what was your worst coin buy?

I read about a lot of people scoring great deals. What was your worst buy? When I was starting out I bought a xf heavily polished 1894-o Morgan at auction for about 150.00. I thought it was MS or at least AU. I sold it on Ebay for 56.00 a few years later.

 

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When I was new at this hobby (1year ago) I went to a coin shop in my area and asked if they had an xf-au peace dollar I ended up paying 40 dollars for a super, ultra, mega polished piece of blankity blank. Also the same coin shop that sold me 2 uncirculated walking libertys 1 they said had toning but it was disgusting verdegris. (Didn't know at the time)and another was heavily cleaned about vf details.Paid $20 for each.

 

I bought a Chile proof 10 pesos 1968 (KM 183) for 180 US through local internet site (no returns). The seller did not have the original holder so he pushed it with his fingers into holder that was to small scratching it beyond what you can imagine. So, I bought one again for the same price. It arrived all OK in original container looking all good. Picked it up at the PO box and drove home. When I got out of the truck, I slipped and dropped the coin on the pavement so that the container broke open with the coin rolling down a few cement steps. It was completely ruined. It felt like money lost in a casino. So, I bought one again for 200 US last week. It is now safely in my office.

 

I want to read more storys. Dont be embarrased

 

I'm new, so it hasn't happened yet, but I'm pretty sure that it will (meaning I've mainly only purchased from the mint or what's considered junk silver).

But for Christmas my mom bought my son a small burlap bag with 50 wheat pennies in it from The First Commemorative Mint for $20. I guess if he'd play with them more it'd be worth it. The bag's pretty cool, but I think she overpaid by about $15. I won't tell her though.

 

I bought one of those 20th century type set "collections" you use to see advertised in the Sunday supplements (or magazines). It was one of those sets in a fancy display case that you could hang on the wall, and had doors that opened up to show off your coins. Of course, all the coins were polished to look "nice". I think I paid $99, and that was in 1972. I forgot about it, and after moving, I sold it for fifty bucks at a yard sale (fifteen years later). I should have dumped it in 1980 at the silver peak... at least the melt value would have recovered my cost.

 

Everyone has bad buys. I would mine were like most, when you start out. I bought a capped bust quarter once that was harshly and ugly cleaned. It was the only cbq for sale at iowa coin shows at the time, and i had never seen a nice one.

I bet you half of all bad buy stories will involve people trying to score "deals".

 

I bought a British Yearset for $20...

Worth around $5..

Only really bad deal so far for me.

 

Four years ago, I bought a 1797 half cent )1 over 1 variety) NCS VF details (heavy corrosion) for $540 at a local coin show (the dealer knocked off 10% from the $600 asking price). Redbook VF listed at $1750 so I thought it was a good deal—which goes to show that I was a real early copper novice at the time. Didn't realize that Heritage auctions had similar coins selling for $250 - $300. Unloaded it last year on eBay for $200 (and felt lucky to get that). It taught me to avoid problem coins like the plague.

 

I would have to say my worst buys, form a financial point, are the newly minted high grade material I need for my collection (Sacagawea and Presidential dollars). I try to search rolls and mint sets when I have the time. Unfortuately more times than not, I must purchase from the market makers. The prices for the top pops are far higher in the first few years of mintage. Ussually, the price will drop significantly as the pops rise over time. Every now and then, I get one that manages to hold a low pop and I end up with a coin that will hold its value. In most cases it is a free fall to the down side.

 

Bought an 11D Lincoln cent that had an altered date. Didn't "discover" until years later.

 

Oh my God!

 

Recently, after being blown away on my Heritage Long Beach bids, I was watching the live session with one eye the other eye on the TV. A blazing Peace dollar hit the block. I just had to win something, BID BID BID! NGC MS 65+ with
Cac bean. I won. Missed the Fed-Ex man, but was excited to get the chin so I drove 30 miles to the depot. I ripped the package open like a savage. My sank when I saw the large brown spot right next to her eye.

Normally, I would study the pictures and price guides to have a plan, but in the live sessions an item is only up for a few seconds. Auction fever got a hold of me i suppose. When I look at the coin my eyes always fixate on that spot. I also overpaid by a considerable bit.

 

Sorry its not that bad, but its my worst buy. Im 11, and ive been coin collecting for 3 years, and a couple years ago when I started I saw a lady trying to sell MS-65 1964 90 % kennedy halfs to a dealer, and she rejected his offer, so i offered her 15 bucks for one of the halves, and figured it was worth only about 12 bucks to melt, + about a dollar for high grade and numismatic value, I only striked out 2 bucks or so, but its my worst buy.

 

I wasn't really thinking when I bought a 1965 cent at a coin show that was advertised simply as a "doubled date". I believe it cost under $10. When I got it home and checked it with better lighting, I discovered that it was a very nice example of a machine double.

 

I bought a "Silver Army Token" just off looks alone on eBay for about $30. It looked really pretty, it wasn't the commemorative coin, just a silver token. Turned out, it was just a plated token, worth maybe $5.

 

I was putting together a draped bust type set (half dime, dime, 25c, etc.) I had em all in low grades some with problems, but wanted to add a certified example of those "wives of presidents" to the set since it carried the draped bust design. I paid $80 for this piece of garbage bronze coin. An impulse buy. Should have just bought the gold coin. Ah regret...

 

Theres alot of good post here, and alot of good lessons learned.

 

http://www.ebay.com/itm/1971-Eisenhower-Dollar-clad-VF-/121060246642?_trksid=p2047675.l2557&ssPageName=STRK%3AMEWNX%3AIT&nma=true&si=mY0Op22qc7U%252Fb%252FdQhmOTyet27jQ%253D&orig_cvip=true&rt=nc

I miss read the auction...I read the of the 9 for sale in the listing... I blame myself...tho, could have been worded a little better.

 

Thats a BS listing. I cant stand that crap.