The Ferengi Rules of Acquisition

[pendragon1998]

 

The Ferengi Rules of Acquisition are a series of 285 aphorisms, guidelines, and principles that are the foundation of business philosophy in Ferengi culture (on Star Trek).

 

I am constantly bemused to find that they actually have a direct relevance to this hobby. Much of the advice given in the Rules is pretty good advice, if you distinguish between rules meant to protect you versus rules meant to advance the "bad" seller or buyer (screwing you over in the process).

 

Take a look at the Rules, then come back here and post one or two that you think applies to coin collecting, and how you think it applies. I'll start off...

 

# 59 Free advice is seldom cheap.

This is a rule to live by on these forums if ever there was one. There are a whole host of posters who post outside their knowledge level, while coming off as though they're experts. This is particularly confused by the large post counts many of these people have.

 

 

#9 Opportunity plus instinct equals profit.

The motto of the Cherrypicker (or the gambler). Learn everything you can about your series, then keep your eyes open. When the opportunity is revealed to you by your finely honed instincts, jump on it - and you'll be swimming in profit.

[EZ_E]

190 Hear all, trust nothing.

 

218 Always know what you're buying.

 

These two go hand in hand because, have you ever noticed that very few dealers/collectors will call their own coin bad. They are like children where they over look the flaws. So, before buying a coin, make sure that you do your own research, as well. Don't necessarily take anything at face value. (there are exceptions, of course!)

[Stanley]

[Stanley]

190 Hear all, trust nothing.

 

218 Always know what you're buying.

 

These two go hand in hand because, have you ever noticed that very few dealers/collectors will call there own coin bad. They are like children where they over look the flaws. So, before buying a coin, make sure that you do your own research, as well. Don't necessarily take anything at face value. (there are exceptions, of course!)

Trust but verify

[WoodenJefferson]

#239 Never be afraid to mislabel a product...this maybe good advice for a sharp toothed, big eared Ferngi but this happens all to much since Al Gore invented the internet. It seems that if you don't over exaggerate the quality or grade of the coin your selling, there is something wrong with your PQ'ness.

[astrostu]

19 - Satisfaction is not guaranteed.

44 - Never confuse wisdom with luck.

74 - Knowledge equals profit.

141 - Only fools pay retail.

218 - Always know what you're buying.

 

Those are the ones I thought applicable to buying coins. There were others applicable to dealers.

 

I think 44, 74, and 218 go together, and I've been very guilty of not following them (less so as of late). And 141 is one of the first rules I learned about coin collecting, which I think should also be written as: The price on the sticker is always negotiable.

[Bruceswar]

141 - Only fools pay retail.

 

Then there are alot of fools who buy from the mint at retail prices.. m This one only applys to coins not from the mint with the last few years..

[jgrinz]

"Thoust shall always AT a Collectible coin by rubbing a Ferengi's ears with it"

 

Is that I rule I didn't look

[Zoins]

How about some coins?

 

[pendragon1998]

Gotta love the gold-pressed latinum. Who could have imagined that they'd think to put precious, glorious latinum inside bricks of worthless gold? It's ingenious!