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Posted: July 15, 2017 10:25 AM EDT| 0 Replies
A NEW HOT TOPICS IS NOW POSTED
EVERYTHING WAS HOTTER THEN HOT!
Did you ever go to Las Vegas in the summer? Forget that nonsense about dry heat. It was 109 and felt like an inferno. It was the same at the auction-the pace and prices realized were also sizzling hot. We are not kidding!
As usual the PCGS Invitational was a great show. This time (probably because of our auction and the display of the 1804 $1) there were far more collectors then normal. Activity overall seemed good. Yet again, we found just about NOTHING to buy. For Legend this is becoming a serious problem.
Of course we thank every one who attended the show and the auction.
THE AUCTION PROVED MANY THINGS
Even in the smack middle of the summer doldrums, if you have a great offering collectors will see it and will participate. One stand alone coin does NOT create excitement. This auction had more registrants and online bidders then any of our other sales ever. We knew from the moment the sale as posted on the web it would be successful. Everything we state about the sale is fact and there is NO hype or fake news. From our view point in the end, the entire sale was refreshing with coins bringing what they should have.
Collectors are starved for true quality. A coin did not have to be in the 1994 collection to sell really strong, other single coins like the stunning PR Indian Cents, DMPL Morgans (you can see why we need them so bad-they have huge demand), and even the few nice Commems at the end brought really strong money. Coins that were so/so (not everything can be an insane GEM) did okay-however had they been in a bigger sale we think they’d have brought 10% less.
A smaller sale is easier to navigate and tolerate. So many people came to us saying this. Again, if these coins had been “lost” in a phone book sale the results might not have been as grand. Plus the sale ended around 11 PM est-we had no complaints or calls of people quitting to go to bed. Sometimes bigger is NOT better.
MOST IMPORTANT: this auction more then proved you CAN make good money in coins. Being a bottom feeder does not always work so well. We will be doing a Hot Topics all about the 1994 Collection and the Northern Lights Collections.
Last, 92% of all the sale went to collectors. This sale also had by far the most foreign collector participation. The US market really IS world wide!
This auction more then proves QUALITY-REAL QUALITY (and eye appeal) is and will always be paramount!
THE NORTHERN LIGHTS COLLECTION
This last sale brought out the heavy hitters collectors for sure. Activity was leaps and bounds above any other session for this amazing collection. EVERY single coin brought a record price. ALL coins went to collectors.
Several non Toner buyers bid. We asked them why-they felt the Northern Lights pieces were all works of art and they loved to look at them. The prices these coins sold for is not fluke or fad. True toned super toned Morgans like this are extremely rare (we think LESS then 1,000 pieces out of 100 million exist). We think it will be a very long time before any other collection like Northern Lights ever surfaces for sale. There is no such thing as a 90% monster toner. Too many people only see ones that are near misses, thus very few collections like Northern Lights exist!
The highlight of the entire collection -the toned $1 1880S PCGS MS68+ (Grand Dame) did not let us down. It sold for a world record price of $61,687.50. There were 24 bidders leaving 35 bids on the coin. That is REAL interest! Not only was the buyer a toner enthusiast-he bought it for his 11 year old daughter. Knowing that, we are reasonably sure this coin will be off the market many, many years. We predict next time it sells, it WILL break $100,000.00! We are hoping to display this coin at the ANA Show.
Look at these highlights from Northern Lights:
Lot 265–$1 1881-S PCGS MS67 CAC EX NORTHERN LIGHTS, realized $21,150
Lot 268–$1 1881-S PCGS MS67+ CAC EX NORTHERN LIGHTS, realized $36,425
Lot 277–$1 1887 PCGS MS66 CAC EX NORTHERN LIGHTS, realized $14,100
Lot 278—$1 1904-O PCGS MS67 CAC EX NORTHERN LIGHTS, realized $39,950
Lot 279– $1 1880-S PCGS MS68+ CAC EX NORTHERN LIGHTS, realized $61,687.50
We will have a section of our HOT TOPICS dedicated to Northern Lights. Legend Numismatics congratulates the collector owner of the Northern Lights. We will miss the collection just like he already does.
OTHER COINS IN THE SALE
Coins in collections weren’t the only ones to see insane activity. The ultimate highlight of the sale was for the $1 1892S PCGS MS64 CAC. It brought a “beyond moon money-Pluto price”. After a real dog fight with 3 people in up to $180,000.00, the coin hammered at $293,750.00! The winner was a collector, while there was a dealer representing someone on the floor, and a collector phone bid. This certainly was NOT a case of a coin being bought just to crack it out. And don’t think the CAC bean didn’t aid in the coin having serious demand.
Here is a list of other highlights:
Lot 6-1C 1832 Med letters PCGS MS65+ BN realized $7,050.00
Lot 37—20C 1877 PCGS PR66 CAC EX 1994 COLLECTION, realized $39,950
Lot 87—1C 1909 INDIAN. PCGS PR66+ RD CAM CAC, realized $17,037.50
Lot 105 3CN 1870 PCGS PR66+ DCameo CAC, realized $12,337.50
Lot 156—10C 1894 PCGS MS68 EX SIMPSON, realized $21,150
Lot 203—50C 1887 PCGS PR65 DCAM CAC, realized $9,400
Lot 221—50C 1939 PCGS PR68+ CAC, realized $19,387.50
Lot 252—T$1 1873 PCGS PR64+ CAM CAC, realized $12,337.50
Lot-344 $1 1893 PCGS MS64 CAC, realized $5,052.50
Lot 428-$1 1891CC PCGS MS65 DMPL CAC, realized $52,875.00
Lot 450—50C 1877 J-1515. PCGS PR66 BN CAC, realized $42,300
Lot 476–$5 1798 LARGE 8, 13 STAR REVERSE. PCGS MS62 CAC, realized $47,000
Lot 498–$10 1908 MOTTO. PCGS PR66 CAC, realized $76,375
Lot 515-50C VERMONT PCGS MS67 CAC, realized $6,168.75
The bottom line of this sale, the market IS strong for NICE and fresh coins. This auction more then proved it!
NOTE: A HOT TOPICS discussing the 1994 Collection and Northern Lights Collection is now posted!
We finally have some special NEWPS posted. Do not have a lot, what we do have are some really great coins. The highlights are:
50C 1908D PCGS MS67+ GOLD CAC
$10 1800 PCGS MS62 CAC
We wish we had more NEWPS to offer, but we’re not going to buy retreads or dreck.
Do not forget to check out our regular inventory. We have several great coins that have been sidelined by the summer doldrums. We;ll make some deals!
LEGEND RARE COIN AUCTIONS
Of course Legend Rare Coin Auctions wishes to thank everyone who participated in Regency XXII. Obviously it was a sale for the record books!
BID NOW on our July Premier Sessions Sale. The sale closes 7/19 starting at 10 PM Est. We model our Internet Only sale after our Regency sales. They basically are a lighter version with no catalog. As time goes by, you will see us building them up with real and exciting QUALITY coins.
Later this week we will have TWO major announcements about coins for our October Regency Sale to be held in conjunction with the Philadelphia PCGS Invitational Show. Not only won’t you want to attend this show, but we know you’ll want to consign as well as we are more then proven to get big guys numbers and beyond!
We re now accepting consignments for our August Premier Sessions Auction (the deadline is very soon) and of course for our October Regency Sale. Please contact Julie Abrams: firstname.lastname@example.org or Greg Cohen: email@example.com.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR EMAILS UNTIL 9 AM MONDAY.
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