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 Replies: 47 / Views: 4,659 |
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Pillar of the Community
United States
958 Posts |
No one raves about how much money they lost at the casino Only how much they won. No one talks about buying a new car then seeing the same car down the street for $4000 less 2 days later. Everyone post about buyinga coin reselling for a profit but its prob no surprise people have lost money on coins but don't go around jibber jabbing about it. So i'll ask have you lost money on coins? Maybe bought something to find out later you made a mistake? Bought a coin that plumeted down in value? took a hunch on a coin that turned out to be wrong? bought a counterfirt 1909-s off ebay ? Over paid on a coin that graded less then expected? lets hear the disaster stories that no one wants to talk about and what lesson learned from the exp. |
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Pillar of the Community
United States
4000 Posts |
I think I've lost money on almost every single one!
It would be easier for me to list the couple that I have turned a profit on!
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Pillar of the Community
United States
2605 Posts |
I'm not a business-minded person at all, never was, never will be. When I see a coin and I think the price matches the appeal + desire to have it, I buy it. Sometimes I end up with duplicates, and not necessarily an upgrade. When I try to sell/trade a duplicate the profit is never on my mind and oftentimes I let the coin go for less than I paid for it.
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Bedrock of the Community
United States
10982 Posts |
Lost money on a few, made money on some. I am a bit of a flipper and have averaged +10% but most of that was due to precious metal prices and not numismatic know-how. It allowed me to learn a lot while making a little.
Worst buy ever? A badly hair-lined 1829 Bust Dime. Sold as AU+ but really EF+ with a cleaning. Traded 30 decent Morgans for it which were worth $450 at the time. The coin is worth maybe $250. : (
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Bedrock of the Community
United States
12437 Posts |
I have lost money buying some coins for resale but my profits far exceed the losses. I have missed a cleaning or other minor damage here and there but I also tend to scrutinize a coin over $50 much more than a coin under $50 so that is where the majority of my mistakes come from. I have also had a few losses speculating on Mint products and I am realizing that trying to make money on new Mint items is a complete crapshoot so I will probably be doing less of that in the future. I am sure I will make a mistake on an expensive coin one day but that day has not come yet, so far my biggest individual errors have not cost me more than $10-20  Many collectors really don't care whether they profit from their coins or not but it is important to me. The more coins I handle in my inventory, the better I get at refining my grading skills and my eye for problems. The profits I make are further invested in new inventory and also help to fund my current collection. Basically, I sell coins so I can buy myself better coins that I could not have afforded otherwise  |
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Pillar of the Community
United States
3592 Posts |
I'm a lot like biokemist in that I am constantly buying and selling while upgrading my collection. I haven't bought a coin for anywhere near full value, but I have gotten some counterfeits off ebay. So far their buyer protection plan has covered every one.If it weren't for that I'd have some high dollar fakes for sure. |
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Pillar of the Community
 United States
958 Posts |
well glad to see you guys can swallow a tear or two and talk about it. This thread is not to make fools out of anyone , it educational so we can all learn. fakes off ebay cleaned coins over grading coins upgrading and taking a loss with the older coin replaced. Nothing to be ashamed of guys, Just mistakes that you have learned from and other can to |
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Pillar of the Community
United States
2269 Posts |
I have lost money on many coins, but I have also made a lot of money too. Out of all the coins I've sold for either losses or profits, I am still in the plus range.
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Pillar of the Community
United States
958 Posts |
spider , that what I was talking about , we all like to talk about the good deals and making money .
your still in the profit , but what were some of the reasons you lost on a coin?
is it some of the reasons above? or a diff reason that we can all learn from
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New Member
United States
14 Posts |
I am still fairly new to numismatics and I am learning most of my lessons the hard way. I am buying and selling a lot on ebay and other places. So far I haven't gotten hurt badly. Worst so far was early on when I purchased a Morgan hot lips on ebay. I thought I had done great. Took it to my local dealer and he said "Yep, it's a hot lips" then he added "Shame it has been cleaned, probably cut the value in half" cleaned I thought, so what. Now I know "so what", lost about half what I paid. I can truly say I can spot most cleaned coins now. Spent some time researching so I won't make that kind of mistake again. There are so many more for me to make. I am looking and learning about the third party graders and grading now. What is the big mistake to make there, I will let you know when I make it. |
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Pillar of the Community
United States
3294 Posts |
I have never sold a coin that did not make me profit. Granted I have several in my collection that I could probably not sell for more then I paid for them...
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Pillar of the Community
United States
2269 Posts |
A few times in my early collecting days, I over paid for an undergraded coin. I have taken many hunches on coins that have turned out bad. Only once did I purchase a coin that plummeted in value. When I look at all the bad mistakes I made, I did learn a lot from them. I have educated myself enough not to over pay for an undergraded coin, I don't take as many hunches, and I resist the temptation to buy a coin that could go south at any time.
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Valued Member
United States
374 Posts |
I like toned coins so I'm sure I have payed to much for a alot of them. But I'm not trying to sell them anyways so I dont really care. A friend of mine bought some cast morgans from a person at the fleamarket . I coudnt tell but another mutual friend spotted it right away. So I got a free lesson on fakes that day. lol
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Pillar of the Community
United States
591 Posts |
LOL Does taking a loss on every thing you own count :) Coins included
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Pillar of the Community
Thailand
1509 Posts |
Having never sold a coin I've acquired (given away, yes) I can't comment on the financial side but as for profit or loss? I've only profited greatly from collecting. I get as great a buzz from acquiring, say, a German pfennig year and mint mark I don't have as I do from a new country/variety etc.
Over the last couple of years, since joining this forum, I've also profited from the stories, experiences and expertise of all you fantastic members.
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Pillar of the Community
 United States
2448 Posts |
I paid way too much for some silver about 15 years ago. Guess what, "the times they are a changin"!
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Replies: 47 / Views: 4,659 |
Posted 12/17/2010 2:16 pm
