A WORD FROM LEGEND NUMISMATICS
We are deeply affected by the corona virus like everyone else. So far so good for our staff and families. It is total lock down here in NJ. NYC the epicenter is only 20 miles away.
We pray for our friends and customers to remain strong and healthy. This virus won’t last forever. We can get through it-and we know our customers will too.
Legend also sincerely wishes to thank all the Doctors, first responders, nurses, etc involved in fighting this war. You have a tough job and risky job. We hope everyone pitches in to to help you. We do pray hard for your health and success.
We’ll be here via email to help or chat with you. Currently, we are still open for business. You can send us coins, just like we can still send out coins. The internet and email was the best invention ever for this hobby and the world (guess the phone wasn’t too bad either)!
Stay safe and healthy!
IT IS HARD ASSET TIME
So it seems there really is a shift to hard assets currently. People are buying up all the gold and silver they can. The bigger telemarketers are selling some coins again as well. Several major (but not anywhere near all) coin dealers are enjoying strong cash flows again. The generic slop that had weighed down their inventories for the last few years, is finally leaving at healthy numbers.
When will this end? Probably when the stock market rebounds to 30,000 or people are released from lock down (which could be around May). We really do not know. We think the jolt of the stock market crashing like it did just plain old woke people up. As we had been saying, even a small shift of money into hard assets would be huge and it is happening.
Legend had a very good week selling. We did have just a few collectors panic, but they were in positions that could have rocky roads in the future. So they sold or gave us their coins to sell (next weeks offering will be really cool). As always, coins are the first thing to go because they are the most liquid. We are surprised at how much we sold this week given the events in the world. What we got in shouldn’t even last us 10 days if the market continues at its current pace.
Being the gold bugs we are, had people heeded our advice a few months ago, they be sitting on decent profits for their generic gold right now. Our bullish Wall Street buddies still are saying $1,800.00 gold. We’ll see. We do still okay coins like PCGS CAC MS66 Saints-if you can find any. We have strong bids for coins like that and we are not even being hit for one coin!
THE COIN MARKET
The coin market is NOT the gold market. Prices are NOT rising-BUT prices are crashing only in a few areas. Type is and Morgans are weak too-although we can’t buy enough nice DMPL’s. Of course all the action now is happening via auctions. Some dealers are reporting a lack of action on their web sites. We’re doing okay.
Bust coins (silver and Gold) are very strong-but good luck finding NICE pieces. Proof gold has become really strong all of the sudden. In fact this week Legend sold a major six figure Proof gold coin for OVER $500,000.00. The deal happened lightening fast too. Most other gold has had strong interest as well. Patterns long an overlooked area have had substantial interest lately.
In our auction (see below), FRESH coins clearly out performed all others.
As we said last week, we are cautiously optimistic. We are doing better now, then we did in February (go figure). Since there is no tax time April 15th anymore we think April could be decent. We do take a day by day approach. Reloading for the month is coming from our customers some of whom are selling only because of their uncertainty. We do still get offered coins from dealers, but with PCGS closed, there are NO fresh coins coming around. The world is NOT dumping its coins. It looks more like people want to buy rare coins and hard assets.
There are no shows scheduled until May now. Dealers need to trade and obtain new coins. Sure, we can always trade through the mail, but with generic sales so strong and the bigger dealers becoming liquid, we see a pent up demand for RARE coins coming. Unless the market some how crashes, we expect the first major show back to be strong-really strong. We sure hope May New Orleans (if they hold it there) is the first show back. We’ll be there ready!
We were able to find a few really nice coins for this weeks NEWPS. The grand Highlight by far was our coin of the week:
$1 1902 PCGS PR65 Cameo CAC. Good luck on finding another or a better one! The rarity of this coin exceeds that of an 1804 $1! We love everything about this coin. Sure, it seems pricey (we are famous for working close) , you are not going to find another-and its ULTRA HIGH END!
There is a killer 1880S $1 PCGS MS68+ CAC. Its the real deal! And these have come way down in value. Opportunity knocks loud here.
Last, we have a MONSTER $5 1803/2 PCGS MS64 CAC. The thing is boldly semi prooflike. Bought this one really right. You want thus coin in your collection!
We did our best to provide a mixed offering of coins for all size collectors.
We will work with you if you need to do some trades or if you need time to pay. Just talk to us. We all have to work with each other during these tougher times.
Our prices are all based upon our costs. We can pay more for really nice coins. Typically the coins we buy are top end, we are not bottom fishers who get lucky. We want the very best. There are plenty of other dealers you can go to if price is a concern. You will NOT get the same quality. We are lowering a few prices as promised (we ‘ll do a few a week). We are very realistic to the current market. Again, NEWPS are not discounted only “old friends”.
Right now coins are really “on sale” still. You can buy them fairly cheap (relative to where they were in 2010). As we have been saying, if the demand for generics keeps building it will spill over into rare coins. That is what the big telemarketers do-start with junk then get people into rare coins. Or collectors just ignite their own flames and realize coins held up better then their stocks (which just happened). Rare coins are the equivalent of comfort food.
LEGEND RARE COIN AUCTIONS
LRCA sincerely wishes to thank everyone who participated and made this sale a success.
Our auction was a HUGE success. It started with the Seattle Collection. Not only did the coins do well, on most lots there were multiple aggressive bidders. Considering the loss of an audience and a show, the turn out on line was substantial. In fact, at the last minute HUNDREDS of bidders-including many NEW bidders signed up. During the sale we had a record amount of bidders watching or participating.
Our opinion: We were VERY happy with how the sale turned out. The prices realized were strong in many areas. Activity in the gold coins was especially strong with many bigger ticket five figure coins selling well with good competition. We knew the Stacks sale the week before was good. We were biting our nails if people blew their wads there or if the market would be negative by the time our sale hit. Nope! Everything held up and we had a VERY good sale! Whew!
A big Kudos goes out to the auction team and Matt Bell for running the sale. They really did an amazing job given all the circumstances.
2C 1872 PCGS MS65+ RD CAC $29,375.00
3CS 1872 PCGS MS66+ CAC $19,975.00
3CN 1884 PCGS MS66 CAC $42,300.00
5C 1870 PCGS MS66 CAC $10,281.00
5C 1888 NGC MS65 $1,021.00
3CS J-321 1863 PCGS PR65 RB CAC $9,106.25
3CN J-1050 1871 PCGS PR 66 CAC $4,935.00
5C 1883 NO CENTS PCGS PR67 CAMEO CAC $6,168.75
10C 1900-S PCGS MS67 $15,275.00
25C 1859 PCGS PR65+ CAC $6,168.75
50C 1941-S PCGS MS66+ CAC $4,582.00
$1 1928 PCGS MS65+ CAC $7,343,75
$50 1915-S ROUND PCGS MS64 CAC $114,562.00
G $1 1889 PCGS MS68+ CAC $24,675.00
$2.5 1908 PCGS PR67 $43,473.00
$5 1893-CC PCGS MS64+ CAC $31,725.00
50C 1921 PILGRIM PCGS MS67+ CAC $7,050.00
Not too shabby huh? This was not a big sale we had. It was very interesting to note, all the bidding came together at the very last minute, We had a huge rush of registrants in the last few hours. Prior we had done well on line, but we didn’t seen strong bids materialize until the sale it self. That drove us nuts. This sale, about 85% was sold to collectors.
While we did not see a few of our bigger regular customers (we hope they are okay), we are more then pleased to confirm we had many new people step up and made the sale seamless. If you had asked us before the sale how it would have done, we’d have bet against the success because of all the negatives out in the world and a seemingly small audience.
On to the next sale now.
OUR NEXT SALE
While scheduled for May in New Orleans, we do not know if that sale will happen. However, you should know we have a really awesome one heck of a sale. Look:
The Big MO Civil War Collection- the #1 all time set. Many finest knowns! This is a world class MAJOR collection.
The Blue Hill Collection of O Mint coins. Gold $20 and Dollars-a $20 56-O PCGS XF45 CAC! WOW!
The Ogden Ave Ladies Collection. Superb Proof Liberty Nickels. Really neat coins.
Several smaller groups of incredible quality coins silver and gold. Several coins blew our minds!
Save up your money, this WILL be a great sale. We’ll be starting with the details next week. Stay tuned.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: email@example.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.