| Author |
 Replies: 10 / Views: 2,072 |
|
|
Valued Member
United States
487 Posts |
I want to thank SuperDave and wheatguy for a lesson in not paying to much for TPG slab coins.  I now use several sources to determine a fair price for my TPG coin buying. I no longer rely on the PCGS price guide for my pricing info. The one thing I must address is when to set a price I'm willing to pay for a coin at auction and not getting caught up in the emotion of the moment and over paying for the coin. I'm new to coin collecting and I realize there are many more lessons to learn coming my way! I do like being a member of this community! |
|
|
|
Pillar of the Community
United States
2335 Posts |
I think if you took a poll of all the members on the forum you would not find a single person that hasn't overpaid for a coin. It happens to most people when they first start out through lack of knowledge.....then it happens again when more advanced collectors see a coin that they "must" have due to their obsession. Don't feel like the Lone Ranger!
|
|
Moderator
 United States
23522 Posts |
Quote:
I think if you took a poll of all the members on the forum you would not find a single person that hasn't overpaid for a coin  /raises hand There's something here akin to having a big one on the hook, or a nice buck in the crosshairs. Adrenaline gets going, and you get tunnel vision. It's scary when you have to do breathing control exercises while browsing ebay.  |
|
Pillar of the Community
United States
1523 Posts |
Guilty as charged.Happens to the best of us.
|
|
Pillar of the Community
Canada
1733 Posts |
Sounds perfectly normal to me. A long time ago when I was finishing my penny collection I was bidding on a small cent in what I figured was MS63. They were selling at the time for maybe 800 dollars. The bidding had reached about 500 and I stuck up my hand out of sheer impatience and said 850. Every dealer in the crowd turned and shot me a dirty, dirty look and more than a few uttered bad words. Of course that was the end of that and I walked out with the coin.
So, technically I overpaid. But it's worth three times that today and I've enjoyed it immensely the whole while. I figure I got my money's worth in sheer enjoyment and down the road if my collection is broken up the family will enjoy that appreciation in value anyhow.
So have no regrets , you have a coin and you take no losses on it unless you sell it for less than you paid. If you keep it there's no loss.
|
|
Moderator
United States
23522 Posts |
Quote:
Every dealer in the crowd turned and shot me a dirty, dirty look and more than a few uttered bad words. Of course that was the end of that and I walked out with the coin.
Exquisite. I'd have loved to be a fly on the wall in that room. |
|
Valued Member
United States
323 Posts |
|
|
Pillar of the Community
United States
2661 Posts |
Yep me too. I paid $25 for a raw 1921 Morgan back in 1997. She was a nice shinny and pretty coin that had been obviously dipped. I didn't know at the time what a dipped coin looked like, much less know what it was really worth. But I had to have it cause I didn't have one.
You have to keep a level head about yourself at an auction. Too many times I have seen people way over pay for coin at live auctions. Saw a guy last fall pay $95+ 10% buyers premium for 9 circulated Ike's. I wanted them Ike's too was gonna pay $10 for them. Bidding started out at around $25 or $30 dollars I think.
|
|
Pillar of the Community
United States
1523 Posts |
Geez Tim. What auction house were the Ike's being sold? I wanna consign.
|
|
New Member
United Kingdom
23 Posts |
I always try to get an idea of what the coin is worth (condition wise etc) and from that have an absolute max that I won't go past.. If I can't be arsed waiting, I just tell the auctioneer to put it on the book, and phone after to see how it went. It is far too easy to stand there wondering who is bidding, only to realise it is YOUR arm that is constantly up in the air!
|
|
Valued Member
 United States
487 Posts |
Maybe one has to take the approach. If you miss that coin another one will surly be around the corner again. Of course that don't count if its a one of a kind, right?
|
| |
Replies: 10 / Views: 2,072 |
|
Posted 05/15/2010 11:08 am
