SPRING HAS SPRUNG FOR SURE
Well sort of. We thought for sure the major Nor easter forecast for Tue/Wed of the show would have killed if off. One way you could tell the market was strong-every major player arrived in by Tuesday. If we had to guess, less then 1/4 of the dealers who normally attend could not make it. Even more shocking-collectors did turn out in force Thursday. Friday and Saturday was quiet.
Legend Numismatics had a totally unexpected crazy strong show. We did the biggest ever transaction with a collector at the show (in fact we don’t think at any show we have ever done a bigger transaction). Our sales were at record breaking numbers-with many “old friends” selling for really strong prices.
All our pre show wholesale activity was off the charts. Of course our first buyer is someone who we like to gauge the market by. He did make huge piles and spent some serious change. Also, each night our super secret stealth seller would text us about another record or near record day (which was amazing due to the dealer turn out). We watched one retail dealer bounce around pre show and just buy piles and piles of coins. We did not have to ask him if his sales were good!
The only notable buy for us out of the auction: the 1958 DD PCGS MS64 RD CAC. We paid $336,000.00 on behalf of a collector. Got in a sellers dream situation: a shoot out to buy it. Had to step up, when is another coming out? Bet this makes people start looking at their pocket change!
WE TOLD YOU SO
Right before our eyes we are seeing a huge strengthening in the coin market. Some areas are red hot, yet we must warn people there are still many areas like PR +MS Seated and Barber coins which are ice cold.
One of the most dormant areas over the last few years is roaring back to life. Really big ticket coins. We know of a 1794 $1 PCGS MS63+ CAC that was recently sold and we ourselves did TWO deals in the last 2 weeks OVER $1.5 million each. Plus, Heritage placed the Brasher Doubloon (which we believe was in excess of a $5 million). Boom! Just like the flick of a switch big money is trolling for trophies. This round, from what we see, the buyers simply want to have small boxes of the very best.
This comes as ZERO surprise to us. ANY time the stock market gyrates and falls big-after being so profitable, money seeks other areas. Hard assets and coins are ALWAYS proven winners at that point. We are now seeing a very small tip of the iceberg influx of money. These newer collectors are as smart as ever and know what they should buy. And do not kid yourself, the CAC bean is a HUGE factor.
We are also witnessing an unusual spike in demand for better gold. We thought Early Gold was strong (and better gold) before, watch where the prices will be in 6 months. There is no way the market could ever get flooded with a supply of better gold. Even the better Ship Wreck coins are extremely limited.
What does all this big money mean mean for a GEM 80S $1 in PCGS CAC MS67? The really nice pieces will cost more soon. Demand all around is seeking quality. Most people do not realize, that great (key word-great) 80S MS67 dollars are not available by the bag. Do remember, with ANY coin (expensive or not) EYE APPEAL is critical. So you may have an okay 80S-it will languish. If you have a wow wee semi- prooflike killer, that is the coin that will be rising in value. EYE APPEAL and TRUE quality effect EVERY coin big or small value.
All we can say, is be prepared for the sticker shock on better coins. Don’t blink today, as the coins WILL disappear faster then ever into the huge black hole of gone for ever.
HOW TO WORK THIS NEW MARKET PHASE
If you have duplicates you think you want to trade-forget it. SELL them NOW and sit with cash. While dealers love to say they welcome trades, most really do not. These days its a fight to get a great coin. NO dealer we know who probably just stretched and wrote an immediate check wants to take stuff (no matter how cheap) in trade for a great coin. Plus, all dealers margins on better coins are almost non existent now. CASH IS KING. Cash WILL also get you an earlier or even first shot with many dealers. Even if you sell today, your still getting more than a few months ago. Losing opportunity on a great coin will hurt more then losing a few dollars on stuff.
Be ready to have sticker shock. If you followed the Stacks Baltimore Sale, you saw prices for nice coins were super strong. Prices for the fresh coins from the Vanderbilt Collection were so insane beyond Mars money that on the bourse floor the usual top overpaying freaks were asking watch other who the heck blew them away? We went into the sale thinking we’d be highly aggressive and end up paying stupid prices. Dang! We ended up looking stupid not even being able to get our hands up! Although we did pay a world record price on one coin that we graded lock MS65 (we had to buy it at a MS65+ price-it was graded MS64). Also, use recent auction prices as a GUIDE ONLY. For bigger and better coin buyers, your really not doing your self a favor by not working with a dealer-no matter how smart you think you are.
The new market is about having the coin. So when you buy, BUY FOR TOMORROW. PAY THE PRICE. Otherwise, you may never see that coin or any thing else similar offered. Of course there always is a short term downside. However, the longer you hold a great coins, the better off you will be. You can make money with coins.
A great example: we blew it by missing a $20 1907 HR WE PCGS MS66 CAC in the 2017 FUN Auction(we missed the session by accident). Fast forward, we can’t find one at ANY price right now. That is a coin that prior to that you’d see one or two offered every year. So even if we had paid 10% too much then, we KNOW we would be able to sell it for more today. Our guess is today we will have to pay 20% more then what the coin we were supposed to buy sold for-ouch!
Try and ferret out more depressed areas to buy in. Or, do not try and build a really high power set of gold right now. Last week someone asked us on behalf of a collector with $25 million to spend, how much would a GEM $10 Indian set cost to build? Our reply, it can NOT be done in GEM PCGS CAC right now. You can do a lesser set-say a date set (one from each year). You’ll never see a GEM 13S, 20S or 33.
Just buy coins you like or build a small box of 20. Do NOT buy coins to use as trade bait or hole fillers-that can back fire. Liek a Type set, a collection can consist of coins YOU want. Do NOT feel you need to play the registry rat race.
Last, ALWAYS BUY THE BEST YOUR CAN AFFORD and hold for the long term. A coin does not have be an MS68. It can be a monster MS65. Also, remember our motto: there is no substitution for quality.
NEWPS
We’re broke again on NEWPS. However, this listing has to be one of our best in ages! The absolute highlights:
$20 1857S PCGS MS67 CAC Spiked chin
We can’t top that, but the 25C 1881 PCSG PR68+ Cameo CAC Newman coin comes close as does the 50C 1897 PCGS PR68 DC CAC. Both of those coins are for sale only because the collector bought some thing substantial for another set he is building.
These are once in a life time coins!
Of course we worked over time to find coins for all tastes and budgets. We probably need new shoes from walking and walking around the show looking to see if any coins came in. By far this was our weakest buying show all year-and consider several already were our weakest buying shows ever that does not bode well for our future. At least we have 40 years of placing great coins and do get some back! Sadly though, the really wicked cool stuff is in really strong hands and all those people have said to us: we can’t replace the coins.
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
BID TODAY! Our March Premier Sessions Sale closes starting 9 PM Est Sunday night. There are 142 very exciting lots. We promise, this is in no way any kind of junk or “price list” sale.
We are now closed for consignments for our May Sale. We’ve been telling you it will be our biggest sale ever (we’re guessing 750 lots of over 2 days). BUT we were blown away when a small group of amazing Type coins (including a virgin H.10 1859 PCGS MS68+ and a 10C 1836 PCGS MS67+) were consigned. The coins from this unbelievable group are now at CAC. These coins are totally fresh to the market. There are several pockets of coins like that in this sale. We also just got a 170 coin pattern Collection we are offering the first half in May and the rest in July.
Starting next week we will be discussing more of the sales contents. You can go to our web site and see the sale now as it is being built. Do know images and, descriptions, and positions of the coins can change. At least you can get an idea of what is coming up.
Check the web site, we will be having a NYC lot viewing as well as a LA lot viewing (stay tuned for the dates). Of course we will be in New Orleans early as well.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
