Coin Dealers Vs "wolf Of Wall St" Stock Brokers Etc.

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Author	Replies: 6 / Views: 1,411
BuffalosRock Pillar of the Community United States 500 Posts	Posted 04/29/2014 11:41 am I read an old article linked here somewhere about the Coin Hobby being an addiction and it got me thinking about this subject. The article essentially said that coin collectors lie to themselves about the value of coins when they buy them and that they "know" they aren't going to get out of them what they are putting in. I wonder how much validity there is to that? I recently bought a coin for $500 that I saw had sold at auction for $1800 in 2005. OUCH! I also sometimes recognize "used car salesman" tactics creeping into the arena of coin dealers when I talk to them. Bait-and-switch, saying anything ( knowingly lying ) to get that sale. Reminds me of the CON MEN in "Wolf" who cared only about fleecing the suckers on the other end of the phone, PERIOD. Laughing at the idea of making their customers money in the process! I really do wonder how many coin dealers have that mentality as well. I have talked to a number of them who I HIGHLY SUSPECT have no respect for collecting at all and are just "slick salesmen" who happened into the coin business at some point instead of stocks or cars or whatever else con men sink into. It also reminded me of a guy I met a long time ago that was a Trainer for Harness Racing. He said he got out of the business because it was really all a big con job. He had to convince owners that spending all that $ to train and race their horses was worth it when he knew that for the vast majority it was a losing proposition all around. So few made any money he was having to continually lie and deceive his owners just to scrape by - working 16 hour days for very meager existence. I just wonder how much all that applies to this hobby? Report this Post to the Staff

jbuck Moderator United States 187702 Posts	Posted 04/29/2014 11:54 am I do not lie to myself. I am a collector, not an investor. Profit is the furthest thing from my mind. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
amida17 Pillar of the Community United States 4897 Posts	Posted 04/29/2014 12:24 pm As far as motives of coin dealers go....like anything there are good and bad. Being able to realize which you are dealing with comes from your own education/experience. Quote: guy I met a long time ago that was a Trainer for Harness Racing. He said he got out of the business because it was really all a big con job. This is interesting. Having grown up in Saratoga Springs, NY, whose city motto is, "Health, History and Horses", I must agree...Harness racing seems to be replete with collusion (less so the flat track, thoroughbreds). I have seen many drivers pull back their sulky to allow another to overtake them.....seems they win when it is their "turn".... Report this Post to the Staff
JimmyJames Valued Member United States 211 Posts	Posted 04/29/2014 2:02 pm In any field that involves sales, you encounter a ton of liars and smooth talkers. I think it runs the full spectrum in coins. There's a reason why everyone says to buy the book before the coin. There are tons of people who are more than happy to let you overspend. Report this Post to the Staff
BuffalosRock Pillar of the Community United States 500 Posts	Posted 04/29/2014 2:03 pm Interesting Jbuck. I consider myself a collector with an eye on the investment aspect as well. If only the former, that would seem to make one "a mark" for the slimey salesman out there. I have changed strategies on some series of coins I collect, mid-stream, and so I am glad that I have been able to re-sell some acquisitions and at least break-even. Thus I do think it prudent to keep the re-sale aspect in mind. Amida17, I had a former colleague who also drove at Yonkers for a while. He said that on your birthday they all "lay down" to make sure you win a few races. Interesting angle - if you know birthdays of drivers. ;) Report this Post to the Staff
jbuck Moderator United States 187702 Posts	Posted 04/29/2014 3:24 pm Quote: If only the former, that would seem to make one "a mark" for the slimey salesman out there The CCF motto, "Education is the key to collector success!" An educated collector should never fall for the con. Education helps the investor as well, but I feel it is wrong to say that a non-investment minded collector is an easier mark. I could argue that the investor is more easily taken, since the con is selling the financial gain more than the actual coin. Point is, know what you are buying, regardless of the reason for buying. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Daniel1293 New Member United States 12 Posts	Posted 05/05/2014 2:55 pm It all depends on how long you are wanting to hold this coin if it is an investment. Of course other factors play into it for example, condition, scarcity and of course how many people want to own that coin. For me I am a collector first and an investor second. I currently do not own duplicates of any coin. Not that I will not ever, but right now I am in college and am more limited on funds and I only collect Mint State (Uncirculated) grades and preferably ungraded by third parties. For me any coin I buy I am fully confident to go up in value before I sell my collection (which I'll be honest will not happen, I would need to own duplicates to actually sell them) or near the end of my life or am just flat out dead all of sudden. In the end I think a true collector collects for the right reasons and if they have to lie to themselves to make themselves feel better about purchasing a particular coin. As long as it is within their means I say lie away and have fun! Report this Post to the Staff
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Coin Dealers Vs "Wolf Of Wall St" Stock Brokers Etc.