Is it over okay to overpay for a coin?

I use to think to myself that people were crazy for overpaying for a coin. But then after looking at a lot of coins, there is sometimes a reason to do so.

The main reason is grade is not everything. If you had to choose between two Morgan dollars, both were MS64, and one was blast white, and the other was rainbow toned so well you would swear it came from a skittles factory. Now the blast white one is $50, and the toned one is $70.

Even though the grade is the same, the toning is something you don't see every day, a "monster toner".

Now, should you kick yourself for spending an extra $20? No.

See, I came to realize that collecting all boils down to what YOU like. It's not always about what you paid. Who cares if you overpaid a tiny amount, if you like it' is all that matters.

Of course this rule has it's limits, don't go out and spend $20 on a junk dime, but be within reason.

I've seen some capped bust halves sell dirt cheap, 20-30% under book. But I didn't even click on them, because they looked horrible, to me anyway. To the other person, they might of loved the coin and got an excellent deal on it, good for them.

There was actually a member here who told me not to buy a certain bust halve, graded by PCGS. But I went ahead and bought it anyway.

It boiled down to this, I liked it. If someone doesn't like your coin, who care's. Like I said, collecting is all about what YOU like.

Your on eBay, you see 5 of the coins you collect, all the same grade. However 4 of them got beat with an ugly stick. 4 of them are $25 each, and the last one, is beautiful, but it's $32. If you like, BUY IT. Don't think to yourself "but it's $7 more!". Think of it like this, you spent $7 to have a NICER looking coin.

 

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I suppose technically there is no such thing as "overpaying" for something, be it a coin a car or a gallon of milk, if what you decide to pay fits within your wants and needs. It's when you think you are overpaying that it becomes an issue.
Guy

 

I believe you cannot over pay for a coin you really like. You can however over pay for bullion in my opinion, but not for numanistic value.

 

I predict less replies from other members in your future threads.

 

He told me not to buy it, because he didn't like it. This was not a "details" coin by the way. Then I realized I was basing my own decision on someone else's opinion. I often base my decision on someone else's opinion if they tell me it's cleaned (raw coins). If I like it, I don't care if the next doesn't.

I see coins here that I wouldn't like if you paid me to, but they like it, and that's their right. Again, it's what YOU like.

 

I am in that situation now. A rare coin was presented to me KM 190 1960 5 centesimos. You cannot buy this coin anywhere with no record of being sold. For some reason the NGC priced it at 70 US$. The seller wants 500 US$. It is the only coin I need to finish a complete set with all dates for 120 years. Will I be overpaying?

 

:thumb:n
Its your money. I am sure I also have paid a bit more for a few. But hex Morgan Dollar may look a like but some have that 1 of a kind look.

If not taking money need for family to live on
there No harm.my2c

 

NGC lists an MS63, what does this coin grade? If it's the last coin you need for a set, and it was not issued for circulation, I guess that makes it kind of rare and $500 could be a good price. We're these issued in sets at all? Any idea on mintage? Do you have the $ to spare?

 

Some good suggestions above. Something to consider - How long have you been looking?

 

If you take any coin and show it to 100 people, you'll get 100 opinions as to what is a fair price for that coin.
Although there may be hundreds of factors in determining a fair price, the most important is what a buyer is
willing to pay after considering all of the other factors. There really is no such thing as over paying as no
buyer will (should?) ever pay more than he or she thinks the coin is worth to them. Others may think that you
have overpaid, but that is only an opinion and not a fact. Too many people wrongly equate opinion and fact.
Pay only what it is worth to you or pass it up. There is no right or wrong answer.

 

If you're stealing money from your mortgage payments, yes. You're overpaying.

 

Haha!

Similarly - less groceries, clothes, medicine, water, upset significant other would indicate overpaying

 

I know I over pay more often than I would like to, but at the same time I don't mind it at all if it is an item I have had a hard time finding. Sometimes you just find a coin that is just exactly what you have been looking for but it is priced a little higher than you believe the value is.

I look at it from two views, first, it is worth to me what it is worth to me and I don't really mind what another source may put the value at. Second, I think I happen across some pretty good deals from time to time where I end up paying less than what I put the value at, so by overpaying from time to time I'm not really out much in the end.

 

All very true, too!

 

Going by what I just typed - I'm always overpaying for coins. My wife's first question is something like, "You paid what for a (insert denomination here)?"

 

First I would send him a nice note asking if he would take less gently pointing out the listed value and then offer him half of what he wants , the worst he can do is say no or counteroffer.

 

I call this a "marketplace availability premium" If the coin you need to complete your collection only hits the market once ever 5 years, it is perfectly acceptable to pay a premium to avoid waiting another 5 years. Believe it or not, I have run into this several times during my search for registry quality Jefferson Nickels. Here is a link to an NGC journal entry I made about my 1947-S Jefferson Nickel NGC MS67 two years ago.

@Detecto, I am pretty sure that I gave you my thoughts on this subject in a recent PM. IMO, those who are slaves to the price guides will end up with inferior collections. I have paid a premium in relation to price guide for almost every coin in my collection. What do you think of my collection? Quality is not cheap!

 

Sure, any time you're buying from me.

 

They were not issued in sets. The mintage is a secret. There were two types of coins minted only for, what I or most believe, members of the Allende Salvador goverment during sociallist rule in Chile . It was the 1971 2 Escudos KM198 (not the proof) and the 1960 5 centesimos. I have the 2 Escudos. The 5 centesimos is uncirculated condition and MS?. The thing is, for example, we have a ZAR 1902 veld pond in the family with some other rare coins that were not much appreciated not so long ago. My 2010 Krause valued the veld pond at 5000 US in UNC. It sold a few months ago for 190,000 pounds MS66. It is not often one get the change of buying something really rare that might be a treasure for our children. We also bought the 1892 ZAR proof penny and shilling for 5000 US each years ago. The penny is currently for sale in New York heritage auction for 37,000 US opening bid. Same grade MS64. Here is the 2 Escudos. It was from the same seller as the centesimos.

 

I did that, he thought I was stupid. "Please buy this coin anywhere else. NGC rating means nothing for this type of coins" So, we are still at it.