KABOOM!
The crowd at FUN was, by far, one of the biggest we had ever seen. The line stretched out the door. We had a customer obtain an early-bird badge to skirt the line. Pure insanity.
The audience was a different crowd than normal. Typically, we see the elite collectors of the coin community there to schmooze with each other, and not much else happens. This show was different. The public came en masse to buy, as did the elite. One thing we were stunned about—the public was paying cash for their coins. They were not just buying bullion. We saw such transactions happening at several tables as we walked the aisles looking to buy. At the back end of the room, the crowd was so large that it was impossible to move in the aisle!
Not one dealer we know said they had a weak show. Everyone seemed to have excellent shows or even set new records. Starting a year off so strong is something we always dream about but rarely happens. As we said before, the audience was a different crowd that attended this year’s FUN Show.
Legend thanks everyone, both dealers and collectors, who stopped by our table.
OUR SHOW
We landed on Monday. Originally we were going Tuesday, but we had heard dealers were scurrying around as early as Saturday looking to buy. We were terrified we would come home empty-handed. But then we had a million-dollar deal to sell. On Monday, the crew to whom we gave the first shot well exceeded our expectations. They did buy well into six figures. Furthermore, we bought a dream wonder coin that will be our coin of the week. OMG, wait until you see it (it was our favorite purchase of the entire show). We thanked them intensely for doing biz. We had high hopes for the second crew. They came through with a huge six-figure buy. We knew the deal we had was perfect for them. They probably spent several million on all the shows, as they service a few big telemarketers. Since they buy soup to nuts, many dealers give them the first shot. Went to bed early but very happy
Tuesday was even crazier. We had a surprise appointment at 8 am. That individual really surprised us and spent a lot of money. Then our two-star appointments happened. Both buyers (from major companies) bought exactly what we had hoped for. Called it quits early Tuesday too. The timing is crazy; with the profits we made and what we sold at the end of Tuesday, we could have called the show an absolute success and gone home! That has not happened in such a HUGE way as this in years. We did attend the PCGS special 40th anniversary dinner.
Wednesday was different. We were more concerned about buying. Seeing any dealer buy coins under $10,000 was impossible. They just did not have any. People know that buying PCGS CAC coins WILL cost you more in certain areas. Gold coins are selling like mad. You cannot use the sheets when buying and selling better PCGS CAC gold. It cost us $20,000.00 to buy a beautiful $10 1932 PCGS MS66 CAC in the dealer trading room. We found no other similar coins.
When the dealer setup opened, we saw two sellers on Wednesday. The first one we spent several hundred thousand on great coins—but save for a High Relief in PCGS CAC MS66 CAC, they were all coins we really did not need. One of the coins we have posted as a NEWP is the 1C 1856 FE. The second seller was a longtime 50-year collector who pops up at big shows to offer us. His coins are amazing. This time, I only bought two coins: an AMAZING FINEST KNOWN $2.5 1846D PCGS MS62 CAC and a crazy perfect $1 1894 PCGS PR68 CAC. Neither coin was cheap—he has the ultimate pride of ownership. But we have two thrilled collectors who bought them as soon as we emailed. We could not buy the coins we needed for our regular customers. As the show opened for dealers, a few came by and bought even more coins. We were pinching ourselves. We wondered if this would continue into Thursday. Went to bed happy after having a nice dinner with a young up-and-coming dealer. We rarely go out two nights in a row.
Thursday came around. The show opened to a giant crowd. We had collectors at our table immediately. Our first sale was the $10 1932 CACG MS 65+. We wish we had more of them. We had a crowd come by all day. We saw many old friends and thanked many collectors. We ended the day with record sales for a FUN show. Legend sold $1 million dollars’ worth of coins. That amount does not include the coins we purchased to sell back home.
Friday was quiet—but who cared? We were happy to be in the warmth for another day. We walked around the floor again, but gee whiz, the dealers were cleaned out. The next month will be interesting, as there is not a coin show until the new Long Beach Show, at which Legend does have a table (ditto for ANA Mid-Winter and Baltimore). That show is in late mid-February.
Here is a note about how our super secret seller performed—he also had the option to go home early. We said to ourselves by Sunday he had sold nearly $1 million. We shudder to think what his final sales were. On Thursday, he brought a few people to our table, and we watched as he continued to sell piles of coins. Another major seller we know of who also takes coins on consignment did a whopping $2.9 Million! That is INSANE. We can tell you he sold several five-figure coins of ours. Across the board, dealers needed coins.
THE CURRENT MARKET
We warned everyone that the market would soon experience a significant increase. Price guides are 100% inaccurate today. They cannot keep up. There are two things we see happening.
Obviously the price of gold and silver is driving people to both buy and sell. Our Wall Street people, who really have been right on their predictions recently, told us they were buying gold still. We had asked when they thought gold would hit $5,000.00. Their confidence was sturdy, and they did put their money where their mouths are. They are also seeking to buy the BEST rare coins we can find. We know that cheaper GEM-grade gold is virtually unattainable. It is clear, collectors want gold. This is not a 1980 boom yet. However, the current market is approaching a state of craziness on all levels.
We are now clearly seeing how small the PCGS CAC supply really is. For a few years now we have seen great PCGS CAC coins going off the market into a deep black hole, as we call it. These coins are not returning. Relative to the outside world, the supply of true rare coins has always been limited. Hence, money has come back into the coin market, and now we can’t find anything. There is far more money coming in today than during covid. Prices are increasing rapidly. However, many collectors fall behind due to their limited access to outdated price guides. Just watch what the coins in Heritage and Stacks sales will sell for.
It is critical to remember that if you buy during a peak in the market, you will need to hold until the next cycle comes around. We do not know how long this boom will last. But do NOT expect to be able to sell your coins for a profit in a year or two. Quick profits could happen, but people forget that rare coins are a long-term proposition.
Does anyone have a collection of coins for sale? Please email or call us. We will pay the highest prices. It never hurts to make a profit or raise money to be ready for your next purchase. Clearly buyers who pay immediately will have access to the best coins at the best prices.
NEWPS
We have a few NEWPS now posted. The coins are selling fast. Highlights include:
1C 1856 FE PCGS PR65 CAC GORGEOUS
50C 1795 PCGS XF 45 CAC A SUPERB GEM XF
$5 1891 PCGS PR66 DCAMEO CAC STUNNING
We are excited to share our MONSTER COW via email on Wednesday. Everyone we showed it off to said, “WOW!”
We invite you to check out all our posted coins in our great PCGS CAC inventory. Every coin is vetted for its quality and eye appeal That is why we had the 4 biggest buying dealers lined up to see us before the show started.
Please remember our offices are closed Fridays. We can email you anytime—we are open 24/7 pretty much. We do NOT check our phone messages until Mondays at 9 am.
Let’s do some business!
