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Pillar of the Community
United States
773 Posts |
This may be another one of my corny questions  ,but the rainbow toning hype,as well as others including errors,has got me wondering.Has there ever been such a coin that once went up really high in value,and then after a few years or more gone down in value? :) sn31. Edited by sn31
08/19/2006 11:04 pm
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Pillar of the Community
United States
1703 Posts |
In the late 50's and early 1960's 1903-O UN Morgans were going for $1500 each because of there scarcity.Then in 1962 There was a Treasury release of 98-O,02-O,03-O and 04-O's and the UN 1903-O dropped to $13 to $15 range.
Edited by TLS5933
08/19/2006 11:13 pm
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Pillar of the Community
United States
891 Posts |
Boy that price drop is enough to make a grown man cry. I bet there were some ticked off people.
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Pillar of the Community
United States
1703 Posts |
quote:
Originally posted by Southern Yankee
Boy that price drop is enough to make a grown man cry. I bet there were some ticked off people.
Yes, I bet there were some real ticked off people in England.Before the word of the release reached their,some unscrupulous people took a bunch of the newly released Morgans over and were selling them for the $1500 price. |
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Bedrock of the Community
United States
14454 Posts |
be like buying a 1933 double eagle from the Govt. and then reading a article in the local newspaper that 10 more were found. Would kind of give you a sick feeling down in the pit of your stomache
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Pillar of the Community
United States
2272 Posts |
One thing after another has gone through this process for the last two generations. First it was common brand new rolls and bags of coins. The '50-D nickel which was saved almost in its entirety before enterring circulation got up to a staggering $600,000 per bag in today's money. Common dates from the late '50's which now sell for as little as $300 traded as high as $3,000. In the early '70's silver art bars were all the rage. In the late '80's it was common date, high grade Morgans and walkers that got up to astronomical prices.
These things are pretty easy to spot while they're occurring but most people can't see them until after they crash. When you start seeing ads all over, when the shops all have a prominent display of them, and when people start talking about how much money you can make in them, then it's a safe bet that it's the next "big thing". If you find yourself owning such a thing, sell. If you collect it, reconsider. If you want to start, seek counseling.
This isn't to say that anything currently is a "big thing". This is for the individual to discover and is part of the initiation in the hobby. Most people become very wary after they get stung by these things.
If you stick to collecting and try not to be swayed by those around you touting sure things and easy money then you will be almost immune.
Time don't fly, it bounds and leaps.
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Moderator
 United States
23522 Posts |
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Pillar of the Community
 United States
773 Posts |
Great site SuperDave.I would be sick over that to Terry,that's alot of money to lose on a coin.That's good advice cladking,that we should all keep in mind.The errors are those of such I think I would hang onto,even if they ever end up being worth anything or not.If you can get them at a cheap price that is,I certainly wouldn't pay hundreds of dollars for any.But they're unique all in their own.Thanks for your responses. :) sn31
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Pillar Of The Community
3147 Posts |
I would take CladKings advice and stick to the basics of coin collecting. As for PCGS I can take NOTHING they offer as reputable as they are an independant grading service who will make every attempt to pad their own pockets on the over grading and hype of high grade coins which cannot be determined by the average collector as, for the most part, grading is speculative and dependant upon the eye of each individual examining the coin. Grading and slabs is a game and in the end, in every game, there is only ONE winner. Wonder who it will be?
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Pillar of the Community
Belgium
2078 Posts |
I just bought a gold proof with COA and original box numbered certificate only 2322 made I paid gold spot plus 5% I do not think this is a bad deal  |
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Pillar of the Community
United States
773 Posts |
I believe if it is something you like,and want to add to your own collection,then that is cool.But it can be bad buying something just because everybody is making a big fuss over it.As with Tls5933's story above,those guys lost a bunch of money.I havn't given up on some coins I own now,even if they aren't worth anything much now,there may come a time they will,and in the end I didn't lose hundreds of dollars collecting them.Happy collecting everyone!! :) sn31.
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Replies: 10 / Views: 929 |
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Posted 08/19/2006 11:58 pm
