Market Reports

Don't miss an opportunity to make a critical purchase or sale. Let Legend be your eyes and ears on the collection market. We'll let you know about the upcoming sales, pricing trends and predictions, collections and exceptional coins entering the market, and other news to help you take advantage of opportunities before they pass you by.

THE PCGS NEW ORLEANS INVITATIONAL

WORLDS GREATEST SMALL SHOW

Yeah, we’re a broken record!  These PCGS Invitationals are nothing less then great. For what ever reason we do more business at these shows then some majors. This past show was no exception. Plus, attendance by both dealers and the public was strong.

We  are going to give you a teaser: make plans to attend the Las Vegas July Show. PCGS and Legend will be doing something extra special. Plus, Legend Auctions will give a away a one grading walk through to any one who attends and registers for the auction. No gimmicks. We assure you, this upcoming show will rival anything any major show will  try to present. Watch for a major annoucement from PCGS.

THE MARKET

For all the skeptics out there who think dealers only hype the positive, read this and weep: we think the mini bull run that started after the elections is OVER. The culmination was the Baltimore Show with the two major auctions. Political instability has taken its toll on the stock market and peoples mind set. People are now more concerned then feeling wealthy and secure again. We see a lot of people all of the sudden sitting on the sidelines. This actually is happening for another reason as well-severe summer doldrums with little to NO supply of neat coins. As we have mentioned before, to stimulate the market, you need a BIG deal-like a Pogue , Newman, or Blue Moon. Blue Moon II isn’t as sexy as the first group.  Dealers at show have a very limited supply as the grading services had clamped down of the flow of retreads being regraded.

We can tell you, since January, we have done record business with OUT our two biggest buyers as we could find NOTHING for them. When we say record business, we are talking  nearly $20 million dollars (sounds huge, but the margins are slim)! We got lucky that between Pogue (we spent nearly $7 million), The Reynolds Copper Sale, and Blue Moon we were able to buy a few of coins we needed. Other wise, we had to deal with finding coins one at time at a snails pace. Still, there is a VERY interesting phenomena happening: Legend and Legend Auctions ARE gaining NEW very aggressive collectors. We even have one player who is doing a world class Type set-with 2 coins for each example (he wants an obverse and reverse). How cool is that? Our version of new is NEW to the coin market within the last six months. These collectors have come in for various reasons. The main being they sense many better coins are too cheap. We forget, coins are still cool to many outsiders.

GOLD

Here we go! As you know Legend is forever a gold bug. With the political uncertainty and world affairs going a bit nuts the safe haven of gold seems to be awakening.

Right now the premiums to buy things like MS63/64 Saints, and all lower grade coins are right around real melt. Moving up to the “spread” coins in higher grades, the premiums are as thin as ever. Demand had been slack fro many reasons. From our stand point the flood of ugly over graded gold from Europe has hurt the most. The grading services for the most part grade the stuff like widgets without care. That is why if you check on something like and MS66 Saint, the CAC bean rate is under 30%. Knowledgable collectors do not want dreck!

With gold finally re awakening, we know the premiums MUST rise as supply is limited. One small burst of demand is all it will take. We love PCGS CAC MS 66 Saints for the possible spread upward. Seen any? Even CAC asked us if any are around as they just are not beaning many.  We absolutely recommend people building Type sets or putting away a few slight better gold coins before things really start moving. NICE PCGS CAC coins are just too cheap right now vs their rarities. ALL gold premiums are cheap!

NEWPS

We have a few very interesting and neat coins this week. Remember, great coins do NOT grow on trees!

The highlights are a G $1 1885 PCGS PR67 DCameo PCGS CAC and a $3 1878 PCGS MS66 CAC ex Pogue-with the price of this coin you actually get the pedigree for NO premium. The coin is a swirling color monster!

Of course we have other coins to post that will fit all tastes and budgets. In fact we finally bought a few UNDER $5,000.00 coins. We bet they do not last the weekend.

We can’t stress enough how working with us DOES have the benefits of getting offered really wicked neat coins first. This past week we did sell a ultra rare six figure coin and a few other five figure beauties we just can’t mention that really were special. One thing that we ALWAYS guarantee-we sell REAL quality and killer eye appeal. Just look at all the world class collections we have ever built. No dealers in the biz today come close to what we have done. We sure didn’t get their buy selling dreck, retreads, or average stuff!

ALL NEWPS ARE NOW POSTED 

LEGEND RARE COIN AUCTIONS

www.legendauctions.com

For us this was a record breaking sale. We had MORE people then EVER on line live, registered and total eye balls viewing the sale. Sure, we do NOT have a million people on our roster, but we do have nearly 10,000 of the “right buyers” including the customer base of Legend Numismatics!

We will admit prices over all seemed mix. marginal coins struggled for sure-signs of a slowing market. While a few of the big coins did not sell, we had a call within minutes of the sale ending to do a deal on the 1883 $20. Some people just don’t like paying 17.5%. It should be noted NO auction house worth their salt makes 17.5%. On many of gigantic coins, it is 5-10% max. Auction fees are not like people think. One thing we will NOT do-take coins at a ZERO rate-to us that is plain wrong.

The parts of the auction that were crazy: Franklins and the Northern Lights Collection.

Look at these numbers from Northern Lights:

Lot 338 1879-S PCGS MS67+ CAC ‘SUPER FLY’, which realized $27,025 on a $7,500+ estimate

Lot 344 1881-S PCGS MS66+ CAC ‘KRYPTONITE’, which realized $17,625 on a $4,000+ estimate

Lot 347 1882-S PCGS MS67 CAC ‘WOWSER BOWSER’, which realized $15,275 on a $3,000+ estimate

Lot 348 1882-S PCGS MS67+ CAC ‘HIGH ANXIETY’, which realized $15,862.50 on a $10,000+ estimate

Lot 354 1886 PCGS MS67 CAC ‘OUTRAGEOUS’, which realized $21,737.50 on a $7,000+ estimate.”

We had at least a twenty plus new names bidding for these classic spectacular coins. Keep in mind, the next session of Northern Lights is the last. We will be auctioning the grand dame-the Sunnywood/Northern Lights 1880S PCGS MS 68+ CAC last as a fitting tribute to the collection. Based upon the recent sales, we fully expect this coin to set world record price!

Norther Lights were not the only strong coins, here is a quick list of other coins that sold strong:

Lot 87 $3 1871 J-1167. PCGS PR66 RB CAC, realized $18,212.50

Lot 95 1C 1793 WREATH. LETTERED EDGE. PCGS MS64 BN CAC, realized $293,750

Lot 112 1C 1909-S V.D.B. PCGS MS66+ RD CAC, realized $22,912.50

Lot 173 10C 1797 16 STARS. PCGS MS62 CAC, realized $31,725

Lot 198 25C 1824/2 PCGS AU55 CAC, realized $25,850

Lot 199 25C 1825/4/3 PCGS MS64 CAC, realized $15,275

Lot 249 50C 1873 NO ARROWS, CLOSED 3. PCGS PR65 DCAM, realized $8,812.50

Lot 438 $1 1927-S PCGS MS65 CAC, realized $15,275

Lot 445 1C-$1 1886 ORIGINAL PROOF SET, PCGS PR66-67, realized $55,812.50

Lot 446 G$1 1849 NO L. PCGS MS66 CAC, realized $15,862.50

Lot 489 $10 1913-S PCGS MS62 CAC, realized $17,037.50

Lot 490 $10 1908 MOTTO. MATTE. PCGS PR67 CAC, realized $146,875 (a record price for the issue!)

We love to say we are the small firm that nets BIG results! Our world wide audience really came though.

Final NOTE: We are on final call for consignments for our July Regency and Sessions sales. For Regency the MINIMUM consignment per coin is $4,000.00 (Min total $10,000.00). For the Monthly Sessions sale the minimum consignment is $10,000.00, minimum per coin $2,000.00. We can handle ANY size collection-even if it has $50.00 coins in it!

SPECIAL NOTE: If you bought a coin from our sale and have not gotten your invoice by today, please call or email us. Apparently there was a slight glitch. We apologize and nothing drives us more nuts! 

SPACE IS LIMITED -CALL or EMAIL US NOW!

Contact Julie Abrams: julie@legendauctions.com or Greg Cohen greg@legendauctions.com

IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR MESSAGES UNTIL 9 AM MONDAY 

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