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 Replies: 47 / Views: 4,660 |
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Pillar of the Community
Canada
3692 Posts |
Anytime I've overpaid it's because I overgraded a coin or speculated on future prices or I didn't do my homework.
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Pillar of the Community
United States
764 Posts |
I don't think I've ever lost money (fairly) on buying a coin. I buy a whole lot more than I sell and when I do sell, I make sure to make a slight profit. However, there have been a few times that I received a coin from online that was not as described and therefore not worth what I paid. The worst is probably a 1912-S nickel that was actually an altered 1912-D nickel for $100. Then the seller basically vanished from the face of the earth. Another was a cleaned and bent 1934-S dollar, but with the price of silver getting so high, I may end up with a profit. I got it for $40.
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Pillar of the Community
United States
3283 Posts |
I'm pretty much a buyer not a seller.
Sometimes I buy lots and get rid of the extras cheaply,
sort of a loss, but I don't mind doing people I like favors.
Seems like the stuff I've collected has increased in value,
and I like it, so it's all good
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Moderator
 Australia
16827 Posts |
Practically every coin I've sold I've made a loss on. Primarily because every coin I've sold has been a duplicate I've acquired by accident and didn't really want.
Most of my selling has been done through coin club auctions. I like to think that, if I have to sell coins at a loss, I'm at least doing my fellow coin club members a favour by giving them a bargain.
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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Moderator
United States
23510 Posts |
 I am in shock
I read all these posts about losing money on a coin
I didn't know they were worth anything 
I thought we only collected them to see how many people we could start argument with.
and make claims such as mine is better than yours or bigger or shines more. 
Wow if I knew these little round discs had some value, I would have treated them better 
I guess I'll just have to get rid of all the stuff I purchased!
scales
calipers
microscopes
loops,
dehumidifiers
gloves
safes
safety deposit boxes
file cabinets
display cases
catalogs
cameras
photo equipment
subscriptions
memberships.
Second wow
now that I look at this list
I guess you are all correct
I am losing my shirt
but I love it and would collect nothing else! 
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Pillar of the Community
United States
1450 Posts |
I can say that I have never lost money on a coin. Don't get me wrong,I am not particularly astute when it comes to coins,I have just played it safe and acquired ALL of the coins in my collection by roll-searching. I guess I really am addicted to the treasure hunting aspects of coin collecting and I am amazed almost daily at what is still out there floating around for the picking. Copper hoarding got me started but I do nickels as well as cents regularly and am going to branch out into dimes in 2011. It astounds me that there are so many different reasons people collect coins and they are all valid and reasonable which is what makes this such a great hobby and an inclusive rather than exclusive one. I love you all brethern. Keep up doing what you enjoy and have a great holiday season.
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Pillar of the Community
United States
759 Posts |
I think I've lost money on every single late 60s, early 70s US Mint Proof and Unc sets I've owned. Since I've been in this since I was a kid though, bullion prices ensure I'm way up on everything, in total. As for individual coins, I'm pretty much on the threshold of profit/loss on many (meaning I bought at FMV within the last 2 years) and the sales channel would have a lot to do with determining how things play out. Sell to dealer, big loss. ebay, won't recover fees and expenses on all. On some, I'd make 10-20% via auction, club or forum sales. |
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Bedrock of the Community
United States
20753 Posts |
I was about to say I've never lost money on a coin since I've never sold a coin. Then I was thinking about some giveaways I did some years back where I gave away some coins to some YN's. I guess that counts as not making money on a ooin but zctually looseing money.One YN said he never saw a 1943 steel cent so I sent him 500 of them. Right there I guess I lost about $5 and then too there was the postage. So if giveaways to YN's counts as loosing money on coins, I've really lost a little but such loses are well worth the price.
Then too evcry year I order about 10 to 15 Proof and Uncirculated sets from the Mint, also the same amount of Red Books and give to people I know for Christmas Gifts. So that too could be considered a monitary loss from coins.
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Rest in Peace
United States
4849 Posts |
My worst purchase ever was for a $3 gold coin that turned out to be counterfeit. I paid $650 for it. I later sold it as a known counterfeit for bullion value since it was 90%(approx $130 or so).
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Valued Member
Greece
425 Posts |
I have also lost money in some purchases.The most recent is a buy from a known auction house. I 've learned with the bad way that photos in actions are all taken by ''professionals''.So I bid on this Anhalt thaler thinking that I can slab the coin later and receive AU58-ms62.  |
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Valued Member
Greece
425 Posts |
When I receive the coin I realize that the only grade I can take is ''Surface Hairlines'' or ''Excessive Surface Hairlines''. I paid for it 115 euro+commission(15%) and receive when sell it on ebay 85 euro-eBay fees(10%)  Edited by epop
12/18/2010 5:11 pm
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Moderator
United States
188342 Posts |
I have never sold a coin and never will. So technically I have lost money on every coin since I will never get that money back.  |
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Pillar of the Community
United States
1424 Posts |
I bought a 1932-S Washington quarter on ebay a long time ago...I realized it was cleaned about 2 years ago but I still have it in my album. I guess it's not technincally a loss unless I sell it for less then I paid. |
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Pillar of the Community
United States
1213 Posts |
I lost money 15 years or so back when I got a Morgan dollar from a TPG that was highly over-graded and cleaned. I haven't sold it, but knowing I got had on it, I consider it a loss. I'm keeping it to remind me to do my homework before buying anything. |
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Valued Member
United States
439 Posts |
Whe I first started I was buying everyhting I could get on ebay. I bought a lot of mixed coins for about $30. They are probably worth $20. That was the worste but it made me realize I have to be careful. I stopped buying most things on ebay and generally roll search. That way I never get hurt. I am sure I will get thumped on something ion the future though. |
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Replies: 47 / Views: 4,660 |
First Page
Posted 12/17/2010 9:55 pm
