Canada 1967 coins - stupid purchase by a newer collector

Sad little story:

I didn't go to my usual coin store because it was lunch break from work today and my favorite store is too far away. So I went to one closer, where I've been a few times. I just wanted to get something silver and I saw they had the 1967 Canada dollar. He sold it to me for $25. I think I paid too much but at least it has $18 or $19 in silver value, currently.

But where I really got robbed was on the 5 cent piece. I'm a relatively new coin collector and I wasn't thinking for some reason. He said it cost $8 and I agreed. What an idiot! I was thinking maybe it had silver in it since I knew the 25 cent and above for that year have silver in them. I looked it up and the piece is maybe worth $2 and that's being generous.

I guess lesson learned. I need to do better research before purchasing. Also, that coin store won't be getting my business any more. I just have to be patient and go to my regular coin store on the weekend.

 

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Well, what condition are the coins in? You may not necessarily have been ripped off, all depends on how they look.

 

The 1967 nickel in proof is listed at $1 in my 2010 book. As far as my untrained eye can tell it's nothing special, not PF70 or anything.

The dollar has a tiny mark on it, I would guess PF67-PF68.

 

I might be wrong but I don't think the Royal Canadian Mint produced any proof coins then. The Canadian mint produced business strike type coins that exhibit "proof like" surfaces.

 

Ok...like I said I am not an expert but nowhere in my book does it say $8 for any 1967 nickel. Looking at ebay, you can often get 2 of them for $2. Looking at the 2 pieces, the nickel is definitely better than the dollar, but I don't see how that justifies the price. The dollar has a few minor flaws. But the dollar is .600 ASW and that is certainly not a flaw!

 

You know what, it's perfectly okay. We all get licked once in a blue moon, but as long as we learned a lesson from it all, that's the important thing. Talk about mistakes, try missing out on a for sure money making opportunity when it comes up...like for example not buying any of the 25th anniversary silver eagle sets. I missed out making $2k+...oh well, such is life.

 

That reminds me don't you hate it when you get into bidding war on coin that had limited mintage and you expect not to find it being sold every again. Only to have it appear in auction a day later and selling for lot less than what you bought the previous coin for ...

 

I posted on here about a month ago about how I had two Polish coins listed on eBay. Both were nothing special and catalogued at about 25-50 cents. I had them listed probably five or six different times with no bids. Well, for some reason this time two people got in bidding wars over them and they each sold for around $10. I kept worrying the buyer was going to realize he massively overpaid and ask for a refund, but it went through without a problem. Maybe it was the one they needed for their set so it was worth it for them. I kind of feel that way about a few Mexican coins I need for my set.

I agree though, I made a lot of dumb purchases when I was just starting, but at least they were low value purchases so I ended up with some coins that are pretty much worthless, but at least didn't spend a lot.

 

Its easy to do Hawking, especially when getting started. This is why, even though I know there are so many great and wonderful things to collect, its usually best for a beginner to try to limit themselves to a narrow focus. None of us are experts in every coin series, but the longer you are around coins the greater chance we might know relative values, (or know to look up a book first ).

Chris

 

Yes I can't think of a single collector that was knowledgeable in coins BEFORE they started spending money on them. I'm sure there are a few out there that were trained as kids and came into the hobby with a proverbial "silver spoon". But even then it's not so much your experience, but rather what you do with it that counts.
I've met dealers that have been doing it for 30-40 years and don't have a clue compared to some people that have been doing it for less than a decade. The difference is being able to adjust to and embrace the modern age of doing research and sharing/gaining knowledge.

Oh, and looking in a book is often not reliable in terms of value. Always try to confirm with multiple auctions records in comparable condition and eye appeal.

 

$25, doesn't seem to excessive for the dollar coin, it's not a great deal but I wouldn't be disgruntled by that price. $8.00 for the nickle, that sucks. Have you looked to see if it's a rotated die? They were super common that year and if it's a big enough rotation the $8 might be worth it.

 

I have to say, don't hold it against the dealer too harshly, he may not have done his homework either and overpaid as well. It happens to all of us, and you're not out a great deal of money. Actually a nice cheap lesson though, yes always do your research ahead of time. I really like the 1967 Canadian coins too but the market is pretty soft. Good luck!

 

Hey, it's happened to all of us. Impulse buy and instant gratification sometimes drive us to make purchases we later regret. The way to avoid this is to walk into a dealers shop with a particular coin or series in mind and stick to it. If you do your homework things will turn out better and you won't feel like you've just been fleeced. And don't give up on the shop that sold you the 5 cent piece and dollar coin. Go back and cherry pick something from him......

 

Great point actually Green. We spend a lot of time here worrying about values, but let me ask the OP a question. Do you like the nickel? Does owning it make you feel better? Are you going to keep it and hold onto it for a number of years? Sounds like a bargain to me for $8.

Chris

 

I'll probably keep it. I just wish I'd bought a little more silver instead of it...thanks for the thoughts everyone.

 

Sorry about playing "devil's advocate", but that sounds like the difference between learning from a mistake and rationalising it away.
At $8 it's not a big deal, but you wouldn't want to extend that mentality to something high end.

 

Of course not, but we are talking $8. That cannot always buy lunch at a fast food restaurant nowadays. I was simply trying to point out that for small amounts of cash, don't worry if you spent $5 on something the "book" may list for $1. If you got $5 of enjoyment out of it, you made a good purchase.

Of course I would't say to spend your paycheck on HSN for coins and feel good about it. . I do see why you are playing devil's advocate though and making me clarify my point.

Chris

 

The fact that TV coin selling schemes haven't died off leads me to believe that there are, unfortunately, plenty of buyers.
The OP really did ok, especially considering he paid $33 for coins that some people out there would have purchased for 2 or 3 times that off a TV ad.

 

Hawkwing74,

I knew I had a 1967 set saved somewhere, so I took some pics for you. Unc direct from the RCM in 1967.

 

Nice pics!

I still need the wolf and the 1 cent bird. I'll get them eventually.