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Posted: December 1, 2017 11:12 PM EDT| 0 Replies
TIME JUST FLIES
That’s pretty bad when we think the 2017 FUN and the winter Baltimore Shows are still close in our memories. This year, the time is really flying. November was nothing more then a blink of an eye. During that blink we managed to do near record sales. Now, its time to start to wind down for the years end. Unfortunately, this year we are being forced to do early.
We’re fried and are in trouble. We struggled last week to do a NEWP offering. This week we have a measly 10 coin NEWP offering (one coin never made the site). Next week, barring a miracle, we have NO NEWPS. The importance collectors need to know about this is the reality of our preachings has finally happened-WE CAN NOT FIND GREAT COINS TO BUY. Legend is not a marketer of drecky coins like so many dealers who have big glitzy web sites. How can they have 100’s or 1000’s of coins all the time? They can because most do NOT know even how to grade and they don’t know the difference of what they buy and offer vs what we do. QUALITY is EVERYTHING to us. We are real numismatists. In our world, RARE coins are still RARE. We all know these days finding A/B coins vs commercial or dreck is impossible. Even the flow of great coins from the bigger collections has slowed tremendously. We can only think of Pogue and Blue Moon (Newman was really a smaller group) being offered this year. We’d guesstimate that 95% of all those coins have gone POOF! Same for ALL the big the big collections that have been sold in the past 4 years-POOF! ALL those coins are gone into that big black hole of collectors.
Legend is by far one of the most aggressive buyers paying the highest prices for the BEST coins, we still can NOT buy much today. Every day now it scares the heck out of us where will our next great coin come from? That is why, last month between the Heritage and Stacks sales we spent nearly $4 million dollars. Maybe at most $250,000.00 is still with us. Now with no cool auctions this month (except ours of course-but we do not compete against our customers), no major shows, and no deals looming, we are out of NEWPS! We won’t change our style of business either just to buy and sell something. Fortunately, our Want Lists are so big all we can do is sit and wait for the coins to pop up. December will be our 3rd month this year we will LOSE money for that reason.
We think this is critical for people to know that Legend can’t find coins-because they simply are not out there today. That to us says prices MUST go up. They actually already have-just watch every upcoming auction. Actually go back and look at the our sale, the Heritage, and the Stacks sale from last month. Many strong to record prices. Get it sunk in your head you need to pay more to buy the real quality when it pops up. The majority of printed price guides are plain wrong which is causing many people to miss coins. In addition these guides are giving a false sense to sellers so they are in a locked down hold mode right now. These days when most great NEWPS appear, its one auction then done. On the bourse floor if we didn’t have 40 years of great contacts built up, we would have even LESS to offer. Hardly anyone has any cool coins out in their cases any more at shows. We know we are not alone hitting this wall. The demand over all for great coins is off he charts. In fact go one step further, we can’t even find much GEM PCGS CAC Gold anymore-and that used to be around. For us, the roadblock has finally been hit and hit hard.
If things stay the way they are (of course FUN has a huge auction and we’ll be million dollar buyers), we will be offering much less next year. FUN coins will only last us a week or two, then its back to starvation. Chances are if you don’t have a strong relationship with us you won’t get a crack at the coins we do get (most never make the web). Don’t wait too long to start building a great collection through us, it will pay off-unless you really don’t care about the quality you buy.
In summary, it is our strong opinion, the markets (our markets) appetite/demand is so strong it has finally eaten up the vast majority of the great coins. For us, this reality is quite painful.
A FULL YEAR JUST ABOUT HAS NOW PASSED
We missed the one in last years FUNS sale (how painful). We still can’t find that $20 1907 HR WE PCGS MS66 CAC or better that we need! Looking at the pops, you’d think we’d have found one by now….This coin is #1 on our Want List! Does anyone have one? This coin is further proof as to how dry the market is.
PREPARE FOR SOME FUN
Now is the time to organize yourself for the FUN Show. Update your Want Lists today. If you seek auction representation, call or email us asap. We will be highly aggressive in the auction, so you want your space reserved now!
Have coins to sell at the show? We’re scheduled to fly out this week and pick two substantial deals to sell at FUN. We offer great terms and we do very much get the job done. Or, if you have coins to sell-you know we are buying! Contact George Huang (email@example.com) to discuss.
Legend will close its offices for the last week of December. Of course we will be checking our emails, however its best to have all our FUN business ready to go because when we arrive we probably won’t have time to even eat lunch!
Well we did come across a few fresh coins. We especially love the 1C 1912 PCGS PR65+ CAC (VERY rare) and the 50C 1807 DB PCGS MS64 CAC.
It is unlikely we will be offering any NEWPS next week.
Obviously we are still buying! Yes, we still badly need that $20 1907 HR WE PCGS MS66 or better!
LEGEND RARE COIN AUCTIONS
NOTE: FINAL CALL FOR OUR NYC LOT VIEWING DEC 6TH. THIS VIEWING IS BY APPT ONLY. Please contact Julie Abrams immediately: firstname.lastname@example.org.
NOTE: Our printer had issues with the catalogs, they are being shipped today through Monday. We appologize for the delay, it was out of our hands.
We’re still stunned how many registrants we have already and how much serious bidding has already taken place. Collectors love our boutique auction concept and they love the quality we offer. So if your thinking of participating, be prepared. This is not a sale for any price buyers! The sale ends December 14th with a live sale in Las Vegas at the PCGS Invitational.
Contact Julie Abrams: email@example.com for any needs you may have. We suggest if you need special terms or phone bidding to please contact her now.
LAST CALL for consignments for our January Regency and Monthly Premier Sessions sales. We already have some stunning coins consigned-including only the 2nd $20 1920 PCGS MS65 ever slabbed. This piece IS the FINEST graded (legend has seen the other coin). We also have a few coins of our specialty, wildly toned Morgans (in both sales)! For consigning, contact Julie Abrams: firstname.lastname@example.org or Greg Cohen: email@example.com. We can also craft a hybrid plan to fit your needs that is non auction consignment to our massive customer base.
IF YOU WISH TO ORDER OR HAVE ANY QUESTIONS, PLEASE MAIL US: firstname.lastname@example.org, WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
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