My thoughts on buying coins.

Although my mom sometimes complains that I "waste money" on coins, this is how I look at it.

I operate on 3 levels.

1. Coins I buy to sell. This is usually junk silver, or coins I don't like that I got cheap and can make a few bucks on them.

2. Coins I buy that if I have to, I will sell. I kind of like to call this my "emergency collection". Although I would normally not sell it, if some kind of emergency happened where I needed the money, then I would sell it.

3. Coins that you will have pry out of my cold, dead hand. These I buy to keep, and for a very long time. I will probably pass them down to my future children.

If I have $1,000 in cash, then I just have a bunch of paper bills sitting in a pile. Big whoop, how boring.

Instead I use that money to buy coins with. I would rather have $1,000 in nice coins to look at then a $1,000 in paper bills.

 

Log in or Sign up to hide this ad.

You should never put all your money into something you would have to sell if something came up. Having a cash position can be a good thing. What you have described is not the diversity someone needs. Plus, you've shown allready that your choices in coins won't make money, and any money you would make on cleaning up a coin would be unethical.

 

You'd be far better off spending only a percentage of your cash on hand for coins. Buy the best quality you can for the best price you can. Keep away from problem coins (you'll lose money everytime). Buy reference books. They'll be an invaluable resource when you're out shopping for coins.

A tip..... ask before you buy! If you have any concerns regarding a purchase, ask first before you push the button.

 

Is this another hit and run thread?

 

I like coins but also like to have plenty of Federal Reserve Notes on hand as well. Keeps gas in the car, food on the table and a roof over my head. . TC

 

I take it you don't live with your Mother?

 

He he he.

 

Appears so.

 

duplicate post.

 

duplicate post.

 

What is a "hit and run" thread?

 

Trolls usually do this.... start a thread and create discussion but the OP doesn't bother participating.

 

A drive by trolling? Nah, not Detecto.

Must be in school......

 

Need to start looking at this as a hobby and not a get rich quick scheme. It's obvious from your other posts you do not have the experience to sell coins for a profit. For the record, if I had $1000 in cash just lying around (not even sure what that looks like, maybe I wouldn't recognize it) I would purchase coins for my collection, simply because to have that much money uncommitted would be an event that occured after my bills were paid.

BTW- I don't live with my mother either, but my wife sure acts like her sometimes.

 

So exchange them for some bags of pennies, nickels, dimes and quarters.

 

I already have a budget for coins so $1000 doesn't lie around in my house. Paper bills don't earn me more money by sitting in a safe or in my pocket. I put that type of money in some type of account that's earning me some more money if it's just gonna sit around and do nothing. I put my money to work, I don't believe in lazy money that gets to lay around the house, that's what the fat cat is for!

 

Ultimately I am not in love with any coin(s) to the point I am not willing to sell. That would be different if I had a website where that one of a kind coin makes my business attractive with a name, like what Allen Rowe of Carson City calls their site, "Broken CC". The principle I try to operate with is maximum exposure of quality material, so I run nice coins I buy at auctions so that others can enjoy the images and perhaps buy them.

Bullion material is safe and secure if you can work out the details of keeping material in a secure place. No one has palpitations of the heart over an MS/PR70 modern piece. Wonder coins are an entirely different matter.

As for derelict OPs, we will let our good friend know that he should be available for follow-ups a few hours after a post.

 

547 Posts = 547 troll responses?? No, not our Detecto :yes:

 

But on a serious note, don't throw all your money into one investment. And as I see it, if you buy to sell short term, it doesn't matter what type of coins they are, this is deemed an investment. And if you decide to make a sizable one coin purchase, make sure you do your homework and don't be afraid to ask your panel of experts on here what they think. How many times do I even have to say it?!?

 

What? Can you repeat that again?