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 Replies: 26 / Views: 2,493 |
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Bedrock of the Community
United States
14454 Posts |
I am definately not the one to be asking a question like this because since I started the dansco 7070 album I have bought more $500.00 + coins than I ever thought I would ever own and some of the coins being multiples of the $500.00 minimum as both the st gaudens and the 20 dollar liberty hole have both been filled already, but I believe I spent more for my ms-60 Bust Large Cent than I did my MS-64 20 dollar st gaudens
Edited by Bryan1315
04/14/2007 10:22 pm
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Valued Member
United States
455 Posts |
I can see spending "a few hundred" on a coin. From there it's not much a leap to $500 for a coin. And if I'm buying a few coins at that price, it's pretty easy to justify a $1000 coin. I'd have to REALLY want a coin to spend over $1000 for it, plus I'd have to do my homework and make sure it was a fair price. It helps me to think of it as transferring assets, not spending money.
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Moderator
 United States
23522 Posts |
quote:
It helps me to think of it as transferring assets, not spending money.
Never lose sight of that fact. When we talk about quantities of money on this scale, it's imperative that the future be considered. This is a unique hobby in that aspect; everything we buy is of investment value, whether we purchase it with the future in mind or not. |
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Pillar of the Community
Australia
655 Posts |
One thing to be careful of as a newbie like me when buying an expensive coin is getting something that is actually worth the price. ebay is full of sellers that don't grade properly, have poor photos and can advertise a UNC coin that only grades EF. Even apparent good photos can hide certain defects. It definitely helps if you learn to grade but this can take a lot of practice. It may pay to buy cheap for a while until your skills improve. Strangely enough gold and silver coins are a safe way to start if you keep near bullion value, no matter what the seller says the grade is. If you buy a gold coin thinking it's UNC but turns out to be only a fine yet have only paid bullion price you don't lose anyhing over it. If you pay big $ for a UNC and it turns out to be a lower grade that's when you can lose money big time. |
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Pillar of the Community
Belgium
2078 Posts |
A very good question I would like to answer for myself  Sofar I have spend 234 % over melt on a 40 francs Louis XVIII year 1816 from the Lille mint which after three years still hurts since that was 434 euro for a AU 58 On the other hand I invested at 9 % over melt in a 99 pieces only piedfort testcoin with certificate 50 francs Hercules 1976 MS 65+ for 1480 euro and still feel good about it probably because the melt value alone is 1550 at the moment  |
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Valued Member
United States
382 Posts |
I have never spent more than 75 bucks on a single coin. I can't spend anymore than that ans prefer to stay in the 25 dollar range. I get just as much enjoyment from a 5 dollar coin I need than from a 500 dollar coin I might see and not be able to buy.
Tony
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Pillar Of The Community
3147 Posts |
Ageka offers us a unique look at what this hobby can do at any given time. While we dream of holding those coins, that without a doubt will always hold their value, its the unexpected in a diverse collection that often brings the greatest surprise and pleasant rewards. We many times look to the expensive side of the hobby or the classics in silver and gold as an investment but have seen many times when a sleeper, some moderns, becomes a dream to hold as well. One must always keep in mind that demand and supply play such an important role in this hobby and now, with the help of this amazing technology we call the internet, world coins (classics and moderns) are now readily at our door step. In the past few years I have purchased world coins with a mintage of 999 and 1,400 struck. In my mind they will become very good investments even though they come from nations most collectors, at least in the U.S., do not collect. The internet has erased my fears of ever being stuck with any coin so I patiently wait for time to tell whether I was a wise collector or if I can add another mistake to a long line of mistakes which I can learn from in the future? And if nothing else I can always say I HAVE ONE or I HAD ONE in my collection! Many a coin has passed through my hands and I can honestly say I don't regret enjoying a single one of them!
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Pillar of the Community
United States
1173 Posts |
I'm more than willing to go into the $1500 to $2000 range for a key date coin with eye appeal and high grade. If I ever find the right 1885 Liberty nickel, for example, I'll jump on it...or to get certain 18th century US coins. I wouldn't give that kind of money for a lot of the hot "error" coins in modern designs, because I have little faith that the market will be there in a year or two or ten. Just my way of wasting money, I'm sure!  I am at a stage in my life and career where, after investing in my retirement fund, I have three or four hundred some months I can use to pursue my hobbies. Of course, neither my wife or I have a car payment. We have zero credit card debt, and the 30 yr. mortgage on our house will be paid off about 17 years early at the rate we're going. |
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Pillar of the Community
United States
2600 Posts |
averyb2, I will answer your questions in the proper order. 1st, B., If my wife believes it to be an investment, it is being purchased that way and I TRULY BELIEVE it is. I have bought it while gold is down and have every reason to think with a reasonable increase in the spot price I will have a gain, or have invested in a coin that has shown a consistent trend upward in value. Any other reason is misleading and will effect my marriage or at least my wife's confidence in me. I am fortunate that my wife enjoys coins and supports me. C. If I really really like a coin, I buy it. Typically price is not an issue for me but I still purchase with a modicum of investment sense. Remember, there is always another coin like the one we are looking at in these price ranges. A. Never borrow money to purchase a coin. That being said, I watched a guy at an auction the other night buy probably $500 face value of junk silver. I talked with him at check out and he was putting it on his credit card. He had purchased this below what he could sell it for and was selling it the next day. I guess this is OK. D. This is only important if you meet B, C, and A. E. This one is implied in your last sentence. I would never, ever risk hurting my darling bride of 25 yrs over a coin. She allows me the latitude to buy about anything I want and I cherish that confidence. I like to believe that I have earned that by taking good care of my family and that comes from the principles outlined above. It would appear that you have some budget to buy coins with. Just put that money away for a short period of time and you will have the coin in hand.  Jim Edited by Jim1953
04/15/2007 1:48 pm
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Pillar of the Community
Belgium
2078 Posts |
I have a friend who does series and who has been doing South American goldseries in MS 65 + buying raw and getting them slabbed by NGC He told me last week that his key coins came down by 40% on ebay the last month So I guess paying a lot over melt is a dangerous way of living  Today I read a piece of twisted logic The Lunar gold series will close shortly whether 30 000 coins were reached or not The worst selling coin in that series was reported as the Rabbit So this is going to be the most scarce and should be bought now  |
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Pillar of the Community
United States
1247 Posts |
Quote: "(b) You told your wife or spouse it was an investment..."  Thought wives were reason coin collectors claimed they were making an investment? The most I ever spent was $700 for an 1841 Seated dollar I bought around 1985. |
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Bedrock of the Community
United States
14454 Posts |
hunter20ga has made a good point, Everything I have is paid off, I own each of my cars and my house is paid for 100% so all I have to pay is my utilities so that is why it is a little easier for me to spend a little more for certain coins than others can right now
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New Member
United States
26 Posts |
I wish I could get one, but I dont have anywhere near the amount of money to. If it depends on your marriage just sit backa nd think for a min, my wife who I love dearly, or this really rare, old, shiny, very expensive coin. Lol just an idea.  |
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Bedrock of the Community
United States
20753 Posts |
There is a similar post here as to the most ever spent on a coin. With me I seldom worry about the cost of a coin but would never spend so much that I would wonder why later or the next day. I would never buy a coin that would start an argument at home. I would never want a coin or coins that I would worry so much about that I could not show it to anyone due to possible theft. I would never want a coin that I would worry about dropping so much in value that I'd feel bad about the purchase. I would never sell something I like for a coin that may or may not be of a better value. Of course to each their own preferences but I'd rather have several old nice cars than a fantastically expensive coin even if I was wealthy. If I had millions I'd be like Jay Leno with hundreds of cars. I'd rather have a Colt Python, .357 Mag, Stainless with 8" ribbed barrel than a 1909S VDB in MS65 also. Like I said, everyone has different taste.
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Pillar of the Community
United States
834 Posts |
Dave.
Have you bought coins from Harlan J. Berk in the past, I have been looking at his web site for a few weeks I think I might buy a few coins from him for my type set?
Bruce.
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Posted 04/14/2007 10:16 pm
