THIS REPORT CONTAINS FACTS AND OBSERVATIONS WHAT LEGEND NUMISMATICS SAW AND DID AT THE SHOW. SINCE LEGEND DEALS IN THE TOP 5% OF QUALITY, OTHER DEALERS WILL HAVE DIFFERENCE EXPERIENCES. WE ARE ONLY REPORTING ON WHAT WE KNOW OUR CUSTOMERS WOULD BE INTERESTED IN.
THE GOLDBERG SALE
When we say Legend comes to an auction “locked and loaded”, other buyers know that is not good. Since the day we got a preview of the coins raw in this sale, we made no bones about the fact we had to buy them. This auction included one heck of a fresh and GEM gold deal. Value wise, Legend bought 65% of the deal-about $2,500,000.00!
Here are a few highlights of what we bought:
$5 1909O PCGS MS65 CAC $517,000.00
$5 1910S PCGS MS65+ CAC $123,375.00
$5 1914S PCGS MS65 CAC $146,875.00
$10 1907 RE PCGS MS65+ CAC $376,000.00
$10 1930S PCGS MS65+ CAC $102,812.50
$10 1933 PCGS MS66 CAC $881,250.00
$20 1850 PCGS MS64 CAC $170,375.00
EVERY one of these coins listed above not only were SUPER HIGH END, but they were gorgeous. This deal had been with a major collectors family for decades. The 33 was the talk of Long Beach not just because of the price realized, but because it was absolutely better then any other 33 anyone had ever seen. It stood out like a head light. At the show, we did receive two very serious inquiries if the coin was for sale. We had been ready to pay over $1,000,000.00 hammer for this remarkable GEM. We purchased the coin for an exclusive customer of ours who last year also bought the 1933 PCGS MS65 CAC out of the CSNS sale (that’s really VERY high end too). With the addition of the $5 10S and the $5 14S we are very proud to say this collector is now only TWO coins away from completing a 20th Century ALL denomination gold collection, ALL PCGS, ALL CAC (his $10 20S is a 64, while is $20 27D is a 66)! Anyone have a $5 1911S PCGS MS65 CAC (ONLY) or better?
The $20 1850 PCGS MS64 CAC we placed in a stunning Type set we are building. It too is accepted as the BEST ever early $20 graded that is not a Shipwreck coin. When we first saw the coin we wanted it every bit as bad as the 33. Our number to pay was simple: MB (MUST BUY). Never saw anything like it. It has a fully cameo appearance. For those who do not understand about stretching, yes, we paid a strong premium for this coin. Generally to get the BEST wildest, and freshest coins you have to overpay some. Are we buried? NO! We know the under bidders who would still pay up and there actually were many people who were unaware of the sale. It does not always work this way, but this coin is so unique and special it is an exception. The coin is being put away again. This collector understands about buying the best and holding. We can see this coin being worth over $250,000.00 in just a few years. Again, the key is, this coin is above and beyond anything for the Type, let alone the date!
NOTE: Back in the office we enjoyed strong sales of better gold coins as well. The highlight of those sales was the $5 1838 PCGS MS66 CAC Pogue. We bought it completely to stock it. We paid $235,000.00. Collectors realize that prices are low and these great coins do not come around very often. We think that has to do with this mini “feeding frenzy” we are seeing on better gold.
Bottom feeders (dealers and collectors) will never amass marvelous SUPERB GEM Collections with coins that are too ooh and ah about. We assure you, if properly built and held, a collection including REAL SUPERB GEM coins WILL enjoy huge returns. Does not matter if it is 5 monster 1880S $ or a multi million dollar gold collection. Sadly too many dealers today are holder buyers and really don’t understand what it takes to build true “world class” collections.
THE LONG BEACH SHOW
Our show started VERY strong. Our first shot regular (we call him “super secret buyer”) made piles and bought some great coins. He later came back for more! From start to finish, it was non stop selling. Wednesday was a shocker. We sold six gold coins, all MS65 or better each $30,000.00 or more in a two hour span. We are still not sure what to think about that activity. If we had left the show at the end of Wednesday and did not come back, it would have been our best Long Beach in years (this is being written with a full day to go too)! Thursday saw three more $30-$48,000.00 coins sell (two to collectors). Friday was slower, however we did make several smaller retail sales. Adding in our “stealth” selling team, we sold more coins at this Long beach then the last three combined!
We will say that prices are firm-they are NOT going up. However, DRECK absolutely positively was still searching for a bottom. One major dealer admitted to us he was having trouble selling his non CAC lower end coins. Gold coins of all varieties no question saw a ton of action. The Morgan market was weaker unless you had a really great coin. Again, we searched high and low for real quality DMPL’s and only bought 2. Copper showed some strength too. Sadly, Type was still floating along with no real interest (or cool coins to buy). Certainly does not look like the summer doldrums are even remotely close to starting.
FYI: We’re moving on up to the deluxe table in the …Actually, starting next show, we will now be located in the very front of the room with the big boys when you walk in. Legend and Legend Auctions will be there with a full crew. The Long Beach Show people have worked extra hard rebuilding the show and we want to be a big part of it. Plus, we have such a large West Coast following we know its important to be there. We’re looking forward to everyone actually finding us again!
NEWPS
We are happy with our NEWPS. While we scored no major rarities to resell, we did buy some really nice medium priced coins. As always, ANY coin we offer is vetted by TWO world class numismatists and will be of the highest quality and eye appeal for the grade. This weeks highlights include:
5C 1936 SATIN PCGS PR68+ CAC The second FINEST graded!
10C 1858O PCGS MS66+ CAC
$10 1907 WE PCGS MS64+ CAC
50C GRANT W/STAR PCGS MS67 CAC
25C J-1593 1879 PCGS PR66 CAMEO CAC
Of course we have many other coins for most tastes and budgets. We’re thrilled with our offering as it was back to pulling teeth to buy coins. Legend does not just buy “stuff”!
ROUND II OF THE WALKER collection will be posted next week. Stay tuned.
ALL NEWPS ARE NOW POSTED!
LEGEND RARE COIN AUCTIONS
OFFICAL BREAKING NEWS:
LEGEND RARE COIN AUCTIONS WILL BE SELLING THE INCOMPARABLE NORTHERN LIGHTS TONED MORGAN COLLECTION STARTING IN OUR SEPTEMBER REGENCY SALE.
This amazing out of this world collection was carefully assembled by the principals of Legend Numismatics and a very sophisticated and picky collector. Included in this sale are many pieces from the famed Sonnier Collection, Sunnywood Simpson, and a few coins that really were sent from heaven by Mother Nature! Few other collections of toners are of this size or caliber. The 95 coins that make up this set really are the “best of the best” not only color wise, but technical quality wise too. ALL coins are PCGS CAC. The least colorful coins in this collection are more colorful then the best toned coins many collectors have ever seen. Yes, the coins really are that magnificent. World record prices WILL be made-be prepared!
This collection will be sold in small groups starting in or September Regency Sale (probably 10-12 in the first sale). We will have the entire collection displayed at the ANA Summer Show and The September Long Beach Show. We will be bringing selected highlights to the summer Baltimore Show. You may also request an appointment to see these coins in our offices. You know we’ll be producing some awesome literature and web images soon. No other auction house has offered toned Morgans the likes of what Legend has!
We’re traveling heavy this month to pick up some great coins for our SUMMER SESSIONS Sales and our September sale. We expect to announce more wicked cool coins in BOTH SUMMER SESSIONS and our September Regency Sale-stay tuned.
SUMMER SESSIONS-Our first SUMMER SESSION auction will go on line shortly. The sale will OPEN June 21 and CLOSE June 28. We’ll be posting a list shortly.
If you have any questions, or wish to consign to our Summer Sessions Sales or Regency Sales, please contact Julie Abrams (julie@legendauctions.com) or Greg Cohen (greg@legendauctions.com). They will work out the best deal for you and will be with you from start to finish.
Legend Auctions is a boutique auction house that can do everything the big guys can-just look at prices realized from our past sales. And in our last sale, we sold a Quintupple Stella for $1,880,000.00-the highest dollar value coin actually SOLD at auction this year. That’s why important collectors choose us. With only 500 lots per sale, every ones coins stand out. We promise, the Summer Sessions will not be just another Internet only sale. Legend Auctions is different. Try us!
IF YOU WISH TO ORDER OR HAVE ANY QUESTIONS, PLEASE EMAIL: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
