WHAT WE SEE HAPPENING
May was a far better month then we expected. Legend Numismatics had really strong sales, while Legend Rare Coin Auctions had a record breaking sale. The world has not gone mad for coins. However, the economy is clearly stronger, unemployment is low, and with all its gyrations, the stock market seems to be moving forward again. That means there is money to be spent out in the world.
Look what happened in May, The David Rockefeller Collection estate brought in a mind boggling $800 million, a very rare Ferrari just sold in a private transaction for $70,000,000.00, and what do you think the handwritten words for Bruce Springsteens Born to Run song will bring June 18th? The estimate is $200,000-$300,000.00. We’d be stunned if the sale is not closer to $500,000.00. How does this all relate to coins? Per unit coins are cheap! Think about this, the entry level to real art is $5,000,000.00. Collectors are spending all kinds of crazy money on collectables. The wealthy buyers seem to be headed straight for the finest objects regardless of price.
What does all this mean for coins? The rare coin market is GROSSLY UNDERvalued. You can buy a SUPERB GEM Morgan Dollar for UNDER $1,000.00. Even our biggest classic rarities top out at $15,000,000.00 (assuming if one ever sold). The quality and rarity of coins priced between $25,000-$250,000.00 is just staggering. So some where along the lines, sparks are being lit and NEW money IS coming into coins to collect them (we have seen NO speculative investors at all ). Heck, how cool is to buy something like a 3CN 1868 PCGS PR67 Cameo CAC for UNDER $10,000.00? Or, you can buy several almost unique Patterns for UNDER $10,000.00 each. Patterns by the way are gaining huge momentum as they had been pushed off to no where land for a super long time. So when all this money looks around, there is a good reason for it to stop and consider coins.
So do not play head games with yourself when great coins are offered to you. If a coin has a Collectors universe Value of $65,000.00 and if NONE had traded and your offered it for $75,000.00-do NOT pass it up. This is where there is good money to be made. The key wording was NONE traded. The great collectors of today, Simpson, Morelan, Jung, and Hansen, all pay what they must to own the coin. One thing Bob Simpson drilled into us, he never bought his coins for today, he knew they were long terms holds. He paid what ever it took to buy the very best for tomorrow. It should be noted you do NOT have to be a Simpson to build an incredible collection, today there are so many coins that are just so cheap overall.
GOLD DOES NOT JUST GLITTER-IT THROWS FLAMES
For what ever the reason, ALL gold is enjoying huge demand. On June 1st alone, Legend sold $350,000.00 worth of better gold-with out any being listed on the web or making any calls. We sold coins ranging from a PCGS MS65 CAC $2.5 Indian to a GEM Proof $20.00 Liberty.
Better gold survives all the ups and downs of the coin market. What people do not realize is just how little of it actually has survived. You can not buy this stuff at “steal” money any more. BUT better gold is still cheap as well.
We highly recommend that any new collector -no matter how much they want to spend, start with a Gold Type set. You can place in it what YOU want. Earlier this year we had another dealer approach us saying they have a guy who wants to spend $25,000,000.00 and build a top GEM $10 Indian Set. We laughed and wished him luck. It simply can’t be done. In many cases those coins are pop 1-2’s. The demand is so strong even starting a top Saint set today is near impossible. But if you buy the better singles and pay premiums, we see very little downside.
ALL gold always has and always will have special allure. While not running away, the entire gold coin market is getting much stronger. Don’t pass up opportunities because your not sure on price. If a coin has not sold in a very long time, there really is NO price issue. The demand is very real. Any one have any GEM Proof $20 Libs PCGS CAC DCameo pre 1900 pieces for sale?
We are not promoting gold for any other reason then we believe in it. This past week we did step up and buy two neat monster deals of gold worth over $1 million combined. And yes, we paid strong premiums-especially for the once in every few years appearance coins. We still have all our bids on generics too.
NOTE: Legend will be in attendance for the Long Beach Show, the pre long Beach Auction, and the big Long Beach Auction. If you wish representation in the auction, please email Laura ASAP: lsperber1@hotmail.com no later then Sunday June 9th. We will be lot viewing hopefully that weekend.
NEWPS
One of the coins from one of our gold deals is the $2.5 1796 NS PCGS XF 45CAC. It is the ONLY CAC piece lower then AU58 graded. We could no buy this coin fast enough. If you think what we’re asking si too much-go find us another and watch what the PCGS MS61 CAC will bring at the Long Beach Sale. There is NO such thing as buying one of these cheap! This coin clearly is our main highlight of this weeks NEWPS.
OTHER HIGHLIGHTS:
H.10 1867 PCGS PR67 CAMEO CAC
$3 1885 PCGS MS64 CAC
$5 1807 BUST RIGHT PCGS MS64 CAC EX POGUE /ELAISBERG
$5 1813 PCGS MS64+ CAC (this is a fresh coin)
Once coins like these are gone, good luck finding anything similar!
Do not forget to check out or regular inventory as well. We have some really special coins that need great homes.
Legend has purchased a really wicked neat deal of Ship Wreck coins-most are CAC. Several coins either or are tied as “finest knowns”. Some coins belonged to the crew and are NOT 56S or 57S pieces. Contact us today to find out what we have available. This is a very wicked neat deal we do not expect to last long. We have been assured what is left to be graded is lesser quality coins.
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
First it was the record breaking two session May Regency Sale that worse us down. Now its the final consignment deadline for our July Regency Sale that has wiped out or energy level. We are not done screening all the coins, but it looks like it will be a 600 lot sale.
Look at the last minute coins we got it for the July Regency Sale:
A GEM TONED Peace dollar set From a major toner collector
A MONSTER $1 1892O PCGS MS66+ CAC Frosty WHITE!
1C 1909 VDB PCGS PR66 RB CAC
50C 1892O MICRO O PCGS MS64 CAC
$1 1904-O PCGS MS66+ DMPL CAC
A $4 1879 PCGS PR64 CAC STELLA
$5 1854-C PCGS MS62 CAC fresh!!
More Aurora Borealis toned Morgan duplicates
If you thought our last Regency sale was crazy, this is one is multiple times insane with quality!!!! You can go on line and watch our sale being built. Do note: they are NOT in the correct lot order and everything is subject to change.
OUR REGENCY AND PREMIER SESSIONS SALES WILL BE AT LONG BEACH and will be available by request only. We will NOT be doing a West Coast viewing this time other then this.
Our June Premier Sessions Sale will be one of our biggest and best ever too. We have a very fresh collection Type Collection included as well some cool Bust coins. Why fiddle around with buying coins from auctions where there are NO real descriptions or real full time bourse floor trained dealers you can ask questions to? In our Premier Sessions and Regency Sales, every lot has been approve by Laura Sperber-who has built more world class collections and handled great rarities then anyone in the biz today!
if you have any questions or wish to discuss consigning to a future sale, contact Julie Abrams: julie@legendauctions, Jessica berkman: jessica@legendauctions, and Greg Cohen: greg@legendauctions. They will work hard to make your sale a success! And they will customize a plan for maximum value.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK FOR PHONE MESSAGES UNTIL 9 AM MONDAY
