PLEASE VISIT US AT THE WORST LOCATION AT FUN: TABLE 1111
Legend Numismatics wishes to thank everyone for all the business and support we received in 2024.
2024 will end on what we see as a strong note for rare coins. The demand is definitely there. We’re now a full year removed from the covid bump (which also happened to include some crypto money). Prices soared during COVID. Collectors who were on the sidelines have returned as levels have faded back to reality. Remarkably, new buyers have popped up as well.
We all forget, rare coins overall are a tiny market. So any slight increase in demand has major ramifications. That is why in 2024 we saw crazy money realized in auctions for things like Standing Quarters and Proof Gold. A proof Indian cent set sold at the end of the year for astronomical prices. They included coins with low CAC pops of only 1-2. That will lead to intense competition. Without a doubt, demand has driven everything. Demand forced prices in these areas to move up. Down the road, hopefully this will help create some supply for trading. We have yet to observe its impact on the overall coin market. We can tell you this: in many areas, the price guides are irrelevant. They only report the past, so if they miss a record, you can still see a price from 2014! VERY frustrating, especially when you pay for that information.
It is our strong opinion that 2025 WILL be a VERY strong year for the rare coin market. Not every area will rise, but we can’t see anything dropping. Rare coins have always been about supply vs. demand. Our biggest problem has always been about supply. We suffered greatly in 2024 because we could not find the coins we needed. We are hoping that in 2025, with prices visibly finally moving up, there will be a better supply, and we can buy more coins we need.
IT’S SO EASY TO MAKE MONEY IN RARE COINS
Timing does play a huge role. If you bought in 2021-2022, there are strong chances you may have to wait to earn profits. However, if you are a long-term collector who always strives to buy excellent coins, you should be smiling about your holdings. Here are the simple keys to being a successful coin collector:
BUY THE BEST COIN YOU CAN AFFORD FOR THE GRADE
You do not have to buy a glamour grade of MS 67 or PR68. You want the BEST-looking coin. Also, if you can, having a HIGH-END coin doesn’t hurt either. We would much rather have 4 killer 80S MS 66 Morgans that are frosty, white, semi-prooflike, and high-end vs. an okay 88S in MS65. The four killer pieces will create a WOW factor.
DO NOT FILL A HOLE
If you’re doing a set, WAIT for that right coin unless it is a real impossible rarity in any grade. Do NOT buy a POS no matter what. It would stand out like a black eye. Expecting to trade out down the road will only cost you. You will always have a better chance of being offered that rarity you need if a dealer knows you can write a check (save your cash). Over the years, we have learned you are better off NOT having a coin than having a lesser quality piece.
WORK WITH A DEALER
A trustworthy dealer will help you avoid such things as overpaying or buying a bad coin. If you remember, earlier we indicated eye appeal is huge. A trustworthy dealer will help identify those coins that belong in your collection. Plus, if you end up with a duplicate, a dealer should be able to help you sell it easier than sending a single coin to an auction. And paying 5% for a dealer to rep you in an auction is invaluable. There is a reason EVERY major collector we know of has representatives (it’s not for lack of time, as many of them sit there and watch the auctions live too). We have always said: sometimes your best buys are the ones you never made.
Dealers can also help you negotiate better auction fees for selling. There are so many advantages to working with a dealer. Plus, a trustworthy dealer will act as a cheerleader/teammate in building your set. Collectors should NOT think dealers are bad. Yes, there are a few rotten apples, but most are caring, coin-loving, and hard-working people.
BUY PCGS CAC COINS
Until proven otherwise, coins in these holders are the BEST-PROVEN stores of value. Understand, you have to pay more to buy them, but when you sell, you don’t get hammered. You can NEVER be cheap when it comes to true quality. We’ve seen collectors argue about the grading, etc. Fine. One thing you will NOT get with a PCGS CAC-graded coin is a cleaned or doctored coin. We have seen someone buy an expensive coin not knowing it had something done to it only to lose almost half its value when it was sold via auction. We could tell you other stories too.
DO NOT THINK YOU ARE SMARTER THAN THE MARKET
The coin market and its insiders are pretty savvy. A collector must realize they are on the outside looking in. There are few to no bargains anymore. Buying a coin cheap and hoping it stickers—it’s not going to happen. Or buying a stickered coin you like, but there is no floor on its pricing, can be hurtful too.
Selling can be bewildering. Auctions are very hit or miss. Everyone wants to hit on the dream of two people taking a coin to the moon. NEVER EVER accept an afternoon slot to sell your coins—even if offered a good deal. All these things are reasons you need to work with a good dealer. Many major dealers did not put their coins in auctions: Jack Lee and Q. Bowers, to name two. There is much more to be said for selling privately (you can still get plenty of recognition).
*******************************************************************************************************
Think about everything we said here. You really CAN make money in rare coins. You do NOT have to be a millionaire to do so. Keep in mind, coins are a LONG-TERM hold and are not like the stock market. The biggest key is in your buying.
Legend Numismatics is probably the BEST coin firm in the world today that can build anyone a great collection. It is what we live for and love to do. Do you think Morelan, Simpson, Black Cat, Half Dome, Coronet, RSD, The Great Pacific Set, Young-Dakota, Bender (a huge part), and even the Drumwright Collection for sale at FUN 2025 would have happened without our help? We’ve built so many smaller collections we can’t count them. We’d LOVE to work with you too. You do NOT have to be a millionaire for us to help! We want 2025 to be a prosperous year in coins for everyone. Call or email us today!
NEWPS
Our next NEWPS will post January 3rd. We expect to post just a few NEWPS each week in 2025 with a real possibility of skipping a week. We assure you, we will be posting ONLY those coins we really love; we do not and will not post coins just to make sales.
After Fun, we do NOT expect our NEWPS to post until the weekend we return, with images going up early in the week. In 2025, we plan on recovering from these massive shows first, then start our office work. We’re not the youngsters we used to be!
OUR OFFICES WILL FULLY REOPEN JANUARY 2ND. HOWEVER, WE CHECK OUR EMAILS DAILY AND ARE DOING LIGHT WORK. WE DO NOT SUGGEST LEAVING PHONE MESSAGES.
