THIS MARKET REPORT CONTAINS INFORMATION AND FACTS FROM LEGEND NUMISMATICS ACTIVITIES AND OBSERVATIONS FROM THE SHOW. REMEMBER WE DEAL IN THE TOP 5% AND OUR MARKET AND BUSINESS IS DIFFERENT FROM OTHERS.
We are about 85% back to our full strength and schedule. George is still out indefinately but he is healing okay- finally. Everyone’s thoughts and prayers have meant so much to him and us.
WE QUIT!
For whatever reason Legend Numismatics ends up with the worst tables at the CSNS shows. This year, we were so far in Snoopy Land we called “uncle” when we unpacked at set up! You will see Legend Auctions at CSNS from now on, NOT Legend Numismatics. If you think we are building up to say we had a bad show-darn right! Even being by a bathroom brought us no foot traffic (one year the owner of a major company found us that way and sat down and made our show) of course only the hardy friends of Legend came by to ask what we did to the show people. This time-NOTHING!
It is our strong opinion, this show has degraded to the point the real Chicago crowd does not come by. We certainly did NOT see any more then 1-2 major collectors who flew in (go to FUN and they are in every isle). We know of at least two major dealers on par with us who quit taking tables at CSNS. At least when these shows were by by O Hare (Rosemont) everyone could and did fly in and out easily. We saw NO huge crowd (even when using binoculars). Sure, if you had coins priced LESS then $100.00-those tables saw activity. We did ask some of our friends how they did and they reported dead shows. CSNS is quickly joining the ANA as a fading show. Most of today’s show promoters just do not “get it”. We still feel FUN and any PCGS Invitational are the shows to ‘must” attend. Why PCGS Invites? They are a totally different concept show (no its not us kissing up).
For the last decade our weakest show has always been CSNS. Seriously, the PCGS Invitationals do far better. When will CSNS learn, having a show around tax time is not so smart and having it in a poor location isn’t any help as well.
We do want to clarify, unlike other dealers we do not just sit at our table and moan about a bad show. We do have our coins out on the floor working every day. We always try to take a lemon and make lemonade!
*We just received a call from a major dealer at the show who totally agrees with us about our commentary here. It is not sour grapes on our part.
OVERALL ACTIVITY AT CSNS
Our #1 stealth seller had a killer pre show. Then the show started. He came around rolling his eyes and was moaning how tough things got to sell. He basically said the door shut. The sporadic wholesale did not surprise us. We did the same as well.
If you think about how many million (and we mean millions) of dollars worth of fresh coins hit the market at Baltimore, consider it was just tax time, and the grading services are tight as ever how could there be a huge demand? Save for “lock” upgrades (if there is such a thing anymore) the dealers were buying very little. Compounding the situation was the fact there was LESS then nothing nice for sale. You could buy all the dreck and retreads you want. Even if a collectors plate is full from taxes and Baltimore, the lack of cool items creating excitement keeps them away. We heard of several dealers are back to having cash flow problems. We expect shows to be weak until the ANA at this point unless some huge deal or major auction breaks. Fortunately, we do not make our living off of wholesale and fortunately we have a tremendous pipeline that was 40 years in the making that we do a get a drip of coins from every now and then.
We can tell you, the few nice coins we heard about on the floor were scooped up instantly at strong prices. The market for what Legend deals in is still there and then some!
THE CSNS AUCTION
We call it mixed as far as the results. Simple: the really nice and fresh coins brought strong money. The $20 1866 NGC PR65 DCAM Gold CAC brought a whopping $517,000.00! That coin was the epitome of fresh, awesome, HIGH END, and rare. We believe a collector bought it. We did not fair well in most of the sale. We were highly disappointed we could not buy any of the Early $5. Overall, there was not a lot of cool things in the sale for us-except the patterns.
We came to play hard on the Patterns. And yes folks, Bob Simpson DID buy a coin or two-he is still very active. Our three favorite Pattern purchases:
J-1467 $1 1876 PCGS PR66 Cameo CAC We had that down as a MB (MUST BUY). It was one of 3 known and better then what Mr Simpson has. We paid $88,125.00. This was the Seashore Trade Dollar design.
J-1656 $1 1880 PCGS PR67 CAC. This is coin is a friggen MONSTER. We’re worried it will spoil the buyer. Paid $49,350.00. This was a Goliod design.
J-1703 $1 1882 PCGS PR65 RB CAC. We had $85,000.00 hammer to pay. This coin is so rare and desirable. We paid only $64,625.00. This was the Earring Dollar. Any have one to sell us in full PCGS CAC 65 and higher?
We strongly believe that even though there was unexpected activity on the Patterns, as a series, they all still sold too cheap. Each of these coins should be at least $100,000.00. Having handled more GEM and RARE Patterns then any dealer ever, we can tell you the pattern Market is insanely UNDERvalued. Save for a major holding like when the Bass duplicates sold a few years ago, you NEVER EVER see patterns like these in the CSNS Sale. The smart buyers will be rewarded as time goes on. You certainly won’t see duplicates!
We’re not bullish because we’re selling the Simpson Standard patterns, but patterns really are cool and you should check them out. The numbers will make you scratch your head. We’ve got a few people started on small Type sets. Or add a pattern to a 1869 or 1870 set of coins. You will find MOST patterns are CHEAPER then their regular issue counterparts.
TODAYS URGENT WANT LIST
We are seeking a 2C 1867 PCGS PR66 RB CAC. If you have a really pretty one, no one will pay more then us! Contact us: lsperber1@hotmail.com
NEWPS
Almost back to full strength. We are working from a small pile of NEWPS we had stashed during our down time the past 2 weeks. We do have a few incredibly exciting coins in the pipeline. We have a really nice selection this week. No majro classic rarities, just really nice, handpicked, eye appealing, fresh coins.
Our grand highlights are two coins: the $1 1859 PCGS PR64 Cameo. Yes, its premium priced, but we can NOT stop drooling over it! We never ever see them like this. If you can find us a twin, we will happily pay the same price for it. Next up: a killer $5 1813 PCGS MS64+ CAC. If it were in an MS65 holder you would not flinch!
We do have a really nice selection that should include something for everyone! Remember, as time goes on, we will not be offering huge amounts of NEWPS. So don’t think or blink too hard!
FINALLY! Next week, we WILL have several MONSTER DMPL’s. FINALLY. We hope to have some really cool Type ready as well. We did buy a small six figure Type deal at the show.
ALL NEWPS WILL ARE NOW POSTED. PLEASE ALLOW 12-24 HOURS FOR IMAGES TO POST (sorry, we do NOT hold coins until images are posted).
LEGEND AUCTIONS
www.legendauctions.com
Our May Regency Sale is still off to a roaring start. Every day now we are getting really serious new players registering and placing significant bids! We fully expect this sale to be a bell weather of the market with REALLY strong prices realized. The Northern Lights coins are already at near record levels. We have had tremendous interest in the Linda Collection as well. Actually, as we have said, the entire sale has enjoyed unprecedented interest and bidding already.
Starting may 1, we have a new team member: Serena Meyers. You may remember her from our past partnership with Morphy Auctions. She ran all his administration for the last 11 years. She will be running all the administration as well as dealing with collectors for us. You will see her at most major shows. We are really excited and welcome Serena!
Last, we do have 17+ days before the May PCGS Regency Sale. Do NOT wait-be prepared. if you need terms or have ANY questions, please contact Julie Abrams: julie@legendauctions.com, or Greg Cohen: greg@legendautions.com. They can help you with anything from working out special terms or discussing a specific coin.
We are still accepting consignments for our June Premier Sessions Sale and our July Regency Sale. We are going to have some incredible announcements shortly concerning the July Auction. You will want your coins to be sold there! Stay tuned! Make your travel plans to attend the July Las Vegas show today!
IF YOU HAVE ANY QUESTIONS OR COMMENTS PLEASE EMAIL US;legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
