Gold shot up this week to $2,057.00 and it seems likely to continue its upward movement. It was led by weakness in banking and another Fed rate increase; which in turn has led to another frenzy for buying more bullion and tangible items like rare coins. We had people calling wanting to buy billion who we’ve not heard from in over 20 years. In a flash, the demand has bubbled over to generics. Earlier this year it was lower grade coins, now it is choice/GEM material. People were so eager, it did not matter if a coin was CAC or not.
Supplies are already super stretched in gold related rare coins. It seems that with each new auction old prices get smashed with every new record price being obtained. We still highly suggest you either buy what you like or build a Gold Type set. Assembling a box of 20 (which can be the BEST coins you can afford) that are special.
We have always been bullish on gold. Heaven forbid that more banks fail, we feel gold will zoom past $2,500.00. If that happens before the summer starts, we think we’ll be back in a mini boom for the coin market. With crazy auction prices (see last week’s report on our Regency 58 sale) we feel today’s market is good, even with the lack of fresh coins, especially gold coins but hit or miss with certain Type coins.
It is a mystery to us why $20 Libs have not taken off like Saints. Saints are currently trading above their sight-unseen bids, if you can find any. The price you think you should pay is probably less than today’s true wholesale.
SWAGGER-A 1851 HUMBERT PCGS MS63 CAC
The moment we saw this coin, we quickly realized that we have never seen another like it. This “slug” has everything going for it-sharp strike, super eye appeal, the fields are semi-PL, there are no significant marks and the color is totally original. We strongly feel this coin was Under-graded. It haunted us.
This monster of a Humbert had taken residence in our minds and we had to place it. So, we took a chance and texted a long-time customer about it. Guess our enthusiasm spilled over. He agreed to buy it! We had to pay virtually what the dealer was quoting. No question we paid a world record price. Our customer was so excited that we had to fly it to them the day after it arrived in our offices. They knew based upon our long-term relationship that if we told them – “it is God’s gift to Humberts”, it is. He also knew not to be so concerned about today’s price. This is the kind of coin that will have a tremendous upside, down the road. In fact, he really bought it for his kids. It’s that kind of ideology added with a quest to buy the BEST quality and eye appeal that WILL make you money.
Working with us gets you into the best rarities in the world or the top coins for the grade. Look how the Bob Simpson coins did-and we sold him every single one! “Half dome” has close to the #1 20th Century gold sets-of which every coin he owns is CAC! The list of the monster sets we have built goes on and on. This Humbert makes us proud, and the owner will be royally rewarded one day. A good working relationship is a win-win, and that is what Legend does best.
NEWPS
We bought many cool and super fresh coins at CSNS; some are out of Legend Auctions Regency 58. Look at these highlights:
50C 1836 LETTERED EDGE PCGS MS66 CAC GORGEOUS COLORS!
$1 1802 PCGS MS65 CAC ORIGINAL!
$1 1875-S PCGS MS66 CAC A HEADLIGHT!
$1 1881-S PCGS MS68+ CAC WOWZER!
$5 1799 PCGS VF35 CAC A GEM VF!
$5 1837 PCGS MS64 CAC FRIGGEN GORGEOUS!
We assure you every coin we post has the very BEST eye appeal and quality for the grade. We have worked very hard to have an offering for all price ranges. It’s not easy these days.
Round II of our CSNS NEWPS will be posted next week. Stay tuned!
Regency 58 auction market report is posted. What a successful auction! Plenty of records set.
This week, we have a cool Merc dime offering in our weekly sale and several choice/GEM Commemoratives.
Regency 59 watch list is up and the auction will be open for bidding this weekend. Live auction to follow at the PCGS Members Only Show in New Orleans on May 25th. This sale opens with several older holder coins-many with gold beans!
Until then, check out our weekly sales. We have some strong sales coming up.
We are now accepting consignment for our July 27th auction. Your coins get far more visibility with us than being thrown in the back of a 4000 lot catalog!
Call or email the best team in the auction biz 732-935-1168
IF YOU SEE A COIN OF INTEREST, PLEASE EMAIL US. WE WILL NOT BE CHECKING OUR VOICEMAILS UNTIL MONDAY 9AM.
