Good deal or ripped off

I stopped by a local coin show today just to look around and simply to get close to some coins :smile I found a nice walker half dollar, low grade but key date. The guy wanted only 120 for it when the red book said about 165 (I'm not saying the red book is perfectly correct). I'm telling you every other coin in the show was basically the red book price or more. So you know what happened next, I couldn't resist and had to buy it :smile I just hope that I didn't get ripped off. I don't think I did but I'm still going to ask you guys.

 

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About right for a dealer price - they sale on heritage for between 89 and 99. So no you were not ripped off.

 

Well thats good news. So it's not worth $165, or for this price http://www.pcgs.com/PRICES/PriceGuideDetail.aspx?MS=1&PR=1&SP=1&c=733&title=Walking+Liberty+Half+Dollar ?

 

I wouldn't say you got ripped off, but I wouldn't have paid that much for it.

 

I personally never use the PCGS price guide. Except when I'm selling of course.

 

If you paid $120 for it, you paid more than what NGC values that coin at, which is $93.15, and probabley could have found one for less money.

BTB, Redbook price guide is 20% over FMV on everything.

 

I think you did fine. You got a nice for the grade certified XF, nice date/mm, in a well collected series. The price should be acceptable for all of that. Eventually, after you see others of the same coin, you will feel very pleased for your purchase IMO.

20+ years ago, I bought a 1972/72 die 1 , LINCOLN , from Bowers and Merena company. The price was $249, which was about $25 above similar offerings. This was before PCGS,NGC, etc. It was a beautiful coin , and when I had it graded a year ago, it was MS-66. Worry less about the price, and more about the coin when buying. It will pay off in the long run. A bad coin has reached its maximum, a good coin can run. IMO.

Jim

 

"A bad coin has reached its maximum, a good coin can run."

Great advice.

~benjamin

 

$120 was a fair price. This one sold on Teletrade last week for $120 + an $18 Buyer's Premium and these typically bring $100 at auction so you did fine.

http://www.teletrade.com/coins/lot.asp?auction=3032&lot=1408

In the future I wouldn't reference Red Book pricing though because it does tend to run high.

 

I think you paid a fair price for it. I will say I like it better than the one listed above that sold on teletrade for the same money.

 

i absoulutly love the walking liberty half and think that it is beautiful in almost any grade

 

Jim:
It is a VF, not XF

 

When we were at the show my dad and I were whispering to each other, "this guy has great prices, we have to get these one!" That's because I use the red book for buying prices and a $40 difference is pretty good (160 in the book, 120 his price). Everyone keeps saying how you can't exactly go by the red book, well tell me, what do you base your purchases off of? Another source, experience? I'm still learning strategies and information every day.

 

Of course it is! mea culpa.

 

I think you did fine. And I think it's a nice coin that you can be happy with for a long time.

 

Buy yourself a blue book for the same year. A good value would be a split in the difference of price or just a little more toward the red book price.

 

Both of which are not accurate price guides.

eBay completed listings, numismedia.com, Heritage and Teletrade completed listings are better to use to give you an idea of what items sell for.

 

Except when you are at a coin show, antique store, or any where else and need to reference a find. I have used this method for years and have never overpaid or had a problem re-selling and recovering my initial investment. I use the Heritage spreadsheet program for my inventory and their values, that they automatically plug into the program, fall in line.

 

I wouldn't say you got ripped off, but I wouldn't have paid that much for it.

Read more: http://www.cointalk.com/showthread.php?t=165055&pagenumber=#ixzz1I0dmSXny
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You are right in that experience is obviously the best teacher...but I'd highly recommend that you get to know at least one dealer really well (could be local, could be via the Internet or just phone contact). Let them know your interests AND admit you are just starting and confused. If they are worth the effort they will go a long way to help educate you. I don't collect Walkers, but love their look and checking around, I think you did ok. You didn't steal the coin and you may have found one slightly less, but if you like the coin and you are satisfied with it's grade and eye appeal, then you are fine. Read! Subscribe to Coin World, don't ignore Red Book, but understand that coin prices fluctuate a lot based upon condition, demand, series popularity and other factors. In fact Dave Bowers just had a wonderful couple of articles in CW about this very issue....what is a coin worth? If you can find them, read them. You will see that even an expert like Dave beats this question around from time to time. If you want to spend the money, subscribe to the Grey Sheet. That is what dealers use to buy and sell. Not cheap but a very good place to go to get pricing ideas. Good luck. Nice coin.