If You Think Buying the Plastic is Bad...

[coinsbygary]

Then buying the grade sight-unseen regardless of the plastic or the coin is especially bad! That said, I am embarrassed to admit that in my zeal to upgrade an XF-40 Indian-Head Eagle that I am guilty of doing just that.

 

As a type collector, my main focus is to obtain the highest graded coins I can afford for a particular series. Thus very few, if any of the coins in my set are key dates or even semi-keys and most of the coins are quite common.

 

With the price of gold currently down, I had determined to upgrade all my gold coins to MS-63 unless either my budget limited it or I was happy with the coin I already owned. Since I already owned an XF-40 Indian-Head Eagle, I deemed an MS-63 eagle an acceptable upgrade.

 

1926 and 1932 Indian-Head Eagles are probably the most common dates in the entire series. Prices for these two coins grading MS-63 are quite reasonable. Furthermore, the population reports for both NGC and PCGS indicate that they are in good supply.

 

This is the point where I made my first mistake. I should have researched each gold type separately to see if MS-63 was the best grade I could afford. If I had done my homework, I would have discovered that MS-64 is also an affordable grade for both the 1926 and 32 Indian-Head Eagle.

 

In addition to not adequately researching the coin I wanted to buy, I was impatient. For those lacking patience, having a pocketbook flush with cash after just selling a few coins can sometimes result in rash purchases. When I was a young boy with money to spend in my pocket my mom oftentimes wisely remarked that the money was burning a hole in my pocket. As it turned out, there was no rush to buy another coin. Thus, what I should have done was to wait and cherry pick the MS-63 with the most eye appeal. After all, what is the hurry since there is such a good supply of coins.

 

Rather, I went for the cheapest MS-63 I could find and that sight-unseen without returns. This proved fatal when the coin finally arrived and I was not entirely happy with it. Do not get me wrong, I am not disputing the grade, I am only saying that I did not like the coin. A word to the wise, stock listing pictures are always better and maybe higher graded than the coin you receive.

 

To be more specific about the coin I bought, I found the luster on it to be flat and unattractive. Furthermore, I found numerous contact marks and deep cuts in places that distracted my eyes from the beauty of the coins devices. Again, not to dispute the grade but I think that those marks are common for the grade. Good research would have made me aware of this fact before I spent one red cent.

 

Along with a lack of patience, I also have a cheap streak. Another word of advice, if you wanna be cheap you're in the wrong hobby. Rather, a person should focus on value. At times there is a fine line between the two and this time I fell on the wrong side.

 

Moreover, impatient people typically refuse to invest the proper time needed to research the coins they would like to buy. You can only help yourself by researching the coin you want and the more time you spend doing this the more you help yourself.

 

Dissatisfied with the coin I had, I continued to peruse E-Bay listings until I found a coin grading MS-64 CAC that I fell in love with. Though this coin would cost me $450-$500 more than the other coin, I did not think twice before I pulled the trigger on it. Yes, I ended up spending a lot of money that I did not need to, but at least I can probably sell the MS-63 at a profit when the price of gold goes back up. Otherwise, I might trade the MS-63 eagle for another coin that I like. In the end, I should have listened to my own advice and I hope that I won't be making this mistake again.

 

From my side to side comparison you will easily see why I like the MS-64 so much better. The luster is robust, the contact marks are not as numerous, and the cuts are not nearly as deep. Clearly, I will never have to upgrade this coin and my goal will always remain to buy the best coin I can afford.

Gary

 

See more journals by gherrmann44

[Six Mile Rick]

Gary,

Come on, you know better than that. I expect better from you. When the population gets to around 200 or so on the pricy grades it is always a factor to check the coin pics and ask for more pics to ensure a SWEET landing at the house when it arrives.

 

A coin for sale with no pics is a set up for disaster!!!

A 63 in any coin is a crasher later on. The closer to 65 you get, and higher ---- The more you will be pleased with the expense no matter what the values are.

 

Later Bud---Rick

[Lucky One]

couldn't agree more with Rick. NEVER buy a coin sight-unseen, it's usually a sucker's bet my friend...

[coinsbygary]

I know I'm going to get some ribbing on this and I deserve it. I also know better than this but every once in a while I have a brain f@rt. Like I say, I am embarrassed about this and I just wanted to post my experience for benefit of other collectors. I ABSOLUTELY DON'T want anyone else that reads my post to find this out the hard way.

Gary

[RWB]

Remember: Today's MS65 was yesterday's MS63.

 

[Mohawk]

Hi Gary,

I don't usually post on this side much anymore ( but maybe I should be more active again...) but I think your experience brings up an excellent point. ( Warning: My Howard Roark-ish Tendencies are about to come out!) The grading services have done some great things for the hobby but it's also very important to maintain one's own standards and select coins using them rather than what a label issued by a TPG or one of their Registries says is good or scores the most points. A collector should like a coin for its own merits, not what its plastic holder says or how many points it scores.

 

While grade is undoubtedly important, liking the coin is MORE important I would say. Select a coin that you would like regardless of labels, grades or points and you can't go wrong because you like the coin!! And if you like it for itself, your happiness with it won't go away unless your collecting direction changes.

 

Thanks for sharing this experience, Gary. It's a good reminder for all of us to buy the coin and nothing else!!

[MarkFeld]

couldn't agree more with Rick. NEVER buy a coin sight-unseen, it's usually a sucker's bet my friend...

 

I see nothing wrong with buying a coin sight-unseen as long as the seller is known to be trustworthy and you have a full return privilege.

[Lucky One]

Hi Gary,

I don't usually post on this side much anymore ( but maybe I should be more active again...) but I think your experience brings up an excellent point. ( Warning: My Howard Roark-ish Tendencies are about to come out!) The grading services have done some great things for the hobby but it's also very important to maintain one's own standards and select coins using them rather than what a label issued by a TPG or one of their Registries says is good or scores the most points. A collector should like a coin for its own merits, not what its plastic holder says or how many points it scores.

 

While grade is undoubtedly important, liking the coin is MORE important I would say. Select a coin that you would like regardless of labels, grades or points and you can't go wrong because you like the coin!! And if you like it for itself, your happiness with it won't go away unless your collecting direction changes.

 

Thanks for sharing this experience, Gary. It's a good reminder for all of us to buy the coin and nothing else!!

 

I agree with your statement and have been preaching this for a long time- what good is a coin that doesn't make you feel good? What good is a rare painting on your wall if it doesn't make you feel good? Too many people value their collection in dollars these days, gone is the passion of the old time collector, passion we saw from men like David Hall and David Bowers. I know that you value your collection like I do just by reading this short statement- beauty and rarity. Dollars are secondary, just values on a piece of paper, but beauty is real and most people agree, that's why beautiful rare coins sell for so much more than their ugly counterparts.

 

Good point, glad someone else is making it these days.

[Mohawk]

Lucky One,

I checked back here and it was so nice to see your post!! I checked out your sets on here, and I can say that while we collect very different coins ( I tend to collect coins from Germany and the Ottoman Empire, and other coins from the whole world over. But I don't collect US, and I tend to favor base metals....I have a zinc fetish that is beyond belief!) we definitely take a similar approach to collecting from what I can see!!

 

Your set reminded me a lot of my sets when I participated here on the Registry ( I stopped because I'm one of the world's least competitive people and figured, what's the real point of a guy like me doing something like this?, among other reasons).......I see brown labels and purple labels, with some very attractive coins in holders with both types!! You definitely buy the coin and not the slab and I commend you for it!! I have some "Problem Coins" that I'd have to be starving and homeless to part with. They just look right for my collection, and they're actually some of my most attractive holdings. And I'd say the same holds true of your collection. Some of the coins I liked the best were detail graded by NGC. But they're no less awesome for it!!

 

I'm going to close by saying something that I've seen written here before but that I never have written until now......you're my kind of collector Lucky One

 

Best Regards and Happy Collecting!

~Tom

 

 

[Lucky One]

Lucky One,

I checked back here and it was so nice to see your post!! I checked out your sets on here, and I can say that while we collect very different coins ( I tend to collect coins from Germany and the Ottoman Empire, and other coins from the whole world over. But I don't collect US, and I tend to favor base metals....I have a zinc fetish that is beyond belief!) we definitely take a similar approach to collecting from what I can see!!

 

Your set reminded me a lot of my sets when I participated here on the Registry ( I stopped because I'm one of the world's least competitive people and figured, what's the real point of a guy like me doing something like this?, among other reasons).......I see brown labels and purple labels, with some very attractive coins in holders with both types!! You definitely buy the coin and not the slab and I commend you for it!! I have some "Problem Coins" that I'd have to be starving and homeless to part with. They just look right for my collection, and they're actually some of my most attractive holdings. And I'd say the same holds true of your collection. Some of the coins I liked the best were detail graded by NGC. But they're no less awesome for it!!

 

I'm going to close by saying something that I've seen written here before but that I never have written until now......you're my kind of collector Lucky One

 

Best Regards and Happy Collecting!

~Tom

 

 

thanks for the note, and I'll leave you with my idea of a beautiful coin:

 

[coinsbygary]

couldn't agree more with Rick. NEVER buy a coin sight-unseen, it's usually a sucker's bet my friend...

 

I see nothing wrong with buying a coin sight-unseen as long as the seller is known to be trustworthy and you have a full return privilege.

 

Mark

Half of what you said is true of my experience. The seller is both trustworthy and well known.That there was no returns on this coin is how I got it as cheaply as I did. This places the responsibility for my purchase squarely on my shoulders.

Gary

[jpcienkus]

Gary,

 

I empathize with your experience. I myself am taking a similar approach to my type set: buying the nicest coin for the series I can afford, not worrying about key or semi-key dates. However, my "issue" is being patient, not being miserly. I don't mind paying a premium if I really like the coin. I am constantly telling myself to either love the coin or don't mess with it. There are always more to coins in the market. I've made a couple mistakes in my day, but nothing catastrophic.

 

I really like that 64 you added. Well done.

 

Joe

[Lucky One]

Gary,

 

I empathize with your experience. I myself am taking a similar approach to my type set: buying the nicest coin for the series I can afford, not worrying about key or semi-key dates. However, my "issue" is being patient, not being miserly. I don't mind paying a premium if I really like the coin. I am constantly telling myself to either love the coin or don't mess with it. There are always more to coins in the market. I've made a couple mistakes in my day, but nothing catastrophic.

 

I really like that 64 you added. Well done.

 

Joe

 

couldn't agree more Joe, never saw the sense in buying coins that you don't like. It is very hard, in this quality conscious hobby, to buy premium coins without paying a premium. On the other hand, the ugly and average coins will always lose you money and the quality coins will always pay you a premium when selling. We only get what we pay for, right?