although I would collect older ones if it were me), I just want him to make informed and smart decisions. Since he looks at me as an outsider, my opinion is worth squat. LOL
Thanks again. And I guess it is better to be hoarding money rather than Beanie babies these days... lolol
Tracy
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crystalk64
Pillar Of The Community
USA
3147 Posts |
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crystalk64
Pillar Of The Community
USA
3147 Posts |
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vegasvagrant
New Member
USA
9 Posts |
Posted 07/29/2005 3:05 pm
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Thank you. I will definitely tell him and have him read these posts. He kept telling me it was worth it because it is MS 66 and all the rest were lower grade blah, blah, blah. And I said that since he was new to all this stuff, maybe he should check out whether the real world is saying it is worth that much or just Ebay.
Thanks again,
Tracy
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national dealer
Pillar Of The Community
USA
2724 Posts |
Posted 07/29/2005 3:32 pm
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Hi there,
$575 is absolutely over the top. If you do attend the upcoming show, you will find these from regular dealers at a far cheaper price. Even with all the "hype" this is mainly an internet hyped coin.
Anytime you are thinking error coins, these two are the standard.
http://mikebyers.com/
http://www.fredweinberg.com/index.html
You will notice that neither are selling die cracks as errors.
I am sorry that most people think that these are major error coins and are willing to shell out major dollars for them, but in the end, my conscience is clear.
He will end up paying $575 for a coin that WILL LOSE MONEY year after year.
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vegasvagrant
New Member
USA
9 Posts |
Posted 07/29/2005 3:43 pm
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You guys are so helpful - I really feel I can present a valid argument against him buying this coin.
And I am glad the Baltimore coin show is coming up soon. I hope that he learns from it and can make better decisions from now on.
Thanks again all.
Tracy
PS - Ok, so if you look up momnkid76 on Ebay, you will find his purchases. Would I be right to tell him to go ahead and sell some of these coins since they will be losing value and use the money to make purchases that are a little more sound and will stand the test of time?
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Metalman
Moderator
USA
6533 Posts |
Posted 07/29/2005 3:52 pm
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You know one of the attractive things about collecting coins is that you collect what you like ! investment to most collectors falls a feeble second !
I could not in all honesty or with a clear concious advise anyone to collect from an investment stand point!
Having said that there are coins that have withstood the test of time and have advanced in both desireability and value.
Its really a collector choice issue !
But these die crack Bison IMHO are a sure loser!
Rick
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national dealer
Pillar Of The Community
USA
2724 Posts |
Posted 07/29/2005 3:57 pm
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Oh good grief, don't open that flood gate. Looks as if he is a nickel collector. Ebay is not the best place for new collectors, but I will leave that one alone.
Here is the "proof" in the pudding. Have him take his coins to Baltimore and offer them for sale to various dealers and you will see just how much these coins are worth. While he may get a good chunk of it back on Ebay, in the real world, someone is going to get their feelings hurt.
Sorry, but these die cracks will NOT hold their value. If they had any hope whatsoever, they would be sold by every dealer in the country. All real error coins (1955 DDO Lincoln, 1922 Plain Lincoln, 1937 Three Legged Buffalo, and so on are on every dealers "buy" list.
Even members of this forum are finding these modern coins pretty frequently. They are nice and all that, but no one is going to convince me that they will be worth 75% of this price next year.
Anyone remember the "Waffle" coins??????????? The first set sold for over a grand, and now, this same "once was" is selling for $70
More proof you ask? Faded dates, wavy steps, today's doubling-tomorrows fancy thinking.
With the exception of the 2000 mule coins, collectors (insert internet) have been clammering for something to part fools and their money. Every week it is something. If you look hard enough you will find minor problems with any coin or note. However, for it to be worth anything to the majority of people, it must have something. Die cracks are neat to find, but calling them errors is an internet thing.
At the rate that he is spending, I would highly suggest pointing him in the direction of "real" coins.
Nothing with a President on it!
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Susanlynn9
Forum Mom
USA
5533 Posts |
Posted 07/29/2005 3:58 pm
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I agree with Metalman and ND. If your husband is collecting because he enjoys collecting, he should collect what he wants (yes, even the new errors). If he collecting with the idea that these coins will go up in value, my personal opinion is that the modern errors are a mistake.
By the way, I really liked the Seated dime he bought.
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national dealer
Pillar Of The Community
USA
2724 Posts |
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vegasvagrant
New Member
USA
9 Posts |
Posted 07/29/2005 4:14 pm
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To be honest, I am not sure if he is into the coins because he truly loves the design or because he just needed a new outlet for his collecting tendencies. I think he picked the nickel because he does like the design and with all these... flaws/errors/cracked dies, etc. floating around, he just saw the opportunity to stockpile. He does like to admire his collection so I don't think this was just for investment. I do know that he hopes our son gets into this at some point but if not, he wants to give them to him when we are old.
Believe me, I am very used to the ebb and flow of Ebay and how fickle the buyers are. He can tell you that every time he has bought one of these nickels, I have been asking him to resell it. If he got it at such a deal, why doesn't he resell it and reinvest the profit in a better coin? Of course, I am not a collector in any way, shape or form. My only collection, if you want to call it that, is DVDs and I am preparing to sell most of them this weekend. LOL If he wants to collect, I want him to collect things that will mean something 10 years from now and were a sound value at the time of purchase.
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vegasvagrant
New Member
USA
9 Posts |
Posted 07/29/2005 4:17 pm
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Oh, and I don't see anything as harsh here, other than the simple truth. I want him to be a happy collector but I don't want him thinking his collection is a national treasure when it is not. I want him to be a realistic collector I guess.
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national dealer
Pillar Of The Community
USA
2724 Posts |
Posted 07/29/2005 4:24 pm
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I will never tell a man/woman what to collect, but for the dollars he is spending, there are many better Morgan Dollars that have a long history of appreciation that would be far better suited.
You are right in one statement. If the "deal" is so good, you should be able to flip the sale quickly and make money.
I buy and sell rare coins. I do not put my money into fads or fly by night hype. I owe my customers more than that. I will NEVER sell a coin that I would not repurchase. These fad coins are just that. No one will paying top dollar for these next year.
If he likes the coins, so be it. If he thinks that these hold value, get out while the getting is good.
Once the new nickel comes out next month, there will be a new fad. Old fads go the way of the horse and buggy.
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