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 Replies: 28 / Views: 3,345 |
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Pillar of the Community
United States
1109 Posts |
My coin purchase limit does go up as I weed through the cheaper coins and start getting to the more expensive ones. However, I am very guilty of cutting in line and grabbing some random, higher dollar coin just because I wanted it at that moment and had the cash. I guess the point is that I have a limit, but I break my own limit all the time. I should be in government.
Edited by skyshark124
04/01/2013 7:26 pm
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Moderator
 United States
188952 Posts |
It is difficult to set a limit when you have holes to fill.  That being said, I will limit the grade to keep the price reasonable. For the classics and my 7070, I collect circulated coins, so this is not a problem for me. |
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Pillar of the Community
United States
5856 Posts |
It really depends on the coin. I may say I wouldn't want to spend more than $100 on a really nice example of an Indian Head cent, for example, but I wouldn't want any Seated Liberty dollar that I could get for $100. These days, I set a total limit on how much I spend when I go to coin shows (which is probably only once or twice per year). Whether I end up buying one really expensive coin or a whole bunch of cheaper coins doesn't matter to me a long as I don't go over my set total. This is how I got both of my Seated Liberty dollars, and I'm so happy I didn't settle for lesser examples because I had set a "per coin" limit. |
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Bedrock of the Community
Australia
21788 Posts |
I could be pushed as far as $10,000 for a spending limit, but I have never spent anything like that on a single numismatic item in my life.
I bought a couple of ancient Greek and Roman gold coins a very long time ago (decades) but I haven't spent at that level since.
I don't have credit card. If I visit a coin show, I take a pre determined cash limit with me.
You can't go over your limit if you have cash only. When it's gone it's gone. No mun, no fun.
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Pillar of the Community
United States
624 Posts |
The hardest thing to do as a collector is to be disciplined. For me, it's about sticking with the plan (Mercury Dimes, Lincoln Cents, Liberty Walking halves, Franklin halves, Morgans and Proofs). If I find a great deal on something else, I seek to turn a modest profit to support my plan. Having said that, I have overpaid on several occassions for coins that I really wanted. Sometimes the passion of finding a tough coin overwhelms the logic. I don't have regrets, I only have extra coins.... ") |
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Pillar of the Community
United States
1839 Posts |
It used to be around $100 for me, then I saw a few coins that were a bit more that I felt I must have so I bought them. My limit then slid to around $300 to $500. It stayed there for a while and I kept coming across nicer and nicer coins I really wanted. Now my limit is around $1000 but I just spend about $3500 for a coin recently.
So much for spending limits for me. The good news is I've been pretty successful selling my coins for at least a little profit to finance my next purchase. I try not to get to "attached" to any of my coins so I will allow myself to resell them at some point. And when I do so I just tell myself I was "renting" the coin for a while and I seem to be okay with it. :)
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Valued Member
118 Posts |
The sky is my limit
Edited by tofuburger
04/01/2013 6:35 pm
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Pillar of the Community
United States
5854 Posts |
Most of my purchases are no more than a few hundred dollars. If I like something and/or can resell it for a profit and can afford it, I would be willing to spend much more.
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Pillar of the Community
United States
1795 Posts |
Well I basically have a disposable income set each month and some months I do go over budget. Ipso facto last month; $700 over budget. So for the next month or so I will buy very little if any coin purchases. When I pay my bill off then I will go back to my set budget. Some months I don't spend my budget and that makes next months bigger. I buy for my collection, I research and usually look for the best deal. Also I look down the road to see for potential future increases.
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Bedrock of the Community
United States
11951 Posts |
That is a hard question.
When I started out .. I wanted to get all my coins out of circulation. As I got older I could see I would not be finding all the coins I wanted and I would have to start purchasing them. In the 1980's I think $50 to $100 would have been my max.
As time went by I felt much more comfortable spending a few hundred for a single coin.
Now I see that, to do a set of coins you should commit to purchasing the top coins for a any set you wish to put together. This line of thought, has caused me to put some sets I started on the back burner.
Now days it is easier to purchase $400 to $500 coins .. but I try to give much thought before I buy.
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Valued Member
United States
337 Posts |
Most of my coins cost less than $50 USD including shipping if I don't buy direct from a coin show. My *expensive* coins are the 99% silver coins - Perth Mint Mythical Creatures series. They are a little more than $100 each but I've only purchased 2 so far. Since they come out every 3-4 months, I can budget for it. |
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Pillar of the Community
United States
3789 Posts |
Very nice thread! Well..... I mostly collect proof silver and gold coins... and they either are 1 oz, 1/2, 1/4 or 1/10th. Sometimes theres an exception to those sizes.. But back to the point... I just decided... If I want it, I pay for it. Period. No ands, ifs or buts. How do I figure what I want to pay and try to avoid over paying? 1- I try to buy direct from gov mints if at all possible. Therefore, all my silver and gold ealge proof buys are from the US Mint as an example. 2- I have found ebay auctions for coins give you a fair market price when you buy, so I wait for auctions on the coins I want. 3- The more harder to find the coin,,, the more I am willing to pay up from a dealer for a specific silver or gold coin. |
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Valued Member
United States
449 Posts |
I don't spend more than a few bucks on a coin. unless we are talking about silver for an investment than maybe 40 or 50...
not that I don't believe in spending big on coins just cant afford it.
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Replies: 28 / Views: 3,345 |
First Page
Posted 04/01/2013 10:56 am
