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A fool and his money are soon parted - Part 2
OK All you Numi Freaks , I love Ya
I pain stakenly cataloged and put value on all my coins within the past 2 weeks. Luckily most of the Proof Sets I own are gifts from my boss, so I didnt have to count them as bought items when it comes to figuring out how much I spent to how much their worth. I'm not in the collecting for the profit, although it is cool seeing the value rise and I want to learn how to pay the right and fair price for coins I see when Im cruising the Flea Markets, Pawn Shops and the few coin shops we have here in San Jose. Im not much of a Clubby type. I really have no time. I was thinking maybe about just using advice from this board, (I like the searching rolls from the bank stuff) but I just really want some solid advise about not getting taken. This board is great! Keep up the good work |
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#2
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A fool and his money are soon parted - Part 2
wrote in message ups.com... I was thinking maybe about just using advice from this board, (I like the searching rolls from the bank stuff) but I just really want some solid advise about not getting taken. This board is great! Keep up the good work Specific questions would be helpful. Otherwise, I will say that I have been taken several times in the approximately 50 years I have collected. At the moment I can think of four specific incidents and they all occurred at the local con club meetings ( I decided to leave the typo in on purpose, although I think 95% of the attendees would not attempt or even think about conning anyone), one instance as recently as in the last 5-7 years to the tune of $300. It is relatively easy for me to get conned at a coin club meeting because I tend to put blind trust into the collectors that I socialize with on a monthly basis. I was not duped by full time dealers or pure collectors but by what is called the "vest pocket" dealer. And, I am referring to intentional misrepresentations, not the overgrading that regularly occurs or the selling of coins with subtle problems that are not mentioned ( I won a silver dollar at the Christmas meeting, after looking at the coin with my naked eye. Under the restaurant lighting, the coin looked very good with nice cartwheeling luster, maybe a 64. At home it was fairly easy to see the parallel hairlines across the obverse, a cleaning. I resold at the next month's meeting at a loss, describing the coin properly and chastising Mr/Mrs X seller from the prior month, stating my opinion that problems of that nature should be noted when selling). All in all, I think you can expect at some point to get taken although it is a good idea to do what you are doing (asking questions, just not specific enough) to minimize the number of bad deals. What bad deals you do not escape then become the cost of education. Bill |
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A fool and his money are soon parted - Part 2
Thanks Bill,
I have this lady at the Flea Market. Her father left her with a wonderful qty of Buffalo Nickels and Wheat Pennies. She wants $2.00 a piece for them (Nickels), I looked them up and found that more or less they are worth it (to me). The pennies however, I have a hard time paying $2 per penny. Anthoer gentlemen at the same Flea Market had "War Nickles" for $1.00 a peice, I grabbed em The bottom line is... until I get a keen eye and a little more nuismatic education, I will stick to the small stuff and hope I dont get greedy and starry eyed |
#4
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A fool and his money are soon parted - Part 2
wrote in message ups.com... OK All you Numi Freaks , I love Ya I pain stakenly cataloged and put value on all my coins within the past 2 weeks. Luckily most of the Proof Sets I own are gifts from my boss, so I didnt have to count them as bought items when it comes to figuring out how much I spent to how much their worth. I'm not in the collecting for the profit, although it is cool seeing the value rise and I want to learn how to pay the right and fair price for coins I see when Im cruising the Flea Markets, Pawn Shops and the few coin shops we have here in San Jose. Im not much of a Clubby type. I really have no time. I was thinking maybe about just using advice from this board, (I like the searching rolls from the bank stuff) but I just really want some solid advise about not getting taken. This board is great! Keep up the good work Check completed auction prices on E-bay or wherever. And there is no hurry and you will have to find the time FWIW. Typically a flea market or a Pawn shop are the worst places to buy from unless you are armed with more knowledge and can cherrypick them out. Not likely to happen unless you aquire many years of experience and see many coins. For example if you were to become an expert at grading raw Buffalo nickels the cherrypickin' hauls are out there to be found. Many issues of this series have weak strikes so people tend to undergrade some of the circulated grades. Usually S and D mints. It's been said before a million times--the best coin purchase is to buy a book. There's a lot to know so it would be better at times to stick with one type of coin. Like you'll see many fine people here who try to do just that. But basically you absolutely need to know how to grade on your own. That'll give you a better shot at finding deals. |
#5
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A fool and his money are soon parted - Part 2
I think you are REALLY asking in the right place - the folks
here are super helpful... One particular area to watch out for is expensive coins. Unless you are very confident of your grading and attribution skills, you should resolve to only buy certified (slabbed) coins from the top two grading services - PCGS and NGC, more or less in that order. Some people have a fast rule that anything over $100 (for example) needs to be slabbed by a decent grading company, for the main reason of authenticity, and whether the coin is in its original state, or not. In other words, the coin is authentic and has not been altered by cleaning, wizzing, or has original toning, as opposed to artificial toning. As you gain confidence in your ability to judge coin attributes for yourself by examining more and more coins, you will be able to protect yourself that way, too. Good luck in your numismatic endeavors! John wrote: OK All you Numi Freaks , I love Ya I pain stakenly cataloged and put value on all my coins within the past 2 weeks. Luckily most of the Proof Sets I own are gifts from my boss, so I didnt have to count them as bought items when it comes to figuring out how much I spent to how much their worth. I'm not in the collecting for the profit, although it is cool seeing the value rise and I want to learn how to pay the right and fair price for coins I see when Im cruising the Flea Markets, Pawn Shops and the few coin shops we have here in San Jose. Im not much of a Clubby type. I really have no time. I was thinking maybe about just using advice from this board, (I like the searching rolls from the bank stuff) but I just really want some solid advise about not getting taken. This board is great! Keep up the good work |
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