Legend Numismatics wishes everyone a safe an happy Labor Day weekend.
BACK TO COINS!
For millions of kiddies its a sad back to school. For us coin weenies, its back to coins. We expect the summer doldrums to start winding down in the next week to 10 days (if history repeats it self). While our President, Laura Sperber is trying to rest, she keeps being drawn back in to work for unexpected reasons. Between Wednesday and Friday Legend sold an record $600,000.00-something we have NEVER done at the very end of August. We even found our famous Hedgie are a really rare gold piece-to upgrade one of his big sets (alas, NO MS66-67 HR WE). Now he is threatening to fine us for each month that goes by with him finding a simple $20 1907 HR WE PCGS MS66-67 CAC (ONLY). Gulp! One coin low six figure coin we will mention that we sold-a J-1640 $4 1879 Coiled Hair PCGS PR65 Cameo CAC. What a wicked cool coin. Super rare too. You’d think with any gold PR65 coiled hair worth at least $750,000.00, this coin would be at least $200,000.00-NOT! Folks, there are still lots of incredible values to be found out there (especially in an area like patterns). Of course anyone would pop out of their “off time” to place these coins with great collectors.
We’re going to be at Long Beach table 601. Stop by and do some business!
Since the show is at the very tail end of the summer doldrums, we are not expecting much. Has nothing to do with the show, just its timing. Plus, since we heard of very few coins being made at ANA, we can’t imagine any frequency of cool coins to be seen or bought. Usually the peak of the fall market is the fall Baltimore Show. Of course next Saturday AM we will have a full Market Report posted.
MORE PROOF ABOUT HOW IMPORTANT CAC IS-A SPECIFIC STORY
AS LONG AS WHAT WE SEE BAD THINGS HAPPENING LIKE BELOW, WE WILL KEEP WRITING ABOUT THE BENEFITS OF CAC.
This past week we agreed to meet a collector at CAC to help him submit his coins. We never sold him a coin. He was a bit of a price buyer, but would not hesitate to buy an expensive coin. He bought BOTH PCGS and NGC. ALL of his coins were NON CAC (of course he could buy them cheaper) and were gold-some really better gold. He bought them from his local dealers-of which a few are known on the national scene. You’d think he’d be buying good coins. NOT! He went ZERO for his entire submission to CAC.
He had chided us for weeks that all his coins were cleaner and better then any thing we could offer. Of course we knew that was a very bad sign. This obviously hard working man could not afford the time to learn more. Sure enough, at least HALF (yes HALF) of his coins were cleaned in some way. How did they get graded? The coin docs can be that good slipping coins by the graders. Keep in mind, the coins generally turn AFTER a few months in the holders. One coin was so bad we recommended the grading service needed to buy it back.
We do NOT fault this poor man in ANY way except for he should have know he was not buying A coins for a C- minus price. He was upset his most expensive coin that he really liked did not bean. For all the genius collectors who troll chat rooms and think they know how to grade, they need to realize each year we see DOZENS of people like injured like this. Our estimate is there are thousands out there YES, that many). You can’t learn a whole lot unless you really devote every free minute to shows and auctions. If he had paid a little more and if each coin had been CAC’d, he would NOT be in the position to lose money instead of making some.
No matter who your buying from, if a coin today is NOT CAC-ask why? ANY dealer worth their salt WILL send a coin in to be beaned if for no other reason then it WILL bring more. The favorite coin this man owned had it CAC’d, it easily would have been worth $20,000.00 more and it is NOT close to being a six figure coin (we were hoping it would CAC as we’d have loved to buy it). If a dealer is offering you an expensive non CAC coin-offer them a little more if it CAC’s. If they refuse to send it, stay away! You can call any auction house as well to find out the coins history or ask them (assuming they have a real numismatist) if the coin has any problems or has been cleaned. In the end, over 3/4 of this mans coin-had been to CAC.
Not trying to blaze the CAC banner here. Trying to save a few people from buying bad coins and /or overpaying for dreck. We are NOT anti NON CAC coins. Legend employs real numismatists who know how to grade, and do buy and sell non CAC (mostly wholesale). 95% of collectors can NOT grade as well as they think. CAC is really their insurance.
OUR ANA RANTS
See our HOT TOPICS articles from the past 2 weeks. Had to move this particular commens to the front page.
All we can say is the ANA is blowing it BADLY-AGAIN. We have been sent and been told many horrible stories of how sorry this organization is (including a simple request to help a club join). While one current ANA board member is playing big cheese and trashing Laura saying she contributes zero and is “self serving”, two REAL organizations contacted us and one in particular (a HUGE NON Profit) LOVED the idea about the open Registry. They are VERY open to working on it and are currently researching the idea. Who would you try and make it happen with: an organization that wants it and is pretty hip? Or one that is digging the deepest hole it can and does not not see its own destruction. If asked, Laura will sadly work with the other party. In the end, it is still about the collector, and Legend Numismatics strongly feels there should be an “open registry” run by a neutral not for profit group that can even some how includes raw coins.
At this rate, we stand by our comments the ANA will continue to LOSE membership in a fast paced cyber world, and the ANA Show will have only 500 total registrants out side of table holders in 5 years. We would be more then happy if the ANA turned around and shoved all our comments back at us. All they seem to want us to do is go away and shut up. Sorry, ANA, until you guys “get it” we’ll keep on you. Someone has too!
Please send any comments to firstname.lastname@example.org.
As promised, we’re not posting anything until September 9th. We do have about a dozen great coins we have accumulated since ANA ready to go. We’re going to be out in LA LA land early and hope to do some buying. In a week, you’ll see the results!
NEWPS are not the only great coins we have. Check out out inventory. We are one of the few (if not the only) dealer to handle ONLY PCGS CAC coins. It is not a fashion statement, its a protection issue for our customers.
LEGEND RARE COIN AUCTIONS
STOP BY TABLE 601 at Long Beach. We will have our 196 lot September Premier Sessions available for viewing (the lot list is already posted). We expect this sale to be live Tuesday afternoon. Plus, we will have a few killer highlights from the upcoming October Regency Sale in Philadelphia in conjunction with the PCGS Invitational.
We are accepting consignments for our October MONTHLY PREMIER SESSIONS INTERNET SALE.
We are in the VERY final stages of accepting coins for our October Regency Sale. The absolute FINAL date the coins MUST be in our offices: September 8th. This clearly WILL be our BIGGEST and BEST sale ever!!!! You want to see where all the QUALITY and eye appealing coins are? Our September Premier Sessions Monthly Sale and our October Regency Sale have them!
For our West Coast Friends: Legend Auctions will have lot viewing for our October Regency Sale in conjunction with the PCGS grading day held in October 13th near PCGS! See the PCGS web site for the location (we’ll announce it later). No appointment is needed, although we do suggest one so you do not have to wait. Greg Cohen our Senior Numismatist will be there to answer any of your questions. Consignments will be accepted for any Premier Sessions Monthly Sales or our December Regency Sale.
Contact Julie Abrams: julie@legendauctions, or Greg Cohen: email@example.com. They will work with you from start to finish on your consignment. Or Greg can help you with any numismatic questions.
Stay tuned for much more information about our October Sale!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE WILL NOT BE BACK THE OFFICE UNTIL TUESDAY 9 AM EST. AT THAT TIME WE WILL CHECK OUR PHONE MESSAGES