A DECENT WEEK
We’d be lying if we said we had a great week. Its annoying to have a really good FUN Show only to come home to a week that acts like an on and off dripping faucet. We did sell a few special low five figure coins. But a few coins languished we never though would (like the Bust Halves). The hottest sellers for us seemed to be in the $2-$4,000.00 range, all metals all denominations. Could not get enough of coins of that value!
DON’T DWELL ON THE STOCK MARKET-BLUE CHIP COINS WORK!
We had two very wealthy people reach out to us this week to buy coins. It was their first time ever. BOTH came through friends who were Legend customers. They both had the same reasoning for why they wanted in the coin market now, they sensed the prices are cheap and they could not take being beat up by the stock market anymore.
This is pretty much the same thing we saw happen in 2008. Only this time, it took a while longer and the wounds are much deeper. Here is a really interesting fact: GE (the bluest of blue chips) was $35.36 on Jan 2, 2008. Today, its $28.49. Legend sold a $20 1920S PCGS MS64 for $145,000.00. Today, that coin would fetch $150-$175,000.00. Both GE and the 20S had short term swings in between. In the end, the gold coin was steady while the stock has declined with NO split. Sure, there are coins that did go down, but a good adviser will steer you away from the risky ones (things like $5 Indians in MS65 at today’s prices-even we say BUY, BUY, BUY)!
After talking to several people and a higher up at Heritage, we concluded there were no ulterior motives for the coin market in the recent FUN sale to have been so weak. It certainly was no fault of the auction houses either. The bidders were there but did not pull the trigger. In our opinion, what really happened: people simply did not feel rich after riding the stock markets extreme waves, thus equating to non spending on things like coins. So many coins fell through the cracks at FUN. We did have 3 people contact us about the G $1 1874 PCGS MS67+ CAC that we bought for a song at FUN (we put a small blurb in the last Market Report). It had just sold for much more at the Summer ANA with out a +. No group of 1874’s had been discovered and the quality was great. It was just a victim of the market.
If even a fraction of a % of money decides to seek hard assets and coins, it will really shake up our market pretty much overnight. We’re so thin as is for a supply of good product. Better PCGS CAC generic gold is pretty much MIA from the market. Still, the smart money will wait and will be there to buy the “right” coins knowing paying a premium today will make them money tomorrow. It is our VERY strong opinion this scenario is starting to happen and will gain strength as the stock market really gyrates.
We’re starting the two new people on major Gold Type sets (gold is the easiet thing for new people to identify with). We think over the next few weeks and months, the coin market will see many more people seeking to start collecting. Its not pie in the sky wishful thinking on our part, we’re drawing upon what we remember happened in the great stock meltdowns of years past. The timing sure is right today for an asset shift! Its just a matter of will the tide turn into a rush of speculation or will the coin market gain a serious amount of long term collectors like it did in 2008. We think the latter.
Today, there are so many coins that are “on sale’ for no reason. We really see little down side in the coin market for the types of coins we deal in. Shake yourself of the self pity and shock of the stock markets depression-there are other good opportunities out there for your hard earned money! If you have questions about rare coins, please call or email us, no one is better suited to help you build a world class collection than Legend!
We got lucky and bought a small gold deal Friday. Of course all the coins are CAC and they were bought for close to sight-UNSEEN money! Can’t do that very often especially at today’s much lower prices. The quality of the coins certainly is NOT sight-UNSEEN types.
We have more then gold in our NEWPS. Highlights of our other offerings include:
1C 1812 PCGS MS64BN CAC
1C 1814 CROSSLET 4 PCGS MS 65BN CAC
1C 1877 PCGS PR66RD CAC
1C 1900 PCGS MS67RD CAC
50C 1817 PCGS MS64 0-109 CAC
50C 1865 PCGS PR67+ CAC
$1 1858 PCGS PR64 CAMEO CAC
Naturally, there are many more coins to fit everyone’s tastes and budgets. Unlike so many other dealers, we did not find 100+ NEWPS. The quality we seek is just not out there. Sorry, we will not hold any of the gold for images. We assure you, EVERY coin we posted is really nice! Don’t forget to check out our regular inventory as well. We have many great coins at prices that are ridiculously cheap.
Legend only offers PCGS CAC coins to its customers. We care about the quality we sell!
LEGEND RARE COIN AUCTIONS
A LIST OF THE LOTS IS NOW POSTED!
Due to technical difficulties we will be delayed a day or two posting a list of the sale. We are working overtime to get a list posted. Also, we will be LIVE for our Feb 18th Regency Sale by mid week. So stay tuned.
LRCA WILL HAVE LOT VIEWING FOR THIS SALE AT OUR LONG BEACH TABLE. Stop by!
There are about 485 handpicked coins (yes, we really did reject an awful lot). Each coin was vetted by TWO world class numismatists-no other auction firm does that! Here are a few highlights:
Patterns. In fact our small group of Patterns is so powerful we’re starting off the auction with them!
A 1C 1912 PCGS PR66 RD CAC -tied for FINEST.
Proof 3CS. We have an out of this world group! Many coins have gorgeous color.
A H.10 1796/5 PCGS MS64+ CAC
An exceedingly RARE 10C 1842 PCGS PR65 CAC.
A COMPLETE PROOF BARBER DIME SET PR66-67 ALL CAC
A 25C 1916 STD PCGS MS67 FH.
A 50C 1807 LG STARS PCGSMS61 EX LINK.
An unheard of 50C 1942 PCGS PR66 CAMEO CAC-a coin sure to set a record price!
Toned Morgans. There are a dozen gorgeous pieces highlighted by a fresh killer $1 1882S PCGS MS67+ CAC!
A $1 1898 PCGS PR67+ DC CAC that is so ULTRA CAMEO you can see it from across the room!
A $1 1928 PCGS MS65+ CAC.
Exceptional gold pieces including a $2.5 1798 NGC AU55, a $3 1878 PCGS MS67+ and a $10 1890 PCGS PR65+ DC CAC.
A $20 1907 HR PCGS MS66.
A 50C 1939 Ark Set PDS PCGS MS66+ A Matched original set. ALL CAC!
Bulk lots are back at the end. We have 20 or so bulk lots ranging from 5 1C 1914 PCGS MS64BN pieces to 20 50C 1942 NGC MS66 WALKERS.
If you have any questions or wish to consign to our May Sale, please contact Julie Abrams at firstname.lastname@example.org
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: email@example.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY. SORRY NO COINS ARE HELD FOR IMAGES.