WHERE DID THE SUMMER GO?
What a whirl wind summer. The only two things we can remember-a great Summer FUN and an ANA apparently where we did far better the we thought (we are finally due our report today-which is why this report was delayed). At the ANA show, if you include the 5C 1913 at $4,560,000.00, Legend Numismatics spent $1,996,000.00 in Heritage alone (two coolest buys: H.01 1794 PCSG MS65 BN CAC $204,000.00 and of course the School Girl Pattern PCGS PR66 Cameo CAC $312,000.00) and our total ANA show purchases added up to be OVER $8,000,000.00-of which most coins are sold! We do not know of ANYONE else who came close buying rare coins. We were shocked that first time in 3 years an ANA show was a good buying show.
With the summer ending, now its time for some pay back and pain.
Maybe this year will be different, we do not know but we are not counting on it. We expect little to no action at Long Beach. People just do not pay attention to coins after an ANA and when its a seasonal time change. Dealers who clogged themselves up at ANA will need cash. And we see the grading services as remaining tight. The Heritage sale certainly has no huge offering of anything fresh (a major collection). So until our powerful September Regency Sale, we expect nothing at all to happen. At least in our sale we have such a sexy offering it will wake collectors up and should help reawaken the market.
We do rank this past summer as surprising and good. When the market is fully on, it is hot!
HOW TO THINK TO BUY TODAY
This is not a self serving topic. We see many people not fully understanding how to buy today.
Bob Simpson taught us to always buy today for tomorrow. His vision created what we know to be the most valuable US coin collection ever (yes, its worth more then Hansen and Tyrannt). When buying coins, you have to understand the coin, the not numbers so much. You do NOT have to be a billionaire either to buy like one. Its the principals they use that count.
Here is a made up example: We had an $10 1896 at $2,100.00 on our web site. The coin itself is very high end and is CAC, The pop is 17 with none higher.
First, you need to keep in mind he coin is VERY high end and there are NONE graded higher. Right there that earns a premium. Then you have to look at the price. It was BELOW $2,000.00. What? The most recent auction sale was for $2,350.00 no CAC? WOW! That info alone should have made you run and buy the coin. NOTE: this coin sold as fast as we posted it to a seasoned collector.
However, MOST IMPORTANT, the last CAC coin sold in 2011. We see too many people not respecting time. You can say that the market was better, yada yada. Still you need to realize NO PCGS CAC specimen had sold for 7 years. So even if a market was better, you should realize it really can’t be bought at he new levels due to rarity and appearances. There IS a value for time.
All this sends us back to the line: buy today for tomorrow. Completing any set, or especially a registry set is no guarantee of profit. Our auction company rejected a few complete collections recently that will LOSE at least 10-20% if sold today that were hastily completed in the past 2 years. The collectors did not look at anything other then their standings.
There is a real secret to success. Buy the best quality coins you can (remember our motto: there is NO substitution for quality), always pay a premium for great quality and be prepared to hold for the long term. Again, don’t look at a price a coin sold at in 2014 as a negative, look at the fact NONE have sold in 4 years. And use a dealer to help you. They can identify the short term upward swigs that will allow you a big cash out among other things.
BREAKING NEWS:
THE FERRARI 1962 260 GTO SOLD FOR A WORLD RECORD PRICE OF $44,000,000.00 HAMMER AT PEBBLE BEACH CONCUORS SATURDAY NIGHT. Many other cars sold for millions each and made our purchase of the 1913 5C pocket change!
NEWPS
ROUND II of our ANA NEWPS are now posted. We admit we did sell several coins as fast as we posted them. Collectors are still hungry for great coins.
The highlight of our listing is the 900 Assay Slug PCGS XF 45 CAC. This is a GEM XF. It took us a yer to buy it! Other great pieces:
2C 1864 PCGS MS67 BN CAC
H.10 1871 PCGS PR67 CAMEO CAC
50C 1817/3 PCGS MS64+ CAC
$10 1847-O PCGS AU58 CAC OGH
Every coin posted is worthy of a highlight listing! We do not buy average or dull coins. We always try to have an offering for every one. Do not think too long, seriously nice PCGS pieces like what we offer are NOT readily available. Once many of these coins are sold, good luck finding anything similar!
Stay tuned for some treasure! We have spent millions on the SS Central America Ship Wreck coins-including buying the second finest Type set and one of the FINEST Territorials that exists (not just in the wreck). Next week we will have an offering consisting of only these amazing coins. In the second group (2014), only 3400 coins were found. Plus, many were not from the treasure, many were from the crew and passengers. Those coins are an incredible time capsule from the treasure. Legend Numismatics owns the largest group of CAC pieces period. This offering is mind blowing!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
We are finishing up cataloging our September Premier Sessions sale. It has some really neat coins including a gorgeous GEM Lafayette Dollar PCGS MS65 CAC that looks great! We can NOT stress enough our internet sales are different. They are not price buyer sales, nor do we offer “off” quality coins. Unlike other internet only firms, we have TWO real world class numismatists picking the coins. The prices realized in these sales are fully equal to major auctions! If you have any coins to consign, they MUST be in our offices no later then Tuesday morning-NO exceptions. We expect this sale to be live right after Labor Day. ALL Legend Premier Sessions sales have a 10% buyers fee.
THE SEPTEMBER PREMIER SESSIONS AND THE SEPTEMBER REGENCY SALES WILL BE AT THE LONG BEACH SHOW
THE SEPTEMBER REGENCY SALE
We are pinching our selves! This sale is worth at least $7,000,000.00 and is our biggest and BEST sale ever! It will be held Wed Sept 26 and Thursday Sept 27th at the Cosmo in Las Vegas. We never believed after May, then July we could keep the bar high (quality offerings) and still find enough coins for a grand sale. Some how we did! The highlight sets include:
The Konstatine Bust Half Collection. This is the ONLY complete Red Book Die variety set ever to be sold via auction!
The Somolier Walker Collection. Included is a GEM 21S PCGS MS65 CAC!
The Legend Collection of 2C PCGS 66RB CAC pieces. No 1864 SM date. A set put together by Laura Sperber for herself!
The Hallet Mercury Dime Collection. Was ranked #9 on the PCGS Registry.
And the single coins-OMG!
3CS 1870 PCGS MS67+ CAC FINEST KNOWN
5C 1926S PCGS MS65+ CAC TIED FOR FINEST-A REAL MONSTER
10C 1845O PCGS MS63 CAC SECOND FINEST KNOWN
25C 1916 STANDING PCGS MS67 FH
50C 1929D PCGS MS67+ THE FINEST KNOWN
50C 1958 PCGS MS67 FBL CAC ONE OF THE WILDEST TONERS EVER
$1 1885o PCGS M67+ CAC MONSTER COLORS
$2.5 1866 PCGS PR66 DCameo CAC
$3 1881 PCGS PR66 CAMEO CAC
$20 1870S PCGS MS63 CAC
J-1426 $1 1875 PCGS PR65 CAC Seashore Pattern
If you think these coins are something, go to our web site and see the rest! You can now go on line to see this sale lotted and read descriptions. We are finalizing many images and they are being put up between now and Wednesday. In fact, much to our surprise, we have a huge amount of collectors already registered and the page views are in the 10’s of thousands! WOW!
Make your plans now to come to Las Vegas for this great event. We will have a major announcement about this sale shortly.
Of if you have any questions, need to discuss terms, or phone bidding-it is never too early!
Contact our helpful staff: Greg Cohen -Numismatist: greg@legendauctions.com, Julie Abrams, President: julie@legendauctions.com, or Jessica Berkman: jessica@legendauctions.com.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US; legend@legendauctions.com. WE DO NOT CHECK FOR PHONE MESSAGES UNTIL 9 AM MONDAY.
