A SOMBER NOTE
We lost a wonderful friend and mentor this week: Steve Gerhinger of Allentown, PA. We had known Steve for at least 35 years. So many times he has helped us in difficult situations. He taught us so much about business. We would speak almost every day. He was more than just a business partner; he was a true friend. We did a lot with him outside of coins. In this biz you don’t find many “good guys.” Steve absolutely was one. We are deeply saddened by his untimely death. It really hurts. We express our sincere deepest condolences to his wife, Joyce; son, Chris; and grandchildren. Rest in peace, old friend—we miss you.
THE COIN MARKET IS HEATING UP
Something we did not really think about in some recent reports: it’s not just new collectors sucking up coins. Coin shops have been swamped. So coin dealers are flush with money. Many have also been buying up better coins—for themselves. It is not just collectors holding on to their treasures. One longtime dealer called us and was upset he could not find his typical wares—like DMPLs, Type, and better gold. If you gave us $150,000.00 and told us to buy up all the better coins we like at the upcoming Baltimore Show, we probably could not do it. Do know NOT ALL COINS HAVE DISAPPEARED OR RISEN IN VALUE. There was a rise in value in 2021–2022. Then at the end of 2023, things came down. Some coins have not yet recovered.
Here is another concerning situation that we found on CNBC. The spending and investing habits of the 240,000 new crypto millionaires are a matter of concern.
OMG! The original millionaires from crypto were awful enough. We know many are turning some of their profits into hard assets. And many of them just want the coin. We see really better coins selling strong because of this (like a high-grade PR Morgan vs. an 81CC in MS66).
As we mentioned last week, due to the rapid rise of most financial investment vehicles, the coin market could potentially be on the verge of a serious run. The first step toward this goal has already been achieved. THERE ARE NO GREAT COINS TO BUY! Our inventory is the lowest it has been in 15+ years. We cannot buy the coins we really need or want. Sure, we get offered everything else at too much money. As a side note, several of you have asked what the $500,000.00 coin was that we sold last week. The coin was a 25C 1796 PCGS MS64 CAC, featuring magnificent colors and originating from the Ex Nueman collection. The next step up for a CAC coin was $1,740,000.00 in MS66! Not much of this stuff is burping out either. We are dry now.
GOLD
WOW! We never imagined that we would see $4,000.00 in our lifetime. Goldman Sachs came out and claims it will go to $4,900.00. We are not sure. We still are ready for a short pullback at the very least. Gold has risen far too fast.
This has nothing to do with us needing inventory; we suggest you SELL a small portion of your gold holdings. We are uncomfortable with coins like PCGS CAC MS65 Saint Trading for $4,250 or so. We do not see collectors buying them. But then, no one has any to offer. The premiums are non-existent save for MS66 and higher. So what? Gold is only up like 40% this year alone!
Furthermore, if you read between the lines, all these TV guys are saying they expect the stock market to correct soon. We could not agree more.
If you wish to sell, email or call us. We will pay the highest prices possible for your bullion and generics. IT IS TIME TO PRUNE YOUR HOLDINGS!
A WORLD CLASS TRANSITION—THE JERRY FORSYTHE #1 BUFFALO NICKEL SET
Legend Numismatics is proud to announce the sale of the Jerry Forsythe #1 all-time Buffalo Nickel set (MS and Proof) to a collector who deeply loves the series. The sale was worth several million dollars.
Mr. Forsythe dedicated his life to building the greatest collection of Buffalo nickels ever. As many people know, he spent 50 years building this set. At one point, he was a super vacuum, buying up as many GEM Buffs as he could find. He had the top six registry sets once. He is 84 years old now and was thrilled to be able to pass his unequaled set on to someone who loved the series as much as he does. That greatly helped make the sale happen. The new owner is a longtime collector of the series. He plans eventually on displaying the set (we don’t know the exact details yet). We can tell you, he is thrilled and greatly honored to be the new caretaker for this incredible collection.
Jerry has been a longtime friend of Legend. We have done massive amounts of business with him over many years. We have also collaborated with him on various projects unrelated to coins. It has been an honor to contribute to the set and now to place it. Jerry will still be active in rare coins. We offer congratulations to both Jerry and the new owner!
NEWPS
We had a tiny touch of luck. We have a really nice listing of NEWPS this week. Many of the coins are priced under $10,000.00.
We do have a few small highlights:
1C 1855 UPRIGHT 5 PCGS MS65+ RD CAC KOSKARIAN
$5 1929 PCGS MS64+ CAC HALF DOME
There are at least a dozen great-quality and, of course, eye-appealing coins to choose from. Do not think too long; coins like these are hot, and we expect strong demand.
Unless someone plops a big collection on us, we doubt we will have NEWPS next week.
WE NEED TO BUY YOUR COINS. We can either take them on consignment (that attracts you the most) or buy them outright. NOW is surely the time to sell, not when the market slows and you end up getting much less.
Legend will buy coins apart from PCGS CAC or CACG. However, know that we will not buy everything, as there are some things we just do not handle. Please offer us. Call or email us.
WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY. WE DO CHECK OUR EMAILS DAILY OVER THE WEEKEND.
