We did not expect to have as good of a week as we did last week. No, the market did not pick up-we got lucky and were able to buy a few small deals. The 2 gold deals we bought in Houston and another deal at home fueled our week. Hard to believe but it seemed like the average value of coins we sold was $30,000-$40,000.00 ($1 1892 PCGS PR68 CAC, $1 1894 PCGS MS65 CAC, G $1 1854 PCGS MS65 CAC, $5 1916S PCGS MS65 CAC, etc). We did not sell any six figure coins. Gold Type clearly lead our sales. There were several Want List hook ups and coins sold well off our web site. Cheaper gold especially (below $5,000.00) sold the fastest.
There is no question we are seeing some light to moderate selling right now by collectors. Prices overall have weakened on average coins as demand is weak. Better coins are still in strong hands and are holding firm. When the “right” coin appears, it goes away just as quickly. At this time of year, it is typical for sellers to out number buyers. Of course we are not seeing any major rarities or great coins being offered. Prices generally do not firm up until after FUN in mid January. If your not gloom and doom, this means OPPORTUNITY (you have to look for them though).
We still have HUGE Want Lists. So we know DEMAND for great coins is strong as ever!
A Ferrari sold for $28,000,000.00 while Janice Joplins freaked out Porsche sold for $1,760,000.00 last week. Even a 1952 Mickey Mantle Card brought $486,000.00 on Ebay! The big money collectors for prized top tier collectibles is still there and are still fighting to own the best.
Considering the coin market has seen THREE of the biggest ever collections being sold in the past 2 years (Pogue, Gardner, Newman) the market is still every much alive and well. There are no retreads from these collections floating around still seeking homes. In fact, today the majority of coins on the market are boring and bland, the market is in a mini hibernation. When the great coins appear and are fresh like the Ferrari, you’ll see buyers lined up to compete. A $500,000.00 coin has now become a non news worthy event.
Our point is, while all these big ticket rarities are still making the news with record prices, coin collectors should be seeking out the great deals that are hidden out there today. Our market right now is choppy and certainly not on the upswing like 2008-creating tremendous opportunities. We see tremendous value in the $2,000.00-$100,000.00 price ranges. We’ve been talking about Proof Barbers in all series all grades above PR64, $3 Gold pieces in AU or finer, or any really rare and high grade coin that pops up. Look at how cheap GEM $5 Indians have become-and those are really rare! Even though the market is 70% dreck and retreads now (pure lack of supply) at most shows, there are hidden GEMS to be found. Down times like this are an even better time to buy. In the scheme of money in the real world, with cars, art, diamonds, and even baseball cards selling for millions, coins over all are still cheap. We know we’d much rather have a GEM MS66 Bust Half for $45,000.00 vs any Baseball card at $486,000.00 (both seem to appear equally)!
It is our opinion that as oil and the stock market waver, you’ll see more money coming back into coins and all collectibles. Considering there is not much current supply available in coins, the momentum to have prices rise could be swift and sharp by the beginning of 2016.
One thing Legend does, is vette every single coin we offer by two world class numismatists-not salesman. These are the same numismatists who have built today’s greatest collections (Simpson, Law, Coronet, Morelan, etc). We are NOT price buyers. We buy the coin-NOT the holder. So if a coin is really high end and has killer looks, we’ll pay the premium we feel its worth (we’re never afraid to pay a record price for a great coin). Down the road, this ideology pays off. Properly graded eye appealing coins DO hold their values the best-especially during down markets. You always can buy from us with full confidence as to a coin being what we describe!
This week we have some fabulous coins to offer highlighted again, by great gold. Highlights include:
3CS     1869 PCGS MS66 CAC
$1        1879 TRADE PCGS PR67+ CAMEO CAC
G$1     1854 TYI PCGS MS67 CAC
G$5     1909 PCGS PR66+ CAC
G$20  1923-D PCGS MS67 CAC
Of course we have many coins that will fit all tastes and budgets. Don’t forget to check out our regular inventory as well.
We will not have our NEWPS out in Las Vegas. If you wish to see any please call or email us.
This week is it! Thursday at 4:30 PST our auction is live in Las Vegas. Our sale has been posted and open for a few weeks now. Bidding has been strong while new registrants have hit record numbers! We can tell you thousands of people have viewed the sale on line. Every day we chat with eager potential bidders. We thank EVERYONE for looking and participating!
We expect strong bidding in this sale. Our sales are NOT retread clearance sales. We get fresh handpicked great coins (for this sale we did reject about 100 coins). So if your thinking of bidding, BID STRONG or you will be shut out. Even though we do not have a gazillion names on our lists, we have the right buyers with Legends customers base as the anchor. Remember Legends base include the same people that make Legend the #1 buyers at EVERY MAJOR auction held (last Pogue sale we spent $8,600,000.00)!
If you have numismatic related questions, need valuation advice, or need representation, contact Laura Sperber direct: lsperber1@hotmail.com. Don’t worry, if a coin is not right for you, you won’t be talked into it.
For this sale only Legend is offering special 30-60-90 day financing on purchases over $15,000.00. Please contact Julie Abrams ASAP. ALL financing MUST be PRE approved before you bid.
You may also contact Julie with any questions in general or if you need assistance. She can be reached at julie@legendauctions.com. We have a special cell phone for when we are at the show: 732-233-0719. We are available from Tuesday 2 PM PST on via the cell.
We look forward to having another great event/sale. Thank you!
We are near our deadline for consigning to our Feb 18th sale. Our very last chance to consign is at FUN. Of, ship us your coins now. We have a minimum of $5,000.00 with no coin less then $1,500.00. Do know we will reject coins we feel have too high reserves or have bad problems. We do assure you coin in our sales gets as many eye balls and action as any major auction house delivers! Contact Julie Abrams today! julie@legendauction.com

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