PRE SHOW WAS INSANE
Every table and chair in two huge rooms at the convention center were filled. We never saw more dealers attend a show so early. The action spilled out into the lobby.
The trading in the rooms was intense. Dealers were scrambling to buy what ever they could that was fresh. There were few coins. So dealers made the best of it and bought anything! Every table it seemed like the dealer trying to buy was making piles to buy. Of course some of the really big “sharks” came out and they were hungry!
Before the show we sat with a friend for about an hour and watched him buy a group of coins then pretty much sell them to the next person sitting down (felt like Boston 1980 all over again). We even bought a five figure he had just bought. By the end of Thursday, he had done several hundred thousand in biz. The amazing thing: he came with less than 1/2 a box of coins to sell.
We thought the prices being asked were top heavy and that there was a quiet hint of sluggishness. However many dealers almost seemed crazed to buy. Our thinking was so off! Price was not really an object when so few coins were available. What was even more incredible, it wasn’t just gold that was being scooped up. We did see and even sell some GEM Type (prices were okay, not crazy like gold). However, in the end we’d say demand for better gold coins continued to far out pace anything else.
Of course by the time the show started, many cases looked pathetic with just a few coins in them (as did our gold case). Mostly commoner stuff was available. We heard several collectors grumbling it was not worth it to attend the show to try and buy.
Legend by Thursday evening had sold well over $600,000.00 with the numbers growing. We could not have been more thrilled when we sold several old friends for some healthy profits! Our secret stealth seller was going nuts. He was selling like the buyers thought there was no tomorrow. He had done over $500,000.00 Tuesday alone! We’ll update when we hear from him Saturday and see our real totals. March madness is still alive and well in the coin world-and that is NO April fools joke!
In the end, Legend sold $750,000.00 at the show-which we consider strong since we only had one box of coins. Our pal the super-secret stealth seller did a remarkable $800,000.00 total. He sold a lot of cheaper coins. Dealers were super starved for coins. Now is definitely the time to sell! You can never get hurt taking a profit!
Fair warning: do NOT expect anything to sell cheap in the upcoming Stacks sale. We’re still open for some representation.
A NEAT COIN WE SOLD
We bought the Wayne Miller $1 1886-O PCGS MS65 CAC on spec when it was recently offered to us. In fact, we actually bought it sightUNSEEN! We have long been huge fans of Wayne Miller. He had the original MONSTER Morgan collection.
It was so hard to figure out a value. A white 1886-O in 64+ PCGS CAC is like a $30,000.00 or so coin. We PAID $250,000.00. We realize in this market, a great coin like this (PCGS pop 4, CAC pop 2) that has long been off the market will create a new market price when traded. Our information on the coin is that the coin was bought from Wayne many moons ago. In fact, the coin came with an invoice stating he was only selling it because he was buying the 67 DMPL! (which recently sold for over $700,000.00)!! WOW. The price Wayne sold the MS65 for: $350.00! An autographed first edition (with the MS 65 pictured) was included. How cool is that?
We were a little nervous. Legend hadn’t bought any really big Morgans like this is many years. A confident of ours told us we were in the coin just fine. We emailed one collector we know, next thing the coin was on hold. In this market, great coins find their new levels quickly as they are one and done. The market is that solid for great coins like this 1886-O Wayne Miller piece.
Forgot to mention, for an 1886-O, the coin was a SUPER HIGH END FULLY STRUCK KILLER! It was fresh frosty white with a ton of luster. The cheek was magnificent. It was not anywhere near MS64+, in fact it was closer to MS65+. The serial number is 43830711.
Buying was hard, but not totally impossible. While we’re not so happy with our mix (we just could not find coins BELOW $10,000.00 or wicked cool stuff), we are thrilled with the coins we did buy.
We’re not going to break out highlights because every coin we post we feel is a highlight. EVERY coin posted is of the highest quality and eye appeal-which has been more then proven over the years that Legend does deliver!
ALL NEWPS ARE NOW POSTED!
LEGEND RARE COIN AUCTIONS
Our booth was swamped with people wanting to see the pieces from the Dale Friend Collection and the Glorious Pattern Collection. Everyone walked away quite impressed with our CSNS sale.
Auction 51 will be live April 1 in the afternoon-NO JOKE!
We are on final call for accepting consignments for our PCGS New Orleans Invitational May 25th. That sale already has the Dale Friend Part II and the Glorious Pattern Set part II.
Contact the best crew in the biz for the best results: 732-935-1168! Time is running out fast!
IF YOU HAVE ANY QUESTIONS, OR WISH TO ORDER, EMAIL US: legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY