FACT: THE MARKET IS STILL IN HEAT FOR NICE COINS.
We were unsure what to expect at the pre-Baltimore show (AKA lobby leaching). After hearing how strong PAN was and speaking with many dealers, we knew the pre-show would be at least okay. Our coins were not cheap, but we did our best to keep the prices realistic. As usual, for any show we want to sell at, we had four of the biggest buyers lined up to see us on our first day there. By the time we finished, we had sold a total of $300,000.00 to them. Whoa! Did not see that coming. Our expectation was $50,000.00-$100,000.00 if we were lucky. We were especially worried about having far more Type coins than gold. That was no problem, apparently. The Type we sold included Seated Half Dimes in Proof (the last coins we ever thought would sell to product buyers) and cheaper Proof Liberty Nickels in high grades. The most picked-out coin was the 25C 1928-D PCGS MS66 FH CAC. We like the coin too much and decided it’s better to place it with collectors vs. let Cracker fiddle with it.
The one time we did not give our “super secret stealth seller” any coins, he had his best summer in Baltimore ever—by Sunday afternoon (the day he arrived). He sells a mix of stuff and a few nicer gold coins. And even as this report is being written (Thursday afternoon), he said he was swamped with buyers and appointments. Plus, due to demand, we spoke to a few dealers who are now attending Summer FUN because they need coins., Glad we got a table this year. We predict the show will be the strongest ever for the Summer FUN.
There is no way this train is going to slow—even with it being summer and gold being smacked down. The App guys need way too many coins. In general, way too many dealers need too many coins. Then there is the general collecting public, which is now a far larger group than anyone ever dreamed. Legend is selling coins like crazy. Without any effort, during the two days we hustled down to Baltimore (Laura left at 4 AM so really one day), Legend sold $500,000.00 back in the office. Legend has now sold enough coins to stop and relax for the month (no worries, we are not). You can clearly see what is happening when there are more buyers than sellers. And there is a deep black hole that runs deeper than anyone ever guessed it could. Coins are just not coming back out of it.
The biggest problems we see—the price guides. We have written about this so many times. Since too few coins trade in our world, the price guides do not move while coins hitting the market have only gotten scarcer, so the price guides remain flat. This knocks even more buyers out and makes even the hardy buyers skittish. Note: This does not mean you can make money on coins bought 2 years ago. Coins are a long-term 5+ year hold.
When we see a great coin and know there are no others around, we just step up, pay the price, and sigh. In the past year, we have not been wrong. If you do not step up right now, you WILL lose a great coin and very likely won’t see it or anything like it for a very long time.
WHEN WE WRITE THESE REPORTS, WE ARE DISCUSSING OUR VIEWS OF THE MARKET AND OUR OPINIONS. OTHER MARKETS IN COINS ARE NOT THE SAME AND MAY ACT DIFFERENTLY
GOLD
Ugh oh. War and the economy are taking their tolls. It is our sad opinion that gold could very well dip to $3,000.00 before it breaks $4,300.00 again. There is still an open door that gold will come out of this slump and rise to the predicted $6,000.00 per ounce.
The prices of generic Saints have not come down. Simple reason: supply vs. demand. There are practically none on the market or to be found. We had an MS 65 Saint in an OGH listed on our website for $5,400.00. Boom! One of the first coins dealer #1 bought from us at the pre-show. We could not buy good gold right now even if it were double in price!
We strongly advise buying gold now. BUY ON THE DIP. Better coins will still be strongly priced, but they are not as high as they could have been. Do NOT miss the opportunities this possible lull offers!
NEWPS
Outside of a MONSTER 1C 1914-D PCGS MS65 RD CAC, we are very light this week. That will be changing soon. Sign up for our Coins of the Week Wednesday e-blasts to find out why.
The 1795 $1 PCGS XF 40 CAC Off Center is no slouch either. Rare coin. Much harder to find the SE than the Flowing Hairs (although right now it’s hard to find ANY BUST Dollars that are nice).
Stay tuned for a cool Type coming our way! Sign up for our eblasts. We do not spam you! This one is pure Legend quality and pure Legend kinds of coins.
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