An Update on My Big Coin/Bullion Order from APMEX

BNB,

I am going to stray away from the advice that everyone else has given you with some minor exceptions. In the long run, you are going to get punished trying to make money in coins with your current knowledge level. However, you seem hell bent on making a coin purchase and doing it quickly, and although you say you want to make money, it really seems to me that you are here to gamble.

I am a regular at the poker tables in Atlantic City and have worked in the casino industry for over 15 years; no stranger to gambling myself. From what I have read in this thread, you seem rather impatient and not inclined to listen to the advice of others. This leads me to believe that you are young, twenty something. It also occurs to me that the $2K does not mean much to you. This could mean you have a level of wealth that makes $2K not a big risk financially. It could also mean that you don't have much in the way of financial obligations (wife, kids, mortgage, etc). Either way, if you want to gamble, then go right ahead and gamble.

My only advice is to make a sound bet. Here come the exceptions. Make sure that the coin you buy is graded by either NGC or PCGS. I know people will tell you that PCGS is best, but that simply isn't true. As for Speedy's advice about the other TPG's, you don't have the requisite knowledge to determine which coins in those slabs are the good ones, so you have no choice but to avoid them. The only way to beat the house in a casino is to hit and run. The longer you play, the statistics will favor the house edge. Likewise in your case, the more coins you buy, the chances are greater that you will make a mistake. I suggest you wait until the upcoming Heritage signature sale, and find ONE coin in that sale that you like for $2-$3K. Determine how much you will bid on the coin prior to the start of the auction and then place an absentee bid prior to the live auction. If you win, good. If not, wait until the next signature auction and repeat the process. There is one every month.

I give this advice for several reasons. You don't have enough knowledge to buy raw coins and come out ahead. If you buy a coin from a retailer like CRO, you are going to be paying retail and will find it very difficult to make a profit. If you buy a coin at auction, there is a chance that you can get a nice coin at a decent price that you could flip for a very small profit.

If you like Buffalo Nickels, here is a link to one that is in your price range.

http://coins.ha.com/common/view_item.php?Sale_No=1129&Lot_No=334#photo




If you are really in a gambling mood, take a look at this coin.

http://coins.ha.com/common/view_item.php?Sale_No=1129&Lot_No=8493#photo

Forget the price guide on this one. No way it sells for less than $1,000 and my guess is closer to $2,000. Now this coin can be phenomenal or it could be a real dog. A gamlber's delight if you ask me.




And while out of your price range, if I were going to invest in coins, I would buy coins like this. Original patina, stunning eye appeal, conditional ultra rarity.

http://coins.ha.com/common/view_item.php?Sale_No=1129&Lot_No=525#photo

Good luck and take it slow. If you look through the Heritage sale, you can even ask the member's here there opinion on the coins before the end of bidding.

Good Luck!

 

Log in or Sign up to hide this ad.

Here

http://cgi.ebay.com/COMPLETE-20-YEA...lion?hash=item19b5d4221c&_trksid=p3911.c0.m14

 

Lehigh, I'm just quoting your words of your sage advice as it seemed illustrative of something I posted earlier and wanted to share with those following of jumping into the thread fresh...

I know that everyone does not read every post of every page of every thread here on CT, but I posted this earlier and it was acknowledged by our new member, BNB, to be himself, so again, if you are interested to meet BNB and get a bit more perspective on who we are discussing these matters with, here you go: Bull n Bear Analytics

 

BNB, go for some nice one year type coins (1921 peace, 1917 T1 quarter, 1853 A&R, etc.) slabbed, look nice and the best grade you can afford. Spend $500 on some ref books.

 

krispy,

That doesn't surprise me one bit (except the surfing). I would say I was right on the money actually. Still, what he is about to do with his $2K in his twenties is much more responsible than what I did in my twenties. Bottle service at a club is expensive. So is the champagne room at the gentleman's club. I wasn't at all worried about how to make a profit, only how to spend it.

I know that everyone has the best intentions with their advice, but really it is all a matter of perspective. I have friends that spend thousands of dollars on season tickets for the Philadelphia Eagles. I think watching NFL football live is a waste of money and would rather watch on TV. But they spend the money happily because they enjoy being at the game.

My point is that I read threads on coin forums like this about the buyer asking if they got a good deal on a coin. When I visit the link, the coin cost $6. I mean come on, who cares. Most hobbies have no expectation of making money. You can make money with this hobby, but that should not be used to judge ones coin collecting prowess. I know I will lose money if and when I sell my coins, but I doubt there are many collectors that enjoy their coins as much as I do mine. And that is well worth the price IMO.

So I say let this young man find his own way. Maybe he will do well his first time, gain some confidence, and decide to learn the ins and outs of the coin business and become a knowledgeable collector/investor. However, the way you guys are beating him down, I wouldn't be surprised if he just said 'hell with this", left and never came back.

I would be remiss if I didn't point out that he even prefaced the thread by asking everyone not to give the advice that he knew was sure to come. I think the point of his exercise was to get an idea of how we, as knowledgeable collectors, would spend $2K if we had it to spend. From the ideas, he was going to attempt to find a pattern for which to narrow his purchasing focus. Now I would have been fine if everyone would have said I don't feel like giving you the benefit of my knowledge for free, but then again, that is what Cointalk is all about. As for weeding out which members know there stuff and which don't, that is pretty easy to do with just a little site research.

 

A great, truthful, honest assessment of the scenario at hand. Thanks Lehigh.

It is indeed great to be young and carefree and with a wad of fun money to burn having a great time of it. We all wish BNB the best and have offered our blunt and honest advice in our own ways as best we know how. I wish BNB the best of luck in his deals and hope his heart is in the right place when he makes his decisions so he can deal with the potential downside later if it goes that way instead.

 

Can't believe I read all that and am STILL tempted to toss in my 2 cents.

My best purchases (from an "increase in value") were buying low-mintage, under-rated coins. 1914 Barber half, for example, with 124,610 minted.

Another option is one-year types like the 1921 Peace. That's another purchase I made that increased in value, and still quite reasonable. If you can swing the 1916 SLQ, that's a great option.

A third option are keys and semi-keys in series that are popular. 1877, 1908-S, and 1909-S IHC, for example. I think the 1931-S Lincoln is underpriced as well.

I also recommend sticking with PCGS or NGC certified coins since you don't have your "grading chops" yet.

John

 

Sorry I have only did a speed read of all of the post. BNB look at the 1955 DDO cent. You mentioned a peace dollar the up and coming HA at long beach has a very nice ms-67, find the extra money or look at this one and buy something else along the way.

http://coins.ha.com/common/view_item.php?Sale_No=1129&Lot_No=1199

Alot of the ones you posted from ebay are raw, no way. Stay with PCGS and NGC. I like NGC, but won't complain about the other. Good luck and show us what you get.

 

explain your self when you say that the mint might help us out this year, what you thinking?

 

check out graded 1968, 1970, 1975 and 1983 proof dimes w/o mintmark and 1982 w/o mintmark. When they decide to change the dime design, I think these will be on fire.

 

What an excellent post! And I say that as one of those who gave advice of the type that "he knew was sure to come".

 

Hello BNBAnalytics,

The raw 1928 was a problem coin & I personally don't like the PCGS 1928 Peace dollar in your link. (It's just my opinion about the one coin). If I saw that PCGS dollar at a coin show, I doubt that I would ask for a price. Here is a picture of a 1928 that I did ask for a price & I did buy. This is an NGC MS64 which could probably be found for $800 today.

Very best regards,
collect89

 

True -

Speedy

 

http://cgi.ebay.com/KEY-DATE-1928-P...354ed48db&_trksid=p3286.c0.m14#ht_2645wt_1165

Thoughts?

 

Yes, you already indicated you would be buying a PCGS one, which it is not. And it's been cleaned. Why even ask?

 

Imo I wouldn't buy it the coin has been cleaned.

 

Yeah, you could tell from it's very shiny obverse and reverse.

 

http://cgi.ebay.com/ws/eBayISAPI.dl...8&ssPageName=ADME:B:BOC:US:1123#ht_500wt_1182 This is cleaned too huh? Jeez, how does PCGS and ANACS actually grade these coins if they are cleaned.. To me, that totally disrupts the grading process.

 

You shouldn't need to ask this forum by now regarding this particular coin/auction given all the advice you've so far been reviewing.
LISTEN. and LEARN.
...and avoid this particular auction/coin for reasons stated.

 

That one hasn't been cleaned. Looks like a pretty nice MS62 to me.