Regret On The One That Got Away!

[dean1345]

About 5 years ago I had the opportunity to buy a 1877 IHC PF65RB for $2500. I balked because it seemed out of reach. I still regret that to this day. Do you have any like this you want to share?

[WoodenJefferson]

Yes indeed!

 

Around 1979 I was in Houston when me and another guy who collected guns went to a off the wall shop that sold guns, new used, abused…in the corner he had a revolving coin display case. I was standing there going through it and the cigar butt chewing owner asked me if there was anything in there that I’d like to see. I told him I’d let him know. As the trays revolved through the hum-drum Morgan’s, Franklins, and other assorted coins, I spotted a well worn 1916 Standing Liberty Quarter. He had $550 in black ink marked on the front of the 2 by 2. I asked to see it, looked like about a F-12, asked him if he’d take $400 for it? He reached over took the coin and put it back in the case, zipped out his belt key ring, locked the lock and waddled off to go sit on his stool.

 

I regret to this day not borrowing the other $150 from my buddy and snatching up that SLQ for the asking price.

 

We didn’t buy any guns neither.

 

[BillJones]

Eight or nine years ago I had this 1796 No Stars quarter eagle on consignment from a dealer. I begged my best customer to buy it because it was an outstanding value, but he would not pull the trigger. I wish I could have bought it, but I just did not have a spare $80 grand.

 

At the time the coin was in an NGC AU-50 holder. Now it is in a PCGS AU-58 holder, sadly after it was cleaned up to make it "shine better."

 

 

 

[texasrichard]

There is one tomorrow that it looks like it will close likely just past my "max". It puts me in a quandry as I'm already stretching for it. I guess you just have to draw a line somewhere and if you don't get it.... you don't get it. If I don't get it... I'm sure it's one I will likely regret. Oh well.

[Just Bob]

At the time the coin was in an NGC AU-50 holder. Now it is in a PCGS AU-58 holder, sadly after it was cleaned up to make it "shine better."

 

 

 

[jesbroken]

In 1978 I moved home to West Virginia, I had dealt for years with a coin dealer in Kingsport, TN. I was in the process of purchasing a 1918/17 S Standing liberty quarter for $500 in VF condition. In the deal he was getting it certified. It took about 2 months and I had completed my move to WV. I called and his wife took the message, but he never called back. Finally, I got in touch with him and he told me it had graded XF and that he had sold it to someone else for $750. This was a man I had almost went into partnership with and had known for years. He said he didn't think I would have had the money, so he didn't bother to call me. Thankfully, he went out of business several years later.

This was the biggest regret for a missed coin purchase that I have, as it was a beautifully toned example of this coin, with a really strong date strike.

Thanks for listening.

Jim

[prudden]

Well,this isn't a biggie but for some reason it still bugs me. There was an auction for a BU 1887(not positive) IHC last year. It was a very cool looking Red/Brown coin with "wood grain" look. The grain was very obvious and has some real eye appeal(to me at least). I think it was listed for $49.00. So,it sat with no bids until the last hour and I finally bid $50.00. Well,I figured no need to watch the end as I had somewhere to go and I was the lone bidder. I ended up losing it to the next bid of $51.There were only 2 bids.Mine and his. Drat!! I still want that coin.

[BillJones]

This was a man I had almost went into partnership with and had known for years. He said he didn't think I would have had the money, so he didn't bother to call me.

 

It could have been worse. You could have gone into business as a partner with this guy and ended up losing a lot more than the chance to buy what was then a $750 coin.

[SkyMan]

Financially my biggest regret is not a coin. About 25 years ago I was dating a woman (who eventually became my wife and is now my ex) who was working for a small start-up software company. She said it was a good product, but the company had not gone public, so while shares were available (buying from employees of the company), it was a little tricky to buy them, so I didn't buy them at that point in time. I did buy a couple of years later when the company went public, and have done well with them since then, but if I had bought in 1984-5 my cost basis after all the splits would be WELL under one cent. The name of the small start-up is called Oracle Corp... I suspect most of you have heard of it. Last I checked the stock was trading at $17.65. Needless to say, an appreciation of 2,000 - 3,000% would have allowed me to purchase a few more coins in the last 25 years.

[realone]

In 1978 I moved home to West Virginia, I had dealt for years with a coin dealer in Kingsport, TN. I was in the process of purchasing a 1918/17 S Standing liberty quarter for $500 in VF condition. In the deal he was getting it certified. It took about 2 months and I had completed my move to WV. I called and his wife took the message, but he never called back. Finally, I got in touch with him and he told me it had graded XF and that he had sold it to someone else for $750. This was a man I had almost went into partnership with and had known for years. He said he didn't think I would have had the money, so he didn't bother to call me. Thankfully, he went out of business several years later.

This was the biggest regret for a missed coin purchase that I have, as it was a beautifully toned example of this coin, with a really strong date strike.

Thanks for listening.

Jim

 

 

It's these kinds of stories that disappoint me the most, greed sucks!

[chinook]

About 5 years ago I had the opportunity to buy a 1877 IHC PF65RB for $2500. I balked because it seemed out of reach. I still regret that to this day. Do you have any like this you want to share?

 

You will be able to buy that coin again in 2 years for $2500.

[dean1345]

Do you honestly think the coin market will make that kind of correction?

[BillJones]

Do you honestly think the coin market will make that kind of correction?

 

It's possible. Morgan dollars were very hot a few years ago. Now many dates are trading sight seen for Blue Sheet bid. Ditto for the "old" commemorative coin series. Dealers at FUN put of sighs that they will sell the coins for Gray Sheet bid. The few I've sold have been below bid.

 

Collector coins are a luxury goods. They can't feed, cloth or house you, and they don't pay interest. If coins are perceived as a "safe haven" for net worth, the prices for some series may not fall, but if they come to be regarded as luxury items, a major correction could be in the offing.

[michael]

mess happens and mess stinks

 

the coin market within the next few years will see a resurgance the likes we cant even imagine

 

just buy great eye appealling extraspecial extraordinary for what it is, be it business strike/proof/specimum good to fine to xf to gem to superb gem better scarcer; shall i say rarer!! classic coinage including colonials

[chinook]

Do you honestly think the coin market will make that kind of correction?

 

I was going to post just one word, yes, but decided instead on two, absolutely yes.

[Count_Erfit]

 

I was going to post just one word, yes, but decided instead on two, absolutely yes.

 

Don't forget to mention that there will be few buyers at the lower prices.

 

People don't give a hoot about anything that is dropping. Not most of them anyhow.

 

[World Colonial]

Do you honestly think the coin market will make that kind of correction?

 

The answer to your question is, why not?

 

Bill is correct when he says that coins are luxury goods. And to many others, "investments". No one needs them for any purpose and in the deep economic contraction which lies ahead many will be forced to sell what they own either because they have to or because they are afraid.

 

The other thing to consider is that the coin you mention is not scarce as a proof. It sells for a premium price presumably because it is a replacement for many collectors of the business strike. I do not know how long it has required a premium price but if not that long, that could also work against that particular coin in a market decline.

[dean1345]

There were ~ 510 of the 1877 IHC proofs minted. If anyone has a !877 PF65RB with very nice eye appeal I will send you a check or money order for $2500 for it! I collect IHC proofs and Half Cents because I like them.

[World Colonial]

I like IHC also though I do not own any but that does not change the economic considerations of the proposed purchase or sale.

 

The points I was trying to make are these:

 

I did not remember the mintage offhand but 510 is not a low mintage for a proof coin even though it may seem so. Most coins with that proof mintage will come up regularly for sale though this one may be somewhat less because the business strike is a "key" date from a popular series.

 

If I am correct that this proof date sells for a premium to others with a similar mintage, the best explanation is that it is purchased as a replacement for the business strike. I would have to check recent prices to know what the premium currently is because I do not know but for me personally, I would not be willing to pay much of one because I do not consider a proof a replacement for a business strike in my collection. You may or may simply want to own both and if you are not concerned about resale and can afford to buy it AND keep it under adverse economic circumtances, then by all means go ahead and buy it.

 

To give you an example in one of my series, the 1931 South Africa proofs have a mintage of 62 yet sell for more than the 1936 which has a proof mintage of 40. The reason for this is that the silver coins are essentially unobtainable in anything other than very low grades (and even then not very often at all).

 

Coins (possibly including the 1877 IHC) have been at least partial beneficiaries of the recently imploded credit bubble and it is my forecast that many or most of them will fall in price and many substantially as purchasing power is removed from the economy. If the economic contraction lasts as long as I believe it will and is as deep as I expect, then prices for most or all coins will fall farther than most people will think possible.

 

For those who are "real" collectors and not "investors", this will be good news. But this will only be true if they can afford to keep their coins under adverse economic circumstances. Those who cannot or may not be able to should consider precautionary selling now. I am a mixture of collector and "investor" and have and will sell some of my coins in anticipation of lower prices and if possible, will buy them back later hopefully at lower prices.

[dean1345]

World Colonial I appreciate your comments. I am definately 80% collector and 20% investor. I have read on the NGC journals people having to sell off their collections because of losing their job. I know how attached you can get to your collection and the tenacity to complete one. My plans are to hunker down and pick up some nice coins. Unfortunately at the expense of others.