IT HAPPENED-PINCH US!
Rare coins got their 15 minutes of fame. While we sat there on our hands (bidding opened at $7 million and zoomed to $13 million-just beyond our $12 million bid), we were thrilled to see 3 people in at $15 million hammer. The 1933 sold to a phone bidder who apparently cut a deal and ended up with a reduced commission (common in the art world). Legend (yes us) was the underbidder on the Jenny plate block that brought $4.8 million. We missed the increment our customer wanted to pay $4 million. That too went to the phone.
For the record, we called it (sort of) in our last Market Report: Our hope is the coin sells for $15 million to a non coin buyer. In our opinion, it would prove coins do have appeal beyond just the hard core wonks.
Clearly collectables are strong. Its nice-really nice to know the strong money is coming into coins vs NFT’s, baseball cards, and bit coin. While we do NOT know who bought the coin, it sure seems like it was an art buyer. The ONLY thing we are disappointed in-now there is no 100% complete Saint set out there (that we know of).
Having the $20 1933 hit that record price not only gave another huge shot of confidence to the upper end of the coin market, it started a flurry of activity for the rest of the week not only for us, but several other dealers we spoke to. We sold our $20 1920-S and a few other expensive gold coins. If we had more, oh could we ever sell more.
Does the sale price of the 1933 effect $2,000.00 coins? Maybe. BUT they were RED HOT already! A general feel of positive can not hurt at any level. Now, if only we could feed the black hole and find coins! That is the only thing that could slow the market now. We do see MANY new collectors starting interesting sets.
We do believe that down the road, the 1933 WILL be the first $100 million dollar coin followed by our partners $1 1794 PCGS SP 66 at $75-$100 million. Its not an unrealistic dream.
If you have questions how to navigate this changing and clearly upbeat (selective) market, reach out to us. we are here to help you.
SHORT SET WALKERS ARE RED HOT TOO!
Legend Numismatics set all kinds of world record prices in the Stacks sale of the #1 Lulu Walker Collection Friday night. It was far from one and done though. We were live at the sale phone bidding with our customers. Check a few of these purchases out (buyers premiums added):
50C 1942 PCGS MS68+ CAC $78,000.00
50C 1942-S PCGS MS67+ $60,000.00
50C 1943 PCGS MS68+ CAC $120,000.00
50C 1944 PCGS MS68 CAC $84,000.00
50C 1945 PCGS MS68 $66,000.00
50C 1946-S PCGS MS67+ CAC $38,400.00
We bought several other pieces as well. We did expect really strong prices, not what the final beyond Pluto totals were.
Due to ridiculous chatroom discussion, we want to clarify the 50C 1943 MS68+ vs the 50C 1958 Toned Franklin (sold for $129,000.00). The toned Franklin was 2 players in a duel. You knew the winner of that would lose by selling too soon. The 50C 1943 MS68+ had MULTIPLE bidders. And the winning bidder has no plans on selling. When a market is strong, prices always end up with huge premiums on the finest coins. Today there is a lot of money looking for places to go. We think you’ll see many more record prices appear for FINEST known coins.
Can you make money in coins? We’d be shocked if the owner of the Lulu Collection of Walkers did not make a killing! The new owner is prepared to hold the coins for a long time. He also realizes the value owning the very best. In a strong market, as you can see, it certainly has its merits. Always buy the BEST YOU CAN AFFORD and HOLD. Quality and especially eye appeal rule when things start to move! Know that building a set then selling immediately does not usually end well.
$5 coins from the huge Fairmont hoard also sold extremely strong-in many cases 20%+ ABOVE published numbers. That included NON CAC pieces.
Last Legend also was the buyer of the wildest toned TY I 3CS we had EVER seen (and we built the #1+2 sets). The 1853 PCGS MS67+ CAC $38,400.00. It is going in a new Type set we are now exclusively building. https://auctions.stacksbowers.com/lots/view/3-REOEM/1853-silver-three-cent-piece-ms-67-pcgs-cac
Do know, there are still MANY cheap coins to be had. Finding them is the issue!
What’s up next? Trying to find coins to feed every ones rabid hunger! This market has depth!
Do NOT rely on published price guides.
NEWPS
This week we started to break up the amazing #1 Jerry Forsythe Proof Liberty Nickel Collection. The former #1 all time set. The coins are nothing less then amazing. Highlights include:
5C 1883 W/C PCGS PR67 DCAMEO CAC
5C 1887 PCGS PR67+ CAC
5C 1892 PCGS PR67+ CAMEO CAC
5C 1895 PCGS PR67 CAMEO CAC
5C 1897 PCGS PR68 CAMEO CAC
5C 1909 PCGS PR68+ CAMEO CAC
We have a few other NEWPS as well. One of the highlights is a gorgeously toned 10C 1837 No Stars PCGS MS65. WOW! We also have a really SUPERB $10 1907 NO MOTTO PCGS MS66+ CAC! Coins like that won’t last long!
As you know we are still buying-or trying to buy. We will be attending the PCGS Invitational In Las Vegas this upcoming week -with our check book. What do you have?
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
We will have some MAJOR announcements shortly.
Our July Sale is now being cataloged. There are some really neat coins to be sold. Stay tuned.
We are always accepting consignments. Email or call our world class team to discuss. They will craft the ultimate deal. See us at the Las Vergas PCGS Invitational next week or in Orlando at FUN.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9AM.
