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Posted: July 14, 2018 08:02 AM EDT| 1 Reply
A PERFECT SHOW
Always when you never expect anything to happen, some thing does. Our expectations of the show were to meet a few people and show off some auction highlights. Only the at the last minute did we decide to bring down 3/4 of a box of coins to sell. After the dust cleared, the FUN Summer show ended up as good as any major show.
We were shocked on Thursday how crowded it was. There are many collectors (bigger collectors too) who attended. We had never seen this before. We saw many dealers actually selling coins! Our sales were into six figures-something we never expected. Every year we do attend this show and walk around, we buy at least one big amazing coin. This year, we spent nearly $500,000.00 buying several insane coins (two were six figures). We are still pinching ourselves. We really don’t get to come home with a happy feeling after most shows (this show we weren’t even beat up, the traveling was only a 2 hour flight, we know the area, etc).
And for the record, our super stealth sellers insane hot streak finally cooled down. But then a few of his biggest buyers were not there. Still, he did sell a lot of coins.
Now we are wondering how many people will attend the Las Vegas Invitational Show in two weeks. We know our auction is a draw, but is the market really stronger then we think? This usually is the deadest part of the summer when sales fizzle. Maybe not this year as proved by the FUN Show. Even in our offices, we can still sell just about every bigger coin we get.
DISHEARTENING TO US-A MUST READ
CAC haters do NOT read this.
At the show we met two good coin buyers. Nice people. They both showed us their recent purchases. We were HORRIFIED with what they showed us. We hate being the bearer of bad news.
Folks this is why you should ONLY BUY CAC coins. We will just discuss one collector who had spent some decent money in auctions. He was having fun. But how much do you want fun to cost you? One coin he spent $60,000.00 and is total dead meat. It is as harshly cleaned and retoned as you can find. We even called a friend over so he did not think we were just trashing the coin. To make it even worse, he has no real recourse as the coin was bought from a major web auction company (that has NO numismatist on staff). Even if he put the coin back in a sale, unless another “fish” was found, he is going to lose a ton of money. Had the coin been PCGS CAC and looked like that, he never would have bought it because it would have cost almost $100,000.00. He obviously thought he got a good deal. At least if it came from a legitimate dealer he might be able to work something out. In his mind the coin just looked so pretty. Now he understands that is what coin docs do. Obviously he is now a PCGS CAC ONLY person. Legend Numismatics firmly believes incidents like this are NOT the collectors fault. They have been taught grading services are good and how can an auction hurt you when there are under bidders. Now you see why its not so safe.
We believe both collectors were very typical. Busy professionals who love coins but have very little time to learn (the other bought some nasty over graded messed with coins from both dealers and auctions). We get angered to no end seeing people like them get burned. Since it is kind of a shark eat shark world in coins, you MUST seriously consider working with a trusted dealer. Even if you love auctions, the best buy you will ever make-is the one you do not. Paying someone 5% will save you a fortune. Plus, if the dealer is good, you can have a collecting buddy and friend. Or if you insist on doing it your self, for the love god, buy CAC coins ONLY. To this day we are still howling over a major coin doctor who tells his customers “CAC is a fad and I do not trust it”. Of course he is slamming his collectors with absolute AT garbage. Each collector who we had to tell them they got burned all said: “I was wondering about him not liking CAC”. Yet they took his word…..
This is why CAC exists. We cannot tell you enough, why in the world today would someone offer you a coin NOT CAC’d? It has been proven over and over for 10+years, CAC coins bring the highest prices unless its a fresh estate (and then every major dealer will chase you off). There are coins that just miss CAC, but you should ONLY buy those from a trusted dealer.
Sadly, these situations happen more frequently then people know. Most people simply lose common sense and want to believe in what they are buying. To us, the sad part is it is so easy to avoid.
On a lighter side, we only offer PCGS CAC coins to our customers. Its for their own protection. Of course you will pay a little more, but that is what you MUST do to buy real quality.
Our offering is smaller this week. The big shot coins we bought at FUN are all spoken for (maybe next week we can mention one or two). We’re also kind of holding our bigger coins until ANA . We really are not expecting to buy much there.
We’re not going to highlight any coin this week as every coin listed is really superb and is UNDER $10,000.00. As we were posting yesterday, we already sold 3 coins!
As we mentioned before, now is the best time to cut deals with any dealer (including us). Even though FUN was really good, we still think things will be quiet until our July 26th Auction.
LEGEND RARE COIN AUCTIONS
FINAL CALL! Closing Thursday starting 9 PM, our 200+ lots July Premier Sessions Sale. BID NOW! We thank every one who came to our FUN table to preview this sale and the July Regency Sale.
The July Regency Sale closes on the 26th with a live auction in Las Vegas. Prepare now! If you need to phone bid, need special terms, or have any question, reach out to us now! Contact Julie Abrams: firstname.lastname@example.org.
We will have a major announcement soon about two great collections for our September sale. Stay tuned!
We are still seeking quality consignments for our August Premier Sessions sale and our September Regency Sale. Contact Julie Abrams: email@example.com or Jessica Berkman: firstname.lastname@example.org.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEAS EMAIL US: email@example.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
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