AS WE EXPECTED
The summer shows are never is well attended anywhere. Add to that the fact PCGS is still really tight and many dealers stayed home licking their wounds (we have even heard of a few who needed and borrowed money). We were pleased to see that because of our auction, a small crowd of collectors did attend. Activity overall was light. Our “super secret stealth seller” should have stayed home. His sales were misreable for us, but he sill did strong business overall (grrr). His top 5 buyers did not attend (these guys are more in line with our coins). We should mention a few of them already are requesting early appointments with him for ANA. So we’ll let him live another day.
LEGEND NUMISMATICS STANCE ON QUALITY
Our motto “there is no substitution for quality” which to us is a powerful statement. Too many things get in the way of finding a true quality coin. The registry game has made buying the plastic everything. Stop the madness!
This is how you make money in coins. BUY THE BEST COIN YOU CAN AFFORD AND HOLD IT. If you buy average coins or dreck in this clear two tier market you most likely will do badly especially if you need to sell in a short period of time. Another motto we use is “cheap is never cheap enough”. Quality and buying something cheap do not go hand in hand in numismatics. Of course there are rare exceptions. In case people have not noticed, real quality pushes values higher then lesser quality coins constantly. An off market cycle a quality coin holds up while “stuff” goes down radically.
A top collection is more then just plastic. Our version of a real #1 collection: 1st coin-WOW, second coin-oh WOW! Third coin on your head explodes. Too many of today’s collectors either fall for stories, have egos, or simply do not understand quality. Just because some one may be a big name dealer, does not mean they can grade. Plastic has dummied up many so called dealers. Even if we are not building a #1 set, we just can’t load it with dreck or fugly coins. A really nice collection is ALWAYS easy to sell.
When we build sets, even if offered a number #1 coin-if we do not agree with it in any way-we pass. Does not matter if it is the only one. Look at our famous Trade Dollar set-no one will ever come near it or top it. Recently we were offered a coin with a + better on a date. We looked at it, laughed and passed. Our current coin was never sent in for a +, and it blows away the coin we were offered. Too many people out there think a coin like that they must buy. We say NO! The price was too high too considering the coins marginal quality anyway.
Do not to be conned into any stories. Sadly many people buy because of a ploy or an illusion created by a dealer. All common sense goes out the window. We beg people to look at the real quality of the coin. If you have to really think about it-its not all there. If you end up 1-2 coins lesser grade in a top set, it is no where near the end of the world. Its better to build a collection that is universally respected then to have people always whisper about a few bad coins in it or how could be the top set? NEVER be afraid to work with a dealer-even if you think you can do it yourself. There are many benefits. Even our partner Bruce Morelan knows he must. He pretty much knows how to grade, but there are clearly areas he is weak in-because even though his passion for coins is beyond any we’ve ever seen, he still can’t learn it all and he lacks the experience of going to every show. For as much as we have made him huge money-we have SAVED him huge money. To build all the unbelievable #1 set likes what Bruce has done-it is 100% about the coins-NOT the plastic.
For 40 years we worked to make Legend a top tier brand. Its BS when any else claims they handle the worlds best coins. Legend Numismatics will challenge any company vs the collections we build (Legend has exclusively built 11 of the 40 HOF sets in the PCGS Registry). When we put a collection in our auctions and say 100% built buy us-usually you see record prices-even in a weaker market. Never think for a second there isn’t some small % of collectors and dealers who do know the difference. We laugh at many newer collectors today who think they are building great sets when all they are doing is hoarding marginal stuff for the registry. Look, we’ll even go as far as to say, building an all PCGS CAC set many NOT yield the very best coins. Who wants a technically graded coin in a top set? No eye appeal. Harder to sell even with the bells and whistles.
About 1-2 weeks ago we talked about the collector we met in Florida who bought some bad coins via internet only auctions. We are touched he has listened to our advice. He was slightly price shocked as he just bought a few coins from our July Regency auction (with us helping him) as to the pricing. He did confirm he now “gets it” that the real quality coins will cost him more. Now he is happy and enjoys his collecting even more.
You watch the newer sets we are building. The little kitty black cat already has a world class collection. EVERY single coin of his is beyond a WOW. While he does not have the highest grades (he has a killer 25C 1796 PCGS CAC MS64) every coin he owns absolutely has a wow factor. In fact we love to email him after every major auction we bug him to quit coins and let us sell his collection. His collection is loaded with the very best quality, eye appeal, and rarities we would guarantee him an overall profit (in less then 2 years of collecting). We are not kidding. Keep in mind, he paid really strong to buy most of his coins too. For us, this is nothing new, for others, this rarely happens, because so many people or dealers do NOT understand TRUE quality.
Last: true quality does NOT have to an MS68 or top grade. It can be the best AU58 coin you’ve ever seen.
NEWPS
As we promised last week, no more holding back. This week we have some power coins to offer. We will happily challenge the quality and eye appeal of our NEWPS vs ANY ONE in the business.
The grand highlight is the remarkable 50C 1794 PCGS AU53 CAC. This monster of an AU is an old friend. We’re happy to see it again and are determined to place it in a world class home.
Next up a really “sick” totally mind blowing 1C 1909 Lincoln PR 67+RD CAC. There are practically no other PR Lincolns that exist (save for the mega monster 09VDB) that come close to this coin.
We finally got a few super GEM gold pieces. PCGS CAC pieces have become nearly impossible to find.
Donot forget to check out or regular inventory. We have many great coins that deserve great homes.
All NEWPS are now posted!
A MAJOR ANNOUNCEMENT FROM LEGEND AUCTIONS
THE KONSTATINE BUST HALF DOLLAR COLLECTION-#1 RED BOOK VARIETY SET-COMPLETE
Legend Auctions is proud to announce a special two day sale in September highlighted by the amazing Konstatine Bust Half Dollar Collection-the #1 registry set for red book varieties. We are honored to sell this amazing collection. We fully expect just about every Bust Half collector to participate, as well as many new people who will see how magnificent this set is, plus Legend customers, and collectors from all over the world.
The highlights include:
50C 1897 LG STARS 50/20 Bearded Goddess PCGS AU53 CAC
50C 1807 LG STARS PCGS MS65 CAC
50C 1812/1 PCGS AU50
50C 1815/2 PCGS MS63
50C 1817/4 PCGS VF 35
50C 1823 BROKEN 3 PCGS MS64 CAC
50C 1827/6 PCGS MS66 CAC
50C 1830 LG LETT PCGS XF45 CAC
50C 1836 50/00 LET EDGE PCGS AU55 CAC
This set will be auctioned off in its own section of Wednesday September 26th (a second session of everything else will be Thursday September 27th). We’re making that session Half Dollar day. We already have some beyond amazing coins consigned. When you see the Konstaine set we assure you, you WILL be impressed.
We hope to have a few highlights on display at ANA. However, if your attending the ANA Show, let us know, we are having a private invite only viewing midweek after the show closes. Due to rules and goofy stuff, we are not allowed to show more than a few coins within blocks of the show. World class and possibly the greatest Bust Half Collector ever Dr Charles Link will attend to discuss Bust Halves.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Boom! We had an amazing sale-even planted in the middle of July plus having the huge ANA Auctions staring us down. We sincerely wish to thank everyone who participated, we could not be successful with out you. The auction room was surprisingly packed. Never expect that. Of course internet and phone bidding were at all time highs.
An amazing 91% of the auction was bought by collectors. We can not stress enough, we don’t have millions of people on our lists, we just have the right ones. Add the power of Legend customers and we offer the best of the best coins, get ready to party!
What a way to start the sale. We opened with the amazing rankjack collection of Morgans. The very first lot-the $1 1878 7TF PCGS MS66+ CAC had an explosion of bidding and closed at a world record price of $43,475.00. We knew from that point on it would be fun to watch the sale. The ranjack collection sold for 20% over all estimates. Look at some of these prices:
$1 1881 PCGS MS66+ CAC $4,700.00
$1 1882S PCGS MS68 CAC $9,987.50
$1 1885 PCGS MS67+ CAC $5,750.00
$1 1887S PCGS MS66+ CAC $44,650.00
$1 1893O PCGS MS64 CAC $34,500.00
$1 1898S PCGS MS66+ CAC $11,750.00
$1 1902s PCG SMS66+ CAC $22,325.00
All he ranjack coins brought strong to crazy numbers We thank ranjack for allowing us to sell his great coins. Collectors who bought, we don’t have to tell you about the beyond awesome coins you just added to your collections.
A non ranjack dollar also set a world record: $ 1892O PCGS MS66+ CAC. After a major bidding war he gavel hammered at $67,500.00 (79,312.50).
The most expensive coin to sell was the out of this world Lord St Oswald 1C 1794 head of 9 PCGS MS66+ BN CAC . When we had bought it many years ago, it had been a major dealers “put away” coin. It brought $246,750.00 (all in)! Congrats to the new owner. Here are several other highlights:
Lot 190. $1 1897 PCGS PR68 CAM CAC realized $58,750
Lot 191. $2.50 1871 PCGS MS65 CAC realized $43,475
Lot 193. $5 1904 PCGS MS67 CAC realized $34,075
Lot 218. 1C 1914 PCGS PR67+ RB CAC realized $14,100
Lot 233 3CS 1857 PCGS MS66 CAC realized $10,281
Lot 239. 3CS 1863/2 PCGS PR67 CAM realized $64,625
Lot 272. 10C 1860-S PCGS MS65 CAC realized $42,300
Lot 289. 25C 1847 PCGS PR66 CAC realized $64,625
Lot 320. 50C 1845-O PCGS MS64 CAC realized $8,519
Lot 345. 50C 1937-D PCGS MS67+ CAC realized $19,975
Lot 362. 50C 1959 PCGS MS66+ FBL CAC realized $14,688
Lot 375. T$1 1881 PCGS PR65 DCAM CAC realized $19,388
Lot 399. G$1 1922 Grant, Star. PCGS MS68 realized $11,163
Lot 419. G$1 1870-S PCGS MS64 CAC from the Chester Roche Collection, realized $11,750
Lot 430. $2.50 1835 PCGS MS63 CAC from the Chester Roche Collection, realized $17,625
Lot 437. $2.50 1876-S PCGS MS63 CAC from the Chester Roche Collection, realized $21,738
Lot 454. G$1 1854 Type 2. PCGS MS65 CAC realized $29,375
Lot 465. $3 1887 PCGS PR65+ DCAM CAC realized $44,650
Lot 473. $5 1854-C PCGS MS62 CAC realized $34,075
Lot 499. $20 1910 NGC MS65 CAC realized $9,400
Lot 505. 50C 1838 J-77. NGC PR65 BN CAC from the Stephen Cook Collection, realized $12,338
Lot 519. $5 1860 J-272. PCGS PR65 BN CAC from the Stephen Cook Collection, realized $9,988
Lot 532. 5C 1866 J-461. PCGS PR66 CAM CAC from the Stephen Cook Collection, realized $5,522
Lot 554. $2.50 1869 J-770. PCGS PR64+ CAM CAC from the Stephen Cook Collection, realized $8,813
Lot 573. 50C 1870 J-937. PCGS PR65 CAM CAC from the Stephen Cook Collection, realized $9,694
Lot 585. $1 1879 J-1616. PCGS PR66 RB from the Stephen Cook Collection realized $11,750
Lot 602. $10 1875 J-1444. PCGS PR63 RB realized $15,863.
We will never stop preaching how great true quality performs in auction. To make this sale happen, we did boot well over 100 coins. Legend Auctions does have a high bar, but do not let that scare you about consigning to us. We can handle an entire collection-soup to nuts.
CONSIGN NOW FOR SEPTEMBER REGENCY 28
LAST CALL! We need all coins in house no later then August 16th. Space is extremely limited. MINIMUM $2,500.00 PER COIN, $15,000.00 PER CONSIGNMENT. NO EXCEPTIONS. We already have amazing coins consigned. More information to be announced soon.
FINAL CALL FOR OUR AUGUST PREMIER SESSIONS SALE. T We need those coins by August 1st, not a day later. MINIMUM $1,500.00 PER COIN, $10,000.00 PER CONSIGNMENT-NO EXCEPTIONS. Remember our buyers fee it 10% and we give all consignors hammer. These are highly successful sales. We are real numismatists and we offer full descriptions.
Contact Julie Abrams: julie@legendauctions.com or Jessica Berkman: jessica@legendauctions.com. They will craft a specific plan to your needs. We offer hybrid plans too.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
