AUCTION WEEK

NOT TYPICAL POST ANA SHOW ANYMORE

After an ANA show we’d normally come home and take 2 days to post our NEWPS. Now we come home with few NEWPS. The biggest change, the week after ANA has become auction week. We’d be safe to say its why the ANA was so dry of coins.

A NEW BREED OF BUYER

Competition like this usually raises the market for a short period, then it always stops quickly as the big guys finish up their buying. Be aware of that risk. To get the very finest, you always have had to overpay. With these guys around, you are unquestionably buried if you out bid them-but you won the coin.

Here is a perfect example of the danger: The $20 1876CC PCGS MS62 sold for $72,000.00 4/22. It just resold for $43,200.00 all in this week. Underbidders are not always there like you might think. Ouch! Know what you are getting into before the battle. This is why when bidding in auctions, you should not try and do it yourself. These new “must buy” buyers are really upsetting the auction markets.

If you buy now from auction and think you can sell now, good chance you are in for some hurting. Even in red hot Saints.

THE KITTY STRIKES AGAIN

Congrats to our Black Cat for scoring the G $1 1852 ($312G) and G $1 1884 both PCGS MS69 CAC $132G)! A VERY cool addition to his already VERY cool Type set.

We are secret copper weenies and are proud to say we purchased the incredible H.01 1795 PCGS MS67 BN CAC for our wonderful copper collector. How can that coin even exist? To top that we also helped him buy the marvelous over strike 1795 H.01 for $440,000.00. Never saw anything like it.

On behalf of collectors, Legend spent slightly over $3 million in during auction week. That was a lot of coins. Unfortunately, we bought only a few coins for ourselves. Remarkably, we UNDERbid on $3.3 million worth of coins. We thank everyone for allowing us to help them build some fantastic collections.

THE PAST WEEK-THE MARKET

First Legend sold some bigger coins (including 2 six figure coins) from the web. We had to stop and pinch ourselves about how much business we had done in a 24 hour period (Tue/Wed). Our sales were greatly above our expectations especially since our NEWPS are so small.

We see the market as heading into a quiet period. It always does after ANA. We think over $100,000,000.00 was sold at the auctions.  Most likely an all time record! Next up is the PCGS Invite in San Diego (with our Regency sale) in early Sept, then there is Long Beach at the end of Sept which will have Part 1 of Bass in its auction. For sure that will wake things up. Bass has a tremendous buzz already. We expect more big guns than ever to be participating, setting world record prices.

Clearly, this market has the deepest black hole ever. Millions of dollars in coins are going somewhere. We see most are going into strong hands. You do not see many dealers offering coins from auctions, they have become too strong to buy stock at. For most cool coins, its one and done. It does not matter what price the coin is.

We are prepared for a little R+R and a quiet period to sink in. Coins may fade by 10% (save for gold/better gold). It happens every year. A lot of coins got sold and the market needs time to digest them. BUT the market has more and stronger participants then ever! You still can’t think too hard on a great coin, there are buyers!

NEWPS

We’re so toasted!  Yes, we are buying a few coins from the auctions. We still have many coins tied up at CAC. It is so panful for us to post so few NEWPS.

The absolute grand highlight this week is the $20 1850 PCGS MS62+ CAC. If it were in auction it would sell for a record price. For only a 62+, it is a MONSTER! Seeing is believing.

We have a nice High Relief in MS64 CAC. too.

Give us some time, we’ll have some great NEWPS posted soon! Coming soon an UNBELIEVABLE 1939 PR set.

LEGEND RARE COIN AUCTIONS

www.legendauctions,.com

Have you seen Regency 54? It is loaded with really cool and affordable coins. The grand highlight is the Perfection Bust Half Collection. Included are some of the prettiest Bust Halves you’ll ever see! Now that the big boys are done flooding the market with everything under the sun, you can come and bid in our sale-a boutique of highlighted great coins!

We are always accepting quality consignments. We’re the place to go if you don’t want your coins auctioned in a sale where your coins do not stand out. We get the same or money then the big guys! Just check our past sales. Contact the best team in the auction biz: 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