Expensive Mistake(s) When You Were New

[JStull]

As I stated in another thread, we've made at least one mistake that was costly when we were new to the hobby.

 

So let's hear yours. This is not for ridicule or belittling, but to show other new collectors that it happens and hopefully a lesson can be learned from it.

 

Mine came when I was duped into buying a fake CC Morgan. The seller had been taken on it, so he took someone else, me. It was a $200 mistake on my part, the mint mark was added post mint by someone trying to make a Philadelphia struck Morgan into a more valuable CC.

 

 

[AnkurJ]

They are long gone.

I thought when I paid $750 for a 2007 Gold Buffalo in NGC MS70FS that I overpaid! I still have that coin

[erickso1]

I bought what I was told (and thought I saw) was a 1917 DDO from a local, private collector. I was new, eager, knew nothing of DDO's and thought it would be a cool coin. I was mistaken.

[Kenneth F]

Bought 1 roll of Barber quarters and 1 roll of Standing Liberty quarters from APMEX. The listing stated they were AU. When I finally opened them, only a few were EF, the rest were G-F. If I remember correctly, I paid around $500 for both. Lesson learned.

[jesbroken]

Back in the early 70's, I had just gotten out of the service and decided to take my leave pay and make an investment. I purchased a 1932 D and S set of Washington

Quarters in EF. I was so proud of them and showed them regularly at the various coin shows. A mentor of mine who owned a coin shoptold me the mintmarks looked odd to him. No s**t they were worse than odd they were added. This was 5 or 6 years later and the coin shop that I purchased them from had shut down. Mel wouldn't have done anything anyway and I guess I couldn't have blamed him.

So we all have a learning curve, some curves have a higher arch than others.

Jim

[Weidel Legacy Collection]

Seeing the current post on the 1947-PDS mint set brought back memories of a similar mistake I made when I returned to collecting over 10 years ago. I bought a '55-PDS set from Ebay that looks just like the set included in the '47-PDS posting. Even the logo included within each mint celo grouping was the same...go figure.

 

It was so long ago I can't remember what I paid, although I know it was far too much for what I received, however I won't forget the experience. Make sure you know what you're buying before you actually buy it.

[bsshog40]

It wasn't costly at all but I still have a Counterfiet Trade Dollar that I thought I was getting a great deal on.

[L1ncolnF4n]

Got taken by a dealer at Phoenix ANA back in '04. Bought a 31-S 1¢ that'd been cleaned and AT, before I knew how to recognize them. I paid 64RD$ for it and got something in the ~60BN range. Still have it. I can't bring myself to sell it and take the 85% loss on it.

 

I also made the mistake of getting into PR70's.

[SkyMan]

Thinking coins were an investment.

[FishyOne]

First coin show I ever attended was in April 2008. Seller had an attractive raw 1827 Bust Dime with AU+ on the 2x2 (along with $500!).

 

Common date, circulated Morgans were bringing $15/ea at the time and I had 3 rolls with me. I offered 30 of them for the dime and the seller jumped on it quick.

 

Got the coin home under good lighting and a good loupe and was stunned by the hairlines! Both surfaces had copious parallel lines running across them! AU Details at best and a $200 coin maybe.

 

After a couple years doing the windowsill, Taco Bell napkin, kraft envelope treatment - I sold it on eBay for about $210 advertised as AU Details Cleaned. The Buyer gave me great feedback!

 

 

[dimefreak]

Dealer sol me some wheats for six cents a peice instead of the traditional 4 cents a peice.

[coinman_23885]

Thinking coins were an investment.

 

I still view them as investments...just not particularly good ones! There are certainly issues with recent performance and liquidity even of high end classic material.