STILL CHOPPY WATERS
We did sell a fair amount of coins this past week. Many were NEWPS and others were “old time” holding hands so people understood the values type of sales. We did very little with Want Lists (we are dry again). It is still a very choppy market right now.
Collectors seem to be understanding more that yes, there really is a HUGE difference in price and market demand in CAC vs NON CAC. The tide has clearly shifted as its clear CAC is no fad or gimmick and has a solid market dominance. Legend just got a fresh multi million dollar with many NON CAC coins and we are still pondering how to sell the NON CAC group as those coins are prices higher then we hoped. We got the deal with the promise we would not put it in auction. Ouch! That makes it really hard to sell some of the coins that did not CAC. The owner of course does not see or fully understand the two tier market-but he will now. Even the Grey sheet has been outspoken about the CAC vs NON CAC issue: http://blog.greysheet.com/cac-coins-bring-premiums-in-september/.In an already choppy market this situation does not help.
Its very frustrating for collectors to find out their nice PCGS (NO bean) coins can’t sell at the moment. The if and when they do sell, the price guides then show a decline in price. Then the other people will think their CAC coins have gone down too when in reality they have not. But this stalls the market. Plus, right now there are certain areas in the market place that are weak no matter what holder or bean. MS+PR 3N’s. Shield 5C MS+PR. Most MS Barbers. Even some gold coins are suffering. Only the top top stuff currently has huge demand. Coins valued between $12,500.00-and $50,000.00 in MS are surprisingly weak (NO Bust or Proofs of any date are included). Even some better gold MS62-64 is suffering (mostly coins value $15-$45,000.00) which is highly unusual.
We clearly are still in the post ANA slump. Maybe our Regency Sale last week will have helped kicked start things. We shall see. Another factor that actually hurts-after this months Baltimore show there are NO major shows in November and December. We wish instead of piling on summer shows organizers would look into these time slots. There is a history of strong market activity Oct-Dec.
The topic here was to understand the reality there is a total two tier market in a choppy market. A huge amount of collectors demand quality. REAL quality does not come cheap. And these days REAL quality (unless its a fresh deal just graded) does NOT come with out a CAC sticker. You are not a genius for buying a nice coin cheap in many cases (although there are many times we wonder why they did not bean a coin-those are exceptions). Save for auctions, you just can’t get great prices for non cac coins any more.
Our Regency Sale gave us hope that the annual dead time after ANA is coming to end. When it does, the chop in the market will clam down too. We expect clearer waters with in 2-3 weeks. Do not fret, this type of active happens at this time every year.
We might sound like a typical coin dealer trying to promote sales (we do not to need too), but we do see serious opportunities in this type of market. We are buying better gold and certain Type like crazy and are just sitting on them. These bargains won’t last long at all.
GOLD
Currently we see some weakness in slightly BETTER gold. It is shocking to us. These coins typically are very steady. We are not taking about generics-good luck finding PCGS CAC MS65 or better coins. Coins like MS63/64 Bust $5, lesser grade but better $20 Libs, same thing with better MS63 Saints like a MS 13S. They all had been on a tear until now. We cannot pinpoint any specific reason as to why the sluggishness-although we do know a huge hoard from Europe is starting to hit.
Legend Numismatics still recommends better gold in better grades-if you can find any. Proof gold is absolutely a buy. Also, we MUST emphasize buy ONLY PCGS CAC coins in this area.
The time to buy is when there is some softness. This is how you can erase some other losses you have have with your other gold coins. We firmly believe ALL gold will recover by Baltimore and the fact their is so little PCGS CAC gold will make it aggressive again.
NEWPS
This week we have a great selection of handpicked GEM NEWPS-ALL PCGS CAC of course. Highlights include:
$1 1862 PCGS MS64 CAC
G $1 1881 PCGS MS68 CAC
$3 1854 PCGS MS65+ CAC
$10 1908-S PCGS MS66 CAC
J-60 $1 1836 RESTRIKE PCGS PR64 CAC
This weekend offerings are no different than all of our others. ALL coins are vetted by TWO of the most successful world class numismatists ever (Legend has built more #1 and more HOF sets then anyone). EVERY coin is picked for its outstanding quality and eye appeal. We will challenge anyone else’s offerings at any time.
Do not forget to check out our regular inventory. We have many great coins we are surprised that are still with us. You know we will work hard to get you in the coin of your desires.
Stay tuned for more news on the Grayson Collection. We’ll be starting to sell those coins within a week or two.
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Sure after a major sale and right at the last minute drop dead deadline, we get swamped with consignments. While our November sale has no anchor collection (but oh are we working on some biggies), we do have nearly 500 lots of killer coins. Included are around 75 lots of fresh Commems-many with color. Also, our October Monthly sale has around 180 lots of really nice coins too.
For sure you won’t have to go through a phone book to find great coins. We feel in the November Sale all you have to do is go lot to lot! No other auction company can say that!
The November Regency Sale has some advance lots (all descriptions are unedited) up already for you to browse. The Premier Sessions Monthly sale will go up this upcoming week.
Look at these amazing highlights from our up coming November Regency Sale:
1C 1793 WREATH VINE+BARS PCGS MS63 CAC
5C 1900 PCGS PR68 CAC gorgeous colors
$1 1889CC PCGS MS63 DMPL CAC real bold mirrors
$1 1921 CHAPMAN PROOF PCGS PR67 the absolute finest
$1 1922 PCGS MS64 color lovers will fight for this one!
$2.5 1848 CAL PCGS MS62+ CAC a coin of a life time
$2.5 1909 PCGS PR65 CAC extremely rare
$5 1795 PCGS MS62 CAC what was PCGS thinking here? no +? really?
$5 1914 PCGS PR67 CAC exceedingly high end
Of course every lot in this sale would be a highlight some where else! You assure you, we’re drooling at the offerings in this sale-and you will be too!
STAY TUNED FOR A MAJOR ANNOUNCEMENT CONCERNING OUR 2019 SCHEDULE.
We will have all lots for BOTH the October Premier Sessions and the November Regency Sale at the Baltimore Show.
LRCA is always seeking quality consignments. Please contact Julie Abrams: julie@legendauctions.com, Jessica Berkman: jessica@legendauctions.com, and greg Cohen: greg@legendauctions.com. All of us at Legend Auctions will customize the right plan for you to maximize your coins value. We also do hybrid plans in conjunction with Legend Numismatics.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR EMAILS UNTIL 9 AM MONDAY
