Market Reports

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The Summer Baltimore Show

WHAT IS WRITTEN IN THIS MARKET REPORT IS WHAT WE EXPERIENCED AT THE SHOW AND AUCTION. OTHER DEALERS NOT IN THE EXACT SAME MARKETS AS US WILL HAVE DIFFERENT EXPERIENCES. LEGEND DEALS IN THE TOP 5% OF QUALITY ALONG WITH HIGH RARITY.

Expect Less

We have learned that when we have low to no expectations for a show-we end up having good show. Much to our total surprise, Baltimore was a very good show for us. Our sales exceeded $250,000.00. The ONLY negative-little to NO retail showed up. While some people tried to blame the city’s woes on poor attendance, we do not. For years we have been calling for there to be only TWO shows a year in Baltimore. The summer show has ALWAYS been a nonevent. Dealers go because they have to make a living, and we’re junkies.

From the second we saw our “super secret buyer” Tuesday afternoon until we left late Friday, we had great success selling wholesale. We sold soup to nuts. Our very last sale at the end of the day on Friday was a $40,000.00+ rare gold piece. It was surprising to us how many $10-$40,000.00 coins we had sold by the end of the show. Prices were not poor either!

Both our “stealth” sellers did VERY well. We don’t know the totals from them yet, however we do know SEVERAL low five figure coins were sold by them. We needed to raise some cash (we just bought several deals) and actually did. We did not come down to this show thinking we’d meet our goals. No question we left pleasantly surprised.

Most in demand at the show: Gold-especially circ gold. Guess with the premiums so cheap people are creating big demand.

WE’LL NEVER UNDERSTAND THIS

Our web site has been very quiet in early July. So quiet we were wondering where every one went, was it vacation, do people not want coins anymore, or do we have coodies (theres an old time word for you all)? We’re still doing sales, just not off the web right now.

We figured the Stacks sales would be weak as well. In fact we were salivating they picked a bad time to have two great collections for auction.

Oh did we ever predict wrong! BOTH sales were no question tremendous successes. MANY record prices were set. The ONLY negative-the Large Cent sale lasted until 4 AM! That was a killer in many ways.

Auction is clearly where it is at for the newer collectors. They love the chase and the competition of bidding-even if they consistently over pay on the wrong coins. Their buying is all about the internet. These sales proved it.

We were so confident the sales would be weak, we were under prepared and actually gave our customers numbers that were too low (we assure you-that rarely  happens). Needless to say, in the Kaselitz Sale, save for two coins were totally blown out of the water. Here is what we were LOSERS on:

1C 1814 CROSSLET 4 PCGS MS65BN  CAC $55,812.00

1C  1840 PCGSMS65RD $38,187.00  We deserved to lose this one.

5C  1887 PCGS PR66 CAC  $5,581.00  That’s an excessive price for a coin that we can’t see as a 67.

H.10   1803 PCGS MS65+ LG 8 CAC  $164,500.00 Congrats to the new owner!
10C 1814 PCGS MS66 CAC $58,750.00 We had just passed on the one at $30,000.00 because we decided this coin was a hair nicer.

25C 1828 PCGS MS66+ CAC $111,625.00

25C 1930S PCGS MS67FH CAC  $17,625.00

50C 1807 CAPPED BUST PCGS MS65 CAC $129,250.00

50C  1837 RE PCGS MS6 CAC $38,187.00 We’re kicking ourselves badly for not bidding more here. What were we thinking?

$1   1801 PCGS AU55 CAC $19,975.00

$5   1803/2 PCGS AU58 CAC $15,275.00

We did buy one of the cooler coins-what we believe is the BEST EVER 1912S PCGS MS66 CAC 5C. Never seen one anywhere near as nice! We fully expect it to +. We have no fear of owning it (we bought it for stock) at the whopping $32,900.00 we paid-even with the other NON CAC coins being destoyed in value and those selling for $7,000.00 each now. THERE IS A HUGE DIFFERENCE. We think it is a greqt match for the 5C 1912D PCGS MS66+ CAC we just bought.

In the never ending copper sale the night before, we congratulate who ever stayed up and paid $14,100.00 for the 1C 1853 PCGS MS66RD (when we quit at 1:30 we left bids). We’re thrilled with what we bought from that sale. We bought the majority of Proofs from 1837-1848 PCGS CAC (we only bought the CAC coins). Paid healthy prices for them. We were so happy that at 1:15 AM we bought the 1848 with lighter then expected competition.

Today its back to the reality of slow sales from the web. The sad part, we don’t ask for any where near record prices! No dealer can compete with a fresh “old time” NICE collection!!!

The thing about buying from us vs buying from auction: we will stand behind what we bought and make a market in it. In auction not only did you beat out everyone, but in so many cases as we have seen, the underbidder probably won’t be there if you need to sell. You get much better deals buying from a good dealer-like us :-)! The ONLY coins you should ever try and buy out of auction-the rarities you won’t see offered again. Why buy PR65 Shield 5C out of auction and pay $100.0 too much?

NEWPS

We could not find much as at all. We managed to buy a few really nice coins BEFORE the show. Once the show started we had done 2 walk arounds and knew there was nothing out there. PCGS did not help the supply side much as they seemed to be tight.

This weeks highlights will include:

1C 1837 HEAD 38 PCGS PR64BN N-9 CAC. We bought BOTH out of the Stacks sale. This coin is pop 2 with only ONE finer. We think coins like this are GROSSLY UNERVALUED. 3CS 1851O PCGS MS66 CAC, $1868 PCGS PR65 CAC CAMEO, $1 1875 TRADE PCGS PR65+ CAMEO CAC, and a MEGA MONSTER $2.5 1901 PCGS PR67 DC CAC. The PR $2.5 is jaw dropping amazing!

This weeks offering is a little bigger and defiantly has coins for everyone!

Due to exhaustion from the show all NEWPS will be posted by Monday AFTERNOON. Allow 24 hours for the images.

LEGEND RARE COIN AUCTIONS

LRCA wishes to thank everyone who consigned to our upcoming September Regency Sale. WOW did we ever get some consignments! We finally have a few highlights posted.

Here are a few more highlights we can mention:

1C  1868 PCGS PR65 CAMEO CAC What a headlight!

10C  1918D PCGS MS67FB This coin is the finest known! Est $200,000.00+

10C 1939D PCGS MS69FB From that group w/all the colors.

50C 1948D PCGS MS67 FBL With Killer colors!

G $1  1885 PCGS PR67 DC CAC. WOW!!!!!!!!!!

$5   1834 CROSSLET 4 PCGS XF 40.

Later next week we will have more highlight images posted on the site. In next weeks Market Report we will tell you even more! The sale is looking like its 300+ lots (we won’t know the exact amount for days). We assure you, the majority of coins are fresh and really GEMMY! We got so many consignmnets at the last minute its hard to remember many coins or the lot count.

Now that our September sale is closed, we are accepting submissions for our October Regency Sale to be held Oct 15th. Included in that sale will be ROUND II of the Coronet Collection-the $1 PCGS Registry set. For that sale we will be accepting crazy toned Morgans or Peace Dollars. NOTE: we are extremely picky about colors. If they are not all there and them some we won’t accept. We do already have a MONSTER 1879S PCGS MS67. This thing could be seen from Pluto!

For more information about the sale, please contact Julie Abrams at: Julie@legendauctions.com

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

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