Things to never do in this hobby.

I know I have had to learn the hard way many times. It's easy to make mistakes in this hobby. I'll share a few later today.

 

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My absolute worst mistake that I sadly keep repeating is to lay down my money while I am freshly lusting over the coin. It's like getting married during your first date.... I have the hardest time stepping back for a minute and studying before I lay my money down and whisk my newest mistake off to a life of loneliness in the dark recesses of my safe.

 

Buying duplicates of stuff I think I need to complete a series (because I didn't carry a list with me) but already have....

 

Been there, done that, got the tee shirt and all that nonsense. Believe it or not I did it twice just last week. That's a record even for a dummy like me.

Bruce

 

Impulse buying ... unless you've done your research, studied the coin currently on offer to make sure it's the right one, and the price is really good. There have been times when I'd done the research and studied the coin, then hesitated and saw the coin sold elsewhere at a good price. Mike

 

Not leaving when I don't see anything I want. I did it when I went to coin shows and I still do it on Ebay. Substitutes are just not better or even as good. At least they never were for me.

Another, even worse one is the Rule of Ten. Or don't buy a modern coin unless it's at least 10 years old. By then the hype will have faded giving a better price, perhaps even a fraction of the issue price. And if it turned or is turning that should be evident

Well, alot easier to say than do. I Certainly did not follow the Rule of Ten when Zombucks came out.

 

Don’t buy the slab!

 

Don’t clean your coins!

 

Impulsive buying, I have a bad habit of. "Gota have it" instead of waiting for reasonable price, in my mind it's the last one. And trends. I don't have big coin dealers anywhere close to me, sometimes I get shafted, from pictures in the auction hiding flaws. Not that often.

 

I'm slowly learning this one. When I'm on the hunt for a particular coin and cannot find any I really like, it's so tempting to just settle for a second-rate example. But it rarely works out satisfactorily and I end up getting a nicer one anyway, later on. Now I've got a crummy coin I need to somehow get rid of. I'm afraid I do this way too often!

 

Don't despair Meat man. Your crummy coin might be an upgrade for someone who has a crummier coin. Afterall, I know a guy who collects holed coins...now that's special.

Bruce

 

Hmmm, I've never done any of that
In the subject of Duplicates... isn't 2 better than 1

 

Is there any time a slab is good, ? Gold?

 

I understand this but over the years I’ve developed patience. I’ve been looking for the right coin for 7 years now. I need a certain TPG, in a specific grade and the right label. It’s the last one I need to complete my collection. Be patient, the right one is out there.

 

Things to never do in this hobby.

Purchase a specialty minted coin for $2 million that was held without gloves.
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Things to never do in this hobby.....

Always remember the last word of the title of this thread to help you to never buy coins as an investment. Buy it because you like it, because you want to upgrade, because you need to fill a hole, because it's a gift, but never buy it as an investment.

Remember, the best way to become a millionaire is to invest $10 million into coins.

 

Never tell your wife.

 

Don't buy a coin from a coin shop where you don't know the owner.

 

In golf there is a similar admonition. Never bet with a guy who has a tan, a squint, and carries a two iron.

 

Never eat chicken while putting coins in flips.