WE WERE TOTALLY BLIND SIDED
We expected a strong week, not a GONZO crazy beyond meat strong week. The 2 major auctions blew our minds with sky high numbing numbers. Back to reality in our office we were still selling coins. Type coins are selling a piece at a time, while gold is still strong across the board. After we added it all up, we sold far more then we realized this past week. This run has lasted 2 full months now and survived 4 major auctions. THIS ONLY HAPPENS EVERY FEW YEARS. WE ARE EMERGING INTO A BULL MARKET. Still the only areas that are soft, Early Copper, Three Cent Nickels and Bust Quarters (there probably are a few more areas). These will come back eventually. Dreck coins are still floating around but probably have finally hit rock bottom. We advise that you avoid those coins still. They are cheap for a reason.
We do NOT see this market losing any steam any time soon. We were thinking a lull in March-not going to happen apparently. A severe lack of coins is helping fuel rising prices. We were told dealers flocked to the PCGS invitational this week all seeking coins (vs being sellers). Our super secret seller had one of his best shows in months. He said there were few chisles and that he got strong prices. All the energies of the market right now are from auctions. You have all this demand with a limited amount of coins to feed it. Out of say 20000 lots in the 4 sales this year, we’ve guestimate less then 1,000 coins were true high quality rarities. Another guesstimate: we figure based upon numbers we have seen, there are SEVERAL THOUSAND buyers seeking these types of coins (Legend quality). A serious warning, if you think you can wait out a coin and buy it cheaper, in this market you can NOT. You will lose some great coins if you don’t buy today. Remember, you are buying today for tomorrow.
THE HERITAGE SALE
First we’d like to give a shout out to Greg Rohan for the kind words he said about us. It is so hard for us to watch so many coins we love being dispursed beyond our reach.
Legend is proud to announce we were the BIGGEST losers in their sale. We were the underbidders on the Ultra High Relief. Who ever went against us was not going to stop. Our real number was $2.6 million hammer, but you know how it goes in the heat of the auction. We knew we were done when the other bidder jumped the bid from $2.7 million to $2.9 million. We gave a final shot and cut the bid. Such a body slam! We were so strong because we did not think we’d ever find another high grade example (this coin had been off the market since 2003).
As expected, the Simpson coins closed strong with tremendous bidding. We want to know who the heck is collecting patterns? They are finally getting the attention they deserve. It is our hope even more people are starting to collect/add them to their regular issue sets. Having a supply of some serious neat pieces is clearly fueling the market. Once they are gone, its back to a coin here and there.
Highlights our purchases (mostly were repping people):
10C 1894 PCGS PR68 CAC 3036 $20,400.00
25c 1912 PCGS PR69 CAC 3052 $84,000.00
G $1 1851 PCGS MS68+ CAC 3082 $108,000.00
20C J-1392 1875 PCGS PR67 3282 $72,000.00
$1 J-1303 1873 TRADE PCGS PR65 CAMEO $108,000.00
10C 1837 PCGS PR65 CAC 3669 $45,600.00
Of course we were one of Heritages BEST UNDERBIDDERS!!!!
LEGEND RARE COIN AUCTIONS SALE
Kaboom went the dynamite!
As always we were biting our nails up until the auction started. A week out we felt we had impressive numbers of strong bids and a record number of eye balls. Within a few hours of the sale starting, we had an unprecedented wave of bidders and bids placed. The surge was epic. Many NEW names popped up.
Being a boutique and having 344 lots, every lot pretty much was showcased. The extreme results proved how strong the market is and how buyers enjoy our smaller concept. OVER 90% OF THIS SALE WAS TO COLLECTORS!
Look at these record prices:
1C 1865 PLAIN 5 PCGS MS66RD CAC $25,850.00
1C 1880 PCGS MS66RB CAC $5,052.00
3CS 1855 PCGS PR64 CAMEO CAC $32,900.00
3CN 1865 PCGS PR67+ CAMEO CAC $28,200.00
5C 1936 DOUBLE DIE OBV PCGS MS67 CAC $10,868.75
10C 1942 PCGS PR67+ CAC $3,760.00
25C 1840 DRAPERY PCGS MS63 GOLD CAC $22,912.50
25C 1892 PCGS PR67+ DCAMEO CAC $14,100.00
25C 1899 PCGS PR68 CAC $23,500.00
25C 1917 TY I PCGS MS66 FH $4,700.00
25C 1943-S DOUBLE DIE OBV PCGS MS67 CAC $18,800.00
50C 1854 W/A PCGS PR65 $49,937.50
50C 1943-S PCGS MS67+ CAC $52,875.00
$1 1880-O PCGS MS64DMPL CAC $9,106.25
$1 1881-S PCGS MS67+ CAC $12,337.50
$2.5 1796 PCGS VF 20 $73,437.50
$5 1851 PCGS MS65 $52,875.00
50C 1925 CALIFORNIA PCGS MS67 CAC $3,642.50
There were hundred of lots that brought really strong money. Too many to list.
Bidders clearly were seeking quality-which is what Legend auctions is all about. The results more then confirm and the grand strength of the market.
NEWPS
Like everyone else, we have so many packages MIA. Its seriously hurting us. Our NEWPS may seem slightly less, and that is why. Barring more blizzards, we are hoping to have a larger offering next week.
The grand highlight this week is the $2.5 1912 PCGS PR66 CAC. These appear infrequently as a series (1912 is a tougher date in GEM). This one is totally unmessed with. It is only the second one for the date we have ever owned. Simpson had an NGC PR67.
The market is clearly heating up. A coin that has hung around might be gone shortly. Do not think too long. If you have any questions, we are here to answer them. Some coins we own we scratch our heads as to why they have not sold (like the 1834 $5 we placed back under NEWPS). Sometimes it is a peaks and valley kind of thing.
HAVE COINS FOR SALE? CALL OR EMAIL US. FOR COINS WE NEED NO ONE WILL PAY MORE!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
We did again! RECORD EYE BALLS, RECORD BIDDERS, RECORD PRICES! We have one of the most powerful and growing collector bases in the business.
Consign your coins with us. We offer aggressive rates, and our consignment coordinators (the best in the biz) will create a plan to maximize the sale of your coins. We especially LOVE to sell collections! Call or email us 732-935-1168.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
