OUR HEADS ARE SPINNING
This past week we witnessed and knew of more BIG six figure-even a million dollar plus deal taking place (all factual real deals). Coins up to $10,000.00 are still as strong as ever. Anything beyond that is dicey and is hit or miss. Still, there is no way the coin market should have strength like does. We even saw a quality on line art auction brought strong prices on the 30th of April (Shannons).
Collectors want to spend money. Cash is earning them ZERO. Hard assets fell the least since the pandemic started. A lot of people (including this author dislike the stock market again). Coins are a great area to buy into and collect. With things opening up again, people seem less frozen.
The switch must have turned on May 1. We had our worst April EVER. Thursday night we committed on a $65,000.00 coin and by the time we got home, we had an offer to sell it for a tidy profit from the person who sold it to us. Then come today (May 1), we posted our NEWPS early in the morning. BOOM! The 1C 1859 was requested at 9 am. Had a call on the 1795 50C but we could not come to terms. Then the $10 1848 sold (that was a great deal). Around noon BOOM! A strong immediate cash offer came in for the last coin we expected to sell immediately-the 1795 50C. The sales price was discounted a little as it is an all cash deal. Then we sold a GEM $2.5 Indian and a $5 gold coin that was posted for 5 minutes. We left early with our heads spinning. We forgot what days like this felt like. We hope May stays open and we can have several more strong sales days.
Addition: at 4:30 PM Saturday, the 1797 was SOLD to major Bust Half Collector. We sold several other smaller coins off the web site too in the AM. The coin market is coming back to life May 1!
Of course the bread and butter coins are just sitting there. We scratch our heads as to why our cheaper coins are not selling so fast when we know others are dong so well with theirs (we admit Type is a not so strong). But then our NEWPS are only up for a few hours-not the weekend. We hope some of our regular inventory sells too (look at the 25C 1938 or the $3 1879 2 killer coins).
A few of the smaller collectors are starting to sell, but they are not having total fire sales vs heavy pruning. Overall, it seems good coins certainly are in strong hands. Prices are hit or miss though. PR Type is weaker right now (we think it is undeserved). Again, it all depends on the coin, like in stocks, certain sectors like oil (and we should know) are extremely depressed while other areas are on fire. Big ticket Morgan Dollars are a soft due to heavy selling in the past year. There are many opportunities still to buy in.
Do NOT buy rare coins thinking you will flip then in a few months. Won’t happen. The rare coin market is NOT the stock market. Buy coins to hold for the long term.
Ah gold. The best roller coaster ride in the world. Gold coins (generics) save for $20 Libs and Saints are still off a bit and its a safe and good time to buy them. We do still like the big $20 coins and are selling as many as we can get as fast as we can get them (only PCGS CAC 66 and higher).
We like building Type sets. Its your pick as to what is included them.
Our other picks are $5 Libs in MS65 and higher 1900-1908. MS 65 and higher $5+10 Indians. Better Saints.
There are many severely depressed areas still that represent strong opportunities. Bank of America publically is calling for gold $2-3,000.00 . We are gold bugs and can see it happening as our government is just piling on the debt.
We had a MONSTER 1795 50C PCGS MS63+ CAC SOLD!
Our big highlight is the ultimate circ 1797 50C-the Col Green/Newman coin. This coin is a GEM AU! It is the BEST AU you can buy!
Then look at the 1905 PR Set-its an original matched set! WOW!
We have several other great NEWPS as well.
A special note: The Naples DMPL Collector asked us to LOWER the prices of CC DMPL’s. These coins are amazing. If you are close, email us, we’ll see what we can do. Keep in mind, he paid strong for these coins because they are amazing! You do not want to be competing for them in auction. These days similar coins do NOT appear for sale.
ALL NEWPS ARE NOW POSTED
Do not forget to visit our regular inventory. We have some coins that simply have been overlooked.
LEGEND RARE COIN AUCTIONS
The auction closes in 13 days! Get your bids ready!
We already have substantial eye balls and registrants. Bidding is far more active then we thought it would be at this time. There are some VERY cool coins in this sale.
Visit the auction companies web site: www.legendauctions.com to read a Market Report and to check out the sale. If you have any questions, please call them at 732-935-1168. Do your planning now!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US; firstname.lastname@example.org. WE DO NOT CHECK PHONE MESSAGES UNTIL MONDAY 9 AM