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 Replies: 60 / Views: 5,380 |
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Valued Member
United States
390 Posts |
My mistake seems tame compared to some of these stories! I had just started buying coins on ebay and was buying graded Proof Silver Eagles. I saw a year I needed for a really cheap price. Something like $3.99. So I bid and won it, only to discover I have just purchased the empty box, not the coin. Moral of that story is to make sure you READ THE ENTIRE AUCTION before you bid. At least it didn't cost me too much. I started out looking at the PCGS guide for prices, but quickly went to Heritage Auctions and closed ebay sales to see what coins were really selling for. I even use the Heritage pictures to compare to coins for sale is they are raw to get an idea of what the grade might be. But I have to say this forum has been the biggest help to me and has saved me thousand of dollars, for which I am eternally grateful.  |
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Pillar of the Community
 United States
1283 Posts |
quote:
I started out looking at the PCGS guide for prices, but quickly went to Heritage Auctions and closed ebay sales to see what coins were really selling for. I even use the Heritage pictures to compare to coins for sale is they are raw to get an idea of what the grade might be.
DITTO for me as well! That should be one of the first things people learn. I think some of the first things new collectors should learn: 1: Know the order of precidence for the TPGs. PCGS, NGC, ANACS.... followed by alphabet soup. 2: Make high use out of closed auctions for pricing. 3: Not all coins of the same grade are equal. Look closely at the eye appeal of the coins when you compare prices. |
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Valued Member
United States
246 Posts |
Man, I haven't bought a coin on ebay yet, but there sure are some tricky sellers out there. I collect the halves, and I can't stand it when I see "SET OF HALVES 64-2007 - 70 COINS", and they don't mention the fact that it doesn't include the 70 or 87s. Also saw one the other day for a few 40%s and some 90% silvers, prolly melt value of $30, but the person put starting bid at $24 and said that's generous since melt value is prolly around $70!!!!!!!!! I was like WHAT? Oh well, this site has been so great in getting my collection started. Thanks all! |
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Pillar of the Community
United States
2540 Posts |
If I listed my mistakes it would be the size of the World Book encyclopedia.
A lot of success stories in there also.
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Valued Member
Netherlands
376 Posts |
Interesting and quite funny topic. Even for a Dutchie... have you wonder ever when the USA has no more dollars or cents in circulation?
A lot of European countries including Holland changed their used ancient currency for a totally new coin, the Euro. In the year 2002 12 national currencies ceast to excist.
In the beginning it was fun discovering all those far away euro's in your wallet. Nowadays a lot of nations start to use the 2 euro coin as a commemorative, and it keeps you going to look for change: paying your groceries with banknotes and check coins first before putting them into circulation again.
My mistake is longing for the good old time when the Dutch guilder was in circulation.. I never feel European because I am proud of my heritage. I hope that there will never be 1 coin that rules the world by forcing other currencies to disappear. You sell your own heritage for economical and political reasons.
My advise to America: keep the dollar alive, do not merge with another currency, and respect your heritage.
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Valued Member
United States
107 Posts |
I got took a couple of weeks ago at the flea market. It was an 1883 V nickel that was graded MS63 by NTC. I overpaid by probably 2.5x for the coin; $65 for a coin that might be worth $25!! I'm still upset about it, but in the end I handed him my money!!  |
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Valued Member
United States
146 Posts |
At a coin show I paid $10 for a 1909 v.d.b penny.It was only worth $3
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Pillar of the Community
United States
936 Posts |
I still fall for the "unsearched" wheats and still wonder when I am sorting through them why there are no mint marks. |
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Pillar of the Community
United States
675 Posts |
quote:
I got took a couple of weeks ago at the flea market. It was an 1883 V nickel that was graded MS63 by NTC. I overpaid by probably 2.5x for the coin; $65 for a coin that might be worth $25!!
FroDaddy, If the coin was graded correctly, (which is questionable since it's NTC), $65 is maybe just a bit high, but you didn't do THAT bad. I've been looking for one of these lately in around MS-63 and coins by PCGS and NGC are regularly going for $60. |
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Valued Member
United States
102 Posts |
When I started collecting again about 4 years ago I decided to build a Franklin MS and a Franklin PR set. Was buying them at about 50-60% of PCGS & NGC price guide. Then I started visiting other sites like Heritage Auctions and saw others were buying the same coins at 40% of price guide. Although I started with a little premium on these coins, time and the increase in the number of collectors has put me in the black. Remember... do your homework before buying.
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Moderator
 United States
23522 Posts |
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Although I started with a little premium on these coins, time and the increase in the number of collectors has put me in the black.
That's an important point, there. It's how I console myself when I discover that I've overpaid, or deliberately overpay, for a coin - I just shift my sense of how long the coin will stick around to the long term, when prices catch up, and everything's okay.  |
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Valued Member
United States
102 Posts |
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Once I was given too many -- I really can't remember whether it was $50 or $100 too many. Anyway, in zero temperatures I walked back to the back and returned the coins. The teller said, "Oh, okay." Period. No thanks. Wonder what those coins would be worth today?
Not nearly as much as the feeling you have knowing you did the right thing!  |
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New Member
United States
7 Posts |
I was looking at Buffalo Gold coins on ebay. There was one rated PR70 by NAC. I bid on it. Then I doubted myself thinking that the PR translated to Poor Rating and thats why it wasn't being bid up. I cancelled my bid then I found out PR and PF is for Proof. I wasn't comfortable bidding on it since it was rated by NAC afterall anyway. I read in this forum that NAC wasn't as dependable as some of the other graders. |
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Pillar of the Community
United States
2797 Posts |
In the early 80's when silver was spinning out of control at the hands of the Hunt Bros, I got in the market for some high-end Morgans (grade, not date/mm). I had purchased a book which I was sure was written by someone with vast Morgan holdings. He described a fantasy market where all you needed to do was buy the best quality coins available and wait a couple of years to reap untold profits. I spent about six months searching without much luck. I finally found a coin shop in downtown Honolulu. The displayed coins were OK but nothing to write home about. I asked if he had any nicer coins. Out came the box and I sorted through about a dozen nice specimens. I picked out an 1888-P, 1899-O, 1900-P and an 1882-CC with incredible mirrors. I gave him about $2200 and left with the confidence that I had made a great acquisition. Fast forward to 2007 ... due to the influence of the TPG's and restructuring of the grading standards, only the 1882-CC DMPL turned out to be a winner. The others are worth much less than I paid for them. The wife still reminds me of that venture when I tell her I'm thinking of buying an expensive coin.  |
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Pillar of the Community
United States
597 Posts |
Back when I was 14 I frequently visited a coin shop in town and would often make small purchases of $5-10 each time. And then I noticed the 1723 Irish halfpenny, the William Wood one, it was $50. I absolutely had to have it, so I saved up all summer, worked odd jobs mowing lawns etc. and then bought it. Unfortunately it is about VG, and I bought it more for the date than anything. So all these years later it is still not worth the $50 I paid for it. I should have bought something else instead, the Educational $5 in VG that was priced at $17.50.
Edited by Scottishmoney
08/28/2007 08:48 am
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Replies: 60 / Views: 5,380 |
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Posted 06/28/2007 12:05 am
