UNEXPECTED SUCCESS
Even though we very much do like attending the Baltimore Shows, this one we almost passed on. The summer shows are only 1/3 at most of what the other two are. As expected all but a handful of the major players stayed home. You could tell by many attitudes the bigger dealers who were there did not want to be. BUT, everyone did try at least to make the best of it.
Until we got back to to NJ (we made an early exit for security reasons-we make no excuses for leaving early, we have responsibility for others peoples coins), we did not realize just how well we had done. One thing to note: ALL SALES WERE WHOLESALE-ZERO to collectors save for a two expected deals. Sad but true, this show there were NOT a whole lot of collectors who showed up. Ever since this show was created, we have lobbied for NO summer show.
Our first day on the ground (Tuesday) we had a goal to see our two “first shot” dealers. They both bought far more then we expected with a grand combined total in excess of $100,000.00! We even did a little more selling that day in the dealer rooms (a bit unusual for us). Then Wed morn as it so often happens-silence and no one wanted to do much. However, as morning went on we sold a coin here, there, then all over and we got busy by 2 PM! It wasn’t that the dealers felt the market was rising, it was simply they needed coins. When we got home on Friday and added up all our sales-we shocked at how strong they were. We sold soup to nuts, but the real key-we sold “old friends” at break even or slight profits.
Another VERY interesting thing, we had NO “walk up” offerings of coins. There was so little nice on the floor (and a gazillion retreads) that after one walk around we were thinking were were not at a coin show but a flea market. Even with the few fresh auctions recently, NOTHING NEW that was nice popped up. Of course there was plenty of PUKE/DRECK generics that just got made (makes us wonder if the services get lose when there is strong demand). We sort of expected there would be nothing to buy, yet we left the show bummed out we did not buy much.
PCGS CAC gold-was totally NON EXISTANT. Even if you were willing to pay more, there simply was NOTHING on the floor to buy that was slightly better. The previous two weeks of a strong gold market obliterated the supply. We asked CAC if they have they seen much gold coming in and be stickered and they seemed disappointed with what had been submitted.
We see the brakes are on for the normal summer doldrums right now -even the quick raise of gold was not able to keep the momentum going. Now that prices have only firmed and NOT gone up any significant amount over 5%-its a time to buy! When collectors come back and resume interest, it won’t take much at all for prices to pop.
A WORD ON QUALITY
The principals of Legend Numismatics have always been quality wonks. It is a myth to think we only like the uber grades. When we harp on quality what we mean is QUALITY FOR THE GRADE. You do NOT have to have a PR67 something to have a high grade coin. We can’t stress enough the merits and rewards collectors have always received buying quality. To take our message one step further, you should always “buy the BEST quality YOU can afford”. Your far better off having 4 killer 80S $1 in MS65 then a ratty MS67. And folks, EYE APPEAL IS EVERYTHING. We actually recommend showing coins to NON numismatic people-such as spouses. Sure, they can not grade, but they do know pretty when objects when they see it.
We mention this topic because we have seen many “price buyers” recently who think buying cheap will make them extra money in these “off” periods. Sorry people, it does NOT. Time and thousands of transactions have proven that. In fact, he dealers have a saying: sometimes cheap is not cheap enough. Cheap priced coins are that way for a reason. Sadly too many dealers today can’t grade coins out of slabs (you’d be surprised what big names can’t) thus, they end up selling slop (thinking its quality) vs real quality. When Legend sells a coin and we say is VERY HIGH END-we mean it-we do NOT need to hype our coins!
Paying premiums for REAL quality and REAL eye appeal ALWAYS pay off in the LONG term. Know who you are dealing with too helps. Keep this last fact in mind: PCGS CAC coins unquestionably bring TOP dollar and are KNOWN to be the highest quality coins. There is no question, that unless you have a fresh coin just to market, PCGS CAC coins will always bring TOP Dollar. Why would any dealer not have their coins in PCGS CAC holders then? Chances are, there is something not right with the coins (we are NOT saying there are not exceptions).
You can grow a lot of value in your holdings buying the BEST quality you can afford today.
GOLD
Yes, there has been a slight correction-profit taking run. That does not by any stretch mean golds run is over. However, coupled with the summer doldrums (lack of interest), if you can buy ANY better gold or PCGS CAC gold today-do it! Supplies got bought up the first week of July when golds rise was rapid. So it won’t take any significant pop in gold-just people returning from a summer break to play coins to make prices move up again.
NEWPS
We ave some awesome NEWPS this week. Its a small amount (around 20 pieces) BUT we assure you, its incredible coins you won’t see the likes of anywhere else. How do we have such awesome coins if there was nothing at the show? We have our contacts and we never stop buying and searching for coins. Plus, we have been on the road for an unheard of the past SIX weeks straight flying all over the US to do deals (if the deal warrants, we do travel).
This week the ultimate highlight is the $20 1857 PCGS MS64+ CAC. It is unlike almost any other TY I $20 we have ever seen (save for the earth shaking monster 1850 PCGS MS64 we bought last month). With the summer doldrums and gold slightly retreating, this coin is a great value. In a slightly heated market we could see it selling for as much as 25% more then our current asking price. Other highlights include (ALL are CAC):
A FEW GEM PR RB 2C PROOFS (start a set?)
3CN 1887/6 STRONG PCGS PR67+ CAMEO (The FINEST graded)
$1 1802/1 PCGS AU55+ CLOSE DATE
$5 1800 PCGS AU55
We think you WILL be very impressed by our NEWPS. They are NOT retreads or are low end. One thing Legend is and never will be-a price buyer. In fact we’re “genuises” for overpaying when we really need to buy the VERY best coins. In the long terms it has more then paid off for everyone. Our motto has always been: “there is no substitution for true quality”
ALL NEWPS ARE NOW POSTED!
Do not forget to check the coins in our regular inventory-we have really great coins priced very realistically for today’s market.
Next week we will have a few Indian $5 gold pieces and some wicked rare GEM SILVER BUST and PR Seated coins. Stay tuned!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
BID NOW FOR OUR SUMMER SESSIONS II SALE. It closes at 10 PM EST Tuesday 12/19. We already have MANY aggressive bidders!
Each coin in EVERY SUMMER SESSION SALE has been vetted by TWO world class bourse floor credible numismatists (who really know their stuff and are not story tellers). We emphasize that because even the biggest internet auction companies do NOT have their coins vetted-and some internet auction companies do not have any numismatists on staff at all! Chances are your buying “mystery meat” when dealing w/them….
We’re really getting special coins consignment for our September Regency Sale. We’ll have more highlights later next week. Also we now have a full color listing of all the Northern Lights Toned Morgans now posted. We assure you-these coins are the real deal!
We wish thank every one who came over to lot view Summer Session II and to see the Northern Lights, Phil Flannagan, and Lionel highlights. No exaggeration: EVERY single person said “WOW” (including dealers). Save up! You WILL want to participate in this sale.
If you have coins you wish to consign for our SUMMER SESSIONS III Sale, we MUST have them by August 1st. The sale goes goes live 8/8 and closes 8/18. We have very limited space available. Contact Julie Abrams: julie@legendauctions.com or Greg Cohen: greg@legendauctions.com.
All of us at Legend Auctions thank you for your support.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
