IT DOES NOT END
When we thought things might finally be slowing a bit, BAM! We end up working a million dollar plus deal. All we can say is the market for top pop GOLD coins is still on fire. Can’t get enough of them-which is probably why prices keep climbing for them. Yet at the same time, we can’t even buy generics. We sent out a buy email for generics and got only 2 responses. Bought 2 coins! Whoopie! Our bids certainly are not being hit either and they are the top of the current market (example: we are high bidder for PCGS CAC W/M MS 66+ Saints at $5,450.00).
As we have been saying, there is too much money out there looking for places to go. Most better coins are in strong hands and simply are not coming out in force. That is our biggest worry, that the severe lack of coins could hurt the market. We think this strong demand will last quite a while. The coin market has just been plodding along for the last couple of years. It deserves and was ready for a bull run for awhile.
Our plan for Legend is to quit stressing about the lack of coins and to quit banging our heads trying to find coins. We have just come to the realization that this year has been an all time record breaker for us. Only in 2008 when we did $100 million (you read that right) did we have a better year (that included the $40 million pattern deal). We can afford to take it easy. We’ll just wait for coins to pop up. The big deals come to us anyway (this month we did $3.5 million in bigger deals alone). The smaller price point coins, simply are not available-at any price. Of course we are still aggressive buyers, but we are just not burning ourselves out chasing dead ends. We believe the next major “coin” event will be at FUN and our October Regency 48 Sale on 10/27+10/28. There are more neat coins (576 lots) in this sale then we have had all year! As of this writing we will have only 2 NEWPS for next week.
SILVER TYPE
What in the world is holding silver Type back? Things like Proof Barbers (all Types) have been just floating and in some cases even falling in price. You can complete sets in GEM Proof and even in GEM Proof Cameo. Although the supply has dramatically shrunk in recent months, prices are not rising in this area. We think Silver Type as a whole (including things like MS Seated) are ready to pop. Their prices have been “off” for too long. We are seemingly in an early BULL market. Just give it all time.
We still suggest building Barber Proof sets. We love the finite mintages and the quality you can get. ALL sets are completable (even in PR Cameo). Make sure the coins have CLEAR mirrors-a must to be of true quality.
We love MS Seated pieces too. You can buy so many top pop coins for UNDER $25,000.00-of which there are not so many coins existing in the grades below. These puppies will have their day too.
Buying Silver Type now is a mild contrarian move in this market. Its less risky then Nickel coinage which is still way off. In our opinion, Silver Type represents excellent value and holds significant future value to be unlocked (do NOT expect movement overnight).
We are stymied by the fact we have several matched original proofs sets in stock that have gotten just a few inquiries with none leading to sales. What gives? These are 100+ years old, ALL the coins are in marvelous conditions, they all are eye appealing, and they all have very few peer sets surviving. We have long considered match original proofs sets the last frontier of numismatics. In todays market, these are just plain over looked!
If you wish to discuss building a set or just pick up a coin or two, email or call us. We are here to help you!
Legend will have a representative at Long Beach. We will have most of our inventory there. Legend will be at table 601. The auction company will be at the same table. Stop by and say hello, we’d love to see you!
NEWPS
We have relisted a few pieces we are stunned we have not sold yet. The $10 1930-S PCGS MS64+ is our biggest surprise (but then we did just have an MS65+ blaze through).
Our highlight of this sessions NEWPS, the fabulous 1868 Matched Original Proof Set. WOW! The most amazing thing about each coin-the mirrors. They are clean and are incredibly reflective. The silver coins all have contrast. We never see coins like these any more, and have never handled or seen an 1868 Proof set!
As usual we did our best to have a decent and diverse offering. Do NOT expect much more from us next week-we have only 2 coins as NEWPS as of today. This million dollar plus deal we are in the middle of-all coins are spoken for. Still check back each Friday, we never know what will pop up.
Of course Legend is still buying-what do you have for sale?
A NEW HOT TOPICS ARTICLE IS NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Regency 48 is by far one of our biggest and BEST auctions this year! Legend Numismatics built the Young Collection of Proof Walkers (#2 on the PCGS CAC Registry) and the third installment of the Boylston Collection of Seated Half Dollars is included. We must stress that the other coins in the sale are of the most impressive quality and eye appeal of coins offered so far this year by us. You can check out a few coins on the highlight page of the LRCA web site: Highlights » Legend Rare Coin Auctions (legendauctions.com). In fact the overall quality of this sale-save for FUN and ANA, rivals or blows away ANY companies auction for 2021! Check it out.
THE LIST OF THE LOTS IS NOW POSTED. THE DESCRIPTIONS ARE NOT FINALIZED. CHECK OUT THE COINS!
LRCA also has a weekly Market Report. Check that out too. That gets posted by Saturday. This week’s has some good information.
Looking to sell your coins via auction? LRCA has not only the best team in the biz, but the BEST buyers! We go toe toe with the big boys. We’ll get you top dollar for your coins! Call us 732-935-1168, see us at table 601 at Long Beach, or email us.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE WILL NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
