AS WE EXPECTED
For the first time in a while, the show was well attended by the public. As we expected, the public was buying collector-oriented coins. We made just a few small sales to collectors.
Our show revenue came from dealers Tuesday and Wednesday. We did OVER $600,000.00. That was remarkable considering we were depleted of really neat coins. Our bud, the “super secret stealth seller,” made the Energizer Bunny look lame. Dealers were actually coming back to him for a second and even third look to buy! At the time of this writing, he was not sure of his sales, but he thinks this will be an all-time record breaker. Even late into the show he was still aggressively selling. He sells soup to nuts; mostly he sells “stuff.”
We had a little GEM CC Dollar deal in. A few of the coins had been posted on our website. All but one were sold. The market for white top-grade CC coinage (silver and gold) is as strong as ever. That was evidenced by the fact the dealers all paid our website asking prices. We rejected buying only one small group of coins due to pricing. The owner and his dealer were just plain stupid and greedy and wanted Pluto money (bummer). Outside of that, we were willing to pay above and beyond any published prices, which got us nothing. There is a clear disconnect between what the public assumes values are based upon printed prices and what the reality is of what dealers are paying. Even auction prices are going higher with each sale now.
Clearly, it was not just CC’s; everyone needed coins—not just wanted them. The amount of nice fresh gold at the show was nil. In fact, we only bought one generic $20 Saint, and it lasted 5 minutes on our site today. We were stunned that there was so little gold. Every major dealer we know has the same complaint as we do when it comes to supply.
We didn’t think we could top other recent shows, but this was our WORST EVER buying show—save for one magnificent coin. The coin (a pattern) is so cool we will make it our Coin Of The Week so we can admire it for a few days (it’s like sniffing a fine wine). Not being able to buy really hurts us. We can only hope to score a few goodies in the auctions, but there is not really much for us. Without a continued flow of coins, we really may have to shut our business early this year. The lack of Legend-caliber coins is that serious. It is highly unlikely the non-existent supply of Legend quality coins will change. We will not lower our standards.
Our inventory is going, going, and soon it will be all gone. We cannot stress about the fact that trading prices on the floor are stronger than what you read. If you have been waiting and watching a certain coin, buy it now. That is not hype; it is reality. We think we might have no inventory at all by early December.
Legend needs your coins. What do you have for sale? We will pay you absolute top dollar! Take some profits or get some cash for the holidays and for the upcoming auctions. Call or email us with what you want to sell.
THINK ABOUT THIS
We saw two collectors buy 2 dreaky coins. Both were NON CAC. Both coins were cleaned and retoned. One was gold.
When looking at a coin today, stop and ask yourself, why isn’t it CAC? There will be a reason. Common sense dictates that any dealer with a brain will send a coin to CAC. It is more than proven that CAC coins sell for more. CAC coins are NOT cleaned or recolored.
At the show we saw mild signs that grade inflation is rearing its ugly head again.
It does not matter how dire the supply of nice coins is—you should NEVER put a bad coin in a good collection.
The ONLY exceptions should be when a coin just missed the bean and is NOT messed with in any way. Ask the dealer why the coin isn’t CAC. Can you pay a little more for it to send it to CAC?. Dealers are not stupid; they know if a coin is good or bad (well, maybe not all). At this stage in the game, the majority of coins have been to CAC.
NEWPS
Ugh oh. We could not buy! Our NEWPS are pathetic in number (but not quality). Here is the highlight of what we have posted:
The 50C 1942 PCGS PR68+ CAC YOUNG-DAKOTA
Outside of the PR 69 that is locked up in a major collection and the ultra-wild ex-Simpson coin (which sold for $60,000.00), this coin beats all others. IT IS AMAZING!
Again, Legend is buying. What do you have for sale?
WE DO NOT CHECK PHONE MESSAGES UNTIL MONDAY AT 9AM. EMAIL US ANYTIME THROUGH THE WEEKEND.
