Coin Wallet For Sale, Only $150

I admit to being completely out of the loop (thankfully) when it comes to designer anything. Fashionable clothing, jewelry and accessories are all lost on me. I happen to believe the only “accessories” a man should wear is a wedding ring, but I realize that is just so “1980s.”

Today my wife told me about visiting a Neiman Marcus store with a friend and seeing a $150 Marc Jacobs coin wallet on a sale table. My first reaction was, “Who the heck is Marc Jacobs, and why would anyone care to buy his coin wallet?” Apparently he is some high-fa-luting “designer.”

I began to ponder what would motivate a person to buy a $150 coin wallet to transport metal currency in denominations no greater than $0.25 each – I mean, am I the only one who sees the irony in that? The story did remind me of the three questions I ask myself before making a major purchase:

1. Is there a cheaper alternative? Sure, you may have to give up brand loyalties or favorite designers, but chances are you could find a suitable, cheaper product or service that meets your needs. In the case of our coin wallet there are thousands of alternatives to Mr. Jacobs’ accessory. A quick search of Amazon.com lists hundreds of similar products for a lot less money. In fact, a comparable leather coin wallet lists on Amazon.com for $14.00. Of course, far be it from me to advise others on fashion accessories. When it comes to carrying change anything from a Ziploc bag to a warm pocket suits my needs just fine.

2. Will my life really be improved by this purchase? In this case, it’s hard to make the argument that this purchase does anything to improve our place in this world. I guess a few of your friends may be impressed, depending on the type of friends you keep. My friends would probably think I’ve lost my mind to spend a week’s worth of gas and groceries on a change purse, errr…”coin wallet.”

3. What is my motivation for buying this item? When I am about to make a major purchase I always attempt to identify my true motivation for the purchase. Now that I am devoted to frugal living I try to only buy things that are an absolute necessity. If I was in the market for a “coin wallet” I might ask myself why I had to have a Marc Jacobs coin wallet, instead of a $14.00 Fossil change purse from Amazon.com. Both serve the same function, both are made of high-quality materials, and both are reputable brands. In the end it comes down to opportunity cost. The money spent on more high-priced items uses up the opportunities for putting those funds to better use in the future. In the end, that lost opportunity could be much more costly than the $150 price tag.

Comments

  1. This is another example of label-craziness here. Everyone should know that these wallets are probably made in the same factory, maybe even in the same room, on side-by-side mills. People that buy for the name are buying the print on the tag.

    DH deliberately cuts tags off items so that people don’t think he bought brand name items!!!

  2. I love brand-name items, but I am not willing to fork over that kind of cash for them. I think TJ Maxx & Marshall’s are a great alternative for women who want designer handbags, but don’t want to fork over the dough to carry one. I have a thing about carrying something that costs more than what I have in my wallet.

    I stick to Goodwill and get lots of cute handbags that way. It might be last year’s designer, but I don’t care! As long as it matches with what I am wearing!

  3. Crazy! Perhaps I have part of a Y chromosome and just don’t know it, but I have never carried a purse or change wallet. Every 4 or 5 years I go on ebay and buy one of those wallet keychains for about $4-$5 (after the previous one has fallen apart). It keeps my license, debit and credit card, and a few bills secure. Change goes in my pocket, and then into the college fund jar for my son.

  4. That’s funny. I actually do well by putting coins in my pocket. I know, it’s shocking, but pockets come free with most pants and they can hold coins too! :)

    Some people just have too much money.

  5. Okay, okay, I’m guilty of a Coach change purse for $25. I was on vacation in the U.S. where you guys have these shopping mall outlets. It was a good idea at the time… but you’re right on all 3 points. It’s still useful to hold my keys, change and credit cards but I could have had a cheaper alternative.

  6. I’m very guilty of brand-name only buying-in the past. Since losing jobs and trying to make ends meet, I’ve quickly learned expensive doesn’t always mean better. Not to mention, if you happen to spend $45 on a pair of Tommy Hilfiger sunglasses (although they were the best pair I’ve ever had), and you lose them, you get sick to your stomach. So, I spent $10 at Wal Mart for a pair that looked exactly like them- no, they didn’t have the name brand behind them, they did the same job. That happened 3 years ago and it still makes me ill lol- my mom always said, I have a rich woman’s tastes with pauper’s pockets.

  7. Shoot, I could make you one for $10 and we’d both be winners. But not leather, I don’t have the equipment. And not like you need a coin purse anyway. If you did, you could have the one that came with my last purse. For cost of postage.

  8. That is HILARIOUS!

    Even more hilarious: I have one that looks exactly like it. Came from Target.

    Yes, it’s made of leather, and amazingly, the thing has banged around inside my purse (an environment that, like black holes, pulls matter apart into its basic subparticles) for several years. It still looks almost new.

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