SO FAR SO CRAZY
We did not expect much to happen this past week. In fact, we did not think we’d even sell $100,000.00. BAM! On Friday we found out we had sold over $500,000.00 with out trying. The biggest coin sale started as a matter of fact call-the $20 1857S PCGS MS67 CAC for in excess of $150,000.00. The it was just boom, boom, boom all week with the average coin being valued at $30,000.00. In fact, the smallest coin we sold was one for $4,000.00. Collectors were not just hungry, they were ravenous for real high quality coins!
Big weeks like this these have lead us to not only a strong March, but a record first quarter. In the first Quarter of 2018 Legend sold OVER $11,000,000.00 worth of coins to collectors. That does NOT include anything to dealers. That is a staggering amount of coins. Only 3 items were valued over $1,000,000.00. Putting it in terms collectors will know, we sold 37 double row boxes of coins (60 per box). Our regular biggest customers were buying, but dollar wise, they were well down the pack as we simply could not find what they needed. There are at least 10 new customers several of whom are totally new to coins now working exclusively with us building great collections. We’re kinda shocked the numbers are so high-most of the time we were crying to buy coins as we felt like we were on empty. Buying was our only problem for sure-not selling!
Clearly from our point of view the coin market is alive and well. Keep in mind, Legend Numismatics deals in the VERY BEST coins available, not widgets or dreck gussied up to sound good. Prices are firming in most areas (but not all). We think it won’t be long before there are more across the board price increases will be really visible. REAL quality is in extreme demand right now (yes, especially CAC gold). In the two major auctions in March (Stacks and Heritage) we saw PCGS NON CAC coins (the stuff that is NOT dreck) significantly increase in demand and price. Dreck is still seeking a bottom, but we actually think with less of it around and demand overall increasing we might be very close to its final low point.
We’re not close to a bull market (do not think coins you bought 2-3 years ago are automatically up). The market is only starting to warm up. Remember we are coming though 3-4 years of severe chop and weakening. It will probably take thought the end of the year for the market to really fire on all cylinders ahead. Keep in mind, we are doing super well selling, and we know a few other dealers of our stature doing equal or even better! Supply will now be the only real problem and actually could slow the market. But as long as Brasher Doubloons are selling for $5 million plus, choice $1794 $1 are selling for $2 million, and we’re doing a secret deal or two for well over a million (all of which happened in the last 45 days) , the upper end market is certainly coming back. That usually spreads consumer confidence to all levels. Our view is optimistic for the rest of 2018.
NOTE: The principals of Legend will be taking a light break April 2-April 16th. The offices will be open, we will still be reachable but we will be traveling mid week to pick up some deals and do some biz. We’re light on NEWPS as is, so a small break is helpful. Plus, with tax time coming (the market typically slows) we think the timing is right. We really got worn down especially after we found out how much business we had done in the first 3 months!
We will be posting some NEWPS next weekend. However, we will NOT be posting any NEWPS the weekend of April 14th.
NEWPS
We’re almost sold out! We’re not going to buy coins just to have stuff to sell. So we’re back to smaller offerings for now.
The grand highlight of this weeks NEWPS is the 1C 1910 PCGS PR67+ CAC. We had placed it months ago and now a huge opportunity came up for the collector and thus it became an extra. This is a coin we can’t say enough about.
We tried to find some thing for everyone. We’re light on the amount posted, so make sure to check out our regular inventory as there are some cool coins that deserve great homes!
As we mentioned, we are working on some fabulous deals (including one collection we assembled over the last 15 years), it will take time to buy and process them, but stay tuned, you’ll certainly want to buy some coins when we can post them!
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
LEGEND RARE COIN AUCTIONS IN PLEASED TO ANNOUNCE
We will be selling the Aurora Borealis Collection of magnificent toned Proof Indian Cents in our April Premier Sessions sale and our May Regency Sale. In case you don’t know, the Aurora Borealis collector is famous for buying the best coins with out of this world colors. He has some exciting killer toned Indians for sure!
BACK TO BUSINESS
This past week we must have turned away $500,000.00 and 75+ coins last minute for our May Regency Sale (we already have a super July Sale being built). We were totally overloaded!
The sale will have 850 lots in a two day sale. The first day is all Dollars 1795-1935 anchored by the great PFM Collection of Morgans and the Crow River Peace Dollar set. There are some really neat single coins as well in the approx 250 lot day.
You can go to the auction web site and see the sale being built. By mid week we will have the entire day 1-Dollar Day posted in lot order with descriptions.
We’ve been swamped cataloging the sale. All we can say is there are many mind boggling outrageous coins included. We’re taking wildly colored pieces, Super High END coins, rarities, etc. Many times the catalogers had to stop because they were so in awe of the coins presented to them to describe. While we’ve had some great sales before, this May Regency Sale really will be our biggest and BEST ever!
Check our Web site for our special East and West Coast viewing dates. RSVP a must!
You can also plan ahead and register to bid in our May Regency Sale-as many people have already done. You can also speak to us now about phone bidding or special terms.
The April Premier Sessions sale will go live April 19th and will close April 29th starting at 9 PM EST. These are NOT your typical internet sales! Our results have more then proven that! This sale will be yet another great one.
If you have any questions, wish to consign, contact Julie Abrams: julie@legendauctions.com or Greg Cohen: greg@legendauctions.com. They will work with you from start to finish. We have hybrid plans available too. Legend Rare Coin Auctions is a full service firm!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US; legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9AM MONDAY
