THE LEGEND COMPANIES WISH EVERYONE HAPPY HOLIDAYS
POST TAX TIME
We thought the market had been very sluggish the past couple of days. But then we posted no NEWPS last week (for those who asked, we were at the Long Beach Grand Prix in LB taking a spin in the pace cars-going 0 to 140 is something). However, we did a quick analysis of our sales for April until today and we were pleasantly surprised.
Sales from our web site was just weak to okay. However, the past 10 days it was a trip down memory lane. We handled soup to nuts trade deals. We mean raw CIRC coins to PCGS NO CAC coins. It so weird, for the longest time no one offered us deals like that. Now all of the sudden people wanted to upgrade to better coins. The biggest deal we did-$55,000.00. We did several in that range and sales added up quickly. It was a win win for both sides of these deals. NOTE: on cash coins where we are working very close, those have to be cash, no trades. Still, if you have a bunch of dupe or tired coins, lets trade and do some biz!!!
Legend Numismatics has been around 40 years and has such huge resources we can handle anything. We had not done trades like this in about 8-10 years. Have no understanding as to why all of the sudden bartering with us has happened. We’ve heard from others this years tax time was a very slow time and they weren’t selling anything. Our guess is people paid more in taxes then thought they would. At least we did have real activity.
When we posted NEWPS today (Friday), within minutes 4 coins were sold. That’s great, only our selection isn’t chock full of classic coins like it used to be. We need coins really really bad-PCGS CAC better coins. Our big purchases this week: 2 PCGS CAC AU50 Bust Dollars. We would have liked AU58 or higher. Even our most active buyers call and ask if we have forgotten about them This what now seems like a forever dry spell has seriously affected our bottom line this year.
Now that tax time is put to bed, we expect the market to gradually turn back on. We think May-the end of June will be strong. Then July will be okay. The coin market seems to have shorter cycles now.
OUR EXPECTATIONS OF CSNS
LEGEND RARE COINS WILL BE AT TABLE 1001 STOP BY AND SAY HI!
We think it will be a MISERABLE show. If there are no new fresh coins, and dealers are broke because they are not making things, that mean a poor wholesale. This show has shrunk from being a must attend, to we really only go for the auction. We’ve never seen great public attendance since they moved it to Schaumberg. Do NOT think this is still a major show, many of us dealers do not.
A side note, we will be attending the Class of 1959 Dinner at the show. There probably are a dozen major dealers (or more) who were all born in 1959. isn’t that wild? And out of all the dealers, Joe O Connor has the same April 8th B day as LSS.
IMPORTANT: LEGEND RARE COIN AUCTIONS HAS HAD THE $1 1893CC PCGS BM 65+ CAC GO MIA. It was shipped via Express Mail. The Postal authorities said the coin disappeared in Chicago. We are deeply shocked and are upset as the coin was a favorite of ours for years. The postal authorities are investigating it.
LEGEND IS STILL BUYING
We sure are NOT buying what we want, but we’ll still look at any deal (especially significant trades) that make sense to us. The coins do NOT have to be PCGS CAC.
We’d love to get our hands on GEM PCGS CAC patterns (CAC is a MUST here) and do not think because a coin is an R-7 its worth the straosphere. No one in the business has spent more on Patterns then us! NO ONE! Our offers are strong and very fair!
We are always buying GEM Proof Gold-$10+$20 65 and better.
Legend has not owned any really cool GEM Bust coins in a while. What do you have?
Just offer us what cool coins you have-please!
The faucet is so dry today, maybe we should not say we are buying, maybe we should say we are offer rewards for coins!
SOME THING HAS TO GIVE
True nice rare coins only keep going up in price and are enthusiastically pursued by multiple people in auctions. Yet with all this in plain sight the prices have not moved up. We attribute this to poor reporting. Legend does not believe it is right for us to gather all the facts while none has boots on the ground and then they take those facts and sell them.
Another issue is dreck and retreads. Those certainly are not helping prices move up because when they sell, they bring cents on the dollar. Those prices are the only ones sometimes that seem to be reported. It just makes matters worse.
PCGS CAC prices need their own real price guides. Its a disgrace this has not happen and is costing us and any one who owns CAC coins a bunch of money.
We see the pricing system as broken. way back when they thought sightUNSEEN pricing was good to all. Its really only good to average generics. More education must be done here.
On much better coins, we prices have substantially moved up. You just won’t feel it until you sell. And to achieve hyper stardom, auction is the only way to go. Its really hard, even for us to pinpoint certain better coins values.
NEWPS
We have a powerful quality oriented offering this week. Nothing too expensive. Our favorite three coins:
10C 1886S PCGS MS 67+ CAC -ridiculous quality
$1 1874 Trade PGS MS64 CAC -this coin looks awesome!
$10 1901 PCGS MS66+ CAC -Virtual perfection.
We tried to produce and offering for everyone’s tastes and budgets. Hard to believe we have nothing in reserve for next week. We are going to CSNS to BUY, BUY, BUY-hopefully!
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
LRCA WILL BE AT CSNS table 1005 WITH AUCTION HIGHLIGHTS AND OTHER COINS BY REQUEST. STOP BY IF YOU WANT TO LOT VIEW. WE ARE ALSO HOLDING A FULL LOT VIEWING IN CA WHEN PCGS DOES ITS MAY 3RD DEALER DAY.
We see signs that our Regency Auction 32 could be a real blockbuster. Even before 24 hours of it being open, we had several hundred bidders place serious bids totaling over $1,000,000.00. That happened in our last sale too. This time we are also seeing plenty of NEW names. Obviously, it all to do with the fact we’ve built a boutique auction company that really does offer the best quality coins.
LRCA does not believe in pulling all nighters, so we had enough coins to do a two night sale and create another great Dollar Night like last year to start the sale. This auction is 643 lots and we are still putting finishing touches on the catalog.
We invite you to go on line and browse all the lots. The auction IS open for bidding. The dates are May 20+21. Again, there are some serious MONSTER coins in the sale. Supernova is the beast-and we are starting the sale (Dollar Day) with 3 AMAZING BUST Dollars. The sale only gets better as you proceed!
Do not wait, if you need to discuss phone bidding or terms, please contact us now.
Also, VERY IMPORTANT, Call and ask for Greg Cohen, our senior numismatist if you need a personal description of a coin or help with formulating a value. We promise, we do not play games, we know, a “happy buyer makes for a happy seller”. When you sell really nice coins-you don’t have too play any games!
FINAL CALL FOR OUR JUNE REGENCY SALE 33
We have very limited space for June. What would you like to place in our sale?
We do hybrid deals too. In the end, we will craft the “right” package to maximize your results.
We are also looking for a single special collection that was soley built by Legend for our September sale. Right now we have a crazy MONSTER world class Type set and the balance of the Young-Dakota Collection. Our plans are to make this a small “intense” Legend only auction.
Contact:
Julie Abrams: julie@legendauctions.com
Jessica Berkman: jessica@lagendauctions.com
Greg Cohen: greg@legendauctions.com
Julie and Jessica will be at table 1005 at CSNS.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.
