In June, we had a very unexpectedly strong sales month. Legend sold OVER $2,500,000.00 to COLLECTORS! Our biggest coin was the famous fresh PCGS MS63+ CAC Slug, which we paid $494,000.00 for, and the smallest coin was a $2.5 1927 PCGS MS64 CAC for $850.00. Just as important as the financial numbers (which included three six-figure coins), we sold to OVER 50 different collectors. That’s great, considering we’re only a three-person firm.
We were able to acquire excellent holdings from long-time customers. The Dakota Young coins sold well, especially the GEM Proof 1C, while the Great Pacific Collection saw many old friends placed in new homes. These two collections helped us fill a few Want Lists. Nice coins have little trouble finding quick homes these days. Unfortunately, the open market and the recent auctions had what at best can only be called “stuff.” When “stuff” isn’t really in demand, its prices tend to drift down. And since it’s summertime, that is what is happening. Do not fall into that lull. When powerful coins appear, be prepared to step up. These days, there is typically more than one buyer.
WE LIKE TYPE
The Type coin market is very fickle. During the pandemic, the market for Type coins didn’t experience the same surge as it did for superior gold coins. Per coin, Silver Type is so much cheaper. You can buy so many Proof and MS coins with a POP of UNDER 5 for UNDER $25,000.00. There are several coins, like the 5C 1904 PCGS MS67 CAC that we have posted at $12,500.00 pops PCGS 7, CAC 2. If it were gold, it would be $35,000.00+. Nickel Type seems to have suffered the worst over the last few years.
Now is the ideal time to build a type set, or one of our favorite sets, such as PR Barbers. Save for 2 or 3 coins. Most PR Barbers have mintages of UNDER 1,000 pieces. There are many variants of PR Seated Type you can do. Alternatively, you could simply locate and purchase a few GEM MS Bust Halves; have their prices ever decreased? Hard nickel proofs (liberties and shields) are a wide open area. These suggestions are just our opinions. There is no guarantee these will jump up in price immediately, but we think they will make excellent long-term holds.
Trading is one thing we do NOT recommend. We believe the obstacles you will encounter will surprise you. If you bought out of an auction today and want to sell in a year, here are a few of the obstacles we mentioned. #1: the information about what you paid is easily accessible; #2: coins are not like stocks. They need time to mature. We generally consider a fresh coin to be one that has been off the market for more than 10 years, and #3: to buy better coins, you have to pay a premium. It’s not just the fees; it’s how much they are paying over the current market. Be aware of all this.
Even though Type presents many buying opportunities, sometimes cheap is not cheap enough, while other times cheap is cheap, but that does not mean there is an immediate profit available.
All we can say is that if you buy right and hold, you will make money. The best bet is to buy coins from a dealer like us. Look what we did for Bob Simpson! He crushed it—even on his non-CAC coins!
NEWPS
We have many great coins in this week’s NEWPS. Highlights include:
5C 1894 PCGS PR67+ CAMEO CAC YOUNG-DAKOTA
$1 1880/9-S PCGS MS67+ CAC
$5 1909-D PCGS MS 65 CAC NOT COMMON AT ALL
$10 1890-CC PCGS MS63 CAC
We worked over time to locate coins priced below $5,000.00 that were more collector-oriented. One thing is for sure: every NEWP we post will be of the highest quality and eye appeal. That is what Legend Numismatics does—handle the BEST coins on the market, no matter what their value.
LEGENDS OFFICES WILL BE CLOSED JULY 4–7TH. WE CAN BE REACHED BY email during that time.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY AT 9 AM.
