THIS HOBBY HAS LEGS
For the past 2-3 years we were wondering if coin collecting would ever thrive again. Fastforward to today, it sure has! The older generation really sold out in 2014-2018. These days we see a much younger NEW generation putting great coins away. We’d guess they average in age 35-50 years old. They collect with a laser focused vision, plus they seem to be more educated than the past groups. Their budgets in a few cases seem unlimited. They absolutely stretch for coins. In fact, they are so strong they totally disrupted the million dollars plus coins area.
What this sudden impact of new people has done-it cleaned up the available supply of better coins. Now, auctions have become red hot venues with just about every sale posting record prices because that’s where better coins appear. You really can’t buy much anymore from your favorite dealer (like us) because there is nothing for us to buy. We can’t say how this will all end, but as long as the newly collected coins stay off the market and are not dumped back on, it will be good. Short term it will be painful for dealers because the supply of neat coins seems to be in auctions which become too pricey to stock.
We do very much still recommend collectors selling into the heat-especially gold. You will never regret taking a profit. Keep in mind this is not a full bull market. There are several areas that have been left behind.
OUR SUGGESTIONS FOR THIS MARKET
To build any set in GEM today it can be daunting. Why knock yourself out?
We strongly suggest either a Type set or just buy what you like. Why suffer thought the harsh competition of building a set? At some point you’ll probably be forced to buy a coin or two you dislike. Keep it smart and keep it fun.
A Type set can include ANY coin. In a way you are really building set YOU like vs what you have to. Then it becomes no big deal to pass on a coin.
Of course, our number one suggestion is to work with a good dealer. Not only will they guide you, but they will also become your collecting partner. It can be a win-win. These days dealers do not make anywhere near what they used too per coin. We feel very strongly that its bargain to work with a good dealer today.
THE LONG BEACH SHOW
For us, this show was one of our worst ever. We’re also including ALL shows. There was absolutely nothing to buy-even walking the floor multiple times. If there is a coin that was decent-OUCH! Dealers are drunk with what they want. Many of the dealers we do business with-have stopped making the trip and several have even given up their tables. Sales were horribly slow too as well.
The show was well attended, but premium buyers did not seem to show up on Thursday. We did chat with other dealers of our caliber, and they too had reported slow to no sales. We were told most people went to the PSA section or were there to submit to PCGS. However, our “super-secret stealth seller” was on fire. Go figure (he really carries cheaper collector Type coins typically).
This show clearly is not what it used to be. Covid may have sent a death blow to a few shows. We sure hope Long Beach isn’t one. Over the years it usually ranked as one of our best shows. For sure PCGS is trying to heavily promote the show. We are perplexed.
Watch the Long Beach Auction next week-we can already see prices will be strong. Buying coins at home and in auctions is the new market.
We do NOT take this show as being in sync with the full market.
NEWPS
One of the things we bought this past week was a group of GEM Proof Seated Half Dimes. The collector stopped and moved on to 3CS Proofs! It’s an incredible mini set. We had to send a few coins back to PCGS for reholdering (don’t you hate it when the edges break), so we will list more in a week or so.
We also are breaking up Lauras personal PR 66RB 2C Set. These are coins are magnificent!
It’s great to be able to offer many NEWPS priced UNDER $10,000.00!
LEGEND IS STILL BUYING. WHAT DO YOU HAVE FOR SALE?
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
A WORLD CLASS ANNOUNCEMENT!
Legend Numismatics is pleased to announce that the UNIQUE J-329 $10 1863 PCGS PR64 Cameo CAC will be the highlight of our Central States Auction to be held April 28th.
This coin has been off the public market for over 34 years! We purchased it privately for Bob Simpson back in 2008. It is a true UNIQUE GOLD COIN! Here is a copy of our press release about the coin:
$10 1863 J-349. PCGS PR64 CAMEO. The pattern eagle was struck in gold by George Eckfeldt on August 2, 1863 and was delivered to the Chief Coiner Lewis R. Broomall. The obverse die was the regular proof die of 1863, while the reverse of J-349 features the motto “GOD OUR TRUST” in a ribbon in the field above the eagle. From Chief Coiner Broomall, this coin went into the Colonel Mendes I. Cohen Collection, which was sold by Edward Cogan in October 1875, lot 1339 for $17. The exceedingly rare coin was sold over the years to the Heman Ely Collection, W. Elliot Woodward, T. Harrison Garrett Collection, Robert Garrett Collection, John Work Garrett Collection, and at one time was donated to Johns Hopkins University. Johns Hopkins sold this coin in Bowers & Ruddy’s March 1980 auction where it appeared as lot 1088 and it sold for $57,500. It later appeared in Superior’s January 1988 sale of the A. Bernard Shore Collection, lot 4286, where it sold for $150,000. Sometime later it was purchased by the same collector who owned the J-452. About a decade ago, the family of that collector reached out to Sperber, and she arranged the sale to Bob R. Simpson, where it has remained in the Bob R. Simpson Collection ever since. This will be the first time in over 34 years that the coin will be available at auction. PCGS values the treasure at $1,250,000, but since the characteristics allow it to be positively identified as the only example known to survive this museum caliber rarity could easily be exceeded at auction.
We will have another major announcement about some special coins next week that will be in our CSNS Sale. Stay tuned!
Have coins to consign? We have limited space for the CSNS Sale. Call or email the BEST team in the auction biz today! 732-935-1168
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
