HAPPY DAYS ARE SORT OF HERE AGAIN
After all the stress and worry, we ended up having a far better then expected January. From what we heard from our peers, most did as well. The near shut down of Nov-Dec is still fresh in everyone’s mind. So it would not have taken much to recover-but everyone’s numbers (including ours) were still stronger then expected.
Now the questions is, what will happen? Fridays stock market correction should not have been unexpected. Some of the smart money had already started looking for the exits. Now, the people who can walk away with strong profits will start to do so. The last time this happened-2008 when the stock market really melted down, the rare coin market went on a 2-3 year tear upwards. We started to see really big mega collectors appear all over. Every day collectors entered in throngs. We see no reason this stock market shake out will not lead to a strong bull market in rare coins. The party is now officially over for stocks and the crowd will start to park their money elsewhere. Hard assets ALWAYS see a share of the money. Real quality rare coins are cheap today.
It will take a while to be felt. In fact, it will be a horrible ride BEFORE the market finally explodes. We have a severely broken pricing reporting and a huge lack of supply to break through. In Legend’s world, if you do not have a “pay what it takes” attitude today, you will NOT buy the best coins as so few are being put out for sale. Even we have missed out on a few biggies. The problem is, the majority of collectors and even many dealers do not understand that the top numbers being paid today really ARE the market prices of what the coins are worth. People won’t start selling their coins into the market to feed frenzy until they fully and clearly see the rising prices-which they do not know are already happening. So the drought of great coins for sale will continue for awhile until collectors “get it” that they can sell for good money (which they actually can today). We tell people to follow current auctions prices to see the trends. We highly doubt prices for any thing but dreck with turn downwards any time soon.
We strongly believe the a coin market will gain additional massive exposure with the upcoming publicity and release of the balance of the Ship Wreck Gold Coins and bars. The outside public just LOVES the story and the coins. Forget the old State Quarter BS, THESE coins and the multi million dollar national promotion of them will bring attention to our hobby.
A note: this past week for Legend was huge. In the first three days of February, we did enough in sales and profits to pay for the entire month! We have been very lucky our buying campaign is paying dividends and we are able to get coins (like a $5 1909s PCGS MS65 CAC which was sold at 7:28 AM today) for our customers Want Lists. Our sales more then proves to us the strength of our market.
BUYER BEWARE
Why do collectors think they know more then they do? This past week we had two collectors submit coins for our auction we had to reject due to poor quality and artifical coloring. These collectors thought they knew how to buy and one had even been buying for many years. It has more then proven that relying on a holder does not work all the time. We may sound like a broken record, but when we see such tragedy, we feel we must remind people of the pitfalls and offer ways not to be hurt.
To avoid buying bad coins we strongly advise you do the following:
Work with a capable dealer. They WILL save you money. A good dealer will be a like a teammate. A good dealer will also be there for you to buy your coins or liquidate them. ALL of the biggest collectors (of the past and today) ALL use dealers to weed through what is out there.
Buy CAC beaned coins when you can. If a coin is NOT CAC coming from a dealer-offer to pay a little more and have them send it in before you commit. RED FLAG if they do not want too. Never be afraid to ask. Does CAC really matter? Just look at what the coins bring when sold. The market says YES! When a coin is not CAC and is bad-we use the motto: “cheap is not cheap enough”.
Be careful when buying out of auction. Understand MOST coins in major auctions HAVE been to CAC. Never be afraid to discuss a coin with an auction house-or work with a dealer. We have always said, “some times your best buys are the ones you never made”.
Do NOT buy cheaper commodity coins (widgets) out of auction. You can buy them at shows for much less and usually get better quality.
Do not just buy a coin because you need it to fill a hole or it is really cheap. Buy ONLY the last coin you will ever want-unless a coin has only one or two known. Dreck is dreck and ALWAYS hurts you in the end (because chatroom people don’t get it: dreck has NOTHING to do w/the value of a coin).
Be prepared when buying. Better coins WILL always cost you strong money. Except for rare exceptions in big auctions there are NO bargains (especially these days) on great coins. HOWEVER, be prepared that buying a really rare coin out of auction is like buying anew car-the value can significantly decrease when you get it home. Just about every time after a major sale, the under bidder moves on.
In the end, it comes back to where we started: WORK WITH A CAPABLE DEALER!
NEWPS
We are still pinching ourselves that we have been able to buy a few coins we really wanted in the past 2 weeks. This week we are proud to offer something we have not had in ages: a small group of Early $5 pieces-ALL PCGS CAC! In all, we are offering over $500,000.00 worth of superb NEWPS this week!
Highlights include:
5C 1913 TYII PCGS MS67 CAC
$1 1879 PCGS MS66+ CAC
$5 1800 PCGS MS64 CAC
$5 1807 BUST RIGHT PCGS AU55 CAC
$10 1795 13 LEAVES NGC MS 62+ CAC EX NEWMAN
$20 1866S NO MOTTO PCGS AU55 CAC
$20 1897 PCGS MS65 CAC
WOW, even we are impressed after reading the highlights! Believe it or not, our favorite is the 5C 1913 TYII! What a coin!
Do not forget to check out our regular inventory. We have many neat coins that deserve great homes. Save for the Blue Lake Large cents, all of our coins are PCGS CAC beaned!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Nothing major happening this week. Next week we will be making a few announcements about some exciting consignments (we have 2 collections in already) that we have for our May Regency Sale in New Orleans. We are still accepting consignments. We will accept one coin or can work with a major collection. Do not wait too long, space is very limited and is really filling up fast!
OUR FEBRUARY PREMIER SESSIONS MONTHLY INTERNET SALE
We are on final call for consignments for this sale. We accept coins $2,000.00-$15,000.00. We assure you, these are NOT your typical Internet sales. We have the killer collecting base of Legend Numismatics and a world wide audience who participates heavily. We have collectors, NOT dealers buying your coins. Legend Numismatics LOVES to buy out of the others sales because the best they get are wholesale prices (but then they don’t offer the quality we do). And we never makes our sales in to commodities that lessen our brand. Bragging you have thousands of coins listed should be a crime. Legend Rare Coin Auctions only sells RARE coins-one at time!
TO DISCUSS YOUR COINS AND OUR AUCTIONS, CONTACT: Julie Abrams: julie@legendauctions, or Greg Cohen: greg@legendauctions.com.
In this February Internet Sale, because we have no major Regency Sale, Laura Sperber, the founder of Legend Auctions is personally hand picking every coin for the sale (this week she did reject about 20 coins). So ALL buyers-no matter who or how much they spend will have access to her legendary skills-the same skills used to build many of today’s greatest collections. NO other auction house offers that! This will be a larger and special Internet sale (we estimate 200 lots). The sale will open February 15th and close Sunday February 25th with a live 9 PM Est session. The coins will be at Long Beach for viewing. Stay tuned next week for some highlights.
Again, Legend Rare Coin Auctions wishes to thank everyone who has participated in our sales. We could not have done it with you! We’re working on a some very exciting sales and overall improvements for 2018. Your feed back is always welcome.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9AM MONDAY
