Just when we thought the market was taking a break, NOT! For the first time in a year, we offered many coins valued UNDER $5,000.00. Our NEWPS as you know, go up at midnight Fridays. As of the close of normal business Friday afternoon, we had orders for 12 out of the 31 NEWPS we posted. By Wed, we had sold 75% from the web (yes, a few coins were sneakily added). Our total sales for the week ended up over $225,000. While not a huge dollar amount, considering the total number of coins, that was a significant amount. Our workload hasn’t been this overwhelming in years. In fact, it’s safe to say that, excluding Bob Simpson’s buying spree years ago, Legend is experiencing all-time record sales so far this year. We have also significantly increased our customer base.
What NEWPS did we sell? A ton of PR Mercury 10, Proof Walkers, better Morgans, and better gold. Better gold remains strong across the board. Supplies remain very limited. We are again unable to fill want lists for many coins. These are coins you’d think we could find too…
We expect consumption and demand for nice coins to be strong through the summer and at least until ANA. Last week we explained why there is no more supply. At least now, prices in many areas have noticeably risen, and some coins are appearing. The amount of coins appearing is still nowhere near enough to satisfy demand. At least we here at Legend can sleep a little better knowing we acquired a few deals with some more on the way. Between Jan and April, our supply chain was near zero. We still shake our heads at how we conducted record business during those times.
THE SUMMERTIME BLUES?
We are unsure what to expect this summer, although we are optimistic. Last summer, the coin market was red hot. Today is a bit more tempered (we think due to gold floating down). But many new buyers are still purchasing a lot, and the apps are still doing record business.
Due to the lack of retail business, this is the first Baltimore Show in 35+ years of attendance where we are not taking a table. We are coming to town Tuesday to see our usual buyers (all of whom will be in attendance). Activity from Tue and Wed will help us determine the overall market direction. We realized that many of the dealers with shops have seen slower activity after metal prices dropped. Those dealers also bought many rare coins. We don’t hear of them doing that currently.
It is also our strong opinion that retail will still be aggressively buying when they find the “right” coins. Keyword: “right.” We don’t see that activity slowing. It’s a very long time until the ANA Show. We did take a table at Summer FUN. We expect that show to be strong. Even this week’s upcoming PAN show will be strong too.
Not sure what gold will do in the next 3 months. As long as it doesn’t drop, everything should be fine. Our friends are still predicting a rise in the price of gold, but no one knows when it will happen.
If you have any questions, please call or email us. We can help guide you through this market.
NEWPS
OMG, we have ROUND III of the Gourmet Collection in this group. We also have several exciting NEWPS as well from general sources. Highlights include:
1C 1877 PCGS PR65+ RD CAC
5C 1871 PCGS PR67 CAMEO CAC
$1 1874-CC PCGS MS63 CAC
$2.50 1912 PCGS MS 65 CAC
$5 1908 INDIAN PCGS MS65+ CAC
Like last week, there were many more coins posted! Every coin we posted is PCGS CAC and has been selected for the ultimate in quality and eye appeal.
OUR COIN RANKINGS
No, we are not hyping our quality. Our coins have been proven to be of outstanding quality and eye appeal. None of our coins are low-end. Few other dealers can say that. .
HIGH END; Above average with nice eye appeal. Still better than most.
VERY HIGH END; Great eye appeal and top-end quality.
SUPER HIGH END: A borderline next grade up. Awesome eye appeal. The best of the best.
If you know us, you know we are sticklers for quality and eye appeal. You can trust our descriptions. This is why we sell so well to other dealers at shows; they are starved for the quality we offer.
LEGEND WISHES EVERYONE A SAFE AND HAPPY MEMORIAL DAY WEEKEND!
OUR OFFICES ARE CLOSED FRIDAYS. WE DO CHECK OUR EMAILS ALL THE TIME—INCLUDING THIS HOLIDAY WEEKEND. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAYS.
