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 Replies: 27 / Views: 2,310 |
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Pillar of the Community
United States
1179 Posts |
I am curious to hear how you guys/girls go about keeping your spending from getting out of control. I mean, do you budget yourself each month to spend on coins? Do you have a strategy to keep yourself ahead all the time? Being very new to collecting, I can definitely see how my spending could become out of control, trying to buy buy buy to get a great set put together. So basically, what do you do? Do you look ahead, purchase things for cheap then flip them for profit to fund your spending? Do you save up, then go on a spending spree? So far I've spent a fair amount on ebay, working on a susan b collection, also a lincoln set. I have been searching rolls to fill holes, which seems to work pretty good, and its cheaper. So hopefully you can share with me some ideas, and what to look out for, some do's and donts! Maybe even a idea to fund my own spending :P Thanks again! |
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Moderator
 United States
6563 Posts |
The only problem I find with actually having a budget is if you meet your "limit" and find that one true coin or collection that only comes around once a year on ebay...yer kinda screwed. |
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Pillar of the Community
United States
1952 Posts |
I buy in bulk then sell the extras and rebuy is that a word?. I don't really have a budget all though the wife thinks I do lol she still whines when I buy but smiles ear to ear when I sale
Gary
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Moderator
United States
6563 Posts |
I kinda do something similar. I buy large assortments of coins and anything I don't want I can normally sell on ebay and make back the entire purchase price....so no money spent on the few coins that I really wanted. |
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Pillar of the Community
 United States
1179 Posts |
Large assortments from whom? Ebayer's or banks? Sorry, just not following...
I just do not want to spend spend spend and not make a few bucks here and there...im human right :)
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Pillar of the Community
United States
1952 Posts |
you need a dealer or supplier that is not trying to get rich on their coins and that in itself is a large feat. but say you need a 54P or d quarter dime or whatever you are working on. I buy a roll sometimes but not always I have been lucky most of the time cause it is not a fail safe way to do it but it works for me. every once in awhile I buy from a friend (Coop) and I get good fair deals from him and he always sends me in the direction I need to go. I am not sure what all he has but he has always had what I needed and I usually buy in bulk from him or I should say I buy sets most of the time.
that is the only person I buy from that I will give out but only because he has done me right so a bit of free advertising wont hurt.
sorry Coop if you are hiding lol
Good luck
Gary
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Pillar of the Community
United States
1952 Posts |
I forgot to add that I also buy box's of coins from the bank and get some nice keepers or sellers not really in the way of MS coins but if you find the right coin you can pay for the whole lot.
Gary
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Moderator
United States
6563 Posts |
Well I can't share all my ebay secrets but I do look for misplaced auctions that have a hodgepodge assortment of items that are worth more sold individually then as a whole. |
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Pillar of the Community
United States
7123 Posts |
Everyone has their own little secrets about what and how they shop ebay ,, and thats cool ,, I have mine also . My funds are limited and I budget as much as I can each payday,, and I try and be very specific in my purchases,, Like right now I'm working on the Philadelphia portion of the 1947 mint set ,, the remaining three coins are at the top of my list . I have researched the next coin I want and have been watching the ebbs and flows of that coin on ebay ,Heritage ,and teletrade right now I can tell you that for the coin with the attributes I'm looking for will cost me just about 75.00 ,, that money is set aside. and will likely be spent in the next week on that coin. focus is the only way to stay within a budget and research time is savings time . Hope this helps its just how I do it but its adaptable to just about any budget if the collector is patient enough. Metalman |
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Pillar of the Community
United States
1952 Posts |
I couldn't have said it better Metal. well maybe I could have but it would have taken me 3-4 pages lol
Gary
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Pillar of the Community
United States
2443 Posts |
I try not to think about it.
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Valued Member
United States
382 Posts |
I buy when I have a few bucks to spare, not often. I find that buying say a coin or 2 every 2 weeks or so works better for me than buying alot of coins quickly. I do end up selling coins when I need the cash or lose interest in that particular coin series, I know I shouldn't do this but it works for me. I was thinking about starting to buy in bulk kkep what I need and sell the extras but I am not really a E bayer, and hate trips to the post office si I guess thats out for me. Going to shows I take between 100 and 200 bucks and buy what I like. So as you can see there are many ways to finally get the coins you need,just stick at it and you will get them.
Regards Tony
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Moderator
 Australia
16809 Posts |
My coin budgeting strategy: When all the money is gone, that's a clue that the coin budget has been spent.  Seriously, I don't normally "plan ahead" what I'm going to spend. Because my collecting tastes mean that I don't have very many specific goals in mind, I have no idea how much my next purchase might cost. If you've got very strictly defined goals for your collection, eg. "My next purchase will be a 1795 flowing hair cent in Fine or better for $500", then you can budget for that. My next purchase will be "Hey, that coin looks nice... and I can afford it. I'll take it.". No plan, no budget. There is a coin show once a year in my home city. I do try to save up a bit extra in the months leading up to that, because I know that's my one chance to really splurge and buy lots of interesting stuff. This strategy has worked for me so far - I've been content with my purchases at the last couple of shows. There was nothing I really, really wanted that I had to leave behind because I ran out of money. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
1984 Posts |
I'm more like Sap, it depends on the coin (or stamp, or paper money) and whether or not I have or can free up the funds for it. In terms of ebay buying strategy, I tend to buy from sellers who have no idea what they are selling and therefore have no idea how to market their items. Most of the sellers from whom I buy are not powersellers, although there are a couple of excellent and fair powersellers out there. I also buy in some esoteric areas where there are fewer buyers, but also sometimes more competition. I must admit, I am a sniper. I use a sniping program so that I don't have to be at the computer all the time. I put in my bid which is the most I am willing to pay, and I walk away. Also, I buy here on Coin Community, and I sell and trade with other members, which is fun. |
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Bedrock of the Community
United States
14454 Posts |
I am a combination of all that was said above, I will search for specific VAM's on ebay or online dealers that are unattributed as such to fund some spending on what ever I may need if spending gets out of hand one month (I am on a fixed income so my money has to last all month and you never know whats going to happen when you are raising a 7 year old by yourself). It seems the more educated everyone becomes about my specific type of VAM's the harder it is to do this but it can still be done if you have the time (again with a 7 year old it can vary from time to time). When I need money I will sell some of the VAM's I have collected so that I don't have to go without anything, of course this is always after I pay my bills and make sure I have enough to eat for her and I then the rest I pretty much look for coins that I think would fit into my dansco album (which is what I am working actively on right now) and buy them for it |
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Bedrock of the Community
United States
20753 Posts |
Being retired makes it all a different world. Then again medical situations also makes one think differently. Save for what? Save for when? Budget? Back in 2003 I was diagnosed with stage 4 Cancer, lost my bladder, prostate, lymph nodes and all associated nerves in the area. Chemo gave me advanced Arthritis. Budget? Not for me. I'm still here for now so buy what I want when I want and no worries about Budgets or tomorrows. Like I said it is all now a different world. Sure wish I thought like this a long time ago. Would have enjoyed like so much more. We all save for tomorrow, worry about money, worry about spending and just worry, worry, worry. I now go to coin shows, gun shows, knife shows, flea markets, computer shows and all the things I should have done when young and healthy. No budget for me.
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Replies: 27 / Views: 2,310 |
Posted 11/26/2007 12:17 am
