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 Replies: 12 / Views: 1,378 |
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New Member
United States
13 Posts |
Okay I may be selling some coins to reduce some debt. One big problem with selling the coin(s) is I don't want to get rid of them. I know I'll be making a profit on several of them but I still don't want to do it. How silly am I where I'd rather accumulate applied interest than sell my coins and get rid of the interest all together.
Now as far as selling goes I'm thinking about getting rid of some gold or platinum. I've got a few key coins included with those which I know will go for some decent coin. Like the 2008W Unc Buffalo 1 oz. coin is the lowest mintage buffalo (gold).
I don't think there's much to be made on mint sets is there? I've got the proof, silver proof and mint sets from the 1950's up to this year.
I've also got a complete modern commemorative half dollar set. There's even a few perfect examples in there.
I also have the complete prestige set.
Back to my question of basking in the warm glow of my coins or getting rid of consumer debt. Philosophers feel free to chime in. lol
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Moderator
 United States
188770 Posts |
I split this from your welcome post and put it in the Main forum for the proper attentions.  |
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Pillar of the Community
United States
5832 Posts |
Debt free is better IMO!
Sell those that no longer interest you to reduce debt, and help other that want to add to their collections. The bullion like gold and platinum goes up and down, so you can always buy back if it goes down.
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Bedrock of the Community
13014 Posts |
I would sell and get out of debt then worry about getting back what you want. The debt will eventually catch up to you and cost you a lot more in the long run with interest. If you get out of it now you can use the future saved money on interest for even more coins.
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Bedrock of the Community
United States
20753 Posts |
In some ways a tuff decision. So easy to buy coins and so hard to sell them. If you are a dealer or know a dealer, lots of places to eell. But for the average person, never easy. If your not an ebay person, again, more problems on selling coins for anything. At coin shows, coin stores and or anyplace, you usually loose. That is why it should be always considered a hobby, not an investment. Nnot long ago I thought it would be a good idea to downsize my entire collection. I made a list of all my Proof and Uncirc sets and started asking dealers how much could I get for them all. The amount was shocking. Think I'd rather dump them into a bank. |
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Pillar of the Community
United States
863 Posts |
At auctions that I have been to the proof sets were selling for only a little over the face value. usually around 5 dollars
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Pillar of the Community
Australia
3831 Posts |
Paying debts off should be the first priority especially if there is interest related to it. Your coins might gain some premium over the years but there's no guarantee. However debts are different as you are guaranteed to pay more if you don't pay them off soon.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
At auctions that I have been to the proof sets were selling for only a little over the face value. usually around 5 dollars And that is exactly what I found out. What a waste of space and money. Quote:
I would sell and get out of debt then worry about getting back what you want. The debt will eventually catch up to you and cost you a lot more in the long run with interest. If you get out of it now you can use the future saved money on interest for even more coins. Good advice. If your in dept now, such interests continue as a much faster rate than any increase in values for coins. Again, coins should always be considerd a hobby for the average person. |
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Pillar of the Community
United States
7193 Posts |
I hear your dilemma, I had sold close to $8,000 of my coins last year due to unemployment and paid off my auto loan. Most of the sales were commemorative gold and I did the best by offering the items here and going to local coin shows. ebay was a disappointment (probably due to my poor photography) but there is another option for you. You need to decide what you are willing to let go and set yourself a price. Remember that you will only retain about 80% of your sale price from ebay after your fees. You can watch some of your items on ebay and find out what they are selling for to get a base on your price decisions. As a foot note I am glad to have my vehicle free and clear as again I am unemployed. Edited by muddler
08/23/2012 12:11 pm
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Pillar of the Community
United States
1391 Posts |
I would like the debt free option myself. When I owe money I can't help but look at my stuff (e.g. my coins) and think, I don't own this, someone else does at the moment. Debt can snowball easily too. I sleep a lot better at night knowing bills are paid.
Just my input, but I adhere to the old philosophy that debt is slavery.
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Pillar of the Community
United States
511 Posts |
Try selling some of your coins here. I've had many good experiences with the members.
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Moderator
United States
188770 Posts |
Quote:
Try selling some of your coins here. I've had many good experiences with the members. He does not qualify yet. A good time to review the Buy / Sell / Trade Rules. |
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Pillar of the Community
United States
4132 Posts |
If you are in debt then you don't own those coins - you're renting them. The interest on your debt is what it's costing you to rent the coins. It's only worth it if the appreciation in their value is greater than the interest on your debt - and it's not.
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Replies: 12 / Views: 1,378 |
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Posted 08/22/2012 1:17 pm
