Throw Krause out the window on this one

I've been looking for a 1975 Mexican 10 pesos coin for about 8 months or so and one never comes up for sale. Krause lists the value in VF as $2.25. Finally this one came up. Someone had bid on it already but I bid what I thought would be more than enough, $6, and was immediately outbid, so I agonized over it and raised my bid to $8, because I really wanted it. I was in the lead until the last hour or so. When I was outbid I wasn't prepared to go higher. I couldn't believe when I looked to see that it sold for $26!
http://www.ebay.com/itm/390371319256?ssPageName=STRK:MEDWX:IT&_trksid=p3984.m1435.l2649

It just shows that Krause is irrelevant when the coin is rare. You can't find these anywhere so when it comes for sale, people go nuts. There's about six or seven 1970s and later Mexican coins I need to finish my collection, and they're all like this. People don't bother to list them because they don't think they're worth anything, so if they ever do come up then the price is ridiculous.

 

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It is impulse buyers, if you are patient enough you will get it for BV. I am bidding on a coin Nicaragua coin right know and the bidding is at $200, the same coin sold for $550s a week ago because 2 bidders got into a bidding war.

 

Sorry to hear that. Sounds like you got unlucky for that, and a good thing to call our attention to. A number of people here say not to use the catalogs, etc. as the price guide, because sometimes they are completely off. Hope you find one less pricey.

 

I know what you mean, I finally filled in this spot in My Estados Unidas Type set.

 

Wow, I never even check these for key dates. Hope I didn't throw too of them into junk lots over the years.

 

Chip, the one you pictured is another one I need. I check every few days. I've only seen one listed once, and the seller was in Mexico, which makes me nervous. I think it sold for $13. I also need 10 pesos from 1990 and 20 pesos from 1986 and 1990. The 5 centavos from 1999 and 2002 are the remaining ones that I need. I've been looking fruitlessly for months.

 

chip do you needed a 1965? its b.u.

 

I remembered that you were looking for one, but the dealer at the show where I picked this up only had the one.

I think the only reason I was able to pick this one up, because Krause had it listed at something like 17.50 compared to like 2 dollars for the 70-72 in unc. The dealer priced all his coins according to Krause. Most low value coins you have to end up digging through the 5 for a dollar bin, and then you will be lucky to get something xf.

Are you looking for either the thick or the thin flan, or are you aiming for the complete series or just one of each of the two types?

 

Actually I have a few of the earlier larger centavos. This one was the hardest to find. Why? The best I can think is that they were so small that they were thrown away as being worthless.

 

Chip, I am just looking for one of each date. I don't go after varieties and I'm not really hung up on condition as long as it isn't covered in gunk or bent or something. I think the 1973 centavos are mostly in good shape because it was the last year they were issued. The 1956 British farthing was the same way.

 

hiddendragon ,do you want a 1965-1centavo-b.u. ???

 

Sorry James, I have that one. The ones I listed above are the only ones I'm looking for.

 

It sold for $9 this time, plus nearly $3 to ship. It's not as nice though, and it was still higher than I wanted to pay. I bid $8.50 and didn't really feel comfortable with that, so I'm kind of glad I didn't win. http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=200689049729&ssPageName=ADME:B:ONA:US:1120

 

Krause is fine if you're looking to see what coins were produced where, and a very 'rough' guide to prices. However, if you're into one country's coins, best to get a guide for that country. For the UK, Krause is hopelessly inadequate -- but it would whet one's appetite maybe. For the UK there are a couple of publications, and I'm sure other countries have their own equivalent.

It is truly a jack of all trades, but master of none.

 

I've found as I've focused on getting certain coins that some sell for way more than the Krause value and others way less. There are some Mexican 20 centavos from the 1950s that Krause lists at a premium, but you can see lots of people listing them for 99 cents with no takers. Then I see other coins with fewer than a million minted, and Krause says they're worth 75 cents. I find that hard to believe. Brazilian coins are a good example, and have been another area I've been focusing on.

 

Here's an example on the other end of the spectrum. I just won this auction for a 1920 French 5 centimes and 1921 10 centimes, both the larger copper versions. The 5 centimes has some verdigris but the 10 centimes looks good. Krause gives a relatively high value for this, but I got it for $3 shipped.
http://www.ebay.com/itm/ws/eBayISAPI.dll?ViewItem&item=310365508435&ssPageName=ADME:B:EOIBSA:US:1123

 

I find world coins much like ancients, not a lot of pressure on exact dates. There are just so many coins, that most simply slip through the cracks. I catch some, but never pursue many hard since there are 1,000 more coins I need and the one I am looking at is just one or the 1,000. Others do the same, this is why world and ancient coins with book values of $30 can be bought for almost nothing all day long, and why coins worth less than that are frequently bunched into piles and their specific dates ignored.

I would bet you there are 500 people in the US, (and probably 20 on this board), who don't even know they own the little Mexican coin you are looking for. The major problem with such coins is no one cares if they own them, so they simply do not list them. I buy bulk lots of coins all of the time, and don't pay attention to them unless I know what they are. I was looking through an album, (about 200 coins), a week ago that I bought a year ago, and the only reason I looked up a stupid coin is the holder said $600, and I thought they were smoking something. Well, yeah, Krause says $500, and I had no idea I owned the stupid thing, (I still think its retarded pricing from KM), and frankly would have never known this was in a book I bought for $80 unless someone had put it on the flip.

It sucks man, I know your pain. I wanted a Colchis coin once, and looked all over the world for one. I went to major shows, talked to every major dealer, nothing. I know what its like to want a coin and having not one to buy. But, I promise you it does make it sweeter when you do find it. That's the beauty of collecting lesser collected series, the thrill of the hunt.

Yeah, I know, a lot of rambling and it still doesn't get you a 1975 10 peso right? I just wanted to tell you that this is part of your world coin hobby. Its like boot camp, I bet you will never forget this expereince, right? You will be telling your grandkids how granddad took years tracking down this little coin. lol.

Chris

 

I agree with everything you said, Medoraman. I know I've gotten a ton of good deals because I caught people snoozing, and it more than makes up for the ones I can't find. A high percentage of American collectors don't care about world coins. Even the coin shop where I go doesn't want them. I watch as people try to sell them to the shop and they strongly discourage them, usually advising them to give them to kids to play with. For many people, the only reason they'd ever look at a foreign coin is if it's silver, and if it isn't silver, they don't care. I don't understand how someone could find this a satisfying hobby that would last for decades if all they do is focus on the relatively limited world that comprises U.S. coinage. But many of those people spend their time seeking higher and higher grades, and this doesn't appeal to me. They spend $50 on one coin, whereas I bring home 250 for that price. That makes more sense to me.

But anyway, the only reason these few Mexican coins really bug me is that I'm so close to completing the set that I set my sights on. I still need dozens for my British set and my French set. My Greek set is not too far away from completion, but that's a relatively recent goal. But Mexico was one of the first two countries I set out to collect, and I'm within 10-15 coins of completing it (under the parameters I established), so it's tough when I simply can't make any progress anymore.

 

Good luck with your search. I know I had a few of those...checked for you and they're all 77s and 78s :\

 

Thanks for checking Petro. Every once in awhile I see one on eBay that is a 76. So close!