We had what we would call a “funky” week. Activity started out very slow. Monday and Tuesday we were thinking, ugh oh, the summer shutoff switch was hit. Then, on Wednesday, we sent out a 3-coin COW of the Week email blast, and BOOM! Two coins sold immediately-including the one coin we figured would not sell for a week or two (the $1 1849 STD PCGS MS64+ CAC) from the list. The switch was flipped on, and we have been selling coins strongly off our website ever since. We actually had 3 people interested in the J-1704 pattern. Cool coins always attract attention. Plus, we found a few Want List coins! There is no doubt that if we had more of the “right” coins to sell, we would return to selling millions per month. The coins just are NOT there.
A NOTE ON HOW WE VIEW COINS
When viewing a coin, ALWAYS examine it in front of you in terms of grade and price. That is what we do. If you start playing sleuth, you could very easily dig up all kinds of information that actually is outdated. Knowing if a coin has been in an auction or upgraded is helpful and also hurtful.
We look at the coin itself. Is it properly graded, and does it meet our standards? Recently, we bought a couple of coins that came out of first-generation NGC holders from a dealer who got them upgraded. WE LOVE the coins in their current holders. In their old holders they were clearly undergraded. Overthinking that situation could cost you buying a sought-after coin for no real reason. It did not hurt us to know the information, but we shake our heads at people who read too much into it.
As far as price, we look at the coin’s price today. If we are paying $5,500.00 today and the coin sold for $4,500.00 in 2020, we do not fret. If little else has sold in between, that is a strong statement. Plus, where is the current market in general and for the coin itself? The hardest coins to figure out are the ones that have not sold in ages. Most of those have incorrect price guides. Too many people avoid buying coins due to outdated price guides. Then they realize their error, and it was their loss. This is where you have to trust a dealer. Funny how that works; if the coin is in auction, collectors will run each other up with no fear. Then they are in too high with no chance of getting out any time soon in the current market But god forbid a deal offers a coin 20% over CU to them; the dealers are labeled crooks. Dealers are the ones who trade daily and know the current markets. Auctions are competitions to see who can pay the most. It’s time for innovative thinking, everyone!
IF YOU ARE SENDING US ANY COINS FOR THE BALTIMORE SHOW, WE NEED THEM BY WEDNESDAY, JUNE 11TH.
NO EXCEPTIONS.
TIME FOR GOLD?
It’s been kind of nice; gold has stopped its 100-mph runup and is semi-plateauing. This lull could last for days or a few months. The important thing to note is that gold has not gone down to anywhere near the $3,000.00 level. In fact, as of this writing (Thursday AM), spot gold on Kitco is slightly up-$3,380.00.
With all of the uncertainties in the world (economic and political), we do agree with the experts that gold will have a mild run to $3,500.00-$3,700.00 by the end of the summer. We make no promises. However, we are still 100% gold bulls. Our Wall Street friends are still bullish on gold, and some are even bullish on crypto.
We like PCGS CAC MS65 and MS 66 Saints. MS 66 Saints have not moved much during the rise. They are due for a move. We recommend PCGS CAC MS 65s, provided you can keep the price at $4,000.00 or below. We have not been able to purchase any MS 65s lately. Even MS 66s are difficult to find.
Of course we still recommend many gold projects, with our favorite being building some kind of gold type set. There are so many that can be done-call or email us; we’d love to work with you and can create a project tailored to your wishes!
NEWPS
This week we have a more gold-laden offering. Highlights include:
We have several beautiful coins from the Pittsburgh Commemorative Collection.
50C 1825 PCGS MS66 CAC ELIASBERG POUGE
$5 1874-CC PCGS AU53 CAC
$5 1887-S PCGS MS65+ CAC
$10 1915 PCGS MS66 CAC
Of course we have several other exceptional coins to choose from in our NEWPS.
Be sure to check our regular inventory too.
LEGEND’S OFFICE IS CLOSED ON FRIDAYS. HOWEVER, WE STILL ANSWER OUR EMAILS, legend@legendcoin.com, DAILY. AND ON WEEKENDS. PHONE MESSAGES ARE NOT CHECKED UNTIL 9 AM MONDAY
