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Your Most Expensive Mistake?

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Cruisinfusion's Avatar
United States
1531 Posts
 Posted 04/18/2014  2:50 pm  Show Profile   Bookmark this reply Add Cruisinfusion to your friends list Get a Link to this Reply
Luckily I haven't made many expensive mistakes! Also luckily, I don't have too much money to throw around! Maybe 5 years ago (Hmmm... When did I start collecting?) when I first started collecting, I saw a reaaallly attractive 1936 Mercury dime, MS66 PCGS. It was $100 on ebay, so I bought it. Just looked at PCGS price guide and they say $35, so it's probably worth $20.... Ooops!
It was my first PCGS coin.
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Dasaki's Avatar
United States
500 Posts
 Posted 04/20/2014  01:04 am  Show Profile   Bookmark this reply Add Dasaki to your friends list Get a Link to this Reply
I haven't made an intentional mistake, but perhaps my most expensive accident isn't THAT bad.

Anyone remember when I won the gold Eagle from APMEX's September drawing? ( https://goccf.com/t/159684 )

Well it came back to bite me on my taxes, the feds took their pound of flesh in the form of an extra $800+ between Federal and State, which for a minimum wage gas station worker means I owed them a few hundred this year.

But since I did my taxes early this year, I had time to pay it off. And I still have that lovely Eagle, a gold-feathered nest-egg of sorts. (I'm a real bird-brain )
Edited by Dasaki
04/20/2014 01:05 am
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westernsky's Avatar
United States
7638 Posts
 Posted 04/20/2014  02:20 am  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
I'll give you the "good" and "bad" mistakes I've been goofy enough to do.

My "good" mistake was reluctantly selling my first National Bank note collection to buy a house. The good part was that Nationals were at their peak and they tanked price-wise later that year. I've been fortunate enough to have repurchased some of them when they show up for sale now and then on ebay and at auction.

My biggest "bad" mistake was selling a nice ANACS slabbed XF 1921-S Walker for 3K$ about ten years ago. It had super detail and nice original toning. I still dream about that coin and miss it today. I watch for it but it hasn't show up at auction so whomever ended up with it must like it too!
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Ben's Avatar
United Kingdom
4208 Posts
 Posted 04/20/2014  07:03 am  Show Profile   Bookmark this reply Add Ben to your friends list Get a Link to this Reply
I spent £60 on some thai bullet coins which turned out to be fake...I keep one on my desk at all times to remind me to stay vigilant.

If you want to purchase a symbolic representation of my poor judgement, be my guest, I cant get rid of them soon enough.
Bedrock of the Community
United States
20753 Posts
 Posted 04/20/2014  09:46 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Paid $125 for a 1916D Mercury dime in AU grade. Thought I just got rich. Naturally turned out to be a counterfeit.
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zxcccxz's Avatar
Canada
5417 Posts
 Posted 04/20/2014  11:23 am  Show Profile   Bookmark this reply Add zxcccxz to your friends list Get a Link to this Reply
Paying $55 for a $15 FE Cent. Aside from that all my transaction have gone OK to Extremely well for me.
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SmallEagle's Avatar
United States
102 Posts
 Posted 04/20/2014  1:06 pm  Show Profile   Bookmark this reply Add SmallEagle to your friends list Get a Link to this Reply
I've lost over $15K on one coin before. Not the happiest day, but it freed up capital that let me buy a coin which resulted in a much higher profit a couple years later.
Valued Member
j-win's Avatar
United States
360 Posts
 Posted 04/20/2014  4:52 pm  Show Profile   Bookmark this reply Add j-win to your friends list Get a Link to this Reply
Mine was a coin I bought at the last Stack's auction. Even though I believe it is worth what I paid for it, I absolutely hate the way it looks in hand. I barely could even afford to buy it, and I now have to sell off some nice coins in my collection to get some money back. (I knew I would have to do that anyway, but I didn't care at the time because the pictures of it made me really want it for my collection).

I wish Stack's had a return policy on coins like Heritage does. I'm just going to wait a year to sell it off and pray that I don't lose more than $100 on it. It was a very stupid mistake on my part, no idea what I was thinking.
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mysilveryears's Avatar
United States
1890 Posts
 Posted 04/20/2014  5:57 pm  Show Profile   Bookmark this reply Add mysilveryears to your friends list Get a Link to this Reply
I'm too embarrassed to reveal the details but it involved ebay, late night caffeine fueled over-enthusiasm, ignorance of blatant red flags, and complete failure of due diligence.
It was a $700 lesson that will *not* need a refresher course.
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Paul Bulgerin's Avatar
United States
3098 Posts
 Posted 04/21/2014  1:33 pm  Show Profile   Bookmark this reply Add Paul Bulgerin to your friends list Get a Link to this Reply
My biggest loss wasn't too bad dollar-wise, but it still gets to me.

I bought a toned Uncirculated 1910 Barber dime for around $40.00. It had a deep gray tone, but decent luster and I thought I got a pretty good deal on it.

I later decided to put it up for auction on ebay and, to my great distress, it sold for $3.00!! It just sat there and sat there with that low price and my heart sank when the auction ended.

Someone sure got a good deal on that coin.
Paul Bulgerin
Valued Member
United States
337 Posts
 Posted 04/21/2014  5:01 pm  Show Profile   Bookmark this reply Add Henry M Smith to your friends list Get a Link to this Reply
I bought a casino strike, which is a silver round with gold enhancement for higher denominations, and the person who sold it knew nothing about coins, so he taped it to the invoice. The gold came off with the tape on one side. Only those who know how to handle a coin, and I mean there should be a test, should be allowed to sell on ebay.
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Libertad's Avatar
Canada
3692 Posts
 Posted 04/21/2014  11:25 pm  Show Profile   Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
...not buying a Haida Mask at $650. The following week it was going for way more than that. Not that I would have sold it but I missed out before the price jump and availability.
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barryg's Avatar
United States
5863 Posts
 Posted 04/22/2014  09:16 am  Show Profile   Bookmark this reply Add barryg to your friends list Get a Link to this Reply
Well, my "mistakes" with regard to purchasing silver bullion are legendary, since nearly every time I've made a large purchase over the last few years the price of silver has dropped by a few bucks per ounce immediately thereafter. But I put "mistakes" in quotation marks since there's always a chance silver prices will eventually go back up and I haven't had to sell anything at a loss so far.

With regard to coins, my biggest mistake was probably getting into a last minute bidding war for a Seated Liberty half dollar with arrows and rays that looked to be in really nice condition. In hand, however, it was obvious that it had been polished to death and back again. I could have tried to send it back, but I decided to just take it as a valuable lesson learned and eventually sold it at an extreme loss to a dealer at a coin show as partial payment for a nicer example (no dishonesty involved since we both knew that it had been polished).
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austrokiwi's Avatar
2087 Posts
 Posted 04/22/2014  09:26 am  Show Profile   Bookmark this reply Add austrokiwi to your friends list Get a Link to this Reply

Quote:
I tell you Next week. Just been talking with some coin experts and they expressed concern over one of my collections key coins.....I felt sick...... but if it proves to be a fake then its a major investment in Experience! Certainly one I will never forget.


When I wrote the above last friday I was in a little bit of shock. In 2012 I had paid €1550.00 ( about US$2100.00) for a 1780 Maria Theresa thaler. The coin was the first example to surface in the market of the previously hypothesized true 1780( ie: not a re-strike) MTT. ON friday I went into one of Vienna's main auction houses( antiques fine art etc) they were selling a 1777 example that from the online photos has some interesting tooling matches with the coin this story is about. Well their expert ( a University numismatist) immediately expressed doubts about the coin. I didn't argue, I was wondering how I could have been such an idiot. to check further he then showed me a copy of an Auction catalog with the third, known to me, example of my coin and said this is the original. I of course then pointed out that I had purchased my coin from the same company. At this point he seemed to do a double take and then stated well that I should go and see HD Rauch he knows much more about these coins than he did ( he had previously explained, unnecessarily, that he had 30 years experience). I spent the weekend worrying about how I could have made such a mistake! Perhaps I had just wanted this coin to be real and so had blinded myself to this coin. However all weekend what nagged at me was how the coin matched ( down to tooling marks) 1777, 1778 and 1781 struck MTT. Today HD Rauch was in. He looked at the coin and immediately commented that it was genuine. He grabbed the standard references that I use...and then as he checked he became more and more interested in the coin. He even noticed something that I hadn't two of the earliest known re-strikes both have a distinct die crack( probably was on the Matrix/Hub. Based on that He stated that my coin had to have been struck earlier than those others. So this coin isn't be my most expensive mistake.....but it did give me me a huge fright! BTW it was never the money I was worried about....the fact I may have made such an error with that coin was the cause for considerable loss of sleep. All that said My next high price purchases will be scrutinized like never b4
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SsuperDdave's Avatar
United States
23522 Posts
 Posted 04/22/2014  10:05 am  Show Profile   Bookmark this reply Add SsuperDdave to your friends list Get a Link to this Reply
Your-Most-Expensive-Mistake?

Your-Most-Expensive-Mistake?

'nuff said?
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