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Posted: May 26, 2016 10:01 PM EDT| 0 Replies
LEGEND HAD A RECORD WEEK
This past week, the temperatures turned hot here as did the coin market (at least ours did). The first three days of the week we sold well into six figures to collectors each day. Tuesday we did a six figure Bust Half deal. Every day we sold soup to nuts-the net results were beyond anything we expected! No day was below $50,000.00 in sales. We have now placed the fabulous 5C 1937D PCGS MS66+ CAC 3 Legged Buffalo (the finest known and worth $100,000.00) while selling our last (and only) GEM $5 Indian-the $5 1914 PCGS MS65 CAC. A really nice 1891S $1 PCGS MS64DMPL CAC never made the web as did a $20 1907 HR WE PCGS MS65 CAC. As we are writing this, the 1C 1909S VDB PCGS MS66+ CAC is now “on hold”. We checked our last 4 years records for May and were shocked how this month is way superior in sales.
As we said before, with all these sales, come replacement problems. Short term we are VERY limited on inventory. Unlike other dealers,we will not replace quality for quantity. At least we are working on THREE MAJOR world class long time off the market deals for June. We’d be happy with at least one happening!
Its easy to see why coins are selling so well. They feel so right at today’s LOW prices. A PR67 CAC Seated Dime certain is not over priced around $2,800.00. Even the bigger coins-like high grade PR 66 CAMEO Trade Dollars have fallen BELOW $20,000.00. Everything just “sounds right”. Collectors certainly know finding quality pieces is limited so they are buying what they can right now. GEM quality coins priced $2-$50,000.00 for sure are solid and have as much demand as can be right now.
Keep in mind the balance of the collectables world is still stronger then coins. A blue diamond just sold for $58 million while another (ho hum) painting sold for $38 million. Our top coin (one that has a real selling price) is still only $10 million dollars. You can buy really great rarities for UNDER $100,000.00. To the rest of the world, that is cheap. Try and buy the muscle car with the hemi engine you grew up with-that’s way more expensive then the pop 1, 50C 1836 PR 65+ that just sold in Pogue for $88,125.00!
We need a do over on the $1 1804 and the $5 1822. They did not sell (which we saw coming a mile away). Our only comment on those non sales: PT Barnum did NOT have the Greatest Show on Earth, folks the 2 no sales were some spectacle! The PR about them was even more showmanship. We’re still in disbelief about the happenings Tuesday night with these two coins.
The rest of the sale brought firm “market results”. There was NO weakness like the February sale displayed. We say the coins all sold for “market”-not crazy and no “fall through the cracks” prices save for the $5 1825/4 which should have been over $1 million dollars (but then how many people really ever collect a variety like this?).
We screwed up. We wanted to buy the $1 1795 Eliasberg PCGS MS66 CAC. It was one of the few times we wrongly estimated the value. We had it figured in the mid $400’s hammer. The coin brought $763,750.00-we were the sore loser under bidders! Then we lost the next coin-the other $1 1795 PCGS MS66 CAC. That coin brought $646,250.00. Those were the correct market prices. Guess the weakness of the last Pogue sale was too etched in our brains. Having bought a 50C 1794 PCGS MS64 CAC and the 1C 1793 Chain PCGS MS65RB CAC so dirt cheap in other sales, we could not wrap our single brain cells to think higher bids. Legend certainly has never ever had a problem stretching for something rare and quality oriented!
After we were done being flustered from the 2 Dollars, we chased some MS64+ gold. Failed there too. As it got towards the end of the sale we came to our senses and stepped up. We bought the fabulous $5 1831 PCGS MS65 CAC for a Type set we’re building. For Legends inventory, we bought the $5 1838 PCGS MS65 CAC (see the NEWPS) and the $5 1838 PCGS MS66 CAC (we tried hard for the 1837 but were the under bidders there too). At lot pick up we had our heads slumped in deep embarrassment as we have not spent so little in a major auction in years. This sale had one nasty bad after taste for us.
As we have been saying, until we get some deals in, our NEWPS offerings will be much smaller.
This weeks highlights:
50C 1827 SQ 2 PCGS MS65 CAC
$5 1838 PCGS MS65 CAC POGUE
$20 1875 PCGS MS 64 CAC
Those are 3 pretty and pretty interesting coins. We have only handled one other 1875 in our career!
ALL NEWPS ARE NOW POSTED-ENJOY! Don’t forget our regular inventory-we have many great PCGS CAC coins!
LEGEND IS AGGRESSIVELY BUYING
We have a $20,000,000.00+ WANT LIST.
#1 coin on our list: $20 1927S PCGS MS64 or 65 CAC ONLY. No one will pay stronger for a nice then us.
#2 ALL GEM PCGS MS65 and HIGHER CAC DMPL’s. They MUST have clarity in the mirrors and strong contrast. We’ll pay much more for the jazzy bold black and white coins.
#3 $5 Indian Gold. PCGS MS64 and higher. ALL coins MUST be CAC. NO 09D Unless MS65.
#4 ALL PCGS MS CAC MS67 WITH MOTTO SAINTS-NO ONE PAYS MORE THEN US!
#5 ALL PR67 PCGS CAC Barber coins. ALL denomenations. Prefer cameos.
#6 ALL PCGS/NGC MS 64 and higher Bust Halves. Can NOT be dark.
#7 1838 or 1839 50C PCGS CAC MS65 or higher
#8 1907 HR PCGS FE PCGS MS66-67 CAC
#9 1795 $+1795 $10 PCGS AU58 CAC
#10 1848 CAL PCGS AU50 and higher CAC
There is so much more we NEED. We are paying strong for what we need and full market on everything else. Feel free to offer us everything you wish to sell. We are competitive on NGC CAC coins or even non CAC -but those MUST be sightSEEN transactions. We will NOT buy moderns. Remember, Legend is the firm what DID buy the worlds most expensive coin-the $1 1794 PCGS SP66 CAC for $10,000,000.00! We can handle ANY size deal.
Summer Sessions is a hit already! We had dozens of inquiries about consigning and questions about when our first sale happens. Thank you!
Our goal with Summer Sessions is to offer a better internet on line auction. Our sales are all about quality. You can have quick closes, you can have a lot of names to buy your bullion coins, but when it comes to real coins-how many sites have two world class bourse floor accepted numismatists vetting the coins for quality? We use the same standards as Legend Numismatics. We have already rejected a dozen coins for our first sale! We also have quality imaging and full descriptions. One thing that will set us part, we will have the coins for display at the major shows before the sales close. You won’t see 1995 overpriced Silver Eagles or messed up circ Seated coins offered in our sales, with us you’ll see 100 or so lots of real quality early US coinage!
Remember, Legend Auctions base is the Legend Numismatics customers-the unquestioned strongest buyers in the hobby today! Just see the highlights of our New Orleans (or any other) Regency Sales.
If you have coins you wish to place in our first sale-we need them NOW!
ALL settlements are 5 business days AFTER each sale! ALL sales are 100% NO RESERVE! The buyers premiums are ONLY 10%! Values accepted $1,500.00-$10,000.00.
Contact Julie Abrams: firstname.lastname@example.org or Greg Cohen at: email@example.com
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US AT: legend@ legendcoin.com. WE WILL NOT BE CHECKING OUR EMAILS UNTIL 9 AM TUESDAY.
WE WISH EVERYONE A SAFE AND HAPPY MEMORIAL DAY WEEKEND!
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