AS ALWAYS
We love these intimate yet intense shows. For whatever reason, we do so much better at these then most of the big shows. We had no real expectations since FUN was only 2 weeks ago. Dealer attendance was actually lighter then we expected. Several of the larger “chop shops” are trying to bully PCGS a little and are not participating because grading has been so tight. We think this is great. While it may not be good for dealers across the board (obviously less coins to trade), its critical for the markets future. We enjoyed the smaller show anyway.
There was still plenty of business to be done. We made many “old friends” go away. We were even able to buy a small handful of precious NEWPS we liked. Overall, we had an unexpected VERY good show and came home far less stressed then we did from FUN.
THE MARKET
Right now there is nothing hotter then GOLD coins. Even generics are strong in 64 and finer (most denomenations). At the show, ALL the dealers were looking for better gold-especially PCGS CAC gold. Our Regency Auction also proved the market for better gold is crazy. The $20 1920 PCGS MS65 CAC set a record selling for $188,000.00 all in (we really figured it for $125,000.00 all in)! It was sold to a collector out of the country who is building a remarkable set. The $5 1905 PCGS MS67+ CAC brought a crazy $43,375.00 in another insane bidding war. A stunning $5 1802/1 PCGS MS64+ CAC sold for $76,375.00. Even the $20 1900 PCGS MS64+ CAC were bringing about $2,000.00. It is our string opinion with gold that you have not seen anything yet and many people sense that as well.
We also are NOT seeing much in GEM Type. There are practically NO cool Bust coins around and we can count on our fingers how many choice/GEM DMPL’s we have seen this year. The dealers we had first shot with had some of most dreck filled inventories we have ever seen. Normally, we’d have spent a million dollars at this show. Our total buying was LESS then $100,000.00. Intsead of being stressed like we have been leaving shows with so little, our new attitudes, thank goodness we bought something!
It is our firm prediction that in 6 months to year, prices across the board on NICE coins, will be 25% higher. They have to be. If not, the coin market will collapse since there would be nothing to buy or sell. Collectors are even waking back up to how cheap generics are. The premiums at the end of last year sunk to levels never seen so cheap before. Money won’t stay in the over heated stock market forever. Remember back in 2008 when just a blip left stocks after the crash and came into coins. We had a super strong market through the end of 2011. Be prepared!
THE LEGEND REGENCY SALE
You are dead wrong if you think only the big guys can get “out of this world prices”. For the 25th time, our Regency Sale proved the boutique style we use works beyond expectations. Sales were OVER $2,600,000.00 with several HUNDRED participants. Making this sale even more interesting was the fact several of the bigger coins sold to collectors outside the US. It proves just how big our US coin market is and that Legend Auctions has a powerful world wide clientele.
Legend also is the ONLY major auction company that still only charges 17.5% (which clearly helps achieve record prices)! While mathmatically it can be challenging, 17.5% puts more money in BOTH the buyers and sellers pockets. We have NO plans to change this rate any time soon. In our Monthly sales, we are only 10%!
The runaway record breaker was the $20 1920 PCGS MS65. It was NOT CAC however it universally agreed to be the finest 1920 and a true GEM. No other auction house or dealership (Legend Numismatics) has the players for GEM Better Saints like we do. Sure enough at $110,000.00 3 of the top Saint buyers (all unique Legend customers) were bidding. Then it got down to a battle of 2 and the coin sold for a remarkable $188,000.00!
The Ipswitch Collection of MS 3CS pieces had really strong prices realized. The 3CS 1861 PCGS MS67 CAC with the funky wild toning (and the owners fav coin they named Sid Vicious) sold for a whopping $9,106.00. Even the beautifully toned pattern J-125 1850 PCGS PR64+ CAC brought $4,465.00. Another coin that saw spirited bidding-the 3CS 1865 PCGS MS66 CAC which sold for $7,637.50 to a noted Civil War collector.
Since the day the sale was posted until the sale began registration and activity was non stop strong. We were not so sure how the sale would be since for the last 3 years we have been keeping track, the January sales had been our weaker auctions. Not this time! Look at this list of highlights:
1C 1880 PCGS PR66 RD CAMEO CAC $7,434.75
3CS 1861 PCGS MS67 CAC $9,106.25
H.10 1862 PCGS MS67+ CAC $4,582.50
10C 1926S PCGS MS66FB CAC $24,675.00
25C 1884 PCGS PR67+ CAMEO CAC $7,931.25
50C 1899 PCGS MS66+ CAC $6,756.25
$1 1852 ORIGINAL PCGS PR65 CAC $129,250.00
$1 1881S PCGS MS66 CAC $21,150.00
$1 1922 PCGS MS66 $8,812.50
$1 1926D PCGS MS65+ CAC $5,287.50
$2.5 1893 PCGS PR67 DCAMEO CAC $47,000.00
$5 1905 PCGS MS67+ CAC $43,475.00
$10 1926 PCGS MS66 CAC $22,912.50
$20 1920 PCGS MS65 $188,000.00
These are some random highlights.
It is critical to note: 92% of all coins purchased from this sale went direct to collectors. This was not a huge sale where things could fall through the cracks or coins were just missed. Just about every coin enjoyed spirited bidding and following. Collectors responded in force for sure!
LEGEND IS STILL BUYING
We wish to thank the few of you who stepped up and sold us some very interesting coins in the last two weeks. Coming home from FUN, we never thought we’d buy enough to make it count. We had 3 small gold deals (and one six figure deal) and smattering of single neat coins come to us. Thank you. Keep the coins and deals coming!
If you have coins to sell (they do not have to be PCGS or CAC), tell us what you have. Sorry,we do NOT buy Modern coins.
Contact: George Huang (legend@legendcoin.com) to discuss your holdings.
NEWPS
Have a few really crispy neat coins this week. Again, you won’t see a huge amount of NEWPS from us (unless we get a big deal), but what you will see are coins that are VERY high end for the grades and have great eye appeal.
This is Proof Barber Quarter week. With values being so low, we were fortunate to get some wonderful high end cameo pieces. Keep in mind, you CAN complete a PR65-67 PR Barber Quarter set without busting the bank. This opportunity will NOT last long!
Highlights:
25C 1898 PCGS PR68+ CAMEO CAC
50c 1947 PCGS MS67+ CAC
$10 1907 WE PCGS MS65+ CAC
Do not forget to check out the coins in our regular inventory as well. We have the best PCGS CAC inventory in the business (EVERY coin is really handpicked)!
ALL NEWPS WILL ARE POSTED!
LEGEND RARE COIN AUCTIONS
www.legendauctions,com
BID NOW! Our Premier Sessions Sale closes at 9 PM EST Sunday night starting at 9 PM EST. There are 75 CAC coins in the 112 lot sale. You will ALWAYS find nicer pieces in our sales with FULL descriptions written by world class bourse floor active coin dealers!
We’ll be making some major announcements as to some serious consignments for our May Sale. There is still plenty of time to consign. Contact Julie Abrams: julie@legendauctions or Greg Cohen: greg@legendauctions.com. They will craft the right plan for you and work with you from start until you get your huge check!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
