Is it over okay to overpay for a coin?

You have all these rare coins...there are no mintage numbers on this coin you need...it's MS condition.... you need this coin to complete the set...you have all these rare coins (oh, i said that already).... sounds like $500.00 is chump change.
Just sayin'

 

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I feel like I overpay every time that I buy a coin , but if I have looked for it for many years, I don't mind.

 

Look at this one. It is the pattern KM Pn84. The pattern dates 1971 and was used in the old 5 Escudos 1971, but it was also intended for the new mapuche theme 50 pesos 2001. It never went in circulation and I know of only two specimens. The other have a hole punched in it.

 

I think in todays world of online coin auctions, when you're bidding on something rare, bidding against the world, prepare to overpay.

 

I hit "like" but it's really "agree."

 

i think you should do what you want to and there is nobody that has not paid to much for a coin.

 

So true tgaw.

 

I think it's okay to overpay for a coin as long as you like it and know you probably won't get the same money back when/if you sell it.

 

That's funny, that is how I feel about underpaying for a coin. What I mean is that the majority of the time that someone tells me they got a great deal on a coin in relation to the price guide, the coin is usually substandard in one way or another. Most commonly, the coin will have surfaces that are low end for the assigned grade and below average eye appeal.

 

The old premise you get what you pay for comes to mind , rarity and quality don't come cheaply .

 

Yeah, but ya know? The 'slob' in me likes it........

 

I feel as though a coin is only worth as much as someone is willing to pay. Of course you will have to adjust for the market value but if you have a pretty coin, someone will pay more for that one as opposed to an ugly or even plain-looking one. And even I that's the case beauty is in the eye of the beholder and what is pretty to some might not be pretty to others. So yeah...basically if you really like a coin be prepared to pay a little bit more of you really want it.

Mery Christmas all!!
-theSharpGun

 

If It's a coin I want badly, someone's going to have to put up to even get close to me. Money isn't an issue for the quality I'm looking for.

 

It's like underwear. Buy the cheap ones and you'll regret it.

 

I don't mean to be cute with this response, but much of the discussion will be directed by how you define overpaying.

 

I used to worry about overpaying for coins too. But then I realized something, I'm here to enjoy collecting coins, constantly worrying about overpaying was making the hobby a hassle. Since then the only standard I have set for myself is to budget my spending and to pay as close to market price as close as I can. I still overspend a bit here and there, but I'm not going to worry about it.

 

As I look back at my collection, almost without exception, my best coins were ones that I "overpaid" for.

There's a lesson in there, if you care to learn it....

 

Listen to the wise, wise members on this forum here. You can really learn a lot from them.

 

I think we are teaching the same lesson Mike. I hope some learn it.

 

...back in 2002 I overpaid for this one, still got it.

Paid $350, sent to PCGS/CAC, graded AU58.

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