MARKET REPORT IS WRITTEN BY LEGEND NUMISMATICS FOR ITS CUSTOMERS. OTHER DEALERS EASILY WILL HAVE HAD DIFFERENT EXPERIENCES.
A BRICK WALL
All the ingredients for a slow show were in place. The number one issue: only 2 weeks after FUN. The majority of major East Coast dealers did NOT attend. Due to how dry FUN was and the lack of coins being “made”, the Long Beach Show became a good place to sit and chat. For most we spoke to who are in our world, they had experienced strong activity at home recently so attending this show was like hitting a brick wall. On the floor nothing as happening. This time (unlike FUN), we expected it. We do NOT think this show corresponded to the real market. We are not concerned it will slow the market in any way.
TODAY’S MARKET
In the upper end of the hobby, the market is quite strong actually. Coming into the show we were retailing five figure coins daily and sometimes in multiples. We so deeply regret we were in a horrible funk at FUN and not buying everything up we could. There are many people who very much demand quality and PCGS CAC coins. Its not a fad. Collectors are still more then proving they see the difference between CAC and NON CAC coins as reflected in prices paid.
One thing many people do not see: we are back to a pure supply and demand market. We would guess that in January alone, more then $100 million in US coins left the market. Today, demand by far out paces supply. That can be bad for us as in Long Beach we only spent $50,000.00 on the floor! That is a world record for us in terms of least spent ever at any major show. Even GH called the show “horrific”. However, when we got home, we did some serious wheeling and dealing and spent $345,000.00 on 3 coins in one day! We paid strong prices for the 3, (which are serious in demand pieces one of which is on a Want List) but we could not have been any happier. If we did not step up, we knew the next person offered would buy them. Even at the show, someone offered us an interesting $30,000.00 key date coin which we passed on (it just wasn’t as vibrant as we would have liked) then BAM! The next person scooped it right up.
You can NOT think anymore there will always be great coins for sale. The great coins are far gone into that endless black hole that seems to hold coins forever. At this show some one asked us: where is all the Proof Gold? Out side of knowing a lot is in Japan, we can’t answer why there is only a piece or two that pops up rarely. Its like this in so many series now.
We strongly suggest Type sets, or just buy the neat coins that are available (no pressure to fill holes). You can’t think too long on great coins. And do NOT expect dealers to take your bad NON CAC coins in trade for a coin they probably had to write an immediate check for (we’ve heard of a few cases like this recently and the dealers cancelled the deals). These really desirable rarities are known as “cash coins” meaning you have to write an immediate check as there will be a number of other dealers willing to step up for their customers-a few (which has happened to us) will even pay more! OUCH! Hint: if you own a really bad coin-sell it back to the dealer you bought it from. Don’t sit with it. Your better with the hole then a bad drecky coin.
We strongly believe we are the point where yet again, the rubber band MUST break on the better coins pricing. Prices MUST move up. If you check auctions, they certainly are (ours and FUN). As we see more activity heating up, we think the price guides and a big amount of business NOT at shows will push the market forward.
P.S. Being the forever gold bugs as we are, the market is slightly heating up for gold coins. Better gold coins and Proof gold -forgetta bout! Pay what it takes when you find them. Still a huge fan of gold Type sets.
LEGEND NUMISMATICS IS BUYING
We thank the collectors who have sold us some great coins in the past two weeks. We need even more!
If you have better coins-MUST be PCGS/NGC CAC talk to us. We can buy your coins, take them on consignment, or place them in auction. With a $20+ million dollar Want List, the BEST proven customer base, and the best boutique auction company, we need an awful lot of coins!
Legend will buy an entire deal to get what we need. But if you offer us say 2 widgets, we’ll either pass or pay the current bids. We want to make it clear, we are never looking to pay too little especially on better coins.
No one will pay more than us on things like $10+$20 PRE 1900 Pr Gold or any top pop coin (MUST have eye appeal). For our inventory we’d love to have better CC and regular date DMPL’s (MS65 and higher) and general coins valued $2-$6,000.00 that look terrific. No mater what price range, offer us the best coins!
This weeks high Want List: $20 1907 Saint PCGS MS67 CAC. No one will pay more. MUST be PCGS CAC.
Contact George Huang at: legend@legendcoin.com
NEWPS
Nobody likes to hear a broken record. So all we will say is we have a small offering that is amazing!
The absolute highlight is the $2.5 1834 Capped PCGS AU53 CAC. This is not just a rare $2.5, it is one of the rarest coins in the world making far less appearances then a 1804 $1! It is one of Laura’s all time favorite dates she never owned until now (yes, she did own a 54S and 1864).
We have about a dozen other terrific handpicked good looking NEWPS!
VIP: we always remind you to check out our regular inventory. What is happening today is due to so few coins being available, collectors are not just buying from NEWPS anymore. Last week we sold 3 high five figure “old friends” to collectors. We never understood why they did not sell sooner. BUT now they are gone and we do not expect to see anything similar in a very long time. So go back and maybe there was a coin you wanted but forgot about-it probably won’t last too much longer!
ALL NEWPS ARE NOW POSTED
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LEGEND RARE COIN AUCTIONS
www.legendauctions.com
KABOOM! Make that a thousand KABOOMS! Our Boutique concept worked beyond our expectations and presented us with our most successful January sale EVER! This was not by a small margin either. Fresh, exciting, and eye appealing coins always bring out strong buyers. We set many records. See below (buyers fees included:
1C 1899 PCGS MS67+ RD CAC $29,375.00
3CS 1854 PCGS PR63 CAC $15,275.00
5c 1879 PCGS PR67+ CAMEO CAC $19,975.00
25C 1966 PCGS MS68 $11,750.00
50C 1895S PCGS MS67 CAC $85,188.00
50C 1896O PCGS MS67 CAC $123,375.00
50C 1920S PCGS MS66+ CAC $96,938.00
50C 1952 PCGS MS67+ FBL CAC $42,300.00
$1 1803 PCGS AU58 CAC $41,125.00
$2.5 1836 BLOCK 8 PCGS MS63+ CAC $14,688.00
$3 1878 PCGS PR65 DCAMEO CAC $102,812.50
$10 1893CC PCGS MS62 CAC $49,938.00
$20 1909D PCGS MS67 CAC $323,125.00
Look through the prices realized-you will see many more record prices and many top prices realized as well. The only weakness we saw were coins with high reserves from a dealers (we are pushing to make them 10% of our biz).
Legend Rare Coin Auctions and its entire staff sincerely thanks everyone who participated in this record smashing sale. In addition to prices, we have record eye balls, record registrants, and a surprising record number of live on line bidders during the sale. It is a pure proven fact that little Legend Auctions has a customer base every bit as strong as any of the big boys.
We can handle any size collection. Contact our consignment specialists who will craft the exact best program for you. in addition to auctioning, we can buy your coins or sell via consignment. We work very ghrard to make sure every single consignor receives the max for this consignment.
Jessica Berkman jessica@legendauctions.com
Julie Abrams julie@legendauctions.com
Greg Cohen greg@legendauctions.com
Our consignment deadline for March is closed. Check out the highlights as we have a few up and certainly will be adding more later this week. We also are posting some lots too. We already declare this to be a MONSTER sale (as many of you know, that is hype-it is fact)!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER EMAIL US: legend@legendcoin,com. WE DO NOT CHECK PHONE MESSAGES UNTIL 9 AM MONDAY.
ENJOY THE PUPPY AND SUPER BOWLS!
