Your Coin Budget - Page 2

mikenoodle · 11-06-2009, 01:08 PM

Quote:

Originally Posted by Leadfoot

I follow a fairly strict budgeting process. I set aside a certain amount of money each month for "play". My coin purchases comes out of this fun money.

Unfortunately, I've been accumulating money in this account for some time now, and haven't been able to find coins that I like to spend money on.

We must be kindred spirits, Leadfoot because as I was reading the thread I was thinking this exact same thing.

I don't have very much money to spend on coins, so I accumulate it and when I see a coin that I really want then I purchase it. I don't actively pursue any coins other than the yearly mint packaged proof and mint sets.

An example of this was early last year when I ran into a nice 1942 Proof Jefferson Nickel. The shop that I work for had bought it in a wholesale lot and offered it to me because of my interest in Jeffersons for $25.

I am actually thinking about sending this one off to PCGS because IMHO it is better than PF-65 and it displays cameo devices. Not ultra cameo, but cameo and slabbed it may command at auction a bit more than I could resist for a $25 coin. I REALLY like it tho, so I would then be on the horns of a dilemma as to whether or not to sell.

TheBigH · 11-06-2009, 01:15 PM

Quote:

Originally Posted by mikenoodle

An example of this was early last year when I ran into a nice 1942 Proof Jefferson Nickel. The shop that I work for had bought it in a wholesale lot and offered it to me because of my interest in Jeffersons for $25.

That was a good deal! I'm assuming, type I?

mikenoodle · 11-06-2009, 01:51 PM

yes, it's a Type I, but a few weeks later I also found a Type II. It is not nearly as attractive, but a 42-P proof nonetheless.

TheBigH · 11-06-2009, 01:56 PM

The 42-P proof is one of the top coins on my want list, but what I really want to do is save money for the whole proof set. Hopefully I can strike oil pretty soon!

coleguy · 11-06-2009, 02:25 PM

Quote:

I agree with the above except I stay away from the $300 mark, I mean I will pay $300 + a little more but not too often. It's just not in my budget, besides my wife would be on me like white on rice and I don't need the aggravation!!

The trick is not to spend say $300 at any one time, but to space it out over the course of five or six weeks. $10 here, $20 there. That way the spouse never really catches on. I've learned a few tricks after being married a while

Guy~

Lehigh96 · 11-06-2009, 02:52 PM

An interesting question for sure BNB. My situation is a little unusual. I have basically two hobbies, poker & coin collecting. I have a poker bankroll with a minimum threshold. As long as I am above that amount, I can spend the remainder on coins. Basically, I am a semi-professional poker player who uses my winnings to support my coin addiction.

This is all well and good until I have a stretch like I had this summer. In July 2009 I won $6K at the poker tables. I then spent $3K of that on coins. Unfortunately, I then lost $8K playing poker in August 2009. This left me $5K below my threshold for my bankroll. When I fall below my bankroll threshold, I force myself to sell coins to raise funds if I want to buy more coins.

I am still in the sell to buy stage until I can completely replenish my bankroll.

Just Carl · 11-06-2009, 03:21 PM

That is really difficult to tell what people spend or don't spend on coins when you discuss it over the internet. I'm sure most members here are telling the truth but it sure would be easy to say I spend 1 dollar a year or I spend 1 million a year on coins. Typical I trust you situation I guess. As for me I seldom spend over a million a year on coins.

Usually a lot, lot, lot less.
As to budgets on spending on coins it is really interesting to go to many coin shows. Since the average customer is about 1,000 years old, slight exageration, there seams to be no end to the amount spent on coins there. One dealer I know showed me a 1916D Mercury Dime in a slab for $6,000. I said that won't go fast. Poof, the guy right next to me pulled out a mountain of cash and bought the thing. At coin shows I've seen many, many times people that appear to have no limits on what they can spend on coins. I sometimes wonder if it isn't the budget, but the knowledge that there isn't much time left to want something so budget or no budget, use what you can or you may never get the chance.

tribby · 11-06-2009, 03:26 PM

Curiously, I'm in a similar boat as LeHigh.

I have a budget for coins, poker and running (race entry fees, shoes, etc).

I play in a poker group twice a month and use the winnings to support my coin habit. I also sell coins that I've upgraded or no longer want/need to buy coins. The problem with poker is that run can run cold... so unless I'm selling I might go awhile without buying...

Too many hobbies...