Your biggest buy / sell mistake?

I haven't had big mistakes, but minor blunders. I shipped one guy the wrong coin, I shipped the right one and asked if he could ship the other one back and he did. I bought some worthless world coins for $5 at an antique flea market, an inexpensive lesson. I did buy a bunch of Walkers because of some better date, not knowing these seem to be undervalued unless they are higher grades. I was bidding on a 1916-S the other day and it got sniped and went for $22.50. Not a big mistake since the lots contained 1916-D, 1917-S obverse, and 1919-D, a Columbian Expo, and other earlier dates.

 

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Are the bags in the correct date range? I forget what dates contain the DDO's, but back then I bought 3 bags. The first bag, my son & nephew & I went through and found 30 DDO's. So, bought 2 more bags and not one DDO in them. Oh well, ruined my vision a little, but, it was fun and profitable.

 

I can't believe all you guys here! Ha, ha! Either you are lying, very prudent, or I am way too gullible. Trying to narrow it down to my biggest mistake is impossible! Ha, ha! I will just say my biggest recent mistake was 5 years ago when I paid $1,089 for an 1877 VG10 Indian cent I bought from L & C coins over the phone. The grade was accurate, however they did not tell me it had problems i.e. 2 light scrapes on the obverse, and I don't like to bother mailing back my purchases, so I blame myself for this bad business transaction as much as I blame them for selling coins unscrupulously. What did I do with this coin? Well, after failing to get a local buyer for it, I.......dare I say? Ha, ha. Gee, I sure hope Peter Davis does not get mad at me here ha, ha. Ok. I gave it to....lets just say I am an amateur photographer, if you know what I mean. Ha, ha! By the way, she later told me she sold it at a pawn shop for $200. I finally wised up. No more coin purchases like that.

 

Lying. Admit it folks - your first raw UNC 1909-S VDB wasn't a bargain but rather a polished and dipped to death 1909-P AU-ish piece of junk with env damage ;-)

 

Some label every coin dipped because they can't tell. How would you know they are lying? I overpaid for a lot or two but then really under-paid for others. It really depends on what you are buying the coin for. Are you buying them to re-sell some? To keep for years? My first coins were G/VG Barbers and standing quarters I paid close to melt, so can't really go wrong with that except silver crashed but they still got numismatic value. I am might go to a local coin show to sell of some coins but concerned since I know the drill, pay the minimum and sell for the maximum.

 

I have a sinking feeling that my worst buy/sell mistake is probably something I've already done, but haven't recognized yet.

I try to look at nearly everything as a learning experience, though, which helps. For example:

Back near silver's more recent peak, there was an eBay seller who was listing lots of sterling Canadian modern proof stuff a bit under melt. I was buying it as quickly as it appeared. It wasn't until I'd grabbed several hundred dollars' worth that I learned how much of a discount sterling trades at. I haven't made that mistake since.

I bought a one-ounce burnished AGE in NGC MS70 for a few dollars short of melt, again BIN on eBay. I saw that 70s were normally trading several hundred dollars above melt there. When I took it to a local show, I quickly learned that no dealer would offer a significant premium for it. However, I also learned that a large local dealer was a particularly bad place to deal -- he offered me $75 back of melt, when nearly everyone else was offering slightly above. (I also learned that hanging onto it for a better price wasn't the best approach; I got a good deal on it relative to melt, but that was when gold was at $1700. And, yes, I still have it.)

 

buddycat - an honest buyer! Who is he - on the boards here?

 

Nah, it was just a dream that he once had.

Never happened!

 

This sounds so much like me but double it, LOL

 

My point is, "What the hell does it matter!" Are we trying to play "Keeping up with the Kardashians or something"?

Chris

 

I don't think I made any real errors - Maybe paid too much or sold too low on a few, offset by paying low and selling high on others. There is only one regret I have had for selling a coin - an AU58 unmarked 1877 Trade Dollar, nothing really super special but it had sentimental value that can't be replaced

 

That might have me beat there david; was it a family piece???

 

For what its worth I've made bigger mistakes in real estate than numismatics....

 

My Father purchase a Trade Dollar on the eBay years back (early 90s) for $500 bucks. Story was the old man died and his wife was liquidating his assets.

We would look at the coin many times and go "man, if this comes out to be just a MS62, it will be worth $50,000 dollars, but it looks better".

Finally muster up the effort to ship it in and wait to get it back.

Open the box to see a red dot and chunk missing out the coin.

Other than that, I made one mistake of shipping out a Carson City without tracking. eBayer burned me for $700 bucks.

 

My first purchase years ago was a presidential medal set, I think up to Geore Bush senior.
I still have it to remind me to DYODD!
Also a German east/west coin set before they became one country again.
Those coins have deteriorated in their holders over time, doh!
I'm glad to say I learned from that and have not had any recent blunders...

 

It was. I had it for about 40 years and decided it didn't fit with what I was collecting at the time, so I let it go. Now, it would fit nicely. It's replaceable but it wouldn't be the same.

 

What does this mean? I have a feeling it's really obvious but it flew over my head.

 

You win the prize. $700 coin and no tracking. Did you have insurance?

 

Wouldn't be a mistake if I did.....

It was one of my first sales many years ago.

$700 lost out of $100,000 sold.

 

Way too many mistakes over the past thirty or so years to narrow it down to just one, but I'm sure I'll make more along the way. Everybody makes poor choices on occasion with coins, even the best dealers.