GEORGE HUANG UPDATE
Legend Numismatics and George Huang thanks every one for the huge out pouring of support, prayers, and well wishes during this tough time. As many of you know, George suffered an acute heart attack last Friday while at work. He was the last person you’d ever think to have one. According to the doctors he got to the hospital just in time.
We are relieved to say he is now home and is on the mend. There is no schedule for him to come back to work-he is taking everything one day at a time. He now has 2 stents in the arteries that were 95% blocked. He is now back to his daily walks. He is still not feeling 100% but he is getting better each day.
Hopefully, our operations should return to normal in the next week or two as we adjust for Georges recovery. So lost so much energy the past week. We sincerely appreciate everyone’s understanding of the situation.
THE MARKET
We know the market is REALLy good when with out any real efforts, we are selling lots of coins while being overwhelmed due to the loss of George. Our average sale per coin this past week was $8,500.00. For what ever crazy reason as to why this happens, Friday was our biggest sales day with us selling a total of $250,000.00 (including one coin for $100,000.00)-all off our web site! As we were posting coins on Friday (which we usually do not do), they were being hit immediately. Collectors appetites for real quality and eye appeal are as strong as ever!
For the month of April, our sales are at near record numbers. We expect Central States to be mixed to strong. It is our belief there will be some coins to trade there as the dealers should have many of their Baltimore coins now ready to go. Still, the coins everyone needs just won’t be around.
We also think many coins in the CSNS auction will end selling for strong numbers.
P.S Watch gold again. Might be a smart time to buy some. If you notice, we have not been able to find any MS66 W/M Saints in a while (even our non CAC’s are all sold). We still HIGHLY recommend building a Gold Type set.
DO PEOPLE REALLY MAKE MONEY IN COINS?
In 1993/1994 we had a young man buying from us who was in his late 20’s and was managing his families finances. We struck up a wonderful relationship with him and he allowed us to build him a box of 20 (actually a few more coins then that)-based on what we liked. To us, it was a freedom we relished. Many of the coins we sold him we tried to buy back over the years. He loved the coins and would not sell. Sadly, he passed away last month at 56 and his family called us to do a deal on the coins. Here is a small group of what he owned and what he could get today after 23/24 years off the market:
COST TODAYS EST VALUE
H.01 1845 ORIGINAL
NGC PR66 RB $10,500.00 $35,000.00
1C 1911 PCGS PR66 RD $1,150.00 $8,500.00
10C 1827 NGC PR66 $40,000.00 $100,000.00
$20 1909 PCGS PR65 $32,500.00 $115,000.00
NOTE: We plan on having most of these pieces from this deal in our July Regency Sale. Stay tuned.
These were just random pieces. Each coin should CAC as is and many coins in this group WILL go up (our figures are for the high end of the current grade). As you can see, buying TRUE quality and genuine rare coins DOES offer strong results over a longer period of time. Too many people today thing long term holding a coin is 3-4 years-NOT!
We cannot mention enough how much TRUE quality, TRUE snazzy eye appeal, and LONG TERM holding means to a coins value. Fresh is NOT being off the market for even 5 years. In our world we tell every one always buy the BEST YOU can afford. And quality is everything. Bob Simpson who unquestionably owns the most valuable collection ever, always told us he will pay more today for the coins he wants because he is buying for tomorrow.
Even if you are of limited means-don’t think you can always get out of something at a small profit quickly (the coin market is and has always been very rocky short term). The real money to be made from coins is in the long term holds. Remember, always buy the BEST quality YOU can afford!
NEWPS
OMG, we got hit buy a tsunami! To try and stay close to our normal schedule we started posting some coins early Friday. We were shocked that we got hit on many as soon as they were posted! So now our NEWPS are quite small. Due to lack of images, we can’t post any more this week.
Next week after CSNS we expect to be back to full throttle. Images (which GH always was in charge of) will just be posted later. All coins that could have gone up this week will be imaged by then. So start looking for NEWPS early Saturday!
Buying is still our main problem. We can’t buy enough-and when we do the coins sell immediately even if they are not on Want Lists. We’re going to CSNS with an open check book and are looking to buy heavy (especially since there are no major shows in May).
NOTE: of the coins posted in our NEWPS now, several could use improved images. If you see some descriptions that are ooh and ahh but don’t seem to get that feeling from the image-ask to see the coin.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Our 521 lot Regency May Sale is now open! Ka Boom! In one week we had HUNDREDS of aggressive bidder who place over $1 million in bids-and that is with 26 days to go! These collectors “get it”. Our mix of fresh, handpicked (we do REJECT coins), and low to no reserve pieces does create excitement and aggressive bidding
LRCA will have the coins at CSNS. However we are not allowed to put them out on display. So if you wish to see a lot, just ask! This sale closes May 18th in New Orleans in alive auction room. Make your plans now to be there or to see the lots.
If you have any questions, please contact Julie Abrams; julie@legendauctions.com or Greg Cohen: greg@legendautions.com. Keep in mind, we will represent you for FREE in our auctions. Also, now is the time to discuss any terms you might need.
We are always accepting quality consignments. We have an upcoming June Premier Sessions sale and a July Regency Sale still open!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: lsperber1@hotmail.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAYS.
