OVERWHELMING ACTIVITY
We were shocked at the activity we had this past week. Never in our companies history did we sell so much so close to an ANA Show. This activity happened right smack in the middle of the summer doldrums too (the prior week was super slow for us).
As we mentioned, we have not been able to buy really nice coins between $1,000.00-$4,000.00. So the few we had sold pretty much as we were posting them Saturday. The big shocker was how many significant five figure coins were selling. Our first sale of the week was a $5 1813 PCGS MS64+ CAC, followed by rare Proof $10 in GEM and our 5C 1867 NR PCGS PR66 DCameo CAC, an early date GEM Bust Half, then on to a really killer PCGS MS66 CAC (of course) 3 Legged Buffalo. Selling the bigger coins got so crazy that a good friend and long time customer came over to drop something off Thursday and said, “hey you never got me a $2.5 Indian for my Gold Type set”. Funny, we had just gotten one in the day before. Then wham! He says we started taking about finding a High Relief -and that morning what did we get in? A 1907 HR WE PCGS MS65+ CAC. SOLD-BOOM! Another great coin we sold this week-much to our surprise it did not sell quick was the 50C 1807 DB PCGS MS64+ CAC. Can’t ever find those. Adding it all up, our sales were $500,000.00 for a week that should have been almost nothing.
It is our strong belief collectors woke up not only for our highly successful Regency Auction two weeks ago, but for the ANA activities. We think that with nearly 10,000 lots of coins for sale between two major auctions, they could NOT find much to buy so they started looking else where for what is available. If you look at the Types of coins we just sold, you can’t find them in those 10,000 lots. No one has any huge world class single collection. Can only think of ONE coin that will sell for over $1,000,000.00 at the auctions. The market certainly is desert dry!
VISIT US AT THE ANA SHOW tables 704-706. WE STILL HAVE A HUGE $22 MILLION DOLLAR WANT LIST WE NEED TO BUY FOR-WHAT DO YOU HAVE? WE WILL ALSO HAVE A TREMENDOUS OFFERING OF NEAT PCGS CAC COINS FOR SALE.
BACK TO GOLD
Being the unashamed gold bugs we are, last week had been very good for gold. A weaker dollar and all the pundits predicting gold will sharply rise in the few months made us feel warm and fuzzy.
Legend always tries to buy all the better grade generic and rare PCGS CAC gold it can find. We do have strong bids for things like GEM $20 Lib’s and MS66 Saints, but we never get hit at those prices. You can NOT imagine how little PCGS CAC gold is available. Our friends at CAC told us last week they are stickering less and less as the quality seems to off.
We still HIGHLY suggest you build a simple Gold Type set. Or, you can embark on mini sets-$3 1880-$3 1889 MS64 (one of our favorite sets) or a $2.5 PCGS MS66-MS67 Liberty set 1900-1907. The possibilities are endless to assemble a quality holding of gold that has the potential for good future spreads as the prices rise. If we could (our partner would kill us) we’d love to have $1-3 million in gold in our inventory. Right now we have LESS then $500,000.00.
It is our strong opinion that all PCGS CAC gold in better grades (and especially better dates) will be strengthening between now and November. Just be aware, there will not be much for sale. Don’t think too hard on a coin you are considering as once its sold-you may not be able to replace it-even if it is a generic.
A NOTE: Proof gold is non existent. Buy what you can when offered! Same thing for a BETTER Date Saints (like a 1913 in GEM MS65, etc).
THE ANA SHOW
VISIT LEGEND AND LEGEND AUCTIONS AT TABLES 704-706 AT THE PNG AND ANA SHOWS
Years ago we used to live for this show. Sadly the ANA has let the show slide in so many ways, we’re not so sure if they can repair it. In our opinion, the last two shows looked like they are in a second class venue-even a parking garage. Hard to get excited to sell six figure coins there. We strongly feel the location of Denver for this show may not be all so great. Hopefully we are just pusses with bad attitudes and the show will turn out strong.
With so few coins around, we just can’t see activity booming at the show. So we are prepared for a marginal show at best. Retreaded widgets selling for less and less certainly hide the markets true power. Plus, with the auctions being more of a mish mash of stuff then a show case of world class collections, we are not enthusiastic.
The last great show we experienced was Baltimore in March. Heck you had Pogue and the Blue Moon Sales (we spent $7 million plus between the two). It was not the summer, and people came to the show to buy and sell. It seemed everyone wanted to be there.
We sincerely hope our grumpy feelings are wrong and that the next report you read will be about a blockbuster ANA Show.
To clarify, if the ANA is a bad or weak show, that really is NOT a full indicator of the market. Pre Internet days shows were where you gauge the auction. Today, collectors prefer the 24/7 hours of the internet (with no travel) to buy coins. From our point of view (we sell the top 5% in quality) the market is strong (as evidenced by our sales not only this past week, but all year). So this shows activity won’t really change the overall market.
NEWPS
This week we have some wonderful mid range NEWPS. Our two favorite coins: 20C 1875 PCGS PR64+ Cameo CAC and the $1 1798 PCGS AU55 CAC. The $1 1899 PCGS PR66+CAMEO CAC is also a darling! We tried hard to find some gold to post and we had a small rush on sales Friday afternoon while we were posting everything.
We can NOT stress enough how scarce really NICE PCGS CAC coins have become. Even though it is the summer doldrums, the great coins maybe around for a little bit, but they do very much sell (and then you can NOT replace them).
We expect to start posting our ANA NEWPS early next Saturday.
Until then, we do have some wonderful quality oriented pieces in our inventory. Check them out, we’ll work hard to get in the coin of your desire!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
We’re still living on a cloud from our incredibly successful July Regency and July Premier Internet Sessions sales.
Now its back to business to show our upcoming August Premier Internet Sessions Sale and close out consignments for our October Regency Sale.
Unlike other Internet Only Sales, ours our real. Real in the sense of EVERY coin is vetted by real world class bourse floor trained numismatists who also provide FULL accurate descriptions). Plus, we can state with out a second thought, we go out our way to NOT be enablers of the coin docs. When LRCA offers a toned coin, unlike others, it is a REAL toned coin. True quality coins is what Legend Rare Coins and Auctions are all about. We want all collectors to be able to bid with full confidence in ANY LRCA auction.
Our August Internet only Sale has 175 lots. We will have the highlights at the ANA Show. The sale opens Monday July 31 and closes August 10th, starting at 10 PM est.
LAST CHANCE TO CONSIGN TO OUR October Regency Sale (and our September Internet only Sessions sale). We already have the Worlds most valuable Morgan (the 1893S PCGS MS67 CAC) and the #2 10 Indian Set, The Red River Collection. We do not have much space let at all-so call us now or see us at ANA!
If you have any questions, please contact Julie Abrams: julie@legendauctons or Greg Cohen: greg@legendauctions.
We look forward to doing business with you!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEAS EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
