Your most regrettable purchase

[zeusss4]

Hi guys. I'm new around here, just started collecting this past month. 

Ive had quite a busy start accumulating 55oz of silver and 2 sovereigns but this will slow down. I've got the bug early and went over board  

Okay to the original question. I bought one of them royal mint £50 coin for £44. I thought this was a great deal as I was instantly in profit. However since realising they are marked up massively from spot, I also can't take it to the bank and cash it for £50. 

So that is my most regretful purchase. Any one else make similar errors at the beginning 

thanks. 

[PansPurse]

My first purchase was couple of Britannias from Royal Mint, full premium plus VAT. That said I don't think I regret any of my purchases too much

[richatthecroft]

1 hour ago, zeusss4 said:

 Okay to the original question. I bought one of them royal mint £50 coin for £44. I thought this was a great deal as I was instantly in profit. However since realising they are marked up massively from spot, I also can't take it to the bank and cash it for £50. 

So that is my most regretful purchase. Any one else make similar errors at the beginning 

I wouldn't be regretful about that purchase, as you will have learnt from it.  Buying anything  without research and making assumptions (you thought face value was £50) is always going to end in tears if your assumptions/ or bubble is burst post purchase. 

I ended up selling many hundreds of pounds worth of silver and even more in terms of gold to readjust my stack due to 'regretful' purchases which were primarily Quarter Sovereign Proofs, and some other proofs I thought were valuable but weren't!  but they were sold on eventually. 

On this occasion, I don't think it was such a bad purchase, it's a very nice coin and they sell for around the £40 to £45  mark on eBay 9 times out of 10 they come up for sale and very regularly.

I would just enjoy it, and be reassured that the premium you paid will be easily absorbed into the other 55oz of Silver you have. 

Good luck in the future.  

[Stu]

Bullion sovs  are the foundation of any uk Gold stack I would say so that's fine. I would stay away from high premium stuff until you research and learn if that's for you , or not. I stick with bullion silver and lower end semi numi coins. That way, hopefully see some upside no matter what spot price is doing. Like you say, slow down, thus is a long play. Not a regret as such but I bought lots of different design coins previously in singles, now I wish I had stuck to 3 or 4 types of coin, Britannias being one.

[PansPurse]

I've likewise slowed down considerably since starting, perhaps unsurprisingly, coins are still available and haven't disappeared in the meantime 

[Thelonerangershorse]

At least you're not sitting on a pile of £100 coins that you bought from the mint for £100 each like someone I know.

 

[Paul]

SILVER 

 

[dutchman]

9 minutes ago, PansPurse said:

I've likewise slowed down considerably since starting, perhaps unsurprisingly, coins are still available and haven't disappeared in the meantime 

me to ,went mad when i first started collecting PMs buying mulitples of 5/10 coins of every mint ,now i only buy a very few coins that i like such as panda's dont regret buying the coins i have as they are part of my long term stacking plan with the exception of 10x 50th anniversary silver krugerrands paid £38 pounds for each one which is not bad when i see how much some collectors have paid but recently swapped them for 1x 500g and 1x 100g geiger silver bars plus £35 to swap

[tbone]

Any silver bullion > $20/oz

[Black35z]

3 hours ago, zeusss4 said:

Hi guys. I'm new around here, just started collecting this past month. 

Ive had quite a busy start accumulating 55oz of silver and 2 sovereigns but this will slow down. I've got the bug early and went over board  

Okay to the original question. I bought one of them royal mint £50 coin for £44. I thought this was a great deal as I was instantly in profit. However since realising they are marked up massively from spot, I also can't take it to the bank and cash it for £50. 

So that is my most regretful purchase. Any one else make similar errors at the beginning 

thanks. 

if its legal tender why will the bank not exchange it?

[TerryGriffiths]

Bought some Beatrix Potter coins from the post office. They are now not selling so well on ebay except for the first Peter Rabbit.

[KDave]

When I started out I bought 40 oz of silver Brit's with VAT from a UK dealer. Paid 18 an ounce for 11.50 an ounce worth of silver. Won't be doing that again in a hurry.

[PansPurse]

On second thoughts, I think the 1 gram gold maple I picked up is probably the most underwhelming piece in my collection.

[mr-dead]

The royal mint lunar series were a complete disappointment for me, flat crappy designs and I didn't even get as far as the dog lol

Sold them a while back now.

[Agpanda]

Most silver that I bought in my first year stackin

I was also buying everything a could get my hands on

Started a lot of expensive series

Now I have sold them all

But started the more expensive journey of pandas, both raw, omp and graded MS69-70

[sixgun]

2 hours ago, Black35z said:

if its legal tender why will the bank not exchange it?

http://www.thisismoney.co.uk/money/news/article-3390519/I-buy-Royal-Mint-commemorative-coins-bulk-credit-card-gain-airmiles-cash-bank-s-refusing-accept-them.html

The Royal Mint have advised banks not to take them.. The letter in this article is interesting. It is from the Royal Mint to a bank branch - it says "Members should not accept the coins at bank branches..." That is an odd term. So they are all members of the 'club' are they?

[augur]

7 minutes ago, sixgun said:

"Members should not accept the coins at bank branches..." That is an odd term. So they are all members of the 'club' are they?

Is that the money and legal tender printing club?

...if everything else fails, one can still pay parking tickets at face value...

[sixgun]

20 minutes ago, augur said:

Is that the money and legal tender printing club?

...if everything else fails, one can still pay parking tickets at face value...

You would have to taken to court before you could pay - the councils don't tend to use real courts. They hire rooms and pretend they are a court. Remember. everything you have been told is a lie.

You should look into this youtube video - the Bills of Exchange Act 1882 was amended by Gordon Brown so that you can demand a bill shows the VAT, VAT number and so on. You can say you will pay the ticket but for your records you need an invoice with the VAT showing - even if it shows zero VAT. These 'parking tickets' are a scam. It is still debated as to what they are. They cannot be a fine, that is contrary to the Bill of Rights 1689. Are they an offer of contract? - some say they are and can therefore be ignored - silence is not acceptance in contract. That private thugs to the door does not mean what is being done in the name of the council is lawful or even legal. Are they a penalty for a breach of pre-existing contract?

Anyway whatever they are it would seem the Councils are not keen to charge VAT on their Penalty Charge Notices. You offer to pay on receipt of a legal invoice with VAT as per the Bills of Exchange Act and amendments. As far as i know the Council go quiet. Search this bold title.

Parking Ticket REMEDY and More!

[BigData]

Hi - I have learned from 2 large mistakes.  

1) In 2004, I started collecting USA State Quarters. The series started in 1999, so I needed to buy the previous year series to catch-up.  4 silver proof quarters from 1999 were selling for $600ish when their original price was $50.   The mintage was huge, somethink like 90,000 units.  Stupid me bought the set.  for a few years, the prices held firm.  Then in 2008 the mint came out with national parks, then national landmarks, etc and etc.  These 1999 coins are now selling for $60 to $80.  The lesson is that coins go through a period of market hype, but then the hype disappears and high-mintage coins will see a huge decrease in value.  Now, When I buy a silver coin, I look at the mintage and the premium over spot.  I also look at the historical significance and the design.  I have found that coins that have a beautiful design, low to very-low mintage, and come from a time-tested mint will increase in value.  Everything else is a fad, the price will decrease to its silver value.

2) When buying silver, even bullion, the price premium adds almost 15% to my cost.  When I sell, the buyer will pay spot, but I must pay for shipping and insurance.  This can add another 10% to the cost.  Thus, for every ounce of silver that I buy, I need to make between 20 to 25% increase in spot just to break even.  This is bad.  Add the hassle of the storage for vast amounts of silver and I find that it is not my first choice.  Instead, I focus on gold.  In the USA, I often can get a gold ounce for $5 to $10 over spot.  I can sell it for spot as well.  Thus, it only takes a 1% increase in price for the gold to be profitable.    So my mistake was that I was buying a lot of silver, but I should have been buying gold.  It was a real hassle to sell a lot of my silver to fund my gold purchase.  

 

Long answer - hope it was worth the read.

 

 

[Kieran]

Well I've just made my first mistake probably won't me my last! I thought I saw a 1oz noahs ark on eBay for a bargain but it didn't finish until past my bed time so I stuck a £12 bid on it and won it for £11 it wasn't until I looked closer this morning it's only a 1/4 Oz I've decided to make it into a keyring to help remind me to read the descriptions!

[BackyardBullion]

Someone made a very astute comment on my recent fake coin video that I have probably added significant value to the fake coin by stamping it up on my YouTube channel!

 

[999magnum]

I think maples are beautiful coins, but I will never buy them again for anything over spot and free shipping.

[fehk2001]

2 minutes ago, 999magnum said:

I think maples are beautiful coins, but I will never buy them again for anything over spot and free shipping.

you don't buy them anything over spot but u will get more milk spots as free gift .........

[999magnum]

5 minutes ago, fehk2001 said:

you don't buy them anything over spot but u will get more milk spots as free gift .........

Exactly why I will never pay anything but spot for them.

[fehk2001]

1 minute ago, 999magnum said:

Exactly why I will never pay anything but spot for them.

and some of ur ' discount ' ms69 coins have u ever consider they will milk inside the slabs ?