THE SHOW
We never can say enough great comments about the PCGS Invitationals in Las Vegas. They are by far the most intimate, secure, and well pampered (the food spreads are delicious) shows to attend.
Even in this choppy market, the majority of the real “players” attended. It was extremely interesting to note that a bigger % then usual were there solely to buy. Much to our surprise. they were not just seeking gold like always. This time we has multiple requests for (gasp) Proof Type. We certainly have not heard that in many months.
For us, the show was an unexpected huge success. Buying was terrible. We came home with a whopping 7 NEWPS. It was not the the case of dealers taking shots-it was the pure lack of material. Plus, it appeared PCGS was holding the line and not much got made (bravo)! Selling was too easy and we did tremendous business. Within 5 min of acquiring it, we sold on the floor a marvelous $2.5 1796 W/Stars PCGS AU58 (a six figure rarity). The buyer could not write the check fast enough! Its very interesting how the PCGS Invitationals for Legend constantly rank among our top selling shows vs ALL other shows.
THE MARKET
The Pogue sale apparently was the final “wake up” call to collectors that the coin market had declined. For many, the sale left us with very bad feelings as to how unexpectedly low prices realized were. BUT a funny thing happened the day the sale ended and carried on through this show. BOTH collectors and dealers realized that coins simply have become way too cheap overall and sold for a song at Pogue. We witnessed SEVERAL major dealers and collectors also actively trying to buy Pogue coins last week. This scenario has not happened in years.
Another almost mind blowing scene: dealers and collectors want to buy Proof Type again. At the PCGS Invite, we had numerous requests for Proof Type-especially Barbers. We are thrilled to see the market finally coming out of denial and embracing how cheap these magnificent coins have become. We do tot think many coins were found or purchased as the supply is pretty much zero. We doubt this one show will stimulate full demand or make prices rise, but it is a great start.
Of course all that glitters is gold. We came to the show specifically looking to buy DMPL’s and gold. All we acquired was one CAC and non CAC piece. Early Gold (like the $2.5 1796 Stars PCGS AU58) is still and area enjoying huge demand with almost no supply. Even our our auction 2 out of 3 lower grade (MS62) Early Gold pieces were snapped right up in early on line bidding. We can tell you (if you don’t already know) wish Lists for Early gold are impossible to fill.
Yet again the chat room wannabes are cackling how we are only hyping the market. We assure you, we are telling you factually things as we experience them, as being one of the BIGGEST buyers and sellers in the business of better coins. We will yet again make the comment and stand by it again: we feel VERY strongly the rare coin market is at or near a bottom. Out side factors such as oil, the stock market, and gold rising are helping calm peoples nerves and making them feel like spending again. No ones running to spend record amounts, but collectors are back and are shopping again.
AN INTERESTING ISSUE
Here is a major reason why the coin market is weak: there is too much dreck. Think about this, PCGS and NGC combined have graded well over 3 million coins combined. We assume they have a combined error rate of 2% that gets by. For what they handle that number is small. However, 2% is 60,000 coins! That is 1,000 double row boxes. That’s why at most major shows, you will see few nice coins and the rest are dreck. The vast majority of great coins are actually locked up in strong hands. It is impossible for bids or enthusiasm to be raised when these coins linger. Only when the prices hit a point so low will these coins start to go away. Looks like we are very close to being there.
In our opinion, having nothing but dreck at shows hurts everyone. However, think about how huge the coin market is and how many great coins are in really strong hands! None of today’s great classic coins are going unsold going round and round at shows. Its all annoying but healthy part of a cycle.
NEWPS
As we mentioned, buying was insanely hard. Thank goodness we get “first shot” on some great coin via our long time acquaintances.
Highlights this week include:
1C 1914 PCGS PR67 RD CAC
1C 1944 STEEL PCGS MS63 CAC
3CS 1857 PCGS PR65+ CAC
10C 1853 W/A PCGS PR65 CAC
25C 1854 W/A PCGS MS65+ CAC
50C 1859 PCGS PR66+ CAC
We do have a few gold coins-act fast as we think they will sell quick.
Don’t forget to check our regular inventory as well. We do still have a few gold coins.
Due to being on a totally different platform, our new web site requires you to re-register (if you have not already). We apologize for the inconvenience.
LEGEND RARE COIN AUCTIONS
The entire staff of Legend Rare Coin Auctions wishes to sincerely thank everyone who participated in making our Regency Auction XVI Sale a success.
Even in this choppy market we managed to set a few price records. In addition we had an all time record number of NEW registrants and live on line bidders during the sale. In fact 92% of all coins sold went to collectors. There were even several bidders (and winning bidders) from out side the United States, To us, that is pretty cool.
Never in our careers of dealing with the very best, rarest, and most expensive ever coins, did we think we’d have to announce our auction sold TWO 1964 Kennedy Halves for world record prices! The first, a 1964 PCGS MS66 with MONSTER colors brought $6,462.50. The second, a 64D PCGS MS68+ brought “beyond moon money” $22,325.00.Hard to believe that in this case, we had an extremely happy buyer and seller (our seller had privately paid a record $16,500.00 for it years ago).
We do have other more normal highlights to mention:
$1 1883 Hawaiian Pattern PCGS PR66 RB CAC $117,500.00
1C 1912 PCGS PR66RD CAC $37,600.00
10C 1866 PCGS PR67+ CAC $9,400.00
25C 1868 PCGS MS65+ CAC $12,925.00
50C 1942S PCGS MS66+ CAC $4,935.00
$1 1880S PCGS MS68+ CAC $22,9212.00
$1 1898 PCGS PR67+ DCAM CAC $39,950.00
$2.5 1896 PCGS PR66+ DCAM CAC $27,025.00
$20 1907 HR WE PCGS MS66 $67,562.50
50C IOWA PCGS MS68+ CAC $7,931.25
These prices yet again prove NICE coins bring top dollar in ANY market.
Clearly our small boutique style and the setting of the PCGS Invitational make for an extraordinary place to hold a sale with really nice coins. If you are thinking of consigning, contact Greg Cohen , our chief Numismatist today. We expect space in our May 19th Regency Sale to be held in New Orleans to fill up quick. We assure you, your coins will be seen by the strongest buying audience in the business-the customer base of Legend Numismatics. We have the PROVEN results!
All consignments MUST be a minimum of $2,000.00 per coin and a total value if $7,500.00. We have generous cash advances available.
IF YOU WISH TO ORDER PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
