That is what the market gave us. Even with two more business days remaining in the month, we have already achieved near-record sales. Thanks to our sell-your-stuff program, we sold a wide range of items from $16.00 and up, including Bullion Mint products. At the upper end, we sold 5 coins over $100,000.00! That hasn’t happened in a long time. Even our representation at the auctions contributed nearly $800,000.00. On the Tuesday before the Baltimore show, we visited three major dealers and sold so many coins to each of them that we took pictures of the piles, a feat we rarely achieve. In November, we sold approximately $3 million worth of coins! Legend Numismatics and its staff have a lot to be thankful for this year, particularly in the coin market. Now we only hope a Grinch does not show up with any market corrections in Gold, Crypto, or stocks before the December holidays.
Collectors need to be ready for when the market unexpectedly heats up like it did. You cannot buy coins with pops below 10 and with a CAC for most published numbers. It is particularly challenging to determine the value of coins that have not been in circulation for a long time, as they often have outdated prices listed in guides. We strongly suggest you consult a pro, or you might very well be stunned about a coin’s value. Just look at the 1C 1858 SL PCGS PR66 Cameo. The coin is a Pop 1 PCGS CAC. It’s been off the market for many years. The Collectors Universe guide is $50,000.00. Our hands were shaking when we placed a $70,000.00 hammer bid. Before we could blink, the lot closed at $156,000.00, all in! That was not a solitary, higher-priced example. In the auctions we witnessed, many coins that should be worth, say, $4,000.00 were selling for $6–$8,000.00. We know that for the majority of the coins we purchased, we had to go above and beyond the sheets and price guides.
When people are making money in their holdings—like gold, stocks, or crypto—they feel good and want to spend. Plus, they now have more funds available for spending. We also believe we were not the only people taking in stuff and seeking our rare coins (something we still highly recommend). This clearly boosts demand, leading to a rise in value. In our opinion, even if there is a market correction in gold, stocks, and crypto, the coin market will not do the same. Always remember, the coin market is supply-and-demand driven. The supply of great rare coins was never big to begin with. This past month, we saw the majority of the coins that hit the market dive back off into what we call a deep black hole. Those coins will probably be there for many years.
Many prices need adjusting upwards now. However, this does not necessarily imply that your coin will reach a record high. There are several things to consider. People often overlook the fact that an auction ends with the departure of a bidder. We have observed numerous instances where the underbidder has also moved on. We do 100% feel the rare coin market is firming up.
GOLD
Gold Spot tried to correct. It even dropped $90.00 in a single day. That did not last long. Gold has been inching back up ever since. As of this writing, the spot on Kitco is $2,626.50. We did expect a correction. There is still the possibility that gold will go down some. If you can come within 10-20% of the top, you’re either a genius market timer or darn lucky. Our opinion is that gold will eventually hit $3,000.00, hopefully in early 2025.
We are still unable to purchase large quantities of PCGS CAC MS65 or PCGS NO CAC MS66 Saints. The small quantities that were circulating have quietly disappeared. No one is making any. Sooner or later, demand will push those premiums back up. We are still 100% bullish on those coins.
Legend highly recommends you trade your numismatic stuff or bullion for better rare coins. Why sit on items that only rise with the price of bullion when you can buy many coins—especially things like the Saints for a little premium still or even true rare coins? Plus, it’s a like-kind trade—so no taxes.
Call or email us to discuss. Our fees are very fair, and you’ll love the coins we offer you. Get your stuff together now. The FUN show is scheduled to take place in approximately 30 days. The market definitely has some energy to absorb your holdings. We also expect the FUN auction to feature a number of superior coins. Email us over the holiday.
NEWPS
Legend is proud to present the coins we curated and purchased last week. We do have other coins MIA at the grading services too. Look at these highlights:
3CS 1864 PCGS MS68 CAC EX BIG MO/BLACK CAT
5C 1937-D 3 LEG PCGS MS65+ CAC
$5 1868 PCGS AU 50 CAC Not expensive, but SUPER RARE!
$10 1906-D PCGS MS 65+ CAC SIMPSON/HALL Love these old friends!
In addition to adding more NEWPS, we have reduced the price and relisted a few coins. It’s nearing the end of the year, so we will listen to reasonable offers on our coins.
You should know that when we say, “WE HAVE POSTED THIS COIN AT OUR BEST PRICE,” we mean it. No, we are not being greedy. We really do work that close.
In the end, we really want to place the nicest coins in the BEST homes.
PREPARE FOR FUN. HAVE COINS TO SELL OR CONSIGN? EMAIL OR CALL US TODAY.!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: WE WILL BE ANSWERING OUR EMAILS PERIODICALLY DURING THE HOLIDAY. WE WILL CHECK PHONE MESSAGES UNTIL MONDAY 9 AM.
