Market Happenings Last Week
One thing we are startled about, was the lack of Market Reports and NEWPS posted by other dealers last week. We saw only a small handful. Either the dealers are lazy, had too much post show activity, or they had few coins to post. We’re going to guess it was a combination of lazy and too few coins.
The one thing we did have confirmed many times this past week-how dry the ANA bourse floor was of coins. When that happens most dealers (including us to a tiny degree) end up buying lesser coins or what ever seems good to make an offering. We saw one West Coast dealer send out an email pimping 2 coins we passed on because they simply puke. Sadly, these coins were five figure great dates. Pushing junk like that does no one any good (and shame on the never ending gradeflation). But when there is nothing else to buy, many less knowledgeable dealers will try anything. Legend NEVER offers lesser coins to the public (we wholesale them after smacking ourselves for even buying the stuff).
When we started posting last Saturday we had totally unexpected results. By Monday morning we had SOLD half our NEWPS from the web. Of course we did more business unsolicited from collectors emailing and calling “what do you have?” Monday and Tuesday. Interestingly, things quieted down tremendously Wednesday and Thursday as the stock market woes were happening. Friday (as usual) from 3-5 we saw activity again. Then we posted a few coins last night and got hit on a few (is there some kind of app or something?). It was not our most ever robust post ANA week, but it was strong.
THE STOCK MARKET AND GOLD
We did see a slump in sales mid week. How can most people not watch or be affected by the stock market? When downward activity in stocks happens collectors without extra resources do stop buying. An occasional player or two does not feel rich and may not give an extra stretch to buy a coin. What we have found is mood this becomes short term. They always shake it off and then continue their coin buying-especially collectors building sets. In fact last time the market had such a big correction, many people simply fled the stock market into other areas-including coins. We think this week will be a good barometer. If we have coins we think are “no brainers” to sell and don’t, then we’ll examine ifs its the stock market or the typical end of summer doldrums. The other issue that could effect things, with so few neat pieces available, many collectors may just sit back and wait until mid Sept when more offerings start (Pogue II is at the end of Sept). All we can say, if you see really great coins NOW-BUY THEM! They are not premium priced due to any market rises or over heated demand!
Buying rare coins should be considered a LONG TERM proposition with some short term volatility. In fact, after this Market Report was posted within the hour we spoke to three big collectors. Even though they got beaten up in stocks they are determined to pick off great coins right now. One said to us:”CASH IS KING”. The critical note, they are NOT shying away from buying coins at all. They are seeking the BEST their money can buy at todays prices. They are not looking for absolute distress sales.
Gold has been inching up. Prices fro generics had already firmed. Now the problem-there are so few generics to buy. Most major market makers are completely cleaned out of MS65+MS66 NON CAC Saints. Forget about finding more then 2-3 CAC pieces total on the entire market (Legend is the unquestioned #1 market maker in W/M MS66 PCGS CAC Saints). With so much uncertainty in the world, gold seems ready to break out. The public and even seasoned collectors all have some form of gold in their sights to buy. Many semi -generic gold coins (like MS64+65 Indians) are still way off their peaks from 2 years ago. There is tremendous opportunity-IF you can find anything.
We do VERY much endorse people building 20th Century Gold sets-in grades like MS64-if you can find the rarer coins. We also currently recommend building Gold Type Sets as well. And for the big players, BUY GEM PROOF GOLD. How many GEM PR PCGS CAC $20 have you seen offered in the past 2 years? We’re on the hunt and we don’t see many. Grab whatever you see-and pay the price-it really will be worth it down the road.
NEWPS
As promised (finally) we are listing ROUND II of our ANA NEWPS which has some out of this world rarities in GEM. After seeing what others have posted, we know no one has an offering remotely close.
We have an extra ordinary offering of chouce/GEM Proof Large Cents. We can’t stress enough how RARE and UNDERvalued these coins are. Most have minatges of LESS then 15!
Highlights include:
1C 1793 WREATH LETTERED EDGE PCGS MS64BN CAC
1C 1843 PCGS PR64RB CAC
1C 1846 PCGS PR65+ BN CAC
1C 1830 PCGSMS65 BN LL CAC
50C 1916 PCGS MS67 CAC (we placed this coin in 2011 and its been away since)
50C 1920D PCGS MS65 CAC
$1 1865 PCGS PR65 CAMEO CAC
$1 1887O PCGSMS65 DMPL CAC
$3 1872 PCGS MS64 CAC
$1 J-434 1865 PCGS PR65 CAC TRANSITIONAL (extremely rare-we paid OVER $4 million for the $20 Gold 1865 Transitional)
Not a bad group-eh? Those are just a few highlights. We have well over $750,000.00 worth of fresh NEWPS we’re posting this week. EVERY coin is handpicked for QUALITY and EYE appeal. There are NO dogs. Plus EVERY coin is CAC beaned. With so few coins available, it took a huge effort to find these pieces. Do not let opportunity slip by. Buying NOT at auction can yield significant savings and should always allow you a quick out if you need to raise money fast. Also, we do accept trade-ins. If you have stuff, why sit on it and go no where? You can own a pop 1-2 coin like a PR Large Cent with a mintage of LESS then 15. Isn’t that a better long term play? We’ll always work with you as best we can.
LEGEND RARE COIN AUCTIONS
We’re pleased to say several hundred collectors have registered and bid already while several THOUSAND have checked out our upcoming September 3rd Regency Sale. Don’t wait until the last minute to make reservations to bid or even phone bid. Contact Julie Abrams now to discuss or if you have any questions (julie@legendauctions.com).
Over 90% of this sale is UNreserved! Still, this is not really a sale for “bargain hunters”. Our auctions attract the biggest dealers and collectors active in the hobby today-so not much slips through. Plus, we’re famous now for having the BEST quality of ANY auctions consistently. For the Sept Sale we rejected 70 coins! What other auction house does that?
A NOTE about our October sale: It will be a Morgan Dollar lovers delight! Not just the VERY Top collectors will enjoy the Sale (the Coronet Collection Part II highlights it), we now have been consigned the Gulf Coast Morgan Collection which is a nearly complete set with grades ranging from MS63-67 (the lone circs-the 84S AU58 and the 93S XF45). PLUS, we have the exceedingly rare $1 1891CC PCGS MS65 DMPL. This coin has been off the market for almost a decade! Plus, we have some really wild colored Morgans as you would expect!
Last, for those of you who can’t lot view the auctions, call or email us. We’ll honestly answer your questions and even represent you-for FREE! It never has been our thing to mis-describe or push a sale. Your also dealing with the same world class team relied upon by todays greatest collectors (Simpson, Morelan, and many others who have or are building #1 collections). That is a perk NO OTHER auction house can offer. For information about any coin in our sales or for personal representation, contact Laura Sperber direct: lsperber1@hotmail.com
TO BID IN REGENCY AUCTION XIII got to: www.legendauctions.com. Good luck!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE MAIL OR CALL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY!
