POST BALTIMORE SHOW
Legend Numismatics did all time record business of $10-$12,000,000.00 starting March the 27th and ending April 7th. We spent about $9,000,000.00 buying and representing people in BOTH Blue Moon and The Pogue Sale. Activity this past week in the office was off the charts and we are still counting it all up! We could have sold 5 1869 $1 PCGS PR64 Cameo CAC (one collector even offered us MORE then the listed price)! For us to do this kind of business, the market has to be strong. What more proof do you need?
Of course the biggest deal we did was the purchase of the 1804 $1 which had sold Friday night for $3,290,000.00. No we were NOT the buyers out of the sale. Our long time good friends Kevin Lipton and John Albanese were the buyers. We did an after auction purchase.
THE $1 1804 POGUE/DEXTER DOLLAR
Many years ago (in the early 1990’s) Legend outright bought the Amon Carter Class III PCGS AU58 1804 $1. Our cost at the time was $750,000.00. We sold it to Phil Flannagan for whom we had built a major Bust Dollar Collection (sold of in 1999). It had always been a dream off ours to handle a Class I. Over the years we came close, obviously it never happened. When we heard the Pogues were selling their incredible collection we knew we had a shot.
The PR68 Pogue piece obviously was never meant to be. We had 2 seriously interested parties in it. The sad part on that coin-it had turned. YES and 1804 looked like something was done to it. It certainly was not the same crisp coin we all remember from The Childs Collection. Then we thought okay, its still the finest, maybe as a price buy?
Here is where the unbelievable happened. From the day the sale was announced we requested information on the 1804 including if there was any kind of reserve. We were totally stonewalled until the coin actually went up for sale at Sothebys. We could not believe what happened before our eyes. The coin was bid up by a mysterious phone bidder to a level right below the $10,000,000.00 we paid for the 1794. Not a single hand was up in the room. Then the gavel hit and the words PASSED were said by the auctioneer. EVERY ONE in the room gasped. Apparently all the Pogues wanted to be able to do was claim the 1804 had the highest BID ever of any coin (topping us w/the bueyrs fee). That scam might have had a shot until the 1822 $5 was up. Not only did the same mysterious bidder bid-but the auction reversed it self and the price actually FELL! Besides gasping BS, everyone lost total faith in the sale of an 1804 $1.
Fast forward to Carriage House at Garretts estate (where you can see incredible marble slabs of his favorite horses buried in the floor around the stables), and virtually no one really believes that this 1804 would be for sale as well. We had told our partner the coin would end up a bad deal and don’t even waste his time. All along our good friend John Albanese was telling us we were so wrong, the coin is easily worth $4-5 million (we won a sushi dinner on that bet).
Going into the sale, our partner had placed a low ball $2,000,000.00 bid. He also knew that we might be representing some one who was seriously thinking about cutting the bid on increment from where it opened (at $2.6 million). When the coin opened it was eeery quiet. Just before they closed it a cut internet bid appeared. No one really believed the bids. So it was bumped up one increment. Then the coin hammered at $2,700,000.00 and a real bidder number was called out. Since it was an absentee bid, here too everyone was asking did it really sell? We had several text inquiries asking if it was us. A few hours later it was confirmed who the buyers were (Kevin was on a plane and did not find out until he landed). Kudos for Kevin Lipton for placing the book bid.
We were bone tired Saturday and did not have the chance to really think about the 1804. It was a daily call from John Albanese Sunday AM to shoot the breeze that changed everything. He was shocked that a few serious buyers had already reached out to him. We were startled and did NOT expect that. It is one of the few times we really misjudged a value. Thinking about it for a few minutes, we called our partner Bruce Morelan. It took him all of 10 minutes to decide to make a play at it. The negotiations were simple and really fast. This time, we knew we had to pass or play. Within minutes we had an agreement and Legend Numismatics had negotiated the purchase.
Further proving we did the right thing, we were offered a $100,000.00 profit later Sunday afternoon! Of course we declined. This coin belongs in Bruce Morelans Bust Dollar Collection and it is his dream coin.
It was beyond crazy the entire chain of evens of both 1804 $1. It is felt by most parties involved had this 1804 (Dexter) been auctioned first and everyone saw it was a clean clear sale, it would have been closer to $5,000,000.00. We were told Pogue had been offered that for the coin a few times.
THE HIGHLIGHT OF A 40 YEAR CAREER
We had given up hope on ever buying a Class I 1804 after the first fiasco. Now that we have, we can state that Laura Sperber and Legend Numismatics have handled EVERY major classic rarity save for the $20 1933 and the J-1776, both of which we can sell in our sleep to several people. We’ve handled TWO 1913 5C, 3 1927D Saints, TWO 1885 Trade Dollars, TWO 94S 10C, the $1 1866 NO Motto, the Amazonian Set, and so many more great classic rarities in our time. With the purchase of this 1804, our numismatic bucket list is pretty much complete. Plus, we really believe even in this day of mega value collections, unless Simpson or one other collector we know ever sells, there will NEVER be another collection offered anywhere similar to Pogue. We believe that between Legend and a private collector, we purchased 40-50% of the ENTIRE value of the Pogue sale!
With all that in mind, and after a remarkable 40 years career, Laura Sperber is pulling back some,.Yes, she is really semi-retiring. Of course no one here believes it. What she is intending to do is not do as many shows and not try to be a big coin dealership that is everything to everyone. Like our Legend Rare Coin Auctions subsidiary, Legend Numismatics will become a boutique in every sense of the word. Laura will still be handling all of her regular customers and will be at most (but not all) major shows. She will attend only a few Legend Auctions (of course she will still represent people in the big sales). After 40 years of non stop, its time to slow it down!
All this has happened for Laura from the inspiration when she was a wide eyed 16 year old who attended the 1976 NYC ANA Show and was allowed to hold the 1913 5C. Hard work and big dreams can come true!
NEWPS
Legend is taking a well deserved mini break. Sorry, there will be NO NEWPS this week. Start checking April 15th for our NEWPS.
Until then check out the coins we have in inventory. There are some really great coins that deserve great homes. We’ll work hard to get you in the coins of your dreams!
Do NOT take this Market Report as Legend has stopped all activity. NOT! We are still buying and selling and have that HUGE Want List!
Contact George Huang to order or if you have any questions: legend@legendcoin.com.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
BOOM! Yet another highly successful Premier Sessions Internet Only Sale. $357,000.00 hammer sold! We had hundreds of serious bidders and buyers for our 151 lot sale. Individual highlight prices are not available right now, but you can always check out the auction archives.
Highlights from our May Regency Sale should be posted starting Saturday April 8th. There are more great coins in this upcoming sale then ever! Check them out. If you need an in the office looksie, please contact us ASAP.
If you have any questions or wish to consign, contact Julie Abrams: julie@legendauctions.com or Greg Cohen: greg@legendauctions.com. They will work with you from start to finish.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR VOICEMAILS UNTIL 9 AM MONDAY. THIS WEEK IT WILL BE LATE MONDAY!
