Expect the unexpected. We knew auction week would be good. We never thought it would be like a bomb going off. Far different from the dismal results from ANA. But then we did see positive scenarios building up—many people had great Baltimore shows and had surprisingly good Octobers. This was all due to demand by collectors.
Collectors all over are feeling good—very good. The stock market made a lot of people good money—and the crypto guys are running wild again. That could be the worst thing for the coin market. Why? They tend to disregard prices and just buy what they want. They can knock out even the biggest collectors. While it’s not coins, the other day, that artwork of a banana taped to a wall sold for $6.2 million to a crypto guy who claims he is going to eat the banana. The art market last week saw a huge bump from them. This week the coin market is seeing a huge bump too, but we are not so sure it’s crypto money. It may simply be good coins appearing.
Stacks saw a rare NE shilling with a great provenance sell for $2.52 million. The fabulous $1 1881-O Proof Morgan brought a whopping $660,000.00! While the finest $20 1870-CC PCGS AU55 brought $1,440,000.00, an unexpected amount. We know we had many coins to bid on with strong bids and were left in the dust. Heritage’s first night was even worse. There was a group of GEM 1C Indian Proofs. We were repping two aggressive collectors, and we had wanted a few for stock. What were we thinking? We got nuked to a point we just threw our hands up. The 1C 1896 NGC PR66 CAC we chased and quit as whoever was bidding kind of never stopped. That piece brought $11,400.00. It was one of those nights in all areas. We certainly are NOT looking forward to tonight with the expensive stuff—and even better copper.
It remains to be seen if the strength of the auctions will spill over to regular buying and selling. After a week of sales like these, we typically get a bounce as all the people who were outbid still want to buy coins. We believe things will be strong until mid-December, then settle for the holidays. So long as there are no major market crashes (stocks, gold, crypto), we expect FUN to be strong too.
One thing we can absolutely attest to: MOST (but not all) coins valued below $5,000.00 are red hot. It is almost impossible to buy nice, less expensive coins. Gold coins—especially $20 generics—have seen strong activity too. We had a feeling the correction in gold would be short-term.
You definitely need a lot of patience to build any set today. Our suggestion is to build Type sets. That way, you can include anything. That reduces the stress and makes collecting more enjoyable—in our opinion.
AN IMPORTANT WORD ABOUT LEGEND
We are tired of hearing we just deal with the whales. THAT IS SO UNTRUE. If we could buy nice coins priced below $10,000.00, we’d sell as many as anyone. More importantly, you do not need to have a major collection or big bucks to spend for us to show loyalty, time, or give you our full resources for us to personally work with you. We build long-term relationships (our longest customer has been with us since 1988). Here are two touching letters we received recently from collectors who had been out there and going to shows and working with others for years who are now 100% loyal to us:
“I’m really shocked at what well-preserved early gold looks like. I’ve seen a lot of frogs… and kissed a few too. Using you has alleviated a lot of the self-learning curve and anxiety—even when buying beaned coins. I really appreciate that. My quality of hobby life is greatly improved.”
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“The biggest misnomer is she only represents the wealthy. This is far from the truth; she represents anyone who puts their trust in her. I have known Laura since 1992 and have always trusted her opinion. She has assisted me in putting together beautiful quality sets. I am also far from the financial magnates that you associate with Legend Numismatics.” – MC
We thank both collectors for their notes. The reason why we were telling people this: currently, we see many falling into bad situations. We don’t want people to get burned. Auctions (especially Internet ONLY ones) are dangerous. There is a lot to navigate out there. Not all dealers with nice websites sell nice coins or will really work with you on BOTH buying and selling. Plus, there is nothing we love more than building collections or placing nice coins. One thing no one can ever say about us is that we sell bad coins or build bad collections.
NEWPS
While we have nothing super expensive to highlight, we can say EVERY coin posted is special. The quality of some really caught our eye.
The biggest and rarest coin we are offering: the J-301 1C 1863 PCGS PR65 RB CAC. It is an R-8 1-3 made! That is rarer than an 1804 $1 or an 1894-S 10C! Plus, it is a really nice specimen!
Hopefully, we can get our auction purchases in on time as well as a few coins at the services back asap and have some up for next week’s NEWPS. So far, as rough as it’s been, we have spent $250,000.00 for Legend, and we are not done!
START THINKING FUN
At the Baltimore show, we sold over $750,000.00 worth of coins from customers. Every major dealer not only was excited when we told them we had super fresh coins, but they stepped up and bought heavily. On Tue alone, we had three world-class buyers who all showed up at one time (a rarity)! While Baltimore was no large FUN Show, that shows our abilities to get around and make things happen for you. We got really strong money for coins—even NON CAC MS 66 Saints that we had placed years ago.
You are always better off with cash or credit than trading for what is known as a “cash coin.” A cash coin is one anyone needs and is hot. The last thing a dealer wants is a trade unless they rip it. So start selling your duplicates or excess collections now. The timing sure seems right. And if you have better coins, we’ll put them on our website too—which reaches thousands of active collectors.
Do not wait until the last minute. We expect to be closed December 20th until FUN (although we probably can’t help ourselves and will be doing some work during that time).
We are still doing our trade-your-silver stuff for generics or rare coins. One person last week did just that and bought a Bro Jo $20 and an SS Central America piece (he liked the treasure ships). Now his bank box has just these two coins in it vs. a ton of US Mint silver stuff. Another customer had us sell his NON CAC Saints so he could buy CAC ones. We did all kinds of deals for people.
Our fees vary and depend on if you are reinvesting through us. We assure you, Legend is super fair, and we always work hard for you!
Call or email us now to discuss what you have. We are expecting FUN to be a strong show unless the world radically changes unexpectedly.
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
