What's the dumbest coin decision you ever made?

Got involved with a scam group back in 1999 & lost $75000
Did get $20000 back through New York Justice department
But learned there is no Gold Ring just hanging there

 

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QUOTE="Mic123, post: 2073455, member: 73401"]Got involved with a scam group back in 1999 & lost $75000
Did get $20000 back through New York Justice department
But learned there is no Gold Ring just hanging there[/QUOTE]
HOLY COW

 

Biggest mistake? Back in 2009, I had taken box of coins down to the coin dealer to see, for the purpose of erasing my credit card debt. My dad had been buying coin sets in threes, one for him and one each for my sister and myself. I took ALL of my American Eagle Gold Bullion sets, the two Platinum Bullion sets, a set of Russian Ruble coins (6 1/2-oz. gold coins) and American Eagle Silver Bullion coins, P and UNC, to the dealer. He tallied everything up and wrote me out a check for $45,000. Great, yes?

The “mistake” was mine. I miscalculated just a bit as to how much I needed. Turned out my numbers were about $10,000 HIGHER than they really were. I didn’t need to sell the Platinum coins or the Russian coins! I could have kept the Silver AEs (those were just $320 for what there was, so it was insignificant).

However, I made out in another way. On that date, in Sept 2009, the price of gold was about $1100 an ounce. Everyone was predicting gold would rise (which it eventually did), and he said he would pay me $1800 an ounce. Turned out it was “only” $1700 an ounce, so I got WAY more than I expected. Just wish I hadn’t sold all the stuff that I did. I still have one gold set left. Gonna hang onto that one.

 

Not sure if its the winner if it was sold at what the market would bear at the time. We can all look back on things we've sold and then years later the prices rise but who can predict it? As long as you don't get ripped off on the sale at the time then you did well.

 

My dad, who started collecting proof sets and modern commemoratives in the 80s, would buy the proofs, because they were prettier, but wouldn’t buy the uncirculated issues. Often, the uncirculated issues, because they minted fewer of them, SOARED in value, 5x-10x their issue price, whereas the proof issues maybe only double or tripled.

 

I lived in Tucson when the Wisconsin error quarters came out and I found 11 in one roll. My mistakes were not running to the bank and buying many more rolls, I didn't get them graded for about 7 months and I didn't sell them when the market was on fire. I did sell eight of them for about $1,800. Still not bad but I could have done so much better.

 

I bought a roll of ASE's @ $44/oz. Also lost a few hundred selling coins on GC.

 

Several On My End, I tried to help a gal out that was selling her dads coin collection she inherited, She sent me picks And alot of the items had #'s on them so she decided it was what her dad thought they were worth, We came up about one Hundred dollars dif in price between what I knew I could get out of them, I buckled when she told me she had 2 small kids to feed and was on her own and I gave her her asking price. Well not by her fault but a lot of the coins were not silver like I thought and a few high dollar ones were fake, Like I said she did not know.
Then there was me working in the tri state area and only coming home maybe once a week when I was young I had my coin collection put away in my Moms china cabinet in a silver clam shell dish, Well she decided to take a few teenagers under her wing and try to help them out by feeding them and letting them hang out they lived a few houses up the road in deplorable conditions Well a year or so goes by and I went to get my coin collection to show someone and you guessed it it was gone, It still gives me a stomach ache even 30 year later now.

 

The 2009 Lincoln cent had four different varieties attributed by the mint as LP1- LP4.
I think the LP1 only had 50000 P/D sets from the mint, whereas LP2 was overproduced after many many angry people complained when their orders for LP1 were unfulfilled.

 

Why on earth did he pay $1700 an ounce with gold price at $1100? Can you give me this dealers number/contact info? Granted he is probably not in business anymore making deals like that but you never know I guess.....

 

Was that coin (and your collection) your "personal property" BEFORE the marriage or acquired DURING the marriage?

If "before", it was 100% YOURS and she would've had no legal claim to it. You're lawyer should have known that.

 

He's a local dealer and very reputable. Been in business a long time and, yes, still is. Everyone was predicting gold would hit $2000/oz. I did the math afterwards. Divided what he paid me by the number of ounces of the sets (1.85 oz. per 4-coin set) and it was exactly $1700/oz.

Yeah, I made out.

 

If it was your "personal property" BEFORE marriage, and was never converted to "community" property, it was 100% yours.

 

Would you mind giving me the address of his coin shop or his phone number or both? Via personal message would be fine. I can't find anyone paying premiums like that so it would be worth it for me to ship the coins to him if he is still paying well like that.

 

This is true, but Louisiana law is very different than the rest of the country.

 

I think back on how many MANY times I went to Las Vegas and bought rolls and rolls of silver dollars for $ 20 dollars- Only to dump them all back into a slot machine or cashing them back into the teller to exchange for paper money.

 

I'm sorry I didnt buy it from the Mint at the issue price. But what were you thinking, buying it from Art & Coin?????

 

Lots of places in the US where the law is very different from the rest of the country. You deal with it.

 

Let's not judge. This is a place to share and laugh about dumb decisions That WE'VE ALL made.

 

No offense intended. Been tempted myself.