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Posted: October 28, 2017 11:13 AM EDT| 0 Replies
THE PHILADELPHIA PCGS INVITATIONAL
We have only two complaints: #1 we were not fans of the hotel, #2 can PCGS hold these shows in Philadelphia more then once year? We deserve and want more!
The show was everything we predicted it to be. BOTH dealer and collector turn out were strong. We were surprised so many West Coast dealers attended. Of course from the time it opened until break down the hall was loaded with collectors. Per square foot, there for sure were more serious collectors in attendance at the show vs the last ANA Show in Denver. The spread PCGS put out was great with the make your own cheese steaks a huge hit. Yet again, we grade the Invitational an MS/PR70 and rank it a MUST attend!
The next Invitational is in Las Vegas December 13-15. Legend Auctions will have another great sale there too!
GRADING WITH CONFIDENCE
Before anyone flips out and starts writing stupid things on any chatrooms, the comments we are making here are based upon our 40+ years of experience and our “insider to the market” viewpoint. Our having built many of today’s greatest ever collections including many of the best coins on earth, should be proof we know what we are talking about.
We all know a huge issue about grading (besides coin doctoring) has been gradeflation. Gradeflation sure has not helped consumer confidence overall and has caused a small flood of retreads/really ugly coins to linger. Obviously it has hurt values. The problem was also being exaggerated by the regrading of the dreck which was all dealers could find to resubmit.
At the Philadelphia Show many dealers were NOT happy with their grades. We were not either overall (we were going for crossovers), however, we were thrilled that PCGS held the line firm. We have now seen even tightness since early this year. In our opinion that confirms a huge message: the grading services are not tolerating retread gradeflation anymore. BRAVO! Of course this behavior pattern of grading will have to continue for a few years, but we have strong sense it will. The ONLY things that will hold values down short term, poor value guides, a serious lack of coins and the worst, incompetent dealers who were brought up on the wrong standards of how to grade by over graded coins in holders-and folks, that includes some really big retail names.
It is hard to get excited when only dreck is left to see. Consumers are not so dumb and will pick up on the fact the services are not allowing any further shift in the standards. We know many people think when the services need revenues they will loosen up again, but we have seen two huge submitters recently boycott (its how they get attention) and PCGS not budge. Lets keep our fingers crossed this isn’t a short term situation. The grading services must know there are many new and very sophisticated collectors now in the market (the new generation). They can’t let them keep seeing the coins they buy are just upgraded and upgraded. Holding the line is like hitting a reset button for them. We are highly optimistic for the future of the entire hobby if this trend can keep for the long term.
We do think most people involved, including collectors need to also hit a reset button and understand the days of completing a set and getting a few upgrades, are not there-at least today. The dealers do know the mindset of the services, however because they make a good living with grading arbitrage, they will never stop looking to bend the line. At least now, we do see light at the end of the tunnel. We for one really appreciate it.
See the article below as to what TRUE QUALITY yields vs dreck.
THE CROW RIVER COLLECTION
Legend Rare Coin Auctions sold this magnificent collection of $10 Indians which was primarily built by Legend Numismatics for a quality oriented customer. On occasion, the customer grew itchy and ran out on his own and bought a coin or two Legend would never have bought to include in his collection. While overall he got “beyond moon money” record prices, he did LOSE money on a few of the non CAC coins.
Our famous Hegdie (who owns a complete 20th Century Gold Collection in PCGS CAC GEM including the $10 1933 PCGS MS66 CAC) even commented to us today, “everything we had been saying about quality for the last few years was just was proven out in a big way” (before reminding us about the $20 HR we owe him). In one of the his rare defeats, he was the under bidder on the $10 1909S PCGS MS66+ CAC that sold for a world record $146,875.00. There were THREE bidders above $100,000.00! We had originally figured that coin for $85,000.00 hammer. Oops! The Crow River Collector paid $58,000.00 for the coin.
When you bring out a REAL quality collection like this, REAL money appears. There were over a dozen serious players for these coins. They knew they could not find quality like this anywhere these days. NO ONE questioned the quality either. It is a phenomena that happens only when full body great collections are brought out. Of course the prices realized yet again cement the worthiness and demand for PCGS CAC coins. Buying dreck cheap never has and never will yield results like this. For everyone who says they can’t make $ in coins-you certainly can if you do it right-Crow River for the most part did. He started this $10 Indian set in 2007.
Highlights (ALL PRICED RECORDS):
$10 1907 WE PCGS MS66 CAC $135,125.00
$10 1908D NO MOTTO PCGS MS65+ CAC $79,313.00
$10 1909S PCGS MS66+ CAC $146,875.00
$10 1912 PCGS MS66+ CAC $42,300.00
$10 1913 PCGS MS66+ CAC $70,500.00
$10 1914D PCG MS67 CAC $146,875.00
$10 1915 PCGS MS66+ CAC $42,300.00
$10 1915S PCGS MS65 CAC $85,188.00
$10 1920S PCGS MS63+ CAC $152,750.00
$10 1926 PCGS MS66+ CAC $35,250.00
$10 1930S PCGS MS65+ CAC $123,375.00
Our word to the grandstanders who will cat call that at these prices the buyers are buried. We say ABSOLUTELY NOT! If they had to sell in the next month, they might lose a little (although in this case there were SEVERAL strong under bidders for each coin, not one and done). It brings us back to our mantra of buying the very best quality you can afford and HOLD. Back in the late 1970’s people smirked at Dr Duckor when he bought his $10 1920S for a whopping $75,000.00. We were thrilled to pay $1,762,500.00 for it in 2007. We shiver when thinking about how much it could have brought in this sale. To earn serious money like that a coin does not have to be a million dollar single finest known. Look at the world record price of $70,500.00 the $10 1913 PCGS MS66+ CAC sold for. The Crow River Collector bought it from us in 2015 and did indeed make a good profit. EVERY buyer of these amazing coins will do the same as time goes on.
In the case of $10 Indians, do not think that if a coin has a fair number graded that some % will CAC or +. This series (along with Saints) are one of these most doctored series around. Finding totally original gorgeous coins-nearly impossible. Over the years were were really angry we had to pass on many coins because of this. The wait and paying more for the real quality coins has yet again again PROVEN more then worthy.
While many collectors still think working on their own is best and cheapest, the Crow River Collection certainly proves what working with a good dealer (yes, like Legend) can do! A P.S. On the Crow River Collector, we built him the incredible record breaking Norther Lights Toned Morgan Collection, he gets the quality and eye appeal issue!!!
Legend Numismatics sincerely congratulates the Crow River Collector and every buyer of these $10.00. We all got coins for the most part we can not replace today.
A final note: only in collection settings generally do these record prices exist. Last auction after the 1892S $1 PCGS MS64 CAC sold for a world record price, we were offered a MS64+ with the owner thinking it was worth the same or more. NOT! Ditto for $10 Indians. When a great big and quality oriented collection like this appears it stimulates many-and even gets people to start sets. Always keep in mind, what happens in auctions, stays within auctions-most of the time.
This week we have a small but powerful offering of NEWPS.
H.10 1795 PCGS MS66 CAC
50C 1836 REEDED EDGE PCGS MS64 CAC-a forever favorite coin of Legend
$1 1882CC PCGS MS67 CAC EX CALIFORNIA
As always we tried really hard to create an offering for everyone.
NOTE: Next weekend we may not post NEWPS until Sunday if at all. We will be traveling until then.
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
WOW, OMG, UNREAL, INCREDIBLE, are just a few light terms we can use when discussing the results of our Philadelphia Regency Sale. Just about everything with this sale was strong to beyond record breaking! Over 95% of the coins sold to collectors-that we are extremely proud of.
Immediately after we went live in the web 30 days out we had over a million dollars worth of winning bids. We had a record of amount of registrants, live internet bidders, and eye balls. Even more impressive, we had a record number of foreign bidders and winners! All this proves our boutique style of offering the best coins works.
Of course the highlight of the auction was the Crow River Collection-discussed above. Other sets like the DW collection brought really strong prices too.
We suggest you visit the auction web site and read the Market Report and browse through the prices realized. There re just too many incredible prices realized to discuss here!
This year as we have finally gained momentum, we know we have more then proved we blow away and Internets Only auctions and for sure, we not only can do, but actually out do even the big guys. If you want special service and your coins really promoted to hungry buyers, call or email us! Contact Julie Abrams: julie@legendauctions or Greg Cohen: firstname.lastname@example.org. They will both work with you from start to finish. Our buyers fees are still 17.5%!
THE UPCOMING NOVEMBER INTERNET ONLY SALE
We will be live late this week! We will also have the coins at the Baltimore show for viewing. There are some really great handpicked pieces. We have a number of SUPERB PCGS CAC 2C pieces, a GEM $1 1921 Peace PCGS MS66 (great strike), a $5 1848D PCGS AU50 CAC, and much more. Our rejection rate is pretty stiff for this sale.We do it, because unlike other Internet Only Auctions, we will not enable coin doctors or sell bad coins. The Legend brand is 100% of the BEST quality and eye appeal you can buy. We care and we know how to grade! Our Internet Only Sales are really min Regency Sales, so collectors can always bid with confidence.
This will be sale you won’t want to miss. Its not going to be our biggest, but will will rank as one of our very best!
THE DECEMBER SALE
Last call for consignments! In house already: the York Collection of Type-including many circ CC pieces (like a $20 1873CC PCGS AU58 CAC) and other neat pieces. We also have the magnificent Bubbabells Type Collection which is mostly PCGS GEM PR/MS coins. There are many staggering rarities as well that have already be consigned. We will mention more shortly.
Check out the results from last weeks Regency Sale if you question what we can do for you! We can meet or exceed what the big guys get. While one company likes to think it is a Legend, we know Legend Numismatics and Legend Rare Coin Auctions are the only real Legends in the business! No one comes close-no one. Check us out!
To consign, contact Julie Abrams: email@example.com or Greg Cohen: firstname.lastname@example.org
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: email@example.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
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