ANA NOT DIGESTED
We all figured having a Long Beach Show only 3 weeks after the ANA Show in the same area would not have great results. As expected overall the show was slow. There also was a huge fresh gold deal in the Heritage Auction that attracted the majority of dealers attention and business. It seemed either coins UNDER $5,000.00 or OVER $100,000.00 were selling the best. A lot of coins in between just languished-unless they were gold. You can call it a “hang over effect”.
Our best day turned out to be Friday. Wholesale was non existent for us until mid day Thursday. Not sure why. Then one by one we started to sell. Friday turned out to be a strong wholesale day and we even sold a few coins to collectors. As of 6 PM Friday the show was right at our expectations for sales. Thank you all for stopping by!
We’ve complained about weak buying before at major shows, this show set an absolute record for us. We did NOT even purchase $50,000.00 on the floor! That was unheard of. We wanted to buy. First, there were too many retreads and coins we just saw at ANA. Second, still too much dreck out there (NOTE: dreck is NOT about value or grade). We couldn’t even find freshly made coins NON CAC we liked to buy. At least we held back a group of NEWPS from ANA ready for this exact scenario to happen.
Last comments: the big money is still there and is still buying. In fact, we now know of even MORE NEW people starting to buy. The majority seem to be ferreting out the trophy gold (right before our eyes we saw a mid six figure gold coin sell), but we did see a couple of new players pop up for the 1794 1C pieces in the auction of which a few went went for sky high record prices. Considering Early Copper was so dead the Pogue sale had to be postponed only a few months ago shows how quickly this new money is coming and buying what they want. The auction results are visible proof of the change in the market. If you are a contrarian, build yourself some sets in areas that there is little interest from these whales. We know of plenty of areas that with just a little TLC-the prices will really pop. Time will adjust the market cycle.
SUGGESTION: BUY ALL THE GEM PROOF BARBERS AND SEATED PIECES PR 65 OR BETTER (we do recommend building sets). THEY ARE SIMPLY TOO CHEAP. DEMAND IS NOT CRAZY. TIME WILL CORRECT THE PRICES AS SUPPLY IS EVER SO LIMITED!
NEWPS
Again, we did not have any major spending spree at the show. However, we do have some great NEWPS (as always). Highlights include:
H.01 1793 PCGS XF 40 CAC
1C 1936 BRILLIANT PCGS PR66 RD CAMEO CAC
$5 1810 PCGS MS64 CAC
$20 1906 PCGS PR65 CAC OGH
Of course there are some NEWPS for all tastes and budgets. One thing to be sure of-EVERY NEWP was vetted by TWO world class numismatists for quality and eye appeal. We do NOT sell low end or average coins!!!
ALL NEWPS ARE NOW POSTED ! Check out our regular inventory too!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
We wish to thank every one who checked out our new table at the show.
BID NOW! OUR SEPTEMBER SESSIONS INTERNET ONLY SALE WILL CLOSE THE 14TH. There are about 20 UNOPENED GSA Morgans in the sale. Sure, you can get a ratty 83CC, but you could get a GEM MS67 84CC!!! Of course ALL coins in our Sessions Sales are vetted for quality. You can bid with confidence!
BID NOW IN OUR SEPTEMBER 29TH REGENCY SALE. There are 529 really wicked neat and nice coins for collectors to bid on. We don’t accept dreck in our sales!
Consign now to our December Regency Sale. Its never too early! We also now have monthly Sessions Sales (internet only).
If you have any questions, need to discuss some terms (MUST BE DONE BEFORE BIDDING), or wish to consign, contact Julie Abrams: julie@legendauctions.com or Greg Cohen: greg@legendauctions.com
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US; legend@legendcoin.com. WE DO NOT CHCCK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
