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Posted: August 19, 2016 08:17 PM EST| 0 Replies
A SLOWER WEEK
We will fully admit this has been the quietest post ANA week we have ever experienced. Apparently people are away and/or we simply did not have the right coins. We did do some sales, but normally we do almost a million dollars worth and were not even close to that number. However, we had one of our famous Friday afternoon spurts of sales.
The typical “what do you have? or what do you have for my Want List?” calls simply did not happen. We expected a slow week, but not as slow as it turned out. We do know ALL MS+PR Seated and Barber coins are quiet. Large Cents and most other copper and nickel have retreated as well. Its just the cycle. Prices are too cheap in many areas-especially these.
We’ll see what next week brings. We are chalking it up to just a slow week. The coin market is far from dead (see below about gold). However we do expect things to be slower until mid Sept. You MUST take note though: the supply of QUALITY coins is NON EXISTENT. If a great coin is offered to you, don’t think too long. Do not sit on the sidelines, buying now is very smart.
A NOTE: Some people will say its apples to oranges: the rare car market is still alive and well. The Pebble Beach Concurs show and auction last week still SOLD nearly $400 million! The Ferrari’s were still red hot. There were more cars in those sales that brought OVER $1 million then coins that sold all year! There is still a lot of money floating around in the world for collectables.
This is a very interesting and red hot market all of the sudden. Back in June when we stole the $10 1933 PCGS MS66 for about $750,000.00 in auction, the market was super quiet. Today, if that same sale occured-not only would have had to pay OVER $1 million for the coin, but we don’t think we’d have been the buyers (even if we bid the $1.2 million we were originally thinking we had too).
Since then SEVERAL power players have entered the market. One rivals anything Simpson has done by quietly buying up coins from $500,000.00 to $4 million (yes, you read that right). They are ALL building power gold sets. $10 Indians, $20 Saints, and several Gold Type sets. One player simply is buying the rare gold he likes. From what we are told and what we see (we did sell an agent to one a six figure coin recently), NONE of these players are stopping any time soon. They think rare gold and the coin market are cheap.
This is a great example of how the coin market can stop and start. This one reason why a $20 1898 PCGS PR65+ CAC just sold for $276,000.00 (one of them was the under bidder on it). They are all seeking out the VERY BEST. One we know wants PCGS, another wants ONLY PCGS CAC….It will not take long at all to completely dry up the upper end of the market. GEM $10 Indians and Saints do not appear anyway (we still badly need a 27S $20 MS64 or better PCGS CAC ONLY). We can’t even find an MS67 Saints any more. At some point, this WILL trickle down and effect the entire BETTER gold coin market. Early Bust gold is already VERY hard to find and never stopped having a strong demand.
Enjoy the summer lull. These whales are out feasting on anything they can. VERY Smart. They are NOT waiting for any herd nor October for a better market. They snag what they can today-paying the premiums they must. They are “smart”money buying for tomorrow. We asked a few of our Wall Street buddies what these guys could be up too and they think it could estate planning or they fear a shift in taxes after the election. They did tell us there is that much money out there that still needs to placed. No matter what, they all think coins are cheap and they are BUYING hard and heavy.
We worked hard to buy the very coins only at the ANA Show. This week we have some really interesting goodies.
Our three prize highlights:
$1 1857 PCGS MS65 CAC AKERS/LEGEND
$1 1879CC PCGS MS64 DMPL CAC One of ONLY 2 beaned!
$20 1912 PCGS MS65 CAC
Besides those 3 remarkable coins, we have a very special group of four O Mint MS Seated Dollars! In one purchase you can have a complete Seated Dollar O mint Collection! Good luck trying to put that together.
Of course there are many other remarkable NEWPS that will be posted. Every coin we posted is tops for the grade and will have great eye appeal. Plus, EVERY coin is CAC beaned-who else does that?
If you see any coins of interest, contact George Huang: email@example.com
ALL NEWPS will be posted by Saturday afternoon.
Next week: Bust Half mania! There was another deal of GEM PCGS MS64-MS65 Bust Halves that broke on the floor (not the Hamilton coins from the auction) -and we bought several great pieces. Stay tuned!
Legend Auctions yet again wishes to thank everyone who participated in our August Summer Sessions sale. Yet again, it was surprising success. We had MANY new bidders. We even sold a $1 1926 PCGS MS66+ for a record $14,300.00! These small handpicked sales do very well-even when going up against the huge 10,000 lot ANA auctions!
We are now finishing up lotting and cataloging our incredible September Sale We expect to have complete list posted by late Tuesday of this week. The sale will be live before the end of the month. Stay tuned!
Also, if you collect Buffalo Nickels, next week we will be making a major announcement. Stay tuned again!
If you seek to consign to any of our sales, contact Julie Abrams: firstname.lastname@example.org or Greg Cohen: email@example.com. We will be releasing an updated listing of our upcoming auctions shortly.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
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