LOOKING BACK ON OCTOBER
What a long nasty up and down, off and on month it was. We can not really pinpoint blame for this ride. However, many people are pointing to the stock market. Its easy to see how after a few really bad days no one feels like buying much of anything. Now, over the last few days of a mini quikie recovery, we have witnessed people pulling some monies out and moving them into collectables again. No, we are NOT talking about speculators, just the same collectors who have been around for a long time.
Our October was far stronger and more profitable then we thought it could have been. As we mentioned, Baltimore was so profitable we had to scramble the last day to try and blow some coins out for losses. It was frustrating. People would pay strong for great coins, but most would not make any reasonable offers on stuff. A clear two tier market is what we have today. You have to be extra careful with what you buy-especially if it is not CAC.
We unquestionably still see anything LESS then a top 5-10% the market is choppy. We do pronounce it a buyers market. The only problem, you can’t buy the really nice coins, they are not around even at higher prices.
LOOKING AHEAD TO NOVEMBER/DECEMBER
Remember what we write here is OUR opinion for OUR customers to read.
For Legend, we were stunned that Nov 1+2 we did enough business to pay for 3/4 of November. It was not left over business either. We quietly get some pretty neat coins and deals from time to time.
The only real show in Novmember is the PCGS Invitational in San Antonio. We think it will have strong attendance for many reasons. #1 dealers need to earn a living. #2 grading has been so tight the dealers have to keep on trying, #3 many dealers (like us), need a lot of coins still, #4 Legend Auctions has a major Regency Sale at the show, #5 everyone will probably try the new venue (collectors too). Even though its only a 30 table show, we have seen powerful results come from them. Several times, even we have done more sales there then at Baltimore or Long Beach Show!
It is our strong opinion, in this clear buyers market, Nov and December will only be active when great coins appear. The severe lack of probably will back up all the way to FUN causing FUN to be really strong in every way. Don’t wait for the herd! We believe ANY coins bought in Nov/Dec should be considered discounted in the market even if you feel you had to pay too much. Its just beyond amazing how that great big black hole has gobbled up so many coins that things are out of sight out of mind.
PROOF GOLD
One area we’ve had a ton of requests for currently is PR Gold. Good luck. We reported years ago when a group from Japan was buying it all up. At the time, they did. The only other major holding we know of: Bob Simpson for whom we bought a Civil War set of GEM gold and a built a complete GEM proof set 1885-1915!
You have to understand, buying any PR Gold that is NOT CAC is DANGEROUS. So many coins have been messed with. ALWAYS make sure the mirrors are clear-unless there is known original toning.
However, you must also know that to buy coins larger then a $5 pieces, you ARE going to OVERPAY. But it is more then worth it. Chances are if you are buying a $10 Lib in 66 Cameo (any date), your buying the ONLY coin on the market. If the price guides average $50-$60,000.00, paying $70-$75,000.00 you should be greatful, because someone else will! In auctions PR gold has been selling for huge premiums. Again, once bought those coins fall back into that huge black hole.
Know what you are doing when it comes to PR gold. In our opinion, Proof gold offers one of the strongest potential growth areas in the market-IF you can find any!
P.S We are still crazy gold bugs. We are trying to buy better CAC MS+PR gold more then ever now!
NEWPS
Finally, we are posting GROUP I of the Grayson collection. We have been so busy it took extra time to prep these coins. The value of the entire deal is $2,000,000.00. It is really a mixed bag collection that has heavy amounts of copper.
The grand highlight of today’s Grayson NEWPS is the Chain America Cent PCGS AU55 CAC. Of course this is a SUPERB AU.
Our regular NEWPS include some amazing coins. The highlights include:
3CS 1863/2 PCGS PR65 CAC
50C 1902 PCGS PR67+ CAC
$1 1896 PCGS MS67+ CAC
$5 1820 SQ 2 PCGS MS63 CAC
$20 1854 Kellog PCGS AU58+ CAC Ship Wreck
Of course we have many other neat and total quality oriented coins now posted in our NEWPS.
Do not forget to check our regular inventory as well. No one has a PCGS CAC inventory as large as we do-where only handpicked coins are posted!
Legend Numismatics is here to build great collections-no matter what size!
ALL GRAYSON NEWPS AND ALL LEGEND NEWPS ARE NOW POSTED
NOTE: AS OF NOON SUNDAY, WE LOST OUR IMAGES. OUR TECHNICAL PEOPLE ARE LOOKING INTO THE PROBLEM
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
November 15th is right around the corner! Make sure you have checked out our wonderful Regency Sale.
Our staff is ready to assist you on descriptions, terms, phone bidding, etc. Do not wait as our auctions have almost overwhelming activity the week of the sale.
FINAL CALL:
This is our final request for consignments for our FINAL Premier Sessions sale in December. We plan on making it our biggest ever. We already have two really fresh deals in-one with gold in old green tag holders!
We are seeking consignments with a minimum value of $10,000.00 and a minimum coin value of $2,000.00. We are going all out for this sale. It will be shown at the December PCGS Invitational. The sale will close the 16th.
Our FINAL deadline for consignments to the Premier Sessions sale-November 16th. Our FINAL consignment deadline to the January Regency sale to be held in Beverly Hills pre Long Beach-November 30th. We already have 2 super collections consigned and many special individual rarities of GEM quality. We have never had a January sale so big!
Contact any of our staff for any assistance or two consign:
Julie Abrams: Julie@legendauctions.com
Greg Cohen: Greg@legendauctions.com
Jessica Berkman: Jessica@legendauctions.com
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
