I have this problem on occasions, I wonder if anyone else does especially those that have been collecting as long as I have. That amount of time equates to eleven years now. Anyway here it is. I was contemplating purchasing an 1845 Braided Hair Cent. I graded it as an AU 50 to say 53. Accorking to Numismedia the price I could get it for was an outstanding price. Then I looked at some pictures of these in MS, nice and brown in color, and expensive. So I kicked around should I wait save some more money and get a "better" coin or go ahead and buy this. Then I thought about these things: 1. Although I have no intention of ever selling this coin is worth at least double on a bad day more than it would cost me. 2. I will be the owner of a coin that few people have heard of, few people have ever seen, and few people have any idea what a coin like this is worth. 3. Thanks to #2 it got me feeling very fortunate and lucky I ever started this hobby. 4. Thanks to #3 it got me to remember someone will always have bigger/better home, more expensive car, and more expensive coins. I bought the coin, knowing I did the right thing for many reasons. I have the coin now in my possession and could not be happier with it. Does this ever happen to any of you?
Oh, its happened to me on a number of occasions. Most recently with a matron head large cent. I debated on it over and over but the price and the grade were right on for me and I couldnt be happier. I think it happens to all of us collectors.
Larry, we have often been told here to buy the best grade we can afford, and I think people tell us that so that somewhere down the line we don't get disenchanted with our purchase and regret not buying a higher graded coin. We also are told to buy the coin and not the holder. Grade means nothing my friend, as long as you are happy with what you purchased.....
Well, almost all the right reasons. You certainly shouldn't buy it based on its value in Numismedia. Their pricing info isn't that reliable. Chris
I agree with Greenie 100%. If it makes you happy you should go for it. All the other things (grade,price,etc,etc) just complicate things, however, they are hard to ignore. As a new collector those things are especially hard to ignore.
1) Don't be so sure, the only way really to find out is sell it. Then you can buy another one or a nicer one. Not being smart or anything, but you never really know what a coin is worth until you go to sell. 2) That is really a shame - everybody should know about large cents(since I like them so much). 3 and 4 - Yep. Makes it fun on occasion to show someone something they did not know. And yes - happens to me a lot.
I know that is an old saying about buying the best coin you can afford. Personally, I have never liked that statement. I think it is a truer statement to buy the best coin you can find for the amount you are willing to spend. A coin one can afford and what is willing to spend is not always the same to me. I have been looking at these coins for quite awhile now, what various grades have been sold or advertised at. I have to say in my opinion (which is worth absolutely nothing) Numismedia is about an accurate guide as I have found and very easy to bring up for a reference.
Buy 'em 'cause you like 'em. If you feel you've made a capital purchase, that's a good thing. If there is something nagging you in the back of your mind about the purchase (before you purchase), don't do it. And Mark is indeed correct. We don't really know what the true value is untill we go to sell that little gem.
Ken, you and Mark are both right about selling the coin. I have a big advantage here because if things go according to my plan I will go to my grave thinking it is worth more than I paid. Chalk one up for the collector vs. those that buy and sell.
Well, you're not alone there....I've always thought that statement was made by investors, not collectors. If you need to worry about buying the best, instead of what you like the best, then you aren't collecting, you're planning a sale for profit. I suppose they can go hand in hand at times, but that defeats the purpose of the hobby, which is to have fun and do what you want. Guy~
I think its a trap too many times we fall into trying to calculate "investment value" of a purchase. I do it too, trying to rationalize a $1,000 set of books, a rarish Roman coin I love the history behind, etc etc. We have this hobby since we love the coins. If you liked the grade, it is pleasurable to you to own it, and you believe it was a good price relative to the market, than you made a great purchase. Your happiness in excess of the value you paid. Let your kids worry about selling your stuff later, enjoy your little bits of history yourself and have a good time. At least your hobby will leave them with an inheritance. Man, I sound like a hippy huh?
You are right about the "investment value" thing. However, I don't like to buy a coin without me feeling I know what it is worth. Helps stretch the old dollars for purchases I think, but if I really liked a coin for that particular coin I would have no qualms paying a small premium perhaps. But, I have also to learned to have patience, another one will eventually come along.
