Gladly taking a loss

Occasionally I get too excited and buy a coin that I know will be hard to resell. I want to have nice coins, but then later I'll see something else I want and my money is all tied up in the BIG one. So I sell it for a loss. This cycle has been happening since i was a kid spending my lawn mowing money at the little coin shop down the road. As much as I try to break this pattern, I still get too giddy over a coin sometimes. Still, I hope I never lose that nonsensical sense of excitement. Anyone relate?

 

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I can definitely relate.

Only being 25 I have a long way to go but I have been doing this off and on for twelve years. Every now and them I buy a coin off impulse and I regret it. With almost every coin I buy actual I take a small lose, I consider it a small fee for enjoying my hobby. And that's the thing, for me I always keep in mind in life that it's a hobby and the things I buy are just things, they can't go with me when I die. it's all ment to be enjoyed, simple as that. As wilder said, "Don't take life too seriously, you won't get out alive." There are duties and obligations, but if you let life stress you out too much something is wrong lol.

 

I can bury myself at auctions regularly not just with coins with coins I'm not usually buying to resell at least the higher end ones and if I like them even if I overpaid I can live with em I've got some mistakes I'd love to unload especially some stuff I bought when I first found the major auctions online and didn't realize I could wait it out and find better as I never saw this stuff local so I bought some problem stuff and lower grade than I'd like now

 

When I spot something that catches my interest IF it's possible I wait as long as possible before buying.
I want that first rush of adrenaline to abate so that I can take a reasoned action rather than an emotional one.

It also helps to have a shopping list and NOT deviate from it.
Sort of a "just say no" response.

 

Can definitely relate to the part about being a kid spending lawn mowing money at the little coin shop down the road. These remain among my most prized possessions.

 

I do this with almost everything, not just coins. If its not on a list of something I'm trying to accomplish I don't buy it. It keeps from empalse buying.

 

Anything can happen on eBay. I had a coin that I really liked, and didn't want to part with, but I've been trying make the hobby self-sustaining. So I way overpriced it, thinking nobody would buy it. Well, somebody bought it, and left glowing feedback to boot. Go figure.

 

I think we all have coins we would prefer to get money back to put towards another coin. I, for one, have learned to part ways with lesser coins, even if it comes at a loss. I try to minimize the loss as much as possible, but how much depends on how much I want that next coin.

 

Yes, I face similar situations. But I take it this way - there are many times when I do get a bargain and I let others some bargains as well. You win some, you lose some. I take this as a good karma and it usually works in my favor.

 

I try and only buy coins I really like but I know there are some coins in my 7070 when I get to upgrading mode I am going to regret buying just to fill a spot. My seated liberty half no motto comes to mind.

 

I hear what you are saying but I really don't relate. I buy for the sake of buying, because it is interesting to me, or I like it, or because by buying it I will be more interested in the history related to it. So, I really buy my ancient coins to force history on myself. They do that for me, so I consider the money I spent on the coin "used up". I paid X for the coin, got X value out of it, so I am even. Any residual value they may hold in the future my wife and sons can worry about.

It might be selfish, but I simply do not worry about how much they will inherit from my coins. I got my value out of them, that is all I worry about. I will leave them stocks, property, and PM as their inheritance. I do not build my coin collection based upon an investment strategy. If I did, I wouldn't enjoy it, and isn't that the point of a hobby?

 

As I've say before, I'm going to the great beyond with my collection intact.
I enjoy my coins; I enjoy trying to find them; I enjoy showing them off.
I don't do it as an investment because I've also said coins are NOT a good investment.

It will be up to my wife to dispose of the collection when I'm gone.
She knows who to contact.

But that doesn't mean my collection doesn't morph over time.
After much soul searching I decided that my raw coins are going to be sold off so I can some others that I REALLY want.
Hence my Morgan set is almost completely gone.
I have one semi-key yet to sell. It's in an ICG holder but I'll get it into an NGC holder before I list it. Then there's maybe a handful more to dispose of.

My Buffalo nickels will be next.
Finally the Lincolns.

 

I can't relate about big coins, I am very hesitant to buy large coins at any time.

However most of the time I see something I really want but I don't buy it, mostly because I fear having too much money tied up in a coin (most of the time it has problems too).

 

Sadly, I cannot relate. You see, while most of you are coin collectors, I am a coin hoarder. I cannot bring myself to sell or trade any of my coins. I have sold coins from my collection twice because they were 'just common wheat's' and regretted both sales.

Though, I do not think of coins as an investment. Some people go out, party, drink, gamble, etc... I buy coin's. All while knowing, one day my son will sell my collection for pennies on the dollar But, I will have enjoyed the journey!

 

I'm a little bit of both. There are certain coins I want for my collection with no plans to sell them. And there are other coins that I buy with the intent of selling for a profit. Obviously the investment purchases are coins I believe are undervalued. It's also a good strategy to help acquire the coins you really want.

 

I have a couple that I'm buried in but not because I bid too high. I just paid too much.

$3500 for a 1972 Type 2 IKE in PCGS MS65
$3000 for a 1971 IKE in PCGS MS66

The 71 is a about $400 down while the 1972 is MORE than Half of what I paid.

I will not intentionally take a loss on either coin. I'll let my kids do that but they'll never know and instead look at it as a windfall.

 

I'm exactly the same way. Therefore I've never, nor will I ever take a loss on a coin. As far as the OP's question though, even if you take a small monetary loss, but you use the remaining money on a coin you really want, you've more than made up for it, in my opinion.

 

Yes. While I don't have as much experience as you in collecting, in the short period I have been collecting

I recently bought 2 1971 Silver Ike Dollars (PCGS MS66) for under $55 each. Is your Ike the non-silver type? I don't collect this series other than the silver issues.

 

I can relate in the past with many impulse buys. However, sold my first coins on eBay last year. I can tell you it was almost as addictive as buying coins. I sold doubles and other items no longer wanted. Ended up only slightly ahead but culled the herd nicely. More space in the SDB now. May do the same this year. TC