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Setting the market/Buying above the highest known auction history

So I am battling with myself on a coin... no pictures.
  I set a rule for myself 15 years ago to not set the market with my purchase but I am now facing a coin I want but I have to pay up...

 Southern Gold
Civil War Gold
Rattler
CAC green bean...
   
 Price is twice the PCGS/CAC guides... But not irresponsibly high within my socioeconomic standing... make sense?

  Just thinking aloud.  This not necessarily about my coin or my decision I am more wondering about others decision making process. 


  What things do you folks think about when if you decide to pay above highest auction history for grade?


 

Comments

  • Look around, ALL gold like you mentioned NEW market levels are being set. Will you ever have a hot at anything similar?
  • edited May 10
    All factors considered, which would make you happier and less conflicted in the long run - "Setting the market/Buying above the highest known auction history" or passing on the coin? Hopefully, the answer is an easy one.
  • How often does an example that excites you come up for sale? Personally, I’ve stopped chasing moon money items that come up for sale at least once every year or two. Maybe prices will continue to run or maybe not - it’s hard to time the market. However, sometimes when you see a coin that you’ve been waiting on for many years, you just have to pay up. You have to have the experience and discipline to know when that is truly the case.
  • Like you I have never been the one to set new highs, I am not wealthy enough to want to play that game. And, honestly, I do not want to be the subject of discussion on every chat board when I sell at a 50% haircut in a year or two down the road. Something that happens quite often.

    If I were to consider doing something like that it would have to be a once in a lifetime opportunity. Maybe this is that time for you.
  • I did that January of last year. I.... :D WANTED.... an 1870-CC dollar!
    I mean BAD !!
    And went nuts on a CAC approved one. GOT IT!
    Don't much care the price. It's filled a "want" and that's that!
    It's an issue where there aren't many with beans. Well, I know where ONE is.

    I HAVE IT !! :D



  • Now that I have paid for it... I can introduce my newest addition...

    This fills more than a few holes for me.

    Southern Gold
    Civil War Gold
    When I saw it I had to have it. I want to extend a thank you to CRO for working with me. I appreciate it.


  • Congratulations that’s a mighty fine purchase- sometimes you gotta do what you gotta do!
  • edited May 11
    Congratulations that’s a mighty fine purchase- sometimes you gotta do what you gotta do!
     Absolutely!!   Some of the coins I bought with strong money at the time now seems to be the norm or even below what’s happening now.

     At the time I bought my ‘29 Saint ms 64 I felt I paid very strong money , but it was the cleanest I had seen offered in a while.    I paid $57,750.00 for it with BP etc .    I wondering how it would perform at auction these days ?
     I had a dealer offer me $58,500 which I politely declined .  Thoughts ?

    I agree 100 % with “ sometimes you gotta do what you gotta do ! “.     He sure did buy a nice piece !! 👍🏻👍🏻
  • Only certain Saints are red hot bringing crazy prices. If you can flip an MS64 1929 and make $1,000.00 that actually is not bad. Assuming you paid strong to buy it. The real wants are the low pop GEM's. There are 3 guys at the top including a cryptobillionare.
  • edited May 11
    Pyrite said:

    I did that January of last year. I.... :D WANTED.... an 1870-CC dollar!
    I mean BAD !!
    And went nuts on a CAC approved one. GOT IT!
    Don't much care the price. It's filled a "want" and that's that!
    It's an issue where there aren't many with beans. Well, I know where ONE is.

    I HAVE IT !! :D

    I fully agree.

    I used to be concerned about “overpaying” for a coin. However, I took a new perspective on things in life five years ago when my lovely wife of 46 years passed away suddenly within minutes with no medical warning. She was only 64 and my best friend. So now, if there’s a real nice coin that I really want, and if I can afford it, I don’t mind paying a record price. Happiness and joy are precious - grab them when you can!

    Steve
  • Legend said:
    Only certain Saints are red hot bringing crazy prices. If you can flip an MS64 1929 and make $1,000.00 that actually is not bad. Assuming you paid strong to buy it. The real wants are the low pop GEM's. There are 3 guys at the top including a cryptobillionare.
    Thank you.  Your advice / opinion appreciated very much 
  • Appreciate everyone's feedback. 
    Winesteven-  I guess everything in life is about perspective.  



      
  • ATSWins said:

    Appreciate everyone's feedback. 
    Winesteven-  I guess everything in life is about perspective.  



      

    Absolutely!
  • How does your rule hold up when the last auction record is 20 years old? How about 2 years? Where do you draw the line? 
  • edited May 12

    How does your rule hold up when the last auction record is 20 years old? How about 2 years? Where do you draw the line? 

    When I collected Walkers my rule was absolute. When I started doing Barbers again I kept it absolute.
    The point of the post was not to find out under which scenarios I would violate my own rules. The lines drawn are between my and my checkbook. The questions I asked were when others were going to step out what did they consider.

  • each of us clearly have different views, opinions, motivations and reasons for bidding in an auction

    i can't say much about my own personal experiences or situatiions, but i will say that i will not go beyond my limited budget* even if i really would love to continue bidding on a coin in an auction

    i think setting "rules" for myself is basically unrelated to the auction history and i only think in terms of a bid on a coin based on my own perspective of collecting coins simply as a hobby and not a big deal otherwise

    *budgets are based on a tiny fraction of net ordinary income after taxes and small amounts of $s just sitting idle in a checking account available to pay invoices etc.
  • @ATSWins. Good for you and it’s wonderful you overcame a personal and family crisis. Makes sense you have a hard and fast rule. 
  • My hard and fast rule is that I never bid more than I’m willing to pay.
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