I was talking to a coin dealer at a show about a month ago and he was showing me a 1928 Peace Dollar. He quoted me a price and then complained that he was taking a $100.00 bath on it because of the falling prices. I don't remember the exact price he quoted, I just remember him complaining about the money he was allegedly losing. I read about the falling prices (and I don't doubt them); however, I'd like to read some very specific personal examples of how this has impacted your collection and how it has impacted the way you purchase coins. If you bought a coin that has lost value you've no reason to be ashamed. By way of example, when I was a teenager I purchased an AU Franklin half at the height of the silver frenzy. The dealer was a bit perplexed - it was the most I ever spent on a coin until dropping the hobby, selling everything, and only recently getting back into collecting. (I think I remember buying the Franklin for about $40) Anways, specific coin examples appreciated and insight on how this has impacted you will be most appreciated.
Gregg, the most common way it has affected me is by giving me monstrous bargains at live auctions. I've bought (not recently) BU GSA Morgans from Carson City for $50. I am presently buying old copper for about 20 cents on the several years ago dollar. I have never had to sell ANYTHING low. Every piece I've ever sold I made a big profit on, but I am sitting on a lot of stuff. When I go to a local auction of some poor departed schlemiel whose estate includes several solid rolls of 2011 ASE's, I know the story I'm around. Somebody jumped off the cliff with the other lemmings. Here's the point - at all times, SOMETHING is hot and SOMETHING is out of favor. I buy what is out of favor, because I have no immediate selling plans.
Went to do some trading with a friend/dealer this past weekend. I Had a couple of Common date PCGS and NGC MS-65 Morgans he was interested in. Checking the current GreySheet they are listed at $106. I bought them at $120 which was the last price I saw them at. Earlier this year they were $150. He paid me what I had in them. Shoot before long they will be under $100.
If you don't buy it when it's out of favor you won't have it to sell at a profit when everyone wants it. In collecting it's the contrarian who tends to make profits. I think it's funny that common Ikes are now selling for double face. Well... ...they would be selling for double face but there seem to be only buyers.
I've had 10 or so 2015 coin and currency sets I've been sitting on since buying from the mint. I finally decided to declutter, and sold them for a loss this morning. Put money in my pocket and cleared some clutter though.
Just your common ordinary three-coin series. Australian sharks, reverse proof Sacs. What's next, and what accounts for all this Mint short attention span?
@V. Kurt Bellman My biggest goof was buying four of the 2005 American Legacy Sets at $135 each. I don't think I've ever seen them listed for more than $75 each. Maybe I should advertise them on Craigslist! Chris
Kurt you can go to that gun fight BUT you must bring your entire collection which I will hold for you while you get shot. Don’t worry I’ll bring a UHaul truck.
I have a few examples: 1. Like @Gregg I bought some Franklins and other silver half dollars when spot was higher...around $11-$16 per coin (so $22-$32 per $1 face value). 2. An MS 66 Morgan...these have fallen along with MS 65 Morgans....luckily mine is a solid for the grade example that I’m happy to have in my collection 3. US Silver Proof Sets....I missed the 1999, but have the 2000-2008 ones....unfortunately I didn’t sell them when silver was around $50 or when the 2001 was the 2nd most expensive after the 1999 (used to be $100-$150...now $25-$35) Edit: in terms of my collecting, I decided to stop collecting US proof sets as I learned that they could mostly be bought for less a few years after release (outside the few key sets) and I decided to only keep one set of BU Franklins (and avoid buying more). I also mainly moved away from buying multiple generic Morgans and instead look for a few eye-appealing ones (toned).
Oh I will keep you “covered” during your gun fight with this little 100 year old relic Don’t worry Kurt I don’t miss. Alas I couldn’t find my picture but I own that exact FSR M96 conversion. An early add on pistol grip and modified stock and hand guard. It is my favorite and more accurate that my CG63
C'mon maaaaaan! This is urban Harrisburg. Handguns only, and they must be held sideways, with the grip to the side to ever so slightly inverted.