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 Replies: 18 / Views: 2,233 |
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Pillar of the Community
Russian Federation
1557 Posts |
When you come to a local store, to an exhibition of numismatics, or sit in your cozy armchair over a cup of coffee and browse store websites, what factors motivate you to click the "buy now" button? What factors encourage you to pass by?
Let's say you only collect UK copper coins, would you seriously consider buying other coins? No? Why? If so, then again why? What questions do you ask yourself or colleagues to understand whether you need to buy it or pass it by ?
In general, I am interested in all the questions that pop up in the numismatist's head before buying.
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Pillar of the Community
United States
3848 Posts |
My big question: Is it a good price? I am expanding my knowledge across many types of US coins so if I see a deal, I immediately click buy it now. Once I have it, I decide to keep or sell (to make profit). You never know what incredible deal will come tomorrow, so in my experience you have to be prepared for everything. That is a generality of my mindset. Other than that, if I pay full retail for a nice coin, it usually has to be problem free. Suffering from bust half fever. Want to learn how to attribute early half dollars by die variety? Click Here: http://goccf.com/t/434955Shoot me a PM if you are looking to sell bust halves. |
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Rest in Peace
United States
18456 Posts |
If I'm browsing a coin store web site the first thing I look for is photos of the coins that I'm interested in purchasing . If no photos available I simply move on . Another thing is the prices they want for a certain coin . Usually their prices are firm with no negotiations , so if they are out of the ball park again I move on .   |
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Pillar of the Community
 United States
3641 Posts |
I seldom buy coins or currency on impulse since I don't usually look to buy things to turn around and sell, only to fill holes in my collection. When browsing, I have first in my mind my current want list, range of grades I'm looking for, and price range I'm willing to pay. If I feel a certified coin is over graded, that's usually an immediate pass unless the seller has it priced accordingly. For this I will sometimes seek 2nd opinions, such as asking in this forum. If I come across something that "fits" all the above criteria, then it's all about eye-appeal at that point. May be a bit boring, but I rarely have buyer's remorse any more! Except when I overextend my buying budget...  |
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Bedrock of the Community
United States
20753 Posts |
I only buy or even think of buying a coin that I need, not want.
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Moderator
United States
187914 Posts |
When I find something online or at a coin show I make a note, then walk away. When I feel that pull in my gut I go back. Sometimes that pull is an offer from the seller I can (should) not refuse.  |
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Pillar of the Community
 Russian Federation
1557 Posts |
I wonder how you colleagues stop yourself from rash purchases. For example, I clicked "place a bet" several times, and later asked myself why I did it. But it happened even worse when I still won a coin, paid, received, and after a while I did not understand why I bought it because it only takes up space, requires money for proper storage and much more and I had to sell. Sometimes (often) the desire to quickly get rid of unnecessary junk prompted me to sell everything at auction for a song.
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Pillar of the Community
United States
3641 Posts |
Quote:
I wonder how you colleagues stop yourself from rash purchases. I've never been an impulsive person, so I never had any problem with making rash purchases until I started using Heritage Auctions over 7 years ago and would watch the online auction. Watching the auction I'd get caught up in the action a bit. More than once, I hit the "bid" button because I thought the coin was a bargain even though it wasn't anything I needed, and though I'd not done the proper research on that particular item prior to the auction. Usually I'd find out afterwards why the coin was going for a "bargain" price, and I'd end up with something I didn't really want and eventually would sell for a loss. Now, I only bid on items I've researched and have on my want list, and put in my maximum bid prior to the auction. I will still occasionally watch the online auctions, especially the ones at major shows, but now turn off the bid button and keep my hands away from the keyboard until my items come up! On the flip side, I've missed out on some really nice coins with some online dealers and at coin shows because I went and thought about it for a while, then once I decided I wanted it I found it had already sold  . I still prefer the chance of that happening than being nagged with buyers remorse... |
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Bedrock of the Community
Australia
21786 Posts |
I am attempting to build an OFEC collection
One From
every Century
every Culture
across the whole of numismatics.
Thus, I will buy a coin on it's own merits in isolation, provided that it is good value for money at the time of purchase. Extensive experience of decades helps. Nevertheless, my learning curve is still steep.
In short,
I will buy any coin that has numismatic merit, and is excellent value for money
In my experience, bargains are easier to find with this sort of strategy. The whole of numismatics is opened up for you. This sort of collecting philosophy prevents one from being an investor, with a view to selling any coin later on, at a profit. This has been my approach to collecting for perhaps 50 years or more.
Edited by sel_69l
05/10/2022 04:15 am
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Pillar of the Community
United States
7273 Posts |
I think we all do rash purchases. It's part of collecting. But like a few posters I decide the coin I'm going to get a few days before I buy it. I then check locally (1st choice), my preferred internet dealers and finally ebay ( ebay is usually the last choice). I then compare prices/quality. Many times I don't buy the cheapest. As to rash purchases, as an example I once went to my local coin shop to get some silver ( ASE or Maple leafs), he had a nice 1923 Peace dollar in an old green holder at a great price. I purchased the Peace dollar instead of getting the other silver. Just recently I made bids on 4 silver womens quarters in PF69, hoping to just win 1, I ended up getting 3 for below my maximum bid of $15.72 which was lower than the US Mint cost. Did I need 3, no but at the price if I won all 4, I would have been fine. As of today I can sell the extra for a small profit. So my advice is make a list of your goals, stick to those goals and buy what you like. If you find a good deal don't be afraid to jump on it as long as it fits in with your collection. Edited by hfjacinto
05/10/2022 08:35 am
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Pillar of the Community
United States
7273 Posts |
The other piece of advice is to avoid temptation. This forum is really bad for finding eye candy. For example I look at Dr. Burnzy's IHC and I want a few. And don't click on Hokies registry set. Think of this place as a Girl Scout selling cookies at a pot convention. If you aren't hungry don't look at all the eye candy. |
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Pillar of the Community
Australia
3831 Posts |
For me it comes down to how long I have been hunting a particular coin for as well as knowing the coins thoroughly.
There have been times when I looked at some coins for less than 1 minute and just bought them. Most of them have been no regrets because I know what I am after. Just recently I purchased a coin that I have been looking for the last decade and I couldn't pull my card out quick enough. Mind you, it's definitely on the top ten coins of the most expensive purchases I made. That said, I know that it's a fair price and it doesn't appear very often.
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Pillar of the Community
United States
4468 Posts |
Quote:
I wonder how you colleagues stop yourself from rash purchases. For example, I clicked "place a bet" several times, and later asked myself why I did it. But it happened even worse when I still won a coin, paid, received, and after a while I did not understand why I bought it because it only takes up space, requires money for proper storage and much more and I had to sell. Sometimes (often) the desire to quickly get rid of unnecessary junk prompted me to sell everything at auction for a song. You have to set collecting goals and a budget. Do your homework on the value of what you are about to purchase and do not overpay. I have purchased and sold a lot of coins. When I lost money on a coin, it almost always came down to paying to much for the coin. |
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Pillar of the Community
United States
3848 Posts |
Quote:
If you aren't hungry don't look at all the eye candy. Great life lesson in general. Except going to the grocery store on an empty stomach. NOT a good idea!! Suffering from bust half fever. Want to learn how to attribute early half dollars by die variety? Click Here: http://goccf.com/t/434955Shoot me a PM if you are looking to sell bust halves. |
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Valued Member
United States
357 Posts |
While there are times I will try to work on one set/project at a time, usually I bounce all around and buy what I happen to find a good deal on that catches my eye, regardless of if I'm actively working on that set or not. Once I came across a Buffalo nickel with such incredible eye appeal, that I had to snatch it up for my type set even though I already had one and had no desire to upgrade at that time. It was a later date in MS65, so nothing special in terms of its value, but I had never seen a Buffalo nickel in person with such eye appeal, and I just couldn't pass it up. A big part of why I bought it was that the price was right, but even if I had to spend a little extra I would have simply because it jumped out at me. It's actually the only coin I've ever bought where I thought I might actually resubmit it someday in terms of truly believing it could actually get a higher grade as opposed to really hoping it would. |
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Pillar of the Community
Russian Federation
1557 Posts |
Thank you for your advice. I really should make a list of the coins I need to complete my sets and not look back at the huge variety of merchants' assortment. And as many of you have already said, determine the boundaries of the budget.
Do you look at the lots sold when determining the price of a coin ?
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Replies: 18 / Views: 2,233 |
Posted 05/08/2022 2:21 pm
