My Worst Purchase Ever

[Mokiechan]

Via QVC and the Nuestra Senora De Atocha

 

Friends,

I know we have all made purchases in the numismatic realm that we later regretted and I hope my sad tale makes you feel much better about your particular anguish.

 

Sometime during the late 80's, while my collecting was mostly focused on NCLT foreign coins, I was watching those wonderful hucksters on QVC and became very interested when they started marketing an actual silver ingot from the Nuestra Senora de Atocha treasure ship. This ship had been found by Mel Fisher and company back in 1985 and had gotten a tremendous amount of press at the time.

 

Lordy, Lordy, Lordy, I wanted that silver ingot (in deluxe treasure chest box with accompany plaque and COA) but I held off due to the high cost and patiently waited until the ineviteble QVC sale when the little beauty went for a little over 100.00.

 

Suffice it to say, I was very pleased at the time and was only mildly disapointed when the silver ingot proved to be pretty durned small (about an ounce I think). But, it was still TREASURE and it was MinE. Later, after the thrill of victory subsided, I realized it was not really an ingot from the Atocha, instead it was a faux ingot cast from the reamains of a bigger ingot. I should have known better, I betcha they even mentioned that factoid during their spiel, but I missed that detail and ended up with a bitter understanding of TV marketing.

 

I still have her today, she sits in her box, in my closet, as a constant reminder of why overeagerness to buy plus selective hearing can lead to great tragedy (well that's a little melodramtic but you know what I mean.

 

Later,

Malcolm

PS-she's always for sale, who wants to give me 50.00 plus postage.

 

See more journals by BeawChan

[jayman1970]

I can only wish that was my worst purchase ever.experience can be very costly to say the least!!!

[CBC]

One of my worst purchases turned out to be not so bad.

 

I started collecting Lincoln cents in the fourth grade. While I was in high school, with a part-time job and a little spending money, I was offered a 1914-D at what seemed at the time to be the very low price of $10.00. Two years later I discovered it wasn't a 1914-D after all, but an altered 1944-D. So, I was out $10.00, which was a lot of money at the time (my part-time job paid $1.25 an hour). but I got at least $10.00 worth of eductaion in the process.

[shenry11-migration]

I'm new to the boards, but I have been lurking for awhile.

 

I have been collecting coins for decades. I had a complete set of raw Kennedys (all unc. & proof), Franklins, Walkers, and was working on Barbers. I realized that I wasn't doing much with the collection, and the quality was not so good. I decided to sell the entire collection, coin by coin, on eBay. I am about a quarter of the way into this now.

 

I have been purchasing NGC slab coins for the first time ever. I am getting quality coins, and I have confidence in the grading.

 

When I started a couple of months ago, I purchased a couple of PCGS coins. No problem. Then, I saw 5 or 6 NGA, or some similar type designation. They were 70 grade Kennedy's, and looked nice. I bought 6 coins for around $80. I should have done better research. AFTER getting the coins, I learned about "basement slabs". I tried to re-sell the coins on eBay. eBay yanked my listing, and wouldn't let me even mention the certification if it was not NGC, or PCGS, or other accepted companies. Sigh... I was angry, but I learned. I broke the coins out of the slabs, and sold them in flips. I only got a couple of bucks for a few of them. I was out about $60. I learned! I estimate that my total "raw" collection is about $3,000, so I will convert that to NGC coins over the next several months. I don't have anything against PCGS, but I am kinda getting attached to this site, and don't feel like branching much.

 

I have branched out in that I used to ONLY buy and sell on eBay. I have since purchased from GreatCollections.com, and have seriously been looking at Teletrade. Suggestions are more than welcomed! eBay is a double edged sword. I like the bargains in purchasing, but I also sell my coins at garage sale prices! I have not submitted any of my raw coins to NGC for certification. I'm not sure that I'll be doing that.

 

I have enjoyed my experience in collecting NGC coins. I have about 30 now. I am only purchasing Kennedy Halfs and Franklin Halfs right now. I have only collected half dollars for many years now. I enjoy the wisdom shared on this board, and I hope to begin interacting more frequently.

 

Sorry if this long post hi-jacked the thread, but besides describing my recent error, I also wanted to introduce myself. Thanks for your patience!

[Mokiechan]

I'm new to the boards, but I have been lurking for awhile.

Sorry if this long post hi-jacked the thread, but besides describing my recent error, I also wanted to introduce myself. Thanks for your patience!

 

Not a problem, Welcome Aboard!!!!!

[noow]

I'm new to the boards, but I have been lurking for awhile.

Sorry if this long post hi-jacked the thread, but besides describing my recent error, I also wanted to introduce myself. Thanks for your patience!

 

Not a problem, Welcome Aboard!!!!!

Pun of the day

[noow]

Telemarketing Traitors...

Greedy Grubbers.....

Money Mongrels..

Hoarding Hounds....

[KeeNoooo]

When I started collecting I was buying coins from this back alley dealer that I worked with it the bowling alley. I was buying SGS certified MS70's and raw coins. The SGS 70'scertified were 60'S AT BEST and one of the raws was a counterfeit trade dollar. I got it for a grand total of around 200 dollars. I should have known the trade dollar was fake when I got it for 20 dollars! His excuse was that he got it for a great price! Needless to say, it was a 200 dollar lesson. I found out later that this guy ripped off a 90 year old man for a couple thousand! He should be in jail! I now only buy certified or from reputable dealers who offer no questions asked, return policies.

Thanks for listening!

Nick

P.s. I still have all of the rip off coins to remind me of my beats, plus I can't resell them to someone else. I wouldn't sleep at night knowing I'm selling bogus coins

[KeeNoooo]

To add, the SGS coins were also polished or cleaned or some kind of work done on them

[Mokiechan]

Telemarketing Traitors...

Greedy Grubbers.....

Money Mongrels..

Hoarding Hounds....

 

There is always a tip-off,

before a coin rip-off,

an incredible bargain

is just BS jargon

 

Later,

Malcolm