The common wisdom is that it is a mistake to buy with the intent to upgrade later. You get caught in the squeeze between retail and wholesale when you do that and you end up paying 40% to 60% more for the coin. It is better to save your money and buy the coin you really want. That said, has anyone here bought a lower grade coin and sold it at a profit and used the new money to buy the better item?
Yep....I have bought lowgrade key date coins and after sometime sold them to buy a better grade one...and I have made a little bit a $$ on it... But let me also say I have quit that too...at least I try not to do it...I try to buy the best I can at the time...I'm not collecting for someone else...I'm collecting for myself...and only myself can know what is right and what is wrong for my collection... As the owner of the Richmond Collection siad (can't remember everything but part)..I don't buy the best out there...I buy the best I can. Speedy
Many of my coins in my Lincoln collection have been bought, sold, upgraded, sold, upgraded as many as 4 to 5 times! It was the desire to make the slot "better" and even today, if I see a slot I can improve on, I go for it. Sometimes I did this at a loss and others I have sold the current coin for more than what I paid and even with the upgrade addition, it worked out well for me. It is all part of the hobby...sometimes you win, sometimes you lose and sometimes it is a "wash".
I have, once or twice, but probably doesn't come close to the amount I have lost in this process. Paying for education - one way or another. But no more - I will pay more for the better quality and buy half as often.
The only thing I really ever upgraded was my women but now I'm at a point where I can no longer afford to do that. Lucky the one I have now is still in mint condition and has good "luster". As for coins, I agree with the premise that unless you really upgrade your net income you keep what you buy as long as you are happy with what you brought in the first place and the next collection that you fancy you save for the best if the best is within your reach.
LOL @ Andy as well..keep her well polished Andy...As far as the coins go, the major part of my collection as some of you all ready know is the entire series of AGE in all denominations. I buy both raw and slabbed coins. As far as the raw ones go, I hand pick each purchase and inspect them with a 5 or 10x loop for quality. Having over 40 PCGS only slabbed AGE coins I have honed my grading skills for this coin type very well and can most of the time select nice coins...then again, it is not so difficult to select high grade coins that are relatively new. I have always bought the highest grade that I can afford and if I am looking at a key date, I make sure it is validated by PCGS 99% of the time. I do have a few NGC slabs.. but thats it. In my opinion and experience these are the top two certification agencies that are revered in the industry because it's hobby status has gone investment grade as well. So buyers bewareBUY THE BEST YOU CAN AFFORD...and if you want top quality..save, save save...and then go get em!! As far as an upgrade..yes a few times in the past with CC Morgans. Wish I had em all back now! RickieB
"Keep her polished", you right on that one Rickie B for if she doesn't get the TLC our love will tarnish. Thanks for the welcome back Speedy, not surprised to now see that you are a moderator considering how vested and knowledgable you are with coinage. Glad I amused you SilverDollarMan and I like your handle.
