THIS IS GOOD NEWS
Coming off a four month lull (for Legend) things are FINALLY starting to happen again. We are looking at 2 huge deals-both in excess of $1 million dollars, and a few “old friends” are finding great homes and are now in the deep black hole. Legend has problems unique to us vs 95% of the other dealers. Legend mostly deals PCGS CAC only and very high end coins. The one thing the market does not have at all.
We are not economists and do not understand this invisible on/off switch we endure. Its not just us, we chatted with a dealer who absolutely is a peer to us and his business is flowing exactly like ours. What we can’t figure why coins are not more on fire when: this past week the Bill Gross mega collection of stamps was sold with many records broken. Those crazy car auctions on TV look like they are selling well. And even driving home for us we passed at least a dozen $2 million + homes that never idled on the market and all now say “in contract”. People are buying expensive new cars and are still out there spending money.
We firmly believe that even with the stock market going crazy negative, people still have a lot of money to buy coins. A lot of the problem has to do with too much dreck and not enough great coins. One thing we will say, every Legend Rare Coin Auction does very well because we really do hand select each coin and we try to come up with the coins collectors never see and need. We were surprised when we realized just how strong Morgans are. Even proof Type sets many records in our sale.
All this market needs is properly graded coins and an adjustment in all the price guides.
We look forward to seeing every one in New Orleans this upcoming week!
PCGS INTERESTING INFO
Its no secret Legend Numismatics is a strong supporter of PCGS. Over the decade or so we had become very disenchanted with the over grading and the amount of dreck we saw coming out of the place. Our guess is the leadership was either tired or overwhelmed because the company was growing. We were as vocal as we could be-but we got told to watch what we say in public. It was gut wrenching for us because we consider Don Willis a friend and we had our differences (credit to Don-he shaped all of PCGS Web presence and did a lot for them). In the end, we believe David Hall knew things were a bit out of hand. Its hard to look from the inside out which meant he really could not stop it (and he had a bad health scare). He still is an icon in this business for making PCGS the #1 service.
Fast forward to the FUN Show. The new regime took office. At that time we did not have such a good feeling. We thought they might have weak legs. Fast forward again to today: WOW! We are starting to see tangible results. Four months does not make up for years or 100% proves things have changed. BUT we are hearing people are going 4 for 134, 0 for 36, etc. The crack out guys HATE IT. The big machine crack out guys are sitting back mumbling PCGS has to loosen up or their submissions will decrease. So far, PCGS has held firm. We see some results in auctions. Now we can actually buy a coin or two (and then not have it shoved in our face for double the price after it got upgraded). The coin docs and crack out dealers are scrambling hard to find 100% upgrades (stupid isn’t that). Before they ruled the world.
Legend Numismatics wishes to thank PCGS for holding the line. if they can go another 6 months and keep the overall out look of toughness, then we estimate the market will really rebound in 3 years (just our guess, it could be less). It will be even better if they hold this line forever.
This past week, we really heard many dealers complaining like crazy. In the past they got so many “gifts” that they forgot what proper grading should be. The crack out dealers never should have been allowed to rule the roost as long as they did. They did nothing to improve the coin market-they only hurt it. We are seeing some of our coins not doing so well too-but we get the message.
All this information is critical to know. Maybe one day some one will fix the price guides, but the fact PCGS is cleaning up grading is huge, that alone means coins should go up 10-20% sightUNSEEN in a year and stay there, or possibly go up even higher. Consumer confidence is being rebuilt.
Collectors, PCGS is getting it right. It will be better for everyone. Just allow them time.
If you are a submitter, do not expect any “gimmes” any more even if you bring your entire set in. The days of buying today and regrading and getting an upgrade are gone (unless a coin is really worthy).
Last, a buying tip: buy all the better PCGS CAC coins that have been graded this year. Most of those coins should be far better then coins from 10 years ago! Buy all you can. Especially buy better gold.
INVENTORY
We did not mean to have a more expensive offering. We had coins like a stunning WHITE $1 1902 PCGS CAC 64, a stunning toned 10C 1909 PR 66 Cameo, and a 1883CC PCGS MS65 DMPL-all got sold within minutes of posting. So its not like we are trying to forget about the market that is bread and butter to us.
This week we have some serious incredible offerings. Highlights include:
10C 1835 PCGS MS65+ CAC
50C 1905-O PCGS MS68 CAC DUCKOR/AKERS
$1 1885-CC PCGS MS66 DMPL “THE MONSTER”
$5 1813 PCGS AU58 CAC
Of course we have have tried to include other coins to fit everyones tastes and budgets.
Do not forget to check our regular inventory of handpicked high end and eye appeal PCGS CAC coins. We will challenge the quality we sell vs anyone!
LEGEND IS STILL BUYING! WHAT DO YOU HAVE? Contact George Huang: legend@legendcoin.com
ALL NEWPS WILL BE POSTED BY LATE SATURDAY
LEGEND RARE COIN AUCTIONS
www.legend auctions.com
Here we go! The REGENCY 32 auction coins are already in a Brinks truck and are on their way to New Orleans!
Here is where we are at with the current sale. An extreme amount of new people have registered to bid. We have many floor (representations already) and a few powerful phone bidders. We expect to be flooded with bidders all weekend until the sale starts Wednesday. Not every coin that will sell for a record price is expensive. Lot 55 and 1803 PCGS VF 25 coins with MONSTER rainbow album toning, is at $2,700.00, BUT it has 1,400 hits and 42 followers-a record for us! If you are thinking of bidding on that coin-be prepared to pay a lot more-seems a lot of people want it! The bidding has been really strong so far.
Like most of our other sales, this auction has many really cool coins and collection. The Issaquah Collection sadly is an estate, but its easy to tell all the coins were bought with passion. We expect much higher bidding at the time of the sale. Lots of people asked us about those coins and the PUG collection. Like with many coins in the sale, be prepared to pay a strong price. That is what the “new” market value will be.
Also, after some discussions, the owner of the Supernova has released the reserve. He knows many people have talked to us about it and he trusts our abilities. It is a once in a lifetime coin!
There is so much to talk about in this sale. The Team leaves for New Orleans Tuesday. Remember, the first session starts Wednesday evening with “dollar day”.
Please email us this weekend if you need to discuss anything concerning this sale. We are here to help you and make your experience enjoyable and successful.
Email Greg Cohen our chief numismatist: greg@legendauctions.om
Or Julie Abrams: julie@legendauctions.com.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
