SUMMERTIME SLOW
The summer doldrums are alive and well. Something we did not think about-our customer base apparently was watching our auction last week and held off buying from our web site. So web sales to our non core group had been very slow-until Friday. As we started posting coins we got action. Several of our NEWPS were sold in seconds of posting! In fact writing this report was delayed due to the action. We do realize, its just a blip and nothing over $10,000.00 sold so far (although this past week we were discussing several bigger coins). We are not hearing much good from anyone right now.
While we are keeping our fingers crossed the ANA will be a good show, deep down we can’t get there. It is a fact there is a severe lack of coins. Seeing retreads or dreck in many cases does not stimulate activity. We even reached out to CAC to ask what they see coming in-its mostly over graded ugly generics. Even the auctions look a bit boorish (although fair warning we are playing hard on the few better coins we see). We are wondering what the attendance will be. More and more it seems like the internet is the way to buy and trade coins. We have been screaming for years the ANA needs to wake up this sleepy show.
At least we do know-as proven by our Regency Auction last week, the market for TRUE GEM coins is still there and is red hot if you the real coins. We can NOT stress enough being 90% all there on a coin is no where near the same as 100%. You should NOT expect the returns the top coins bring. Plus, to buy a top wow coin, today it is almost certain you have to over pay to own it. As we have been saying endlessly, great coins are in really strong hands these days with the number of select top end buyers only growing!
The market will improve when coins start appearing in some quantity. Typically this happens end of September on. Until then, you can get some great deals!
A TREAT FOR THE ANA SHOW
Thanks to our good friend and customer “the bank teller” we will be displaying (THEY ARE NOT FOR SALE) the two most valuable toned Morgans-the $1 1904O PCGS MS67 CAC which sold for Pluto money of $39,950.00 and the forever winner of the title of most valuable toned Morgan on earth: the $1 1880S PCGS MS68+ CAC Ex Sunnywood/Simpson piece (we named it the Grand Dame). That coin brought an unheard of record price of $61,687.50.
A quick note since we get asked about our customer base, here is a quick profile: “The Bank Teller” is new to coins. He started buying ONLY in December. Already he has amassed two mind boggling beyond registry quality collections-all exclusively through us! He has been nothing but a delight to work with as he educated himself well. His day job is a top executive of a Fortune 100 financial firm. At night (and we know sometimes during the day he sneaks off) coins have become his passion. He loves to read about them and any history. Thanks to him we just got a complete historical education on the Mint in 1792. In his main collection, the coins he adores most are the ones with the greatest pedigrees and histories (oh yeah eye appeal counts too). When we delivered the toners he bought to him it was like seeing a wide eyed child getting a new toy. He bought the toners as a side collection because he sees them as incredible works of art. Hard to believe but he is putting them aside to his 11 year old daughter hoping one day she might develop an interest (hey a Chinese guy bought a $60 million diamond for his daughter last year, so why not?). We can tell you, “The Bank Teller” is thrilled he can look at his toners every day (he now has about 18 WILD world class toners)! He is not done with acquiring toners yet either and is still working on his other world class collection.
Come by our tables 704+706 and see these two wonder GEM toners. We promise, they are a visual treat!
In addition, we will have the VERY BEST and neatest coins for sale and on display. You’ve got to come by and see us!
NEWPS
We are back in business! Yet again coins valued between $1,000.00-$7,000.00 just few off the web site on Friday as we posted them. It was not easy finding coins within those value ranges. We do have posted a fabulous group of coins for your consideration. Highlights include:
H01 1848 PCGS PR65RB CAC ex Missouri Cabinet
H01 1849 PCGS PR65BN CAC ex Missouri Cabinet
5C 1867 NR PCGS PR66 DCameo CAC
5C 1937D 3 LEG PCGS MS66 CAC These are one of Legends all time favorite coins.
Of course we did our best to offer something for everyone. Besides these great coins, check out our regular all PCGS ALL CAC inventory (something no else has). We’ll work hard to get you into the coin of your desires!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
MAJOR ANNOUNCEMENTS:
LEGEND RARE COINS AUCTIONS WILL BE SELLING THE WORLDS MOST VALUABLE MORGAN
$1 1893S PCGS MS67 CAC EX VERMULLE Est $1,250,000.00-$1,500,000.00 This coin is the finest graded!
LEGEND RARE COIN AUCTIONS WILL ALSO BE SELLING THE #2 MS $10 INDIAN SET ON THE PCGS REGISTY
$10 1907-1932 The Crow River Collection. ALL coins PCGS-and the majority are CAC. Grades range from MS64 to MS67.
These coins will ALL be on display at the ANA Show: tables 704-706. These are in our Regency XXIII Sale in October in conjunction with the PCGS Invitational to take place in Philadelphia.
What a sale this will be. If you have special coins you want to sell along side these great pieces, contact Julie Abrams: julie@legendauctions, or Greg Cohen: greg@ legend auctions now. Time and space is running out. Remember, we keep our auctions to around 500 lots. Minimum consignment value $10,000.00, $2,500.00 per lot.
Our last Regency Sale (July) was a run away success!
We will be posting our August Sessions sale in a week or so. We will have highlights at the ANA Show. We strive to make these mini Regency Sales-so you can bid with full confidence.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
