Buying Back The Coin I Lost: One Coin Collector’s Story Of Seller’s Remorse

lost-coin-1799-bust.jpgCoin collectors always have a story about the coin they lost, coins that they either once had but sold and wish they had back, or coins they saw for sale but passed up because they were looking for a better deal – or simply couldn’t afford the coin.

I have had a similar experience.

The coin?

A 1799 Draped Bust dollar.

Ever since I was a young coin collector, a bright eyed 12-year-old, it had been one of my goals to own an early silver dollar.

Of course, I wanted an 1804 Draped Bust dollar just like nearly every other coin collector, but I knew I’d probably never be able to afford it. So I settled on the idea of owning any early silver dollar (which is summarized as any Flowing Hair or Draped Bust dollar – the former minted from 1794 to 1795, the latter from 1795 to 1804).

 

About My Lost Coin

In 2010, more than 15 years after I first laid eyes on the goal of obtaining an early American silver dollar, I had finally mustered the funds to purchase a 1799 Draped Bust dollar – one of the most common dates among the early silver dollars. It was slabbed and graded Good-6. Definitely not the most detailed coin in the world but with deeply original color and only a couple minor rim nicks, it was a desirable type coin with nothing worse than a lot of honest wear.

Months passed, and like so many Americans, I was faced with the prospect of having to sell a few belongings to make ends meet. Reluctantly, I wound up selling the coin. I hated doing that. After all, that Bust dollar represented more than just a time-worn relic minted during the 18th century. It was one of my earliest coin collecting goals realized. But, life happens and I accepted selling that coin as the responsible thing to do.

Fast forward to the summer of 2011. Lucky enough to have landed a good, full-time job, I decided to fulfill my goal once more of owning an early American silver dollar. Lo and behold, while searching online for a suitable Bust dollar, I found it – the coin I had “lost.” My 1799 Draped Bust dollar, listed online. I knew it was mine, because as it turned out it was listed by the same coin dealer to whom I had sold it months earlier.

I was surprised it hadn’t already been sold, though that’s likely due to the fact that the market for rare U.S. coins is still reeling somewhat from economic conditions that make buying expensive coins tough for many. Unfortunately, the 1799 Draped Bust dollar was listed for nearly $200 more than I had originally paid for it a year earlier, but it was still a reasonable deal. With relatively few other essentially problem-free Draped Bust dollars available at a decent price, I decided to buy back that lost coin.

The lesson?

The expense of feeding your coin collection may play second fiddle to paying the bills, but if somehow you have the chance to buy the coin you always wanted – buy it. You’ll be glad you did. And, if you ever wind up in my shoes, with the chance to buy back the very coin you “lost” for whatever reason – and only for a small markup in price more than you originally paid for it – go for it. Chances are, that same coin will cost you dearly more than a couple-hundred-dollar markup if you have to wait too long.

Joshua McMorrow-Hernandez

My love for coins and numismatics began when I was 11 years old. I primarily collect and study U.S. coins produced during the 20th century. I've also been studying meteorology and watching weather patterns for years. I enjoy sharing little-known facts and fun stuff about coins, weather, travel, health, and living green with others.

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  • http://www.facebook.com/minmin.komin.3 Minmin Komin

    Mr.min
    I have one coin 1799 liberty
    I want to sell.but not contact person.
    Now in kuala lumpur,malaysia.
    0129428166