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 Replies: 31 / Views: 3,877 |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Due to the economy and my unemployment I have sold over $8,000 of coins from my collection this year. Many were gold coins I had started to purchase in 2006 so they were all at least double their purchase price, but now I'm down to coins I don't really want to sell. I have paid off my vehicle and I'm current on my mortgage even tho I'm $30,000 under water on it. The house seems like a lost cause and I am tempted to just walk away from it.
Really sorry to hear that. I too could never think of parting with many of my coins. But walking away from your house means you might have no place for the rest of the collection. And I suspect your not the only one selling off their coins to pay for bills. It is really horrible to think of dumping something you love due to this economy. |
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Bedrock of the Community
United States
17884 Posts |
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Old cars are the most efficient way of wasting money that I know of!
How about new cars? Drive them off the lot and watch them lose thousands of dollars instantly.  Edited by Conder101
11/28/2011 3:59 pm
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Pillar of the Community
United States
759 Posts |
You'll have to ask my kids since I hope I won't have to sell more than I did to get over one bump in life years ago. I do have profits, probably 80% related to PM price increases and 20% numismatic.
mud,
Sorry. Do lots of research. There are times when walking away is appropriate, even if it grates against every core value you have. Sometimes, just sometimes, the business perspective trumps perceived moral obligations. Best of luck to you.
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Valued Member
United States
56 Posts |
Usually I'll sell my doubles to fill other slots in my albums, but only if I get a good price.
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Pillar of the Community
United States
1256 Posts |
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Pillar of the Community
United States
1817 Posts |
That really stinks when life starts intruding into your collecting. $30K is barely underwater, most of the walkaways I know were $200-$400K underwater, and there was no way they could pay the backbreaking mortgages once they got laid off. As for "profits" I get them from PMs, and they go right back into other PMs.  |
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Bedrock of the Community
United States
19964 Posts |
I have rarely made profit in numismatics. My best score was a 1999 WAM I found searching that cost me 1 cent. If you count all the losses, I'm net in the hole for sure....but I still like collecting and the sales help me generate funds for upgrades. |
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Pillar of the Community
United States
2734 Posts |
What profits, indeed?  I've not only kept all my 25th Anniv. ASE Sets, I've bought several extra 25th Anniv. OGP box/COA's minus coins. One of which I plan to use to display a slabbed "70" Set (which I'll buy when the market calms down after the holidays and sellers will need extra money to pay for their gift bills).  Quote:
Old cars are the most efficient way of wasting money that I know of! The sound of a 426 Hemi = priceless!  Quote:
How about new cars? Drive them off the lot and watch them lose thousands of dollars instantly. When I buy a new car, I drive it into the ground.  Edited by DNA
11/29/2011 2:08 pm
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Pillar of the Community
Canada
981 Posts |
I sell coins to make a profit then reinvest the money to buy more coins its a never ending circle but I am making good dollars doing it.
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Pillar of the Community
United States
4333 Posts |
Took the profit from the sale of 40% Kennedy halves that I found roll hunting, and bought a $20 gold eagle, and a pile of ASE's. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Bedrock of the Community
United States
20753 Posts |
Quote:
Old cars are the most efficient way of wasting money that I know of!
Not necessarily true all the time. For example I paid $1845 for this way, way back when new.  I suspect it is worth a lot more now with only 36,000 miles on it. Not to many coins from that date are worth as much. |
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Pillar of the Community
United States
4333 Posts |
I'm gonna jump back in slightly off topic with my 1 of 38 optioned underdog. $3k, barn find, worth about $12k.  When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
3179 Posts |
Wow nice AMX find.  |
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Pillar of the Community
United States
784 Posts |
I have only been into collecting for a coupe years now (maybe only 1 who knows anymore) but I have never sold any coins
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Pillar of the Community
United States
5862 Posts |
I sold a few really worn junk silver Barber coins I got from a set years ago and made a decent profit on them due to silver prices being so high. I didn't really "do" anything special with the money, though -- it stayed in my PayPal account and got used the next time I bought something on ebay. I brought a whole bunch of "extra" coins that I had accumulated while upgrading my 7070 album to a coin show I attended recently and traded them in for some nicer coins. I don't think I came close to making a profit on any of them, though. As for the 25th anniversary sets... Well, I bought 5 of them, opened them all, and now they are sitting in the safe where they will likely remain until I pass them down to my son some day (or I get really desperate in my retirement years). In general, I agree with most of the folks here. I am buying as a collector and not as an investor, so I'm really not looking to make a profit. It drives my wife crazy, since she wants me to keep track of exactly how much I paid for each coin so I can track how much theoretical profit I have made on them, but I don't bother. I buy them for my collection and don't really care if they are worth more or less now then when I paid for them. That's not true with some of the silver coins I bought in bulk quantities, of course, but even then I don't plan on selling any of my rolls of BU Morgan dollars any time soon... |
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Replies: 31 / Views: 3,877 |
First Page
Posted 11/28/2011 3:53 pm
