1932-S Washington at Flea Market

Even if there are only 1 tenth of that, say 2 million quarter collectors of 300 + million people, and there was never a 1932 S or D lost in quantity to melt, that still means only 1 in 5 can ever obtain a genuine coin. I bet that there are more than 2 million collections of the Washington Quarter, but that is merely a guess. Still you cannot have a complete collection without one. Replica coins from China don't count. IMHO

As I said, I am not selling.

 

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Just buy your coins from me instead.

 

That was my next suggestion. Why doesn't someone, especially those who told not to buy it, sell him the two he needs for $170 each, or whatever the price was. Maybe even give him a volume discount for buying 2 ?

 

Leadfoot is correct when he wrote that the 1932-S WQ is a very common coin. I have been heavily involved with the WQ series since before the Statehood Quarters (SQs) were unveiled and in all that time the market has been swimming in 1932-S WQs. The coin was known very early on as a low mintage coin and relatively large percentage were saved from circulation. It and the 1932-D were sold at a premium relatively early and these were picked out of circulation well before other WQs were picked out of circulation.

Of course, this does not change the fact that the initial mintage is quite low for the series and it does not change the perception that the 1932-S is a "key" coin. Truly, I don't think any regular issue WQ is "key" when it comes to the AG-F grades, but as the grades go higher then the 1932-D and 1932-S are the toughest in VF-EF. However, the 1936-D is tougher than the 1932-S when true AU-MS coins are examined.

The number of 22 million for coin collectors or quarter collectors is what you want to make of it, but I interpret it broadly to mean anyone who fills a cardboard SQ album or who plucks SQs out of circulation. The vast majority of these folks will not endeavor to put together a complete date and mintmark set of WQs. This is similar to those who claim to collect Lincoln cents in that the vast majority will never need or want to buy the ever available "key" date 1909-S VDB. All three of these coins, the 1932-D, 1932-S and 1909-S VDB are what they are, but what they aren't is rare. Check ebay or Heritage for certified examples and it will not take long to buy a bucketful. Additionally, I believe the lion's share of the bump in this series took place from 1998-2000 when the first enormous wave of SQ collectors jumped in to tackle the larger set and prices rose dramatically. They have since stayed relatively stable or have fallen slightly.

I have no problems with someone buying one of these raw are a flea market, but at $195 for an EF40 or EF45 then one is paying near or completely full retail and that doesn't feel like a good buy for a raw coin under such circumstances. This coin in this grade is much more liquid already certified and that expense is not needed to be added to the cost of acquisition under the circumstances.

 

Yes, he doesn't seem to want one as much as he would just like to have one. That is true with most collectors though. No mention was ever made about negotiating a price and a guarantee. I did say earlier that the flea market sellers I have met were honest people working a full time job during the week and selling as a business on the weekends. The thread was bashing Flea Market vendors out of hand it seemed. I wonder if he could have gotten it for $50 ? Be as common as they are, I am not selling mine. LOL

 

Thanks, that is good to know. But so far, I have learned here that dealer's take every advantage, coin services don't grade properly or uniformly, eBay sellers cannot be trusted and now it's not good to buy from flea markets. That only leaves the US Mint to aquire coins from. This is very, very discouraging. I mean, if you can't get the coins, what's the point ? I know I would never be able to buy proofs to build and register a set. I guess it's really not a beginner's thing.

 

In the "Flea Market" scenario I used with the Morgan's, it was the vendor who was attempting to sell AU coins at MS prices and XF prices for VF coins...of course it was the vendor, the grades and prices were written on the 2X2's in pen ink, who else would be responsible?

I asked about a 1900-P, it had a nice even patina, one of the better looking coins on his table. He was asking $45, the coin was worth $35 and he would not budge. I quit wasting my time and moved on...I was not the buyer he was looking for, simple as that.

Happy Collecting

Note: It was in an open air market, and when I picked that 1900 up to look at it, it was HOT from being in the sun, would this have a adverse effect on the life of this coin?

 

Obviously, there can be good coins found from nearly any source. However, you should always arm yourself with knowledge before you begin a search or actually purchase a coin. Some of my best buys have been via ebay, but at the same time ebay is more of a wild west than most dealers. Conversely, some dealers are wonderful, educated people who will take the time to convey their knowledge and attempt to treat others in the manner that they would like to be treated, but then there are dealers who are only looking at the bottom line and do not care how they achieve greater financial gain. Flea markets are almost always a bad choice to buy coins, but even with that warning there can be had the rare choice piece purchased at a favorable price. Lastly, there is no need to ever let an outside reason force one to build a registry set unless that is something that the individual desires to do for their own reasons.

I like collecting coins and it has given me years of enjoyment while allowing me to meet quite a few wonderful folks, but at the same time I believe that the discipline to learn, plan and have patience will help any collector or dealer.

 

You guys have made me feel much better about my natural instinct to pass something by rather than risk making a bad purchase on impulse. Thanks.

I still need two more 1932-S and 1932-D's to finish my last two books. I'm looking for a little better grade than this coins was but it was definitely borderline possible.

 

I agree that the tendency is for people to buy a book, see the inflated prices and go for it. I see it happen on the tables here in Vegas all the time. Guys who THINK they know the game making a bet. (And they ALL KNOW the game.LOL) Sincerely though, the only difference between acquiring a coin through circulation (and all circulated coins have the problem of a degree of wear or damage) or buying it is the price. And maybe the biggest problem with the hobby is the buyer who asks "How did I do on this ?" trying to make a quick buck or great deal ! Still, it's all good, but it is most definitely Caveat Emptor. Certainly this thread has been enjoyable and educational. I read almost everything posted every evening and thank you guys for letting me participate.[

 

I need a D. I will probably get whatever I can afford at the time and hope to trade up. That way, if I don't have time to do that, I will at least hand down a complete set. The varieties are going to be the killer. I found 2 different 1964 D DMM's just yesterday.

Good luck

 

Bingo. If you get ahead of your knowledge in the coin game, getting burned is an almost absolute certainty. The TPGs help mitigate this risk (or virtually remove it with respect to authenticity), but they do not remove it entirely. Caveat emptor.