CRAZY TIMES ARE BACK
We called it. The market for rare coins clearly is strengthening. 2021 will be a huge year.
The week started off quiet because of our we site problems (we hope to have them fixed by next week) and when a sale as large as FUN is looming, things shut off. Late Tuesday afternoon we started to see sales trickle in. At that time it was mostly coins below $5,000.00. Then Wednesday the tornado hit and stayed on the ground through mid Friday. We sold more five figure gold coins to different people then ever in such a short time. Both collectors and dealers were calling to ask what we had. Now we have to go out and troll to replace what we sold. We know we won’t be able to replace coins at the original prices we paid. It was good to be back in the saddle selling again. Activity was like 2019 when things were strong and we could live our lives. There is no way this strength in the market will end any time soon-especially in gold. This was written 1/22. We had six figures in sales today-even on coins we just bought and have not been delivered! This was NOT a “dead cat” bounce. There clearly is a huge positive vibe out there.
We also noticed the telemarketers are on selling tears. That has a huge effect for everyone. They reach out to people who are not mainstream collectors. The amount of coins they take off the market can be staggering. Today, the telemarketers are starved for coins and are selling at near record levels. Especially in gold they buy soup to nuts. We mention this because the wholesalers will sell to them to get more then dealing with bread and butter dealers like us. This starves the market even more as they bleed off much of the better gold (only a few bother with type).
Watch out for gold, especially better gold to rise in price. If your buying a top grade low pop, PCGS CAC coin, it won’t be cheap. You won’t see any published prices that make any sense. Type is still a buy-unless here too you buy the very best, then its a little pricey. But as we have been saying all along, RARE COINS ARE CHEAP TODAY RELATIVE TO CARS, BASEBALL CARDS, AND OTHER COLLECTABLES. There has never been a greater time for new participants, and everyone already here to buy. New people coming in is happening slowly but surely. So be ready!
IN OUR OPINION, THE FUN AUCTION WAS A ONCE IN A DECADE OR MORE SALE. IT INCLUDED MANY ONCE IN A LIFETIME COINS. THE SALE MORE THEN PROVED THE GREAT DEEP STRENGTH OF THE MARKET. AND CHEAPER COINS JUST EXPLODED WITH BIDDERS AND AMAZNING PRICES!
THE PARTRICK SALE
Heritage really did the ultimate job on selling this collection. Even if you do not collect Colonials, the Partrick sale was something to see. There were some MONSTER NJ Coppers included. We had always wanted one. Oh well, guess we’ll have to settle for a junky brown piece one day. The prices realized were beyond moon money!
The Brasher brought $9,350,000.00 all in! More important it was to a new player who bought all Brasher coins! It was announced he wants to have the finest brasher set. That is beyond what we could comprehend-however if it was painting, it would be so far down the price ladder. Still, it is huge that the Brasher brought what it did.
We consider it a treat to have watched and participated this amazing sale. We strongly believe you will not see any of the Partrick coins reoffered for sale. If you have a chance check out the catalog-it was so informative!
THE SIMPSON SALE
What can we say? This was an amazing group of coins. After seeing this group just sold, we pinched ourselves as to what we placed with Mr Simpson over the years. We are still sad to see them go, but we know they got good homes.
A supply of coins like this creates demand. Collectors really came out-especially for the patterns. One major pattern dealer emailed us during the sale asking “who are these people”? There were so many times when a lot closing had many more bids came in after fair warning.
We did our best to buy as much as we can. Early on we saw coins below $100,000.00 were red hot and were bringing Pluto money. Our own Black Cat (Simpson jr) paid strong bought the 1885 Trade Dollar for $2,100,000.00! And of course he bought many patterns including the unique J1223. His pattern collection is now well over 400 pieces and every piece is of the highest grades known. He just might rival Mr Simpson one day-however he buys only PCGS CAC. Meow!
The ONLY weakness in the sale and the market was copper. Unfortunately his copper tanked (as did other copper in Platinum Night). We did sell him the best coins we could locate. The J-1 has significantly come down in value. Someone got a heck of a coin at a heck of a value price. Too bad for the covid virus, it was a coin to see.
The rest of the sale went gonzo strong! All we could buy were a few patterns. Look at these highlights:
2C 1868 PCGS PR67 CAMEO CAC **********************$52,800.00
3CS 1854 PCGS MS68 CAC ****************************$84,000.00*
20C 1876 PCGS PR66 CAC ****************************$40,800.00*
50C 1794 PCGS MS64+ CAC **************************$870,000.00
$1 1885 PCGS PR63 CAMEO CAC ********************$2,100,000.00*
G $1 1855 PCGS MS66+ CAC **************************$78,000.00
$2.5 1796 W/STARS PCGS MS65 CAC ******************$1,380,000.00
$5 1909-O PCGS MS64+ CAC **************************$240,000.00*
$10 1804 PCGS PR65+ CAMEO CAC *******************$5,280,000.00*
Coins with an asterisk were coins Legend was the direct underbidder or bought. We bid $12,279,000.00 and LOST on $9,177,000.00-and we bid strong!!!!
There are just too many patterns to deal with. We can tell you, as major buyers of them bidding on at least 60 lots, we were stunning by others participation. Patterns prices were extremely strong. But then for years they had been some what depressed. We are happy to wee them bring such strong results.
Again, we commend the job Heritage did for Mr Simpson. It sure was a lot of work. Again, this is only 1/3 of his collection. We are proud to be his exclusive dealers.
NEWPS
We put up a few coins that possibly would have sold wild in the auctions. We did not change any prices. There is no competition here. We price our coins based upon what we pay.
Gold below $5,000.00-impossible to find. DMPL’s also impossible to find. Now the market is rising because there is so little supply. It took a lot of work to create this offering. Highlights include:
2C 1871 PCGS PR66+ CAC
$1 1894 PCGS MS64 CAC
$3 1880 PCGS PR65 CAMEO CAC
$10 1906 PCGS PR65 CAMEO CAC
$10 1911-D PCGS MS 63 CAC
There are really nice coins posted as well as these. Our lives revolve around the best quality and the best eye appeal. You do not have to be Bob Simpson for us to build you your great collection!
Legend Numismatics is also buying. What do you have? We will buy entire collections to get what we need.
NOTE: due to techincal difficulties, our web site is not in order past the NEWPS.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
The list for the February Regency sale for 2/25 is now posted. Check it out! There are many incredible coins in the sale!
If you have any questions, call the auction company at 732-935-1186
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
