DEAD QUIET WEEK
The worst thing that can happen to most retail oriented dealers are two back to back auctions. Speaking for ourselves, our biz dies off dramatically when there is a major auction. Last week were dead and then during the weekend we started to sell cons again. Selling dried up Monday as there was a major auction coming down the pike Wednesday. Of course as soon as that sale ended we started selling again. Its kind of like a dead cat bounce.
Auction seem to be the new normal for collector buying. With out shows, dealers have low inventories or very little fresh coins. Auctions seem to suck up everything fresh and collectors seem to love the competition.
Collectors do not think it all out. Once a coin is hammered down, most of the time the underbidder has moved on to something else. Although having an auction record does not really hurt unless you are a dealer. Most prices realized today are the new “market” prices.
Legend used to be one of the biggest buyers in auctions for stock. These days, we really can’t buy much as auctions have too strong a retail buying power. So we are lucky when we find anything. Its still better to sell to us then put in auction after the fees are deducted, our price is the same amount you would have gotten from auction. . Its a dream to expect a shoot out.
A problem dealers face-auction records. The public has access to everything concerning prices realized. Auctions used to be a huge source for dealers to buy coins. Now, besides the higher retail prices, we have to fight collectors not wanting to pay a dealer any profit if the coin was bought out of auction. That is so wrong. We view our buying a coin as we are paying okay and we are vetted the coin for you. Collectors who do not want to us a fair market up, are not the ones we care to deal with. Collectors have accept sometimes that dealers see more value in a coin then they did.
In our opinion, when we have shows again, we think actions will be even stronger and there will NOT be much to buy outside of them. We also think several shows won’t exist any more after a year or two of trying.
We’ve been crowing about the deep black hole coins are being sucked into. Auctions today are the opening. The biggest gateway into coins are auctions. Ebay for years used to be the biggest point of entry. Today it is any auction. A trivial note: Bob Simpson came to us via Ebay. He was out there just bouncing around buying nicer coins on a small scale. Legend has picked up several big collectors though its auctions.
When you buy or sell in auctions, you should always work with a good dealer. Sometimes your best buy is being told NOT to buy. We’ve been one of the top auction buyers for the last 25+ years and know all the ins and outs. Call or email us to discuss. No one knows the the upcoming Simpson sale better then us.
LEGEND NUMISMATICS sends the Anderson family our sincere condolences for Joel Anderson passed away Thursday. He was a great person and was dedicated to the hobby.
We’ll never forget having to sit and go work on the massive pattern collection for hours (It belong to his brother who had meeting that day). He told us lots of stories. Best one: he was holding a charity affair in Florence AL where he lived. He asked Donald Trump to come. He did but he had his pilots keep the engines on as he was spooked to be there. He also asked for Mc Donalds. Trump was quoted later on “if Joel Anderson wants me to go will”. Then he walked out to his oridinary pick up truck.
Joel our hearts go out to you. RIP
BUY, BUY, BUY!
We strongly hinted to take some profits a month ago. The euphoria for gold has died down as it drifted below $2,000.00. It is our strong opinion gold will crack that number and run even higher very soon. Its a wait and see what the election bring us. The fundametals for gold to rise are all still there and are growing every day.
Collectors probably do not realize how much “stuff” and generic gold was taken off the market since January. You could have bought generics for just about melt-at really cheap prices. Today the premiums are low again but people are still in profit if they bought January and earlier.
Legend Numismatics for the first time in years, is completely sold out of Saints. Replacing the coins is darn near impossible. Its not a price thing, its a finding the coin thing. We can’t even find MS66 Saints (We’ll pay $3,950.00 for PCGS CAC W/M pieces-load us up)! .The market on better dates in better grades we’d estimate has risen 20% in the last 2 months and is not stopping its rise due to demand and lack of supply.
WHAT BETTER GOLD TO YOU HAVE FOR SALE? WE ARE AGGRESIVE BUYERS. WE PREFER PCGS CAC COINS.
We got lucky and found some great coins to list. Every coin listed would be a highlight to any other dealer. Highlights
1C -$1 1860 PCGS 64-66 MATCHED ORIGINAL PROOF SET ALL CAC
1C 1943-S PCGS MS68 CAC EX POUGE
$1 1890 PCGS PR66+ CAMEO CAC
$20 1865-S BROTHER JOHNATHAN PCGS MS64 CAC ORIGINAL HOLDER
Coins valued below $5,000.00 are still hotter then a just fired pistol. The lack of shows and the hunger of collectors has almost shut most dealers down. We ‘ll still fight the fight and work hard to get the right coins for our web site even if only a coin or two.
Do not forget to check out our regular inventory. We have many great PCGS CAC coins that deserve the best homes.
LEGEND NUMISAMTIC AUCTIONS
We are proud to announce our December Regency auction will be highlighted by the Part II of the Big Mo Gold portion of the former #1 set of Civil War coins. We have highlights all ready posted. We expect this sale to be every bit as strong as Part I the non gold.
The sale closes with alive session December 3rd in Las Vegas.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legend coin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.