I just won this auction but missed the part that this coin is cleaned: http://www.ebay.com/itm/300714426833?ssPageName=STRK:MEWNX:IT&_trksid=p3984.m1497.l2649 The cost is $5.25 with shipping. Do you think this is a good deal despite the coin being cleaned? What grade would you give it?
The coin has more serious issues than being cleaned, however, for $5 including shipping you didn't do too bad.
That coin looks like it has taken a beating. Not sure if it was a good deal or not but at least if it isn't a good deal you only spent $5.25 for it
I didn't pay for it yet and could ask the seller if I could back out. I don't really know anything about large cents and probably should learn something about them before bidding.
I'd pay that for one like that. Grade? Hard to tell with those pictures. Sharpness of and XF-40, moderate corrosion, rims are beaten up some, cleaned brassy on the high areas, Net VG-7. maybe a Good -6.
I decided to pay for it. As Conder said, the sharpness of the details looks higher quality but the coin has issues. It is hard to place a grade because of the color, bent rims, and corrosion. I don't think I am overpaying for it and paying only cents on the dollar of what other people were willing to pay for it. I just wanted one and this one looks like a good example do to the details and it is at a low price.
I did notice better quality cents of the same year going for significantly more. I think I did well if I am able to resell it for about the same price more. I noticed the last bidder bid 25 cents less than I did and they bidded only 1 cent more than the other bidder who bid 2 dollars with a max bid of $2.99. I can't be too off on the price unless the last two bidders knew nothing. Seems large cents are a different animal then what I am used to. I did purchase a couple of seated quarters on Ebay and I could definately couldn't go wrong with my local purchases since I paid melt or close to it. I bought a 1898 VG Barber for $5 and 5 roosies and 5 common mercs for $21.
What is your goal with collecting? Reading through your post the one thing I would suggest is to stop focusing on coins with serious problems as you will never be happy with the coin, and they will always be more difficult to sell. I think you would have been much better off buying a problem free f12 large cent for around twice what you paid for that coin, both because it's a more enjoyable coin to own and because the resale is much better. Ones like these, in the vf30 to vf35 range are available for not too much more than you paid: http://www.ebay.com/itm/221025036293?ssPageName=STRK:MEWNX:IT&_trksid=p3984.m1439.l2649
Yes, I was thinking about asking to cancel this order but decided to buy it. I probably should have held out on this one. Most of my coins I bought close to melt which you can't go wrong with but some do have collector value. I do have coins I bought that were just under priced because the prices were created a while ago and some probably didn't belong in a junk bin. They do accept returns if I decide I don't like it. I just wanted one example of a large cent and most of my coins are silver coins. As far as my goals that really depends. I have set books I work on with by searching rolls and buying junk silver, I have coins I bought close to melt that are worth that where some are worth more to a collector. I have some I just save and others I buy as a silver investment. I don't think you need have just one goal but collectors have the same goals in the back of their minds as investors, they want to resell their coins for a profit. Large cents kind of wig me a little because it is something with strictly numismatic value and their are many different factors to consider. I like my silver coins that don't have that much numismatic value since their isn't so much fuss because you can always sell them for their silver content if collectors aren't interested in them.
I just emailed the seller to see if I cancel instead of return but if it is too much trouble I will take it and look at it. As far as a large cent is concerned I just wanted one. It sounds though the consensus of the posters state that I did good with this one and Conder said he would pay that for that one and he sounds like he knows what he is talking about. I will just see what the seller says. If he cancels, he cancels, if not I will take it just as an example. As long as I didn't overpay for it which I don't think I did.
I'll buy it from you too. The greatest cent in the world, it's not. However it is a nice piece of history and it's yours. As far as the other stuff, I have a lot of junk and I read all the posts about buying really high quality coins, but I am still happy with my beaters (and I have some fairly nice ones too). Unless you are going to start buying and selling, just chill and enjoy what you have and think about getting better stuff someday. Cheers.
Yes, I contacted the seller once to see if I could get out of it but then emailed again and told him to send it, to ignore the first email. I personally don't need a prestine condition coin, I just wanted a large cent. Truth is I outbid the last bidder by 25 cents the last 12 seconds of the auction. I stumbled upon it with like 42 seconds to go and had 30 seconds to make up my mind and bid and won. I did this twice before since it has been done to me, bid at the very end of the auction and got out of one since I didn't see the shipping. The other nobody returned my emails and would have bought it despite my bidding was a little high for an AG looking coin. I really should do this since I think my best purchases have been when I had time to make an informed bid. I like this seated I got for $22.80, not a great deal but a fair one: Even though this cleaned I am afraid of messing it up, I could imagine if it was high AU. What if you drop it or scratch it? I don't worry with lower grades.
You chose to bid on, so pay the man and enjoy it. It's $5. Don't be so concerned that you ask for a return. This is why I hate selling stuff on eBay when people do this stuff over a $5 coin. Perhaps a little more research before those impulse bids.
Well, that is what Ebay tells you to do if you want to change your mind. I already paid and told him to forget about cancelling. It is called customer service though which you should be prepared to provide. If you had a retail store, you would have people changing their minds and returning things which is something you would have to expect. I bought a couple coins and exchanged them but spent more than I did on the coins. If I walked into your store, said I wanted to buy something and changed my mind at the register, I have that right. But anyhow, I chose to pay for it and told hime to send it and not cancel it. I have cancelled an order before and the seller had no problem with it but those last minute auctions I should probably skip so I can atleast take the time to try and grade the coin and see some values of it at different web sites.
Just a couple thoughts. First, don't think of coins as an investment as you are unlikely to get a good return. Coins, especially low grade coins, are extremely hard to make money on as the buy sell spread plus transaction costs are large. Take the coin you just bought, it cost you $5 to get it to your door. Assuming you sell it for $3.25, you will be out $2 for the shipping plus 12% for ebay/paypal fees. Which brings up the second point. As a general rule don't be obsessed with getting a deal as most of the coins you get a 'deal' on are priced below book value due to problems. Buy the nicest coin you can afford, and keep in mind that problem coins bring lower prices and are hard to sell while choice coins bring a premium and are easier to sell. It's those choice coins which deal searches never purchase as they are generally priced above the guide, but they are easier to sell in the future and often return the premium. Lastly, it' tends to be cheaper in the long run to buy a coin you like and keep it, rather then buy problem coins and upgrade repeatedly.
I think it depends on what you buy. Maybe this penny wouldn't bring much premium but as Kentucky said, he would buy it. Silver coins are something else. I just bought a VG barber quarter for $5, a couple cents less than melt. These tend to go for about a few dollars more on Ebay so I automatically made money. These coins below were bought when melt was about $6.25 and bought them at the cost listed: I bought a couple coins lately but exchanged them for a $1 face and told them I think I will just stick to junk silver since it is based on silver spot. This penny is my third coin bought on Ebay but think I will take a step back, learn some things about them and decide if I want to buy something that is essentially bullion or something with numismatic value since their a lot of fuss with collector coins. You can't go wrong of course with coin roll finds since you get them at face.
