A TOTAL BLOCKBUSTER SALE
Our sister company Legend Rare Coin Auctions just completed a monster sale. Prices were beyond strong across the board-there were at least 25 world record prices set. We expected the sale to be strong, but the overall results blew us away.
It is clear there is still a rabid demand for better coins of better quality. We had multiple bidders on every lot. One lot, a 50C 1942-S PCGS MS66+ CAC received 68 bids and sold for a record $12,925.00. WOW! A 5C 1913 TY I PCGS MS68+ CAC sold for an insane $79,312.50 (vs a $30-$35G estimate). The buyer loved the incredible colors and had to have it. Plus, this will be yet another great coin that disappears into the black hole.
We are proud to confirm 95% of the sale was purchased by collectors.
Here are some random prices realized from our sale (buyers premium included)
Lot 31 – 50C 1856-S PCGS MS64 CAC, realized $32,900
Lot 33 – 50C 1857-S PCGS MS66 CAC, realized $91,062.50
Lot 53 – 50C 1870 PCGS MS67, realized $29,375
Lot 54 – 50C 1870-S PCGS MS65 CAC, realized $67,562.50
Lot 65 – 50C 1875-CC PCGS MS66+, realized $44,650
Lot 70 – 50C 1877/6 PCGS MS64+ CAC, realized $22,325
Lot133 50C 1882 PCGS PR64 DCAMEO CAC $5,052.00
Lot 148 50C 1833 PCGS MS65+ CAC $17,625.00
LOT 149 50c 1834 LG DT SMALL LET PCGS MS66 CAC $34,500.00
Lot 153 – 50C 1885 PCGS PR67+ CAM CAC, realized $18,800
Lot 156 – 50C 1918-D PCGS MS66+ CAC, realized $340,750
Lot 161 – 50C 1935 PCGS MS67+ CAC, realized $12,337.50
Lot 165 – 50C 1936-D PCGS MS67+ CAC, realized $38,775
Lot 184 – 50C 1942-D PCGS MS68, realized $35,250
Lot 185 50C 1942-S PCGS MS66+ CAC $12,925.00
Lot 249 – 3CS 1865 PCGS MS67+ CAC, realized $34,075
Lot 259 – 5C 1913 TYPE 1. PCGS MS68+ CAC, realized $79,312.50
Lot 268 – 5C 1938-D/D BUFFALO. PCGS MS68, realized $30,550
Lot 284 H.10 1857-O PCGS MS66+ CAC $5,405.00
Lot 367 – $10 1908 MOTTO. MATTE. PCGS PR67+ CAC, realized $235,000
Lot 368 – $10 1909 PCGS PR66 CAC, realized $199,750
Lot 369 – $10 1910 PCGS PR67+ CAC, realized $376,000
Lot 371 – $10 1912 PCGS PR66 CAC, realized $129,250
Lot 372 – $10 1913 PCGS PR67 CAC, realized $217,375
Lot 374 – $10 1915 PCGS PR66 CAC, realized $141,000
Finding better coins outside of auctions will be difficult right now. If you see something that is exceptional and feel its a little pricey-do NOT pass it up. You probably would be missing a great buy! Auctions for the much better coins have become buy at nearly any price events.
The coin market is still gaining strength!
THE SIMPSON COLLECTION
Segment 5 did not disappoint. We are scratching our heads on several prices realized: 10C 1897 PCGS PR67+ DCAMEO CAC $14,400.00, 50C 1817 PCGS MS64+ CAC gorgeous color $28,800.00, and the 50C 1936 PCGS PR67+ CAC $55,200.00-all world records (beyond Pluto!)! His regular issue coins-especially the gold were bringing crazy prices. Talk about pent up demand!
Legend represented a good friend and purchased the $1 1794 Copper J-18 for $840,000.00. Congrats! The history and significance of that coin is the ultimate (in our opinion). Our own Black Cat was on the prowl buying our next two favorite patterns 5C J-1950 1913 PCGS PR65 CAC FOR $192,000.00 and the 50C J-1995 1916 PCGS PR65 CAC FOR $216,000.00 MEOW! Overall, the prices realized for the Simpson patterns were extremely strong.
We are proud of the coins we sold Mr. Simpson. These record prices realized proved that true quality and eye appeal will yield substantial returns-sometimes no matter what you pay (but not every time).
WHO EVER SAID BILL GATES SHOULD COLLECT COINS-SHOULD HAVE WISHED FOR SOMETHING ELSE!
After some serious reflection this past week as to where all the coins are, we have come to the realization that we do have quite a few billionaires collecting coins. There are a few who have been collecting for over a decade, and a few who are newer. They do not just collect expensive coins. Duplicates? They keep them too. We can tell you about one wealthy collector we deal with (and exclusive Legend customer) who has over $3.6 million in duplicates and refuses to sell them. He has deprived others from completing sets.
There are at least 2 collectors we know of who have collections worth north of $200 million. Even a depleted Simpson still has $100 million left. We know of 4 more collectors who are in the $25-$50 million range. They are all like vaccum cleaners today. They love their coins and they even more love the thrill of the chase. Just those few people we mentioned own hundreds of thousands of coins-the majority are the best coins you’d want to own too.
Here is exactly why these whales don’t really help the market. We’ll give you a name example: our good friend Jerry Forsythe. When he was active in buying Buffalo Nickels, good luck! At one point he had at least 6 complete top registry sets and thousands of duplicates. He managed to choke off the top end of the market. The rest of the world could not collect Buffalos in GEM when he was building his sets. That made for a very choppy market. Only today-a few years after it seems the coast is clear is the Buffalo Nickel market seeing collectors return. Today, there is another well known active buyer who is building multiple sets in many areas (and not all are high grade)-ugh! We think he too has choked off a ton of collectors the ability to start new sets.
Bill Gates compadres have come to coins. They have sucked up so many better coins and hid them away in their dark holes there is little left to collect if you wish to build a major set of something. At least single coins do pop up, but its like throwing meat into a lions cage. Every one pounces on the coin leading to a beyond reasonable price. With price guides being so far behind, it makes it hard for the average collector to buy.
There is too much money out there in the world chasing too few coins. We doubt this will change any time soon. We suggest people adjust their tastes and budgets. We think in the near future there will be even more new competition for coins. Our auction this week was a total feeding frenzy. Prices are clearly inching up when it comes to the finest coins. It will be a long time before enough coins come back out to satisfy everyone.
A NOTE: Think about this: you can NOT build GEM sets of Saints, $10 Indians, MS Seated Dollars, Trade Dollars today. These are just a few areas dominated by extremely wealthy collectors. There are more and the lists are growing. We believe these collections will be locked up for a very long time.
NEWPS
Another week of a small offering. Will someone please sell us a group of cool coins? We’ll take single coins too!
We have NEVER EVER been faced with such a drought of coins for inventory in our 40+ years of business. We are even having trouble finding choice/GEM generic gold!
Please note: when offering us coins, if you just bought them chances are your not in profit yet. It takes time and sometimes things are cyclical. Not every series is moving up. The market overall is inching up-not running up daily. We can only pay the current market on coins. No one is more aggressive then Legend (especially if we need a coin)!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
What a sale! Prices were stronger then we expected and many records were smashed.
We’re cataloging our May sale now. Just wait until you see what we have (more Boyston and a great choice Type set as anchors). We expect to have highlights posted within a couple of days.
If you wish to discuss consigning, call our team: 732-935-1168. They will craft the ultimate plan for you to maximize the results.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
