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Posted: September 28, 2018 09:43 PM EST| 0 Replies
Yet again, PCGS put on an incredible show. We can not say enough that if you have not been to one, come and check it out!
It was easy to do biz as most dealers seemed eager to both buy and sell. Grading was tight-but that is just fine. Too many dealers are too spoiled by throwing up retreads to see what works.
We helped the show not only by co-hosting a very special event, but by having the $1 1794 SP66, the $1 1804 PCGS PR65, and the 5C 1913 PCGS PR66 CAC all on display. Can’t beat that!
THE MARKET IS CLEARLY DEFINED
There are the haves and the have nots. The haves have great coins and are making money. The have nots have dreck or over exposed widgets and are NOT making any money.
Clearly, this is a two tier market that is further widening in price.
We have NEVER seen (especially today) ANY PCGS CAC piece sell for below market. In fact most of the time these pieces bring substantially more. Lets just look at MS 66 Saints. Bid for MS 66 PCGS Saint is $1,850.00-NOT sightUNSEEN, the bids are for sight seen. You can buy all you want for around that price. PCGS CAC MS66 Saints have several sightUNSEEN bids for $3,600.00. You might be able to buy one or two if you are lucky.
Its not a matter of a few dealers banding together to create bids. Its a matter of the market dictating what it wants. As you can see the PCGS CAC price is nearly DOUBLE.
The same pricing really happens in all other areas. And if a coin is not so pretty, forget it, today, its worth cents on the dollar.
Buying the lower end coins is a bad deal-even with he severe lack of coins around today. Prices keep sliding down in value on retreads and lesser quality coins. Dealers don’t want to stock them. Dealers like to say: “cheap is not cheap enough”. You are not being a genius buying that stuff-not matter how cheap. We just witnessed in our Regency sale that stuff sold for cents on the dollar. Great PCGS CAC coins just took off with multiple bidders.
How should you be playing it? Unless you have really pretty coins that make you wonder what CAC was drinking that day-sell you other coins. No dealer will want them in trade for a good coin-unless they steal them. The demand for the PCGS CAC coins is no fad either. The coin market has always respected better coins.
We are in a full blown two tier market. Know it and deal with it and you will be fine. So long as CAC is around, this situation will remain.
We at Legend can not stress enough, always buy the BEST quality you can afford. Pay more for it-you will have too. It DOES very much pay off.
LEGEND RARE COINS ANNOUNCES ACQUISITION OF THE THE GRAYSON COLLECTION
This a real soup to nuts collection valued at $2,000,000.00. Coins range from a killer H.01 1794 PCGS MS 62 to $3 1876 PCGS PR64 DCameo. Most of these coins have been off the market for a decade and longer! There are well over 100 coins. We have a heck of a lot of work to do. Most coins have not been in for regrade or even CAC.
The owner specifically did NOT want them placed in auction. He is a rock hard “old school” collector. He believe his coins should be placed in good homes and not be destroyed by greedy crack out dealers. We are abiding by his wishes. You will be impressed by the coins to be offered!
THE LEGEND REGENCY AUCTION
We knew we’d do okay. But we were stunned beyond belief at some of the pieces realized. This yet again proves the power of our customer base-the same customer base Legend Numismatics enjoys. Look at these strong prices:
Lot 4 50C 1807 50/20 PCGS MS65 CAC $188,000.00
55 50c 1828 CURL BASE, KNOB 2 PCGS MS65 CAC $24,675.00
95 50C 1836 RE PCGS MS64 CAC $79,315.00
125 50C 1921S PCGS MS65 CAC $117,500.00
146 50C 1929D PCGS MS67+ CAC $82,250.00
166 50C 1949S PCGS MS67 FBL CAC $30,550.00
172 50C 1958 PCGS MS67 FBL CAC $129,250.00 (what a bloody battle field that would have been if they fought it out with swords)! This is a way beyond PLUTO world record price!
340 10C 1900 PCGS PR68 CAMEO CAC $$36,425.00
431 10C 1923S PCGS MS66 FB $105,750.00
438 10C 1968S NO S PCGS PR68 CAMEO $39,950.00
497 $1 1885O PCGS MS67 CAC $11,456.00
529 $1 1892 PCGS MS66 $49,975.00
546 $1 1901 NGC PR66 DCAMEO $43,475.00
570 $2.5 1866 PCGS PR65 DCAMEO CAC $79,312.00
584 $3 1881 PCGS PR66 DCAMEO CAC $73,437.50 (LAST SALE: 01/2018 $66,000.00)
621 $20 1870S PCGS MS63 CAC $76,375.00
658 J-1426 $1 1875 PCGS PR65 CAMEO CAC $70,500.00
EVERY one of these coins shares the same reasons as to why they realized record prices: #1 by far the most important-QUALITY and EYE appeal. The grade number does not matter. #2 The majority by far are PCGS CAC graded. #3 these are practically never seen so the demand alone helped create record bidding.
Average and nice coins, did okay. Anything less then that did poorly. That has nothing to do with us being a high end boutique. The market again, dictated what it wanted. In the sale, the weakest area we saw was MS NON CAC gold. Hard sell.
Another VERY important note. As you all know, we pulled out all the stops to make sure the Konstatine Collection of Bust Halves had maximum exposure. This collection is living proof, that if you buy really right-he did have many marvelous pieces in the set, you WILL make money. We are proud to say this collector did earn a profit! Congrats to him. One thing Legend Rare Coin Auctions does that no else does-we keep all important sets together. We build our auctions around the great collections we get.
Legend Rare Coin Auctions was established to be a boutique and different type of auction house. We started out as a way for Legend Numismatic customers to sell, now the full force of them helps propel prices into the stratosphere (the coins we are offering now are getting are cooler and cooler)! We have no plans to change. We are NOT in competition with the bigger auctions houses, and we’ll challenge anyone’s customer base vs Legends!
We sincerely thank every one that participated in this auction. We had a record number of new registrants and a huge record number of on line lot viewers!
Our November sale is next. We’ll tip you off to two AMAZING highlights-a coin you never ever see: $2.5 1848 CAL PCGS MS62+ CAC! WOW! The worlds finest ever $1 Chapman Proof-PCGS PR67. The coin is beyond amazing! This sale will every thing you expect from us. Oops, of course we’ll have a mega MONSTER toned $1 1922 PCGS MS64 CAC. We set such a high bar for ourselves!
We kinda screwed up and left our NEWPS in LV. Oops! We did still have enough here at the office to produce an NEWPS offering better then most other dealers could do. Highlights include:
1C 1857 PCGS MS66 CAC
$1 1875S PCGS MS66 CAC
G $1 1866 PCGS MS67+ CAC DUCKOR/AKERS
$5 1857S PCGS MS65+ CAC SS CENTRAL AMERICA
$20 1916S PCGS MS66 CAC
Of course there are many other NEWPS that should please every ones tastes and budgets.
NOTE: We do want every one to know we have not given up on things like Standing 25C, DMPL’s and Morgans, Type, etc. We just can not find a lot we like.
Since we are forever gold bugs and make markets in gold, we add more gold to our inventory then other coins. Once we start adding the Grayson coins, our inventory should even out (although there are no DMPL’s in it).
ALL NEWPS ARE NOW POSTED!
LEGEND RARE COIN AUCTIONS
We can not thank every one enough for participating in our recent auction. The sale was a HUGE success. You’ve seen what record prices we brought. We do that all the time. We can not stress enough-our customer base is the strongest in the biz-the customer base of Legend Numismatics. Give us your top quality coins, we’ll give you top quality results.
Our November sale will for sure be everything you expect from us. This time we have no anchor collections. Don’t worry, we are working on some huge collections for early next year.
Our October Premier Sessions could end up one of our biggest and BEST ever. We have a pile of coins to go through still for the sale. And we are still accepting consignments. This sale opens around October 18th. More information will follow next week.
Do not hesitate to contact any of our team to discuss consignments. We will work a plan tailored to your needs. We also do hybrid sales too. Contact: Julie Abrams: email@example.com, Jessica Berkman: firstname.lastname@example.org, and Greg Cohen : email@example.com.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
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