Ok, so here is what is up now. there is this 1997 commemerative Jackie Robinson Proof coin ( still in Mint box and everything) that I could have bought for $20.... I checked redbook and saw it was worth $90...so I thought it was either way off or this coin just came down a lot since then. then I come home and see one on ebay with 6 bids and up to $67 with 2 days left (not counting shipping)..... UGH, why cant I stop making the newbie mistakes? stainless:headbang:
I could be worse. At least you didn't buy the coin for $90 and come home and find out it was only worth $20.
Hey Stainless, Don't keep beating your head against the wall about mistakes... Each time anything happens in your life consider it a learning experience and move on from there. I think most of us 'older' folks have a few hundred/thousands of mistakes under our belts, and we are still going strong............. making more mistakes and still learning. jeankay
Anthony, Coin collecting is supposed to be a fun and enjoyable hobby. I don't see how it can be fun or enjoyable if you agonize every time you buy a coin or pass one up. Like others have said to you before - take a deep breath and don't get too worked up over this. Take your time so you can improve your chances of making the right decision. This is not a race. You are a young guy and you have plenty of time to build your collection. Topher is right. Be glad you didn't buy the coin only to find out later you overpaid. I would much rather you pass on a good purchase than make a bad purchase. I hope you don't react to your latest misadventure by jumping too quickly at the next opportunity that you run across. I will be very disappointed if your next thread goes something like "ARRRGGGG!!!! I CAN'T BELIEVE IT! I DID IT AGAIN! Why do I keep doing this?? Last time I took my time and missed out on what would have been a great purchase. So this time I pounced on a coin as soon as it was offered to me so I wouldn't miss out on another golden opportunity only to find out when I got home and had time to actually look at the coin carefully and check my price guide that I grossly overpaid for (a) an overgraded coin (b) an overgraded coin in a slab by a disreputable TPG (c) a cleaned or damaged coin (d) a counterfeit coin." Are you familiar with the old addage "Look before you leap"? You would be doing yourself a favor if you remember and follow it before you buy a coin. Another one that I would recommend pertains to crossing railroad tracks but would also serve you well in buying coins. Stop. Look. Listen. Stop. Don't impulsively buy a coin. Think about your purchase before you commit. Ask yourself "Do I know this type of coin? Do I know how to grade it? Do I know this coin's value? Are there others like it that I could also consider?" Look. Study the coin. Is it graded properly? Does it have any damage? Is it genuine? Has it been altered? (Added mintmark, artificially toned, whizzed, etc.) What is its value in your price guide? Listen. Listen you the advice other experienced collectors (like us here at CT) will give you. Educate yourself about coins in general and your area of interest in particular. "Buy the book before the coin". And READ IT!. Don't charge full speed ahead into buying a new type of coin that you decided to collect just today. Study the series so you know what to look for and what to watch out for. Knowledge is power. I have lost track of all the coins that you have picked to collect. Recently it has been Franklin Halves, errors and Ancients. Just today you announced you have settled on something called Tankas. But here you are beating yourself up for not buying a modern proof coin. Pick a coin to collect - and try to stick with it for at least a little while so you can learn something about it. I think it would be a good idea for you to stop buying coins until you get a firm handle on what you plan to collect. Pick a type or a series and study it so you learn something about the coins. But DON'T BUY ANY COINS. Rather, make a series of "pretend purchases". Later - when the excitement of your latest "purchase" has worn off - take a closer look at your pretend purchases and determine if they were good or bad purchases. Lots of people have lost money in the stock market because they jumped in and bought stocks before they knew what they were doing. The wise investor will educate himself on the kinds of stocks he is interested in buying and will then learn all he can about the company that issued a particular stock he would like to buy. But rather than test his brand new skills with real money he will make a "pretend purchase" of the stock. He will record the current price and watch this - and other pretend purchases - over time. If the stock prices go up he will have confidence that he has the needed skills to pick a good stock. But if the price goes down he doesn't lose his money learning that he does not yet possess the skills needed to select a good stock. I suggest that you employ this strategy for coins until you know what you are doing. I hate to see you losing real money making ill-advised purchases.
Happens to all of us. I was looking at an antique shop at a bulk bag of mixed date Walkers. They were in nice shape with S and D mint coins mixed in. The price for the bulk bag worked out to $5 each for decent coins. I procrastinated; went home and thought about it. Went back 2 days later and the price was jacked up to $6 per coin. I didn't bite but kicked my butt for not grabbing them when it was $5 each.
Thanks for the advice Hobo, maybe it is time for me to take a little break and just learn about what I am doing. thanks man stainless
Stainless buddy, don't worry too much. Just slow down, enjoy yourself, and learn as much as you can. Just be patient. You'll be alright.
Like said, don't worry about it. We've all passed up good deals at one time or another, just chill, and go with the flow. Just wasn't meant to be. And Hobo, :thumb: :thumb: :thumb:. Phoenix
Hobo has nailed this one right direct on the head. Great post Hobo. Take a peek at your sig line :My goal for my first year in this hobby is to learn all I can and have fun." Listen to what these people are saying. Take your time, decide what you like and go after that once you have conquered grading etc.. Become good at a series. If I say, stainless I have a question about Bust Halves can you direct me to a few people here in CT that may be able to help me. Get my drift????
Anthony, We all make mistakes in purchasing or not purchasing coins or selling them too soon! If we learn from the mistakes, then it is all good! Heck, I purchased over 30 pounds (yes, I said pounds and not ounces) of German Olympic 10 Mark and 20 Mark Coins just befoe I left Germany in 1977. I was hoping to make a quick buck but since they were not very popular, I ended up taking them to the Dresdner Bank in Giessen and exchanging them for U.S. Dollars in which I lost about $30 in the conversion just because I needed the money. Well, less than three years later, Silver actually hit $84 an ounce for a few minutes but stabilized for one day at $64 an ounce and that is what the Coin Dealer in Florida where I lived was paying that day. To make a long story short, I lost around $180,000 because I needed the money at the time and you can still see me today, kicking my butt with almost every step when I walk down the street. Frank
Don't fret so much about it - this is supposed to be fun! Whenever I miss out on a deal, I just tell myself that I saved money by not buying it. (and its usually true!)
The ebay market is so unpredictable and wild that you just might get another chance at a bargain. Just keep your eyes open, look at newly listed Buy-it-now items and you might score!
Nobody can know what everything is worth. I think you need to specialize a little more to develop your own "circle of competency" based on your own interest and resources. Then, passing up bargains outside of your circle of competency should not be considered a mistake.
