SUMMER IS OVER
Looks like the summer doldrums are coming to an end. This years episode was pretty rough. It got so quiet the market (in our estimation) overall fell 10-15% from June until now. It was different this year since there was an unexpected appearance of a few “whales” and what one dealer called a major collector “a super nova”. Those people affected the upper end of the rare gold market and hard to believe the early copper markets were hot all summer. The feather down effect is now only started to be felt in other areas.
For the masses and for more “commodity” types of coins, it was miserable. Proof and Mint State Barber coins slipped to their lowest levels in years. Demand was just plain weak-yet supply is almost non existent. Non CAC generic gold fell to ridiculous prices (you can buy low end MS66 Saints for $2,200.00 while MS64’s have just about ZERO premiums over spot).
As collectors come back from their summer hiatus they are starting to buy again. We see a coin here and there being eagerly purchased. Many of the coins being bought last week were irreplaceable. For as much as coins dipped in value over the summer, we see the return of demand pushing prices back up and beyond the 10-15% decline now through the middle of December.
The important note for this upcoming fall cycle-great coins are NOT available. Again, we stress, look at what the market has FULLY absorbed in the past 3 years. Any of the great Pogue, Gardner, or Newman coins for sale? Nope! MS+PR Barber and Seated coins, can’t say you will find much for sale. Prices can NOT stay depressed much longer!
Oh what a fine mess we have to deal with. It is Legend’s strong opinion there is no real accurate price guide. We see many price guides that are too high or way too low for a series. We absolutely bristle when we see WHOLESALE guides in the hands of collectors-those are not true prices. In order to buy ANY great coin today, you have to pay a premium-usually a strong premium vs what you see printed. Our preference is following auction prices-but we know how to understand them.
If you want to buy an 1880S $1 in MS66, sure there are plenty of numbers to be seen that are a good range for an average coin. However, if you want to buy a killer 1880S, NONE of the printed prices apply. We’ll use the 1882S NGC MS66 GOLD CAC that is on our auction as an example. It is unique and has been considered by the experts who have seen it to be one of the finest toned Morgans in existence. Really nice MS66 Morgans sell for $300.00, pretty toned ones maybe $500.00. Today, Sept 17th, this coin has a firm bid of $18,800.00 (we would not be shocked if this coin skyrockets-the sale is almost 2 weeks away). There are 2 very real bidders and we are bitting our teeth and are standing back as promised (yes, we would top that bid). Okay, three collectors really are not the full market-the point is you have to use judgement to buy the very best. At least three of us recognize the value and uniquness of the coin. You buy a tremendous coin like this for tomorrow, not today. Our guess is, if held for 10 years, next time that coins appears, it will be worth $50,000.00+. The current consignor only paid a ridiculous (for the time) $750.00 back in 1992! Profitability like this has been proven so many times by the greatest collectors-Norweb, Eliasberg, Newman, Duckor, etc. That is why when we buy for Bob Simpson, his mission to buy the very best quality/eye appeal and keep it- we are always prepared to pay the price and do what it takes. He knows in many cases he over pays for coins-however he owns many coins we could sell right now for substantial profits.
Even if your not a Bob Simpson, you need to understand how to buy today and what to pay. Buying on the cheap is fine-however you are NOT going to buy the very best quality. We know what is out there and know the high end market better then any one. The competition for fresh coins or high end coins between dealers and collectors is furious. At the Stacks ANA sale there was a group of GEM matte proof gold. Got a lot of attention. EVERY coin sold for either a wicked strong premium-or a record price. If you were thinking you could buy one at close to any printed price-obviously you got smoked by the first bids! If you had researched prior auctions for similar coins you might have been better prepared. Paying a premium of 20-30% today is nothing. Your looking for HUGE returns tomorrow way down the road.
Earlier this year we met a lone wolf collector who for the past few years was buying better gold via auction. He went by the descriptions listed and tried to buy at the cheapest pieces they could. Only on occasion when he wanted a better date would they be forced to buy a CAC coin. Only a few coins ended up being good deals. About 80% of that collection is pure dreck-dreck to the nth degree. And that collector learned the old dealer adage: “some times cheap, is not cheap enough”.
Back to the PR+ MS Seated and Barbers. You all know how cheap they are today. So if your offered a PR67 Barber 25C for $4,500.00 that is really nice and really pretty while you saw another had just sold for $4,000.00-but was a slightly lesser coin, do not pass up the $4,500.00 coin! Every coin has its own merits. To best navigate today’s confusing pricing and buying scene you really do need a good advisor. To pay a dealer 5% vs you losing 10-15% is really sound. And you can’t think cheap if you want really nice coins.
If done right, the timing is such you should be able to make a ton of money in the coin market over the next 5-10 years. The key is buy right and hold. Do not buy to with reselling quick in mind. It just does not work in the long run. And as we have said so many times: “buy the best coins you can afford!”.
This round of NEWPS is more casual. We have no expensive bad mama jamas. We do have an exceptional group of mid range GEM pieces. However we do have the duplicates from the Cheyenne Proof Walker Collection-a PR66-68 set Legend has exclusively built. Highlights include the 50C 1936 PCGS PR67 CAC and the mind boggling 50C 1939 PCGS PR68 CAC. Yes, these are only duplicates!
This weeks highlights include;
25C 1854 W/A PCGS MS65+ CAC
25C 1914 PCGS PR67+ CAMEO CAC-the finest pop 1
$1 J-1015 1870 PCGS PR65 CAC Eliasberg
Of course we have many other special NEWPS to offer. Don’t forget to check out our regular inventory as well. The summer doldrums has allowed some really neat coins to still be available. As the summer ends and activity picks up, we doubt many of these coins will still be around in another month or so.
ALL NEWPS ARE NOW POSTED -ALLOW 24 HOURS FOR MAIGES
LEGEND RARE COIN AUCTIONS
Yet again,we completed another successful Sessions Internet Only sale. We can compete with the big guys-we had an 1882CC PCGS MS67+ CAC that brought an amazing $18,800.00! Remember EVERY coin in EVERY sale we do (whether Sessions or Regency) are handpicked for quality by TWO world class bourse floor practicing numismatists. And we do not offer 1000 lots where you have to search through $50.00 coins or real widgets to get to the coins your really want!
THE SEPTEMBER 29TH REGENCY SALE
Need a catalog? Call or email us (all catalogs were shipped last week). Be prepared! Need special terms? Call or email us today. We MUST have them in place BEFORE you bid.
Have questions about a coin? Need help establishing a value? Call or email Greg Cohen LRCA chief numismatist (firstname.lastname@example.org) for a full HONEST description.
Need an appointment to view? This week we can only have people in Wed+Thursday. We have never had as many people lot view this early for any of the other 17 sales we have held! Of course there will be full lot viewing ion Las Vegas.
To set up phone bidding, or to leave bids, or for general questions, please contact Julie Abrams: email@example.com.
This sale promises to be one memorable event with many records set. Be prepared!
Our next Sessions Internet ONLY sale will be October 11-18th. We already have some great coins consigned including a $1 1921 Peace PCGS MS66 CAC! We have the last of the UNOPENED GSA CC’s-3 boxes of 5 each! ALL UNRESERVED!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.