HOW IS THE COIN MARKET?
We are shocked at how strong business is today. There has been zero slowdown. The pure demand from collectors is unlike anything we have seen in the last few years, including the covid rush. We think the new Apps and the turmoil in the world have made many people look at hard assets and how they can acquire them. If you think about it, you can buy a GEM 100+ year old gold coin like a $5 Liberty certified for UNDER $3,000.00. How cool is that to a new collector? How many hard assets can you buy that cheap and get top quality? Not too many!
Legend already is having one of its BEST Novembers EVER. We had fully expected to lose money this month and sell far less than we already have. We are totally shocked. Looking at what is selling, it’s a true soup-to-nuts mix. Plus, we have had over 40 different collectors make purchases from us so far in November! The amounts each bought were not small either. For just 3 1/2 people, that adds up to a lot of business. We have been told that the coin shops are still cranking hard with people coming in to sell their coins and junk scrap. We know of one who did $12 million last month just on over-the-counter business. Wow! Not only that, but many are reporting people want to buy coins too. Amazing!
If you all have noticed, we have had virtually NO generics to offer. The simple reason why is that no one is hitting our bids for MS 66/66+ PCGS CAC Saints (which we just raised). Plus we were not being offered any MS 65 Saints (although we are not current fans of). We got lucky this month and had the auctions to buy from. In all, we spent just under $1 million. A big portion of those coins went to Want List customers or were auction reps. The few coins we can offer are in the process of being imaged and described. We did send a few coins out to be graded—and we know PCGS is behind.
With that HUGE black hole only growing daily right now, finding coins of Legend quality at ANY price range is near impossible. Our connections are that dry too. We have NEVER in our 40+ years of being in business seen the lack of supply this barren. Because of this, we will be attending the PCGS Invitational in Las Vegas—looking to buy. We encourage people to offer us their coins—especially duplicates. We will buy an entire collection to get what we need.
WHAT DO WE SUGGEST?
This is NOT meant to be self-serving (but it is in the end). BUY THE BEST COINS YOU CAN AFFORD FOR THE GRADE. Know you can NOT buy coins cheap today. On the bourse floor many times we must pay ABOVE published prices. It all depends on the coin.
We HIGHLY recommend silver or gold Type sets. This way YOU can decide which coin to own. You’re not handcuffed to looking for one key date everyone needs then.
Do a box of 20. Just pick 20 of the best coins you see that you want to own. Here too, the coins can be anything. We now write “BOX of 20” on the very bottom of any coin on our site priced BELOW $10,000.00. In the end, it’s about the quality and eye appeal of what you have. Your box of 20 could be 20 MS67 Morgans that are all semi-PL and look like monsters. Or it could be a mix of different coins.
We also are HUGE fans of nice PCGS CAC MS66/66+ Saints still. But you can’t pay a stupid advanced retail price for them.
Last suggestion: PCGS CAC WHITE CC Morgans. Darn, are they ever popular. Here too, just buy the BEST you can afford.
Buying NICE coins now WILL yield you strong future results. More people are becoming coin collectors due to the apps out there. Beat them to the punch. You most likely won’t get to the better and nicer coins for a while. We are going out on a limb here; unless something dramatic happens like the stock market crashing, we cannot see the rare coin market slowing down. Build your sets now or buy the coins you just like NOW.
Do NOT quibble about pricing on better coins. You do have to overpay to buy them. When you buy right, you do make your money back and then some. You just cannot sell the coins immediately—buying rare coins is a long-term proposition. Two years is not long-term (there are short-term cycles though).
LEGEND WILL BE BIDDING IN ALL THE DECEMBER AUCTIONS—INCLUDING FOR THE FINAL PENNIES EVER MINTED. TALK TO US NOW ABOUT REPRESENTATION.
Sometimes your best buy is the one you didn’t make!
NEWPS
We have a wonderful selection of NEWPS to offer this week—finally!
Every coin would be someone else’s highlights! Here are a few of the coins we love:
5C 1918/7-D PCGS AU58 CAC NEAT!
10C 1908 PCGS PR67+ CAMEO CAC INCREDIBLE!
$1 1881-S PCGS MS68+ CAC SUPER!
$1 1882 TRADE PCGS PR66+ DCAMEO CAC A MONSTER!
G $1 1886 PCGS PR65 CAMEO CAC WOW!
$5 1892 PCGS MS66 CAC SUPERB!
There are many more coins posted in the NEWPS. Again, even though the pickings are slim, we do NOT and will NOT ever skimp on quality and eye appeal.
If you have any questions, please call or email us.
OUR OFFICES WILL BE CLOSED NOV 26 THROUGH DECEMBER 1 FOR THE HOLIDAY.
WE WILL BE ANSWERING OUR EMAILS DAILY DURING THAT TIME AND, AS ALWAYS, ON THE WEEKENDS. WE DO NOT CHECK PHONE MESSAGES UNTIL 9 AM ON MONDAYS.
OUR OFFICE HOURS ARE 8:30-4 PM DAILY. WE ANSWER EMAILS ALL THE TIME!
