FINAL BRUCE UPDATE
He is alive and kicking. He has survived his bout with the virus. He is not doing anything strenuous at this time. He might have minor lung damage. We are glad he is better.
Now another member of our family has the virus. People should know in NJ it is horrible and is still spreading. This is not a virus to be taken lightly.
Our prayers are with everyone involved from first responders to any one infected.
EVERY DAY NOW
We are seeing more and more people say to heck with the stock market and are restarting (one at a time is what we see) to buy coins. We’ve had orders this week ranging from circ $20 Libs to rare gold coins worth significant money. Its not just gold that is now selling. As we mentioned in our last Market Report its a matter of having the “right” coins. Do not think the rare coin market is on fire. Its still choppy.
One thing this sudden stop and start has exposed. How extremely low the supply of coins really is. Forget the toilet paper issues. With PCGS and CAC being closed up for 2+ weeks, very few fresh coins surfaced. Its been so bad a few dealers we know did virtually no business. Dealers being dealers you know a certain percent are running around still looking for deals. The spigots are off and they are coming up empty. Collectors are not being offered many new fresh and exciting coins.
It will be interesting to see what gets made and offered in the 2 weeks. It will be a better glimpse to the future. Right now we know we are desperate for FRESH coins valued $2,000.00-$10,000.00. We’ve called all over. We look every where. We have bids (strong bids especially for Saints ) and are not getting hit. Better CAC coins especially are NON EXISTENT!
Every day now we see a little more light, but its robbed from us because of no supply.
Also, we do not know what this means, but several bigger Wall Street folks we know are still buying gold. They all say $1,800.00 is a given, but a few are looking much higher. They have been wrong before, but the fact they are buying at a time that seems later in the game is interesting. This is just a trivial note and is not our opinion or recommendation.
WE BELIEVE
Know that the principals of Legend Numismatics have been in business for 40+ years. We’ve seen the horrors of 1980-1981, the crash of 1990, 2008, and you name it. We’ve learned so much. Our writing here is based upon our experiences.
We are among the believers a huge surge of money will come into the market. After all a % of a fraction of a % of dormant money is huge and there has been a tremendous amount of money now out of the stock market. Any one remember 2008? 2008-2013 the coin market was really strong. Our belief is not a prayer or any hail Mary, its the fact that the dealers who deal in bullion and generics are selling coins like crazy. We’re talking many millions of dollars worth. The telemarketers just need some time to convert these people into rare coins. It is ever so slowly happening. One introduced, people do become fascinated with coins. Its not so much about the newbies, its also about the regulars feeling better and coming back too.
IT IS THE OPINION OF LEGEND NUMISMATICS THAT RARE COINS ARE CHEAP TODAY. We look at everything on our web site, we even looked at the coins we just bought at a big auction like Pogue and shake our heads as to how cheap certain pieces (like the $10 1908D Motto PCGS MS68 CAC were). Collectors need to understand that we had a dip (which followed a dip last yer), but NOW you can not sit back. The supply really is NOT there. As demand returns and people feel better prices WILL be pushed back up, in some cases way up. Even the dreck that held the market back has finally disappeared.
This is why you need to hold coins long term. Buying coins in 2017 and wanting to sell today is NOT long term. High probability coins bought in 2009 are profitable today. There can be short terms swings, but the coin market has always been about the long term. And right now, its a great time to put away coins for the long term. We certainly are not at any market peak!
INTERESTING NOTE
We still are NOT seeing any collectors dumping coins. Nada. We read that as a positive. Keep in mind, coins have held up far better then stocks.
NEWPS
The grand highlight of our NEWPS is the magnificent classic rarity 1C 1943 PCGS MS61RB CAC. Folks, this is it, the real deal, a true 1943 Copper Cent. We did have it in our auction where it failed to meet the reserve. We are now offering it at a lower price. This coin MUST be placed in a great home. The current owner has treasured this coin since he laid eyes on it, Retirement calls and now he must part with it. The new owner/custodian will enjoy one of the finest and greatest examples of this world famous rarity.
We have other NEWPS too!
We pulled out a few a really nice and reasonably priced Buffalo 5C in GEM. We have a 25C Proof 1938 that Mother Nature made more colorful then any Peacock in heat! Our gold offerings speak for themselves.
Again, we are looking in every nook and cranny to find the “right” coins for our customers. We especially are seeking coins $2,000.00-$10,000.00. What do YOU have for sale? Sorry, we do NOT need duplicates. We really need some better gold.
Make sure to check out our entire inventory. We have some really neat coins that need really good homes! We’ll work hard to make that happen for you. We can work trades, offer terms, or what ever is with reason (sorry we do not accept relatives or pets)!
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
REGENCY 38 IS NOW OPEN FOR BIDDING!
Traffic had been building prior to the sale opening. In the first hour we saw over 100 people register and leave some significant bids already (the sale closes May 14th)!
Being able to sit at home and buy coins is clearly what the trend had been and is fully embraced. We expect heavy participation and strong bidding in our sale.
Please contact the auction department if you have any questions or need special terms.
732-935-1168
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY
