THIS REPORT IS WRITTEN FROM LEGEND NUMISMATICS EXPERIENCES AND OBSERVATIONS-Legend deals in the top rarities and top 5% of quality
A GOOD WEEK
We had a very active week. From the day we started posting NEWPS (Saturday AM) until our seemingly usual Friday afternoon sale we enjoyed strong activity. Collectors from all walks of life were buying. Obviously we wish we had more coins!
Every thing was selling. We sold several hundred thousand dollars worth of the Blue Lake Collection and we sold many other coins including the H.10 1792 PCGS 06 CAC (listed at $45,000.00)! An interesting note, we had some strong offers on “old friends” too. We were near empty by Tuesday. Then we caught a break. We bought a small exciting gold deal. You know hard PCGS CAC choice to GEM gold is to buy? Plus, we have been working on a few more deals we hope to conclude later next week. We were so nervous we actually got sick/super stressed over coming home from a FUN Show with so few coins. We hope to have another small but killer quality offering next week. Included will be a few of the gold pieces we just bought.
NOTE: Also, our secret “stealth seller” is still adding up his sales from FUN. We never got a bigger check (well into six figures) then what he just paid us! We have also heard from a few dealers who are desperate for coins and want to come over and buy. We’re really not wholesalers who do that every day, but they are calling and asking us. Strong indication of the market.
A WORD ABOUT TIME PASSAGE AND VALUES-A HUGE TIME WARP
Many collectors seem to forget that 2014 was not yesterday. In 2013-2015 many of the generations great collections were sold (Newman, Gardner, etc). An awful lot was sold in 2014-which was FOUR long years ago. No question since then demand has only increased for better nicer coins. So why would you think a price of a coin from then would make you want to pay that same amount today? FOUR years of no specimens showing up in ANY auctions is eternity. Think of all the major shows that had gone by (about 45). All the business that had been transacted in that time (billions) and most important, how many coins have been graded/beaned since 2014-have the pops doubled (highly unlikely if not a generic)?
When you really start thinking about it, the reality of what is available and how the prices have not moved since 2014 or so is very sobering. That is why as the neater auctions roll around today so many out people can”t buy because they think they are over priced. Smart thinking collectors know to pay more for the coins they have not and will not see again any time soon. We can’t stress enough how this market is hurt by ineffective price reporting (we do know PCGS has recognized its faults and is revamping CU Values). However, this incredible information is in front of everyone-yet no one really thinks about it.
When someone like us is telling you we came home from FUN near empty, start re-evaluating how you figure your coin values. 2013, 2014, 2015, and now even 2016 with s few coins appearing-prices can’t stay down. The other thing holding prices back-the dreck is what has been selling because so few nice coins are for sale. Know the prices you are paying today are the true new market values-especially if it is a record price. The new generation is in its major buying mode, so coins are now going off to a bigger black hole then we have ever seen. Few coins/fresh large collections are coming out to a starving market. Even we forget that if the last coin to appear was say in 2009-that is now 9 full years ago even though it feels like yesterday.
In the end, it is pure supply vs demand. And demand is sure beating supply badly today! We stand by this comment; NICE AND BETTER COINS ARE CHEAP TODAY-STILL!
ALL THAT GLITTERS IS STILL GOLD!
Very sneaky how gold has been climbing back up. The gold bugs (like us) certainly are aware and we see momentum-a real momentum building for price increase in generics and better gold coins. We know at FUN, the floor was totally dry of slightly better generic and overall better gold PCGS CAC.
Something strange is happening in generic Saints (our favorite market). All of the sudden 3 major bidders are vying for coins at really strong money-2 of them are sightseen though (but they are real bidders). PCGS CAC W/M no spots MS67’s are now easily worth $17-$19,000.00 with heated demand (any one have any?). While we’re iffy on Saints rising further, we totally bullish on all other beaten down generics in MS65 and better (MS64+ $20 Libs below $2,000.00-we don’t think that can last much longer).
We still suggest building a choice/GEM Type set. Or even something like a 1900-1907/8 $2.5 Lib or $5 Lib set in GEM (you can easily complete it in MS65/66). We most highly recommend a challenging set of $5 Indians in MS64 (allow time and have a strong budget). Or, build a Civil War set of $3- in AU/MS. There are so many smart opportunities right now in gold.
This gold run should have every long legs for coins especially since supply and the premiums are so low.
Yes, we were crying we did not buy enough at FUN. We’re spoiled by what we used to buy. It is a fact, we bid $2.2 million at the auction and only bought $600,000.00. For us to be out bid, you know it was by the ultimate final users. However, we really really did not take full stock of our purchases. We walked the floor so many times our feet hurt! We did not think we bought much, but in the end looks like we did buy more then we realized (still not anywhere near normal levels). As you can see, this week we do have some wonderful coins. Sure its not loaded with GEM PR Type or rare gold, but we do have 15+ exceptional quality coins.
The ultimate highlights this week:
1C 1936 BRILLIANT PCGS PR67RD CAC
$1 1803 SMALL PCGS AU58+ CAC
$5 1805 PCGS MS64 CAC
$50 1851 HUMBERT 887 50 PCGS AU50 CAC
Those 4 coins are highly impressive. EVERY coin in our offering is of HIGH END quality and has exceptional eye appeal.
Also, check out or regular inventory, we have several great coins that deserve great homes. Not everything we post sells within 72 hours!
ALL NEWPS ARE NOW POSTED FOR ROUND II OF FUN
THE BLUE LAKE COLLECTION-ROUND II
Yes, we are posting more coins. Again, these were in the #1 set until recently. These are some great coins!
1C 1794 HEAD 94 PCGS MS65+ BN CAC
1C 1823 PCGS MS62 BN
NOTE: All the Blue Lake pieces have been to CAC, not all beaned.
We assure you, this offering will be total nervana for any Large Cent enthusiast!
We still have MANY more pieces to post! It might take us another week. Send us your Want Lists!
ALL BLUE LAKE NEWPS FOR THIS ROUND ARE NOW POSTED FOR ROUND II
LEGEND RARE COIN AUCTIONS
BID NOW! Our January Regency Sale is only 10+ days away! Already we have hundred of NEW registrants and many serious bids are in place. Looks like it will be a show down on the 1920 Saint (even the Saint Mafia blessed it). Of course the toned Morgans are already off to the races with multiple NEW bidders! Collectors know, Legend Auctions is about quality, so they can bid aggressively with confidence (and they do)!
Call or email us today to set up phone bidding, terms, or what ever you might need.
We are putting the final touches on our January Premier Sessions Internet only sale. Its not your typical web sale. Over 3/4 of the coins are PCGS CAC and are not the typical dreck you see offered in internet sales. plus, with less then 125 lots, you can browse quickly (sorry, we think posting hundreds or thousands of lots is highly negative and you won’t find nicer coins in them-aka a waste of time). THIS SALE WILL BE LIVE STARTING JANUARY 18TH AND CLOSE JAN 25TH at night. We will have it in Las Vegas for lot viewing.
We are now accepting consignments for our May Sale. Have an entire collection (you do NOT have to have PCGS CAC coins to consign)? Have one special coin? We have hybrid programs where we can buy/auction, or sell via consignment to help you get top dollar. Contact Julie Abrams: julie@legendauctions or Greg Cohen: greg@legendauctions. They will craft you a plan to maximize your coins values and will work with you from start until you get your check!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY