THE PCGS NEW ORLEANS INVITATIONAL SHOW
How can you not attend a show that puts out yummy warm baguettes? Sigh.
As expected the PCGS Invitational was well attended. Dealers especially had to go as there had not been a major show in month plus. Even though a couple of major dealers did not attend, the show started off really good. However, as dealers found they were not making many coins, they pretty much stopped buying. This is now 3 shows in a row where PCGS has been really tight (its been no party for the crack out guys since the regime took over).
We applaud PCGS. EVERYONE (including collectors) needs to realize, you just can’t buy an older holder coin, finish a collection, or just expect an instant up grade any more. It was never a right to have it happen. Look at the mess we are in today because of the attitude. Breaking the mind set will be hard and take a while. However, once done, it will lead to a healthier market base. Sorry, but Legend loathes the dealers who simply do nothing but look to “move the line” for a living and coin docs. Its funny how retreads of the same coin for resubmission never seem to stop among dealers. That in our opinion is pure denial coupled with a shot of desperation.
Everyone needs to start looking forward and think about where the market can be in 5-10 years. Forget this instant gratification.
LEGEND RARE COIN AUCTIONS HAD A HUGELY SUCCESSFUL AUCTION!
We did it again! This time we had a theme. ONLY coins in collections exclusively built by Legend Numismatics for its customers were included. No question collectors yearned for the quality. We had only 184 total lots.
The highlight set was an amazing partial (nearly complete) Gold Type Collection.
We paid strong to buy the coins in the set a few years ago. And as they sold with so little available, collectors paid even stronger prices. As we say time and time again, “there is no substitution for quality”. The prices and activity in this sale clearly reflected that.
The other 3 sets did incredibly well too. The CC Morgan set that should not exist saw many bidding wars. We almost could go lot by lot to discuss this sales great activity and prices realized.
A more detailed write up is below in the Legend Auctions section.
We thank every one who participated.
CONGRATULATIONS TO BLACK CAT
The Cat has done it again. He now is the proud owner of the #1 20C Proof set. He has unseated a Collection that had been #1 since 2002. This set is rated a whopping 68.5. Congrats!
Included in the set are:
20C 1875 PCGS PR66 CAMEO CAC
20C 1876 PCGS PR66 CAMEO CAC
20C 1877 PCGS PR67+ CAMEO CAC
20C 1878 PCGS PR67+ CAC
When we build a set exclusively, we assure you, the quality and eye appeal are 100% there. If these coins did not warrant, they would not be in this amazing collection. BC’s standards are VERY high. Down the road if even possible, the frisky Cat would always consider upgrading.
Black Cat clearly has one of the greatest ever collections built around his love for top quality and special coins. His Pattern set is now second only to Bob Simpson. ALL his coins are PCGS CAC ONLY. He does not let his cat bell ring every time he buys a coin nor does he seek his ego stroked as some big collectors do. He enjoys his coins and does share them either through displaying with us or the ANA at major shows. The scope of his collection is so powerful, Bruce Morelans #1 all time MS Trade Dollar set-is just a subset of what Black Cat owns! MEOW!
BACK TO NOTHING
Now that the market has some legs again. We’re back to the market having no coins again. Here we go again!
What will appear at Baltimore? Unless a major deal breaks (like our Bust coin deal) what will there be to trade? Its has gotten so bad we can not even find coins valued $1,500.00-$5,000.00 that are not retreads or just stuff to buy. Now it takes a major show to hope things appear. Baltimore at the end of the year save for the auction does not have any history of neat coins appearing.
The public clearly demands neat coins. For better coins, to receive a better price, you MUST have PCGS CAC. The only problem here, the pricing is all over the place. Hopefully that will soon end as CAC is looking into publishing retail values on its web site. For example, we just bought a $20 1911 PCGS MS65 CAC with neat color. We paid OVER $20,000.00. There are no accurate published prices for a GEM beautiful CAC coin. Finally, some help is on the way so collectors can better understand this crazy 2 tier market.
As always, we tell you, if you see a neat coin, and you think its 10% or 20% too much, BUY IT. You are not buying for today, you are buying for tomorrow. Coins will always have their up and down short term cycles. In the long term, great coins do produce great returns-its been proven so many times. Believe it or not, when there are no coins to trade like now, the market slows. BEST time to buy!
NEWPS
We tried really hard to buy. We found 12 coins (now less)! Impressive-NOT! Its that darn hard for us to find coins that meet our standards. The cheaper but better coins we crave ($1,500.00-$5,000.00) just do not exists anymore. If we did not have access to some of the worlds leading collections and their duplicates, we’d be broke.
This week there are no real wham bam highlights. Just a group of great handpicked eye appealing GEM coins.
Do know we pay what we feel a coin is worth. There are many times we pay more then published prices for a coin because of its High Ned quality and eye appeal. Legend has never been a bottom fisher and we will never skimp when it comes to buying great coins.
Again, if you collect one of kind GEM MS Bust coins, stay tuned! We have a once in a life time offering just a week or so away! We still pinch ourselves when we look at the coins!
ALL NEWPS ARE NOW POSTED. WE SOLD MANY AS FAST AS WE PUT THEM UP! STAY TUNED FOR THE BIG SHOW NEXT WEEK-THE BUST COINS.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
WOW, we did it again! Another wildly successful auction with several world record prices being reached. Serious collectors clearly want the full auction house presentation when buying better coins.
We’ll cheat a little and you can read the Market Report from the auction company side:
Five important, high quality collections, assembled by collectors with the exclusive assistance and mentoring of Laura Sperber and George Huang of Legend Numismatics were sold on Thursday, October 24, 2019 in New Orleans, held in conjunction with the October 2019 PCGS Members Only Show. The special auction, consisting of 184 lots, brought five very special consignments to the market. The CC Collection That Should Not Exist was a carefully assembled set of Carson City mint Morgan dollars with vivid, brilliant toning that rank among the very finest toned CC mint dollars. The AMG Collection was a set of Proof Barber Dimes, all PCGS/CAC, and very high end for their assigned grades (am in of PR66). Two classic rarities from the Bruce Morelan Collection; Part II of the Young-Dakota Collection; and the Coronet Gold Collection drew bidders to the Big Easy.
Taking top honors at the sale was a GEM PR66 CAM PCGS/CAC 1879 Flowing Hair Stella, which realized a total of $270,250. This coin, a highlight of the Coronet Collection, drew serious presale bidding activity. This price and all others reported include the 17.5% buyers premium.
Several of the other highest grossing lots came from the world class Coronet Collection, including lot 173, an 1852 half eagle graded MS66+ by PCGS and approved by CAC, which realized $123,375 on an estimate of $67,500-$75,000. This was a world record price! Also beating its estimate was lot 181, an “ultra high end monster” 1850 double eagle, which brought $199,750 to a top Legend Numismatics customer. This amazing piece stayed in the Legend family of collectors and brought a worlds record price!
Other highlight coins include:
Lot 4. $1 1880-CC PCGS MS66+ CAC realized $38,775 (estimate $25,000-$30,000)
Lot 38. 10C 1912 PCGS PR67 CAM CAC realized $5,640
Lot 46. An original 1876 Proof Set, all graded PCGS PR65-67 CAM CAC, realized $70,500 (estimate $50,000-$55,000)
Lot 70. 5C 1894 PCGS PR67+ CAM CAC realized $15,863 (estimate $8,500-$9,500)
Lot 149. T$1 1875 PCGS PR64+ CAM CAC realized $7,644 (estimate $5,000-$5,500)
Lot 192. $2.50 1829 PCGS MS64+ CAC realized $76,375 (estimate $60,000-$70,000)
“What I envisioned with this sale was to showcase some of the world class collections that George and I have exclusively helped build over the years,” said Laura Sperber, founder of Legend Rare Coin Auctions, and President of Legend Numismatics. “While the public might only associate me and my firm as building multi-million dollar collections, we have helped collectors with all budgets build great sets (like the AMG PR Barber Dime set). I think that this sale, featuring only coins that we placed with our collector clients, proves that. When we work with you to build your collection, we become your partner in the project, providing advice and sourcing coins that no one else can. Each coin placed into these collections was carefully selected for its high quality and outstanding visual appeal.”
“While our sister firm built these collections with the owners,” Sperber continued,” when the time came to sell, these collectors took advantage of Legend Rare Coin Auctions. Each coin got the care and attention that they deserve, and I think the results speak for themselves. Our customers success is our our success”
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The watch list for our upcoming December Auction is now posted. This is yet another out of the park total quality oriented sale. The postings are NOT fully edited yet.
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Forget the on line companies with no numismatists (legend has 2 world class numismatists on staff) or the ones with no descriptions. We work hard to make sure all coins we handle are fully described and are well imaged. With us, you know what you are buying. Plus, all coins sold by LRCA get exposure to the BEST collectors base in all of coins-Legend Numismatics customers. The OVER 100 world record prices we produced this year show we are doing something different that is right!
Have something to sell? Contact our auction staff at 732-935-1168.
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.
