NOTE: OF COURSE WHEN YOU PUT UP A NEW WEB SITE THERE ARE UNKNOWN GLITCHES. WE ARE WORKING ON THEM 24/7. ALLOW US A DAY OR TWO FOR CORRECTIONS. WE SUGGEST YOU EMAIL ALL ORDERS TO GEORGE HUANG: email@example.com.
THE SWTCH IS OFF
It is amazing how we all can go from a good show (Baltimore) and good sales overall to nothing in a week. It is a universal feeling there is an on/off switch every collector is a part of. This has happened several times in the past few years. Right now, the switch is off. Less then 30 days ago the market was robust and better coins were trading nicely. Now, you can not find anything of quality and every ones stuff is just not selling. We for sure are scratching our heads. Frustrating.
We have made a major re-commitment to ourselves to try and stick with the semi-retirement plan we had worked on a year and half ago. The start stop and lack of coins is really taking a huge toll on us. The goal is a smaller inventory, less travel, and more work on Want Lists.
How can the market be so dry so quick? Its funny, years ago everyone was hoping a Bill Gates would start buying coins. He has not but someone similar has and swallowed up a substantial amount of choice coins (over 100 million dollars and counting). Then you have that “black hole” that immediately absorbs the balance. So only at major auctions do really major fresh coins appear. Once the lot closes, boom! The coins are gone-not even a once around on the bourse floor. We can’t buy GEM better DMPL’s any more, we can’t buy better Saints. A huge chuck of GEM Proof DCameo gold is sitting in Japan and seems to be staying there. For dealers like us, it is so hard to get the real quality stuff these days. To stay relevant we try and stock really nice lesser value coins (and even generics) so we can have offerings. Lately, even we have been disappointed in the caliber of our offerings-NOT the quality tho. Right now its auction to collector. Very little fresh new coins trade via dealers anymore. That is some strong proof demand is far stronger then supply.
We have learned just to muddle through the slump until the switch is back on. These dips are bad for us, but GREAT for collectors. With demand far put pacing supply, prices MUST go up.We KNOW the slump WILL end when our March Regency Sale 31 takes place on the 21st. We expect many price records to be the set. We strongly believe this sale is the best group of quality in many years-even going back to the apostrophy sales in the 70’s! We also expect the majority of the sale to go direct to collectors (or dealers representing collectors). That sale should keep attitudes strong through Central States in late April.
ATTITUDES NEED SOME CHANGING
Because there is a dip or slow time in the market does NO guarantee what you just bought will be in profit in 6 months or so. Ditto you completing a Registry set. It is strange but a lot of people we build Gold Type sets for actually ask us if gold goes up by $10.00 can they make a profit? NO! We can not say enough: RARE COINS ARE A LONG TERM HOLD. Long term is NOT 6 months, 2 years, or even 5. Coins are very cyclical and you can catch sudden movements but that does not happen much any more. A good thing is margins dealers make are so small now, buying a coin is not like buying a car where you lose 20% when you walk out the door.
Buying in auction is even trickier as you are buying in a competition. So you can be 10-50% above the current market. Very dangerous-always use an adviser! Do not think your under bidder will always be there. Chances are they moved on when they lost the lot. The key is in the buying, not so much market timing. Nice coins still need time to become fresh again. Stuff will never move, while monster coins are in their own orbits. Always THINK LONG TERM. Your coins need freshness to sell-no matter how nice.
CAN YOU REALLY MAKE MONEY IN COINS?
Heck yes! Watch our upcoming Regency Sale later this month. Both the Young and Intense Cameo collections are the best you can find. Both collectors paid really strong money for their coins. Both collectors bought only the VERY best coins. EVERY coin just about CAC’d. Every coin had to have killer eye appeal. BOTH collectors WILL make money-serious money.
Young started in 2007. His first call to us was simple, best coins, best quality. He never backed off paying for a great coin. He also NEVER accepted anything less then gorgeous to monster eye appeal. When has any one seen such a group of coins offered in the last few years-especially matched original proof sets? We sure don’t remember any offerings like this.
The Intense Cameo collector actually was more recent. Probably since 2012 he began buying these out of this world Cameo coins. Here too, when has any one ever seen such a group offered? Every coin has CLEAR, DEEP mirrors, and ZERO haze (super rare). We forget about some of the coins we had sold him (like his unbelievable 1877 PR Trade Dollar). We strongly feel he could even double his money!
As you can see the traits both collectors have in common: they always sought out and paid the price for real killer coins. They did not try to sell them in a short term period. We helped build both collections (Young was exclusive). We’re not bragging, but save for 2-3 dealers we know, no one else can offer the monster quality coins these collectors bought except Legend. Building collections (even mini collections) like this is what we live for. Who and how you buy makes a huge difference.
Yes, you really CAN make money in coins. Buying marginal coins cheap-no. Buying pretty coins a tad high-no. Buying the best for the grade with great eye appeal at a slight premium-possibly a profit if held for awhile. Buying the gonzo monster everything coins and overpaying-YES! You WILL make money! You do NOT have to a billionaire either to do so.
This week we are only posting 10 NEWPS. Its a combination or a super dry market and we really want to sell down our coins and take it easier. The highlight of our offering is a circ $10 1920S PCGS AU53 CAC. How many nice original 20S $10’s have you ever seen?
Now is the time to make us reasonable offers on our inventory. Our chief buyer likes buy stuff she personally likes and sometimes her favs sit for a while. So we will work hard to get you in a coin you desire. Partial trades are accepted. Contact George Huang to discuss anything in our inventory: firstname.lastname@example.org.
ALL NEWPS ARE NOW POSTED
NEXT WEEK WE WILL NOT BE POSTING ANY NEWPS DUE TO TRAVEL.
LEGEND IS STILL BUYING
We do not need stuff. However, we do need $20,000,000.00 for our Want Lists. Last week we bought a killer $2.5 1830 PCGS MS65+ CAC. We need simple stuff like a few GEM PCGS CAC High Reliefs in MS65/66. ALL clear mirror better GEM DMPL’s (remember we are the people who the late Jack Lee entrusted to buy his famous DMPL collection). Anyone have a $20 1907 Saint PCGS MS67 CAC or higher? Oh do we need better Patterns in higher grades-no one pays more then we do. For our customers protections we will not publish any specific lists. Do know, last year, Legend spent well over $30,000,000.00!
Ask any major auction house-Legend Numismatics has been a major (maybe even the top) buyer for years. Of the 5 coins on the PCGS web site listed as most valuable Legend Numismatics has purchased all but one-the $1 1804 PCGS PR62 Original (did not care for it). Collectively those 4 coins we bought we paid approx. $23,000,000.00. We can handle ANY amount. And nothing is too small for us either!
We will buy entire collections to get the coins we need. So do not hesitate to offer us your coins. Here too: contact George Huang: email@example.com
LEGEND RARE COIN AUCTIONS
We’re still in shock as to how many people have looked at and registered for our Regency Sale 31. If we stopped today, we’d be at all time records. Its scary, but we have two seek to go!
But then we do not recall an auction so dazzling in content in many years-if ever!
We do request if you wish to phone bid, need terms, or have special needs, please call us now. We expect to be swamped at the sale and want to be able to help everyone with the highest quality of service. Please contact Terryann@legendauctions.com.
LEGEND RARE COINS AUCTIONS IS PROUD TO ANNOUNCE
THE WORLD FAMOUS “SUPERNOVA” $20 1857S PCGS MS67 CAC has been consigned to our May Regency 32 sale in New Orleans. This coin is from the SS Central America.
If you have not heard about this coin, Supernova is the most spectacular toned gold piece that exists. The colors are totally original. These colors came from the coin being encrusted for 150 years on the bottom of the ocean. It has NOT been conserved. The colors are its natural state.
We will have this coin on display at our Regency 31 sale in Las Vegas March 21 and at the Central States show. Even if you do not want to bid on it, you can come and see this new classic rarity and enjoy looking at its wild colors and quality.
We estimate this coin will bring $275,000.00-$325,000.00. But, it is the face of the SS Central America coins and it is unique. The bidding could easily be at runaway numbers!
Want your coins sold with this amazing coin? We still have limited space for our May Sale to beheld in New Orleans. contact:
Julie Abrams: firstname.lastname@example.org
Jessica Berkman: email@example.com
Greg Cohen: firstname.lastname@example.org
IF YOU WISH TO ORDER OR HAVE ANY QUESTIONS, PLEASE EMAIL US: www.www.legendcoin.com. WE DO NOT LISTEN TO OUR PHONE MESSAGES UNTIL MONDAY 9 AM.