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Posted: December 31, 2016 08:46 AM EST| 0 Replies
A STUNNING END TO 2016
We are still shaking our heads. Talk about a come back. At 4 PM Friday we got a call from someone who had inquired about an expensive coin they knew we had coming in. Seems he was so excited he could not wait to see it at FUN. Bam! In two seconds the $400,000.00+ coin was SOLD for immediate payment. That deal put our sales well OVER $1,000,000.00 since December 21st. That wasn’t our only sale of the day either-we sold four smaller gold coins and two Patterns!
December clearly ended up a strong month for us. Obviously the activity is still building. It is our extremely strong opinion the market HAS indeed turned the corner and 2017 WILL be a good year for the coin market.
THE START OF 2016
Every year we all run to the FUN Show thinking it will be a fresh, strong, and positive beginning for the new year. NOT! We do not remember seeing or having a really great FUN Show in many years.
The enormous auction at the show took the market DOWN 10% in 2016 (in 2015 it was a worse blood bath). One day these bigger companies will learn you can’t auction multiples of a coin (including some inferior pieces) and have the market hold up. The market never really recovered during the year. Making things even worse-the intense lack of nice coins. We know at one point CAC was beaning VERY FEW coins (not just generic gold) that is was scary. Couple that with an overall lack of supply-and the market dropped even further in February-May. We did enjoy a few bright spots of activity, however there was nothing sustained.
The time period between June and November 15th in our opinion was one of the WORST we had ever seen. No one could figure out why the market just plain out died. Some of us did speculate it was the election and all the uncertainty it was bringing. During that time period we would guesstimate that ALL coins (including great coins) dropped 10-25% (in May, we had one of the greatest steals ever-we paid $881,250.00 for the $10 1933 PCGS MS66 CAC-a coin that easily should worth over $1 million dollars)! . Yes, that much. The ANA Show did not help as the location was probably one of the worst ever (Anahiem, CA). There was little to nothing to grab on to that made things better. Every one we know were quietly starting to panic.
Slugging it though November had its rewards. By the end of September early October many dealers had cash flow crisis. So they were selling their best coins cheap. Anyone who was a buyer then got some great deals. We did all the shopping we could and put a few coins back. We had told collectors as hard as we could to buy coins during those bad down times.
It took a week after the elections for life to return to the market. None of our customers that we know of left the country or are hiding in bunkers. The stock market went on a little tear and suddenly people felt good again and wanted to buy and sell coins. We saw the momentum building since that time. Our December Regency Sale was not only strong but we saw a record number of NEW Bidders and NEW collectors to the market. Then BAM! We sold $1,000,000.00 in the last 10 days of December!
The rare coin market in our opinion is still off by 10-25% overall from early last year. However, there are clearly signs of life again. Buyers are alive and are proving their hunger. How quickly we all forget-supply is ever so limited. We think the coin market WILL see an quick small pop this year at FUN and then it will take a little bit for the wave effect to kick in. We’ve seen too much activity today for 2017 not to start off bullish.
Legend Numismatics ended the year with sales in excess of $30,000,000.00 and was profitable. If you had asked us in July/August how we thought the year would end, you would have seen huge tears streaming down our faces saying not good. Our underlying customer base clearly ranks as one of the BEST in the business and we thank EVERY one who allowed us to work with them!
VISIT LEGEND NUMISMATICS AT TABLES 1128/1130 AT FUN
We will have a killer display of coins for sale including the Worlds most valuable Morgan Dollar-the 1893S PCGS MS67 CAC. We will also have an exotic and possibly UNIQUE 9.1 ounce 1933 US Assay Bar for sale. Other highlights include a GEM totally original matched 1858 Proof Set, a $1 1795 SE PCGS MS 65 CAC, a killer group of choice to GEM MS Seated Dollars, and a $10 1907 WE PCGS MS67 CAC (the ONLY CAC MS67)! These coins are ALL “the best of the best”!
Even if you can’t make the show, you can still communicate with us via email and place orders for our regular inventory. We suggest if you have been on the fence about something-buy it now. We doubt we are the only dealers who have experienced a sharp rise in demand! We expect to sell a lot of coins at the show and when we return home. Our HUGE Want List is still that-HUGE.
NOTE: Do not think all areas of the market are hot. Liberty Seated and Barber coins in MS+PR still have along way to go.
Sorry, too tired and have lots of fun year end stuff to do. So NO NEWPS this week. We already have a small gold deal we are holding back for offer when we are back from FUN.
A note about NEWPS and Legend, we really DID LOSE money at least 3 months in 2016 because we could not find enough NEWPS that met the standards we need. Our overhead never stops! One thing we will NEVER do: buy inferior coins just to make a sale.
LEGEND RARE COIN AUCTIONS
BID NOW! Our Regency 20 sale is now LIVE! We have many strong bids already placed.
If you are attending the FUN Show, stop by our table 1128/1130 to see highlights of the sale.
What a year Legend Auctions had. The entire staff worked dramatic overtime to make it all happen. Our sales were just under $15,000,000.00. We enlisted thousands of the “right” NEW bidders this year. Our growth in this very choppy market was strong and even amazed us.
Our proudest moment of the year was the sale of Bob Simpsons Quintupple Stella for $1,880,000.00-one of the biggest individual coin sales of all of 2016! With each auction we’ve more then proven our boutique style works and our results clearly match ANY the big guys do. Having the base clientele of Legend Numismatic customers is undisputed better then having thousands of “names”.
We have committed ourselves to improving the Regency Sales (we still have a few issues from time to time) and dramatically improving and building or PREMIER SESSIONS Internet only sales. Our Sessions sales are NOT loaded with dreck or retreads. Plus, we us ea 10% buyers fee.
There are no plans to get bigger-ONLY Better!
BOTH LEGEND AND LEGEND RARE COIN AUCTIONS THANK EVERYONE FOR WORKING WITH US IN 2016. WE PROMISE TO BE EVEN BETTER IN 2017!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: www.legendcoin.com WE WILL NOT BE CHECKING OUR PHONE MESSAGES UNTIL TUESDAY 9 AM.
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