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<p>[QUOTE=&quot;IdesOfMarch01, post: 1984371, member: 39084&quot;]I&#039;m intrigued by the concept of a coin&#039;s being worth only what it is worth to you.&nbsp; I don&#039;t see how anything&#039;s &quot;worth&quot; can be established totally in a void -- i.e., absent the existence of other external factors.&nbsp; Let me try to illustrate what I mean.</p><p><br /></p><p>1. Suppose you determine that a coin you desire is worth $20 to you.&nbsp; So you research various dealers and find a few examples that are offered (in the condition you want) for $10.&nbsp; Do you pick one and give the dealer $20 since that&#039;s what it&#039;s worth to you?&nbsp; Of course not.&nbsp; You pay $10 for it, happily.</p><p><br /></p><p>2. Continuing along these lines, suppose your research shows that this coin sells for a minimum of $50 and, over the years, has gradually increased in price from, say, $30 (at which price you still wouldn&#039;t have purchased it).&nbsp; Do you ever adjust your budget or do you just say to yourself &quot;I&#039;m not going to budge, and thus I&#039;ll never own this coin.&quot;?</p><p><br /></p><p>3. OK, so the coin is worth only $20 to you and all the examples you can find are priced at a minimum of $50.&nbsp; Suddenly out of nowhere, your rich uncle gives you a birthday check for $1,000.&nbsp; Do you splurge and buy the coin?&nbsp; Or do you stubbornly refuse to pay more than it&#039;s &quot;worth&quot; to you?&nbsp; I&#039;m guessing that you&#039;ll buy the coin for $50.</p><p><br /></p><p>Think about it.&nbsp; Even when you establish what a coin is &quot;worth to you&quot; you&#039;re using some number of external criteria to establish that value (your current financial situation, rarity of the coin, how much the coin &quot;speaks&quot; to you, etc.).&nbsp; Especially during an auction, it&#039;s critical to take into account what a coin might be worth to other collectors.[/QUOTE]</p><p><br /></p>

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