THE PCGS INVITATIONAL
We fully encourage any one who can to go to any PCGS Invitational. The dealers are in the most intimate setting and room is well decorated and is quite comfortable. PCGS always throws in a good meal. Last year in New Orleans they brought out delicious baggets (as an afternoon treat). They were as good as you get any where in town! This weeks show will be a bit different. Any time we hold an auction-a lot dealers and collectors attend. We’ve been told the hotel is sold out until Friday and there is a waiting list for tables. People are still aggressively seeking coins, so we expect extra strong activity which could make a few bigger dealers hard to get too. If you come to the show, stop by and say hi!
WHAT IS FRESH?
Between people selling us back coins and placing them in auction (recently) we are seeing too many people who do not realize it takes time-a long time for a coin to be considered fresh.
Too many collectors think a coin should be called fresh when it has been off the market for 1-2 years-WRONG! We consider truly fresh coins to be off the market prior to 2008 these days. We all still have vivid memories of certain coins-especially the ones that hung around for too long. We can not stress enough how much of a difference there will be in a “fresh” coins price vs a recent off the market coin.
Having a fresh coin is critical to it’s value. If a coin is from 2015 and you had to pay a premium for it-the chances of you being able to get out at a profit in 2017 are slim-matter how nice the coin is (although it does happen). There are exceptions as the coin market can be cyclical, however it is unusual to sell a recently purchased coin for a profit. The rare coin market is NOT like stocks. Coins are a LONG TERM hold with short term swings and always have been that way. Freshness in a long forgotten coin is critical. Retreads only depreciate in value until they are long off the market and become fresh again.
A great example of freshness is the entire 1994 Collection that is coming up in our July Sale. ALL coins were sold in 1993/1994 to the collector by us. The star of the auction-the $20 1909 PCGS PR66 CAC. There has not been any PCGS CAC example sold in auction since 1994 (NOT the same coin). Just by mentioning a small blurb in last weeks Market Report, not only was there serious interest but we rejected two world class offers. One bold offer was just because the coin is fresh. We believe if this coin had traded in 2011, we would not see the interest as heavy or have the incredible offers that were made. This coin is fully expected to set a record price! Actually in ANY totally fresh sale (like the recent Blue Moon Collection) every thing sold strong to record prices-quality did not matter totally, it was all about freshness.
Folks, if you want to make real money in coins, start thinking LONG TERM Holds. Unless you pick off a special coin or two in a weak auction (example, the 2nd Pogue Sale was super weak), your immediate profit potential usually is slim.
HALF WAY THROUGH MAY
We are shocked to see our sales for May are already at last May’s totals. What is even more surprising-our two biggest buyers have spent less then $250,000.00 combined so far this year. The big change is in the NEW customers we have picked up-including 3 people who will easily spend OVER $2,000,000.00 EACH with us by June! WOW! What is even more remarkable, these new collectors “get it”. They are searching for stunning eye appeal, killer quality, and really rare coins. ALL of them started buying coins in Dec-January and are total newbies to the hobby (how wild is that?). Plus, we have many other newbies spending smaller amounts. Even for Legend, this activity is unprecidented-if we added one person per year spending that strong we’re happy.
We do NOT see our demand for coins dying (remember our market is the top 5% of coins). However, we do see us being choked by an absolute lack of supply. We know we are heading into that choke time because we can’t buy much at all-and OTHER dealers are calling us to buy-and many who never do auctions are going to participate in our sale next week. Every one is hungry right now. The lack of coins has slowed the market before and driven the real players into hybernation. However, we do think at Long Beach and a the Baltimore Show in June there will be a few coins around plus Blue Moon II being auctioned in June). Currently Legend is having great difficulty buying cool coins valued between $2,000.00-$7,000.00. Never had that happen before.
No question coin consumer confidence is at a high and there are more great coins in strong hands then ever before. This is on ALL levels of the market. We are NOT talking about dreck coins in this discussion, those you can never buy cheap enough
This is Quarter Mania week.
We are proud to offer 3 incredible 25C pieces in GEM (a min Type set)
25C 1825/4/2 PCGS MS65 CAC Ex Pogue/Eliasberg
25C 1834 PCGS MS65+ CAC
25C 1853 A/R PCGS MS65 + CAC
Each coin is handpicked and is a TRUE GEM. The 1853 we had next to a MS66-and this was by far the better looking coin!
We also have a stunning 1851 G $1 PCGS MS65 CAC-that is FULLY prooflike. It does have a small patch of Mint die grease-but wow! The thing looks cameo.
Of course we have several other coins that should fit all tastes and budgets in the NEWPS. Also, check out our entire inventory-we have many great PCGS CAC coins.
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
Only a few more days until our Regency Sale closes live at the New Orleans PCGS Invitational! There is still time to discuss terms, phone bidding etc. We do travel on Tuesday and can be reached at 732-233-0719 starting at 4 PM until Friday at 11 AM. The auction has a live session starting 6:30 CST Thursday. BE PREPARED!
We expect many strong to record prices for coins. This is one of our most diverse sales ever. Take note: Legend Auction sales sales are all about quality and service. Don’t expect many coins to slip through the cracks as we do not offer dreck! While we may not have 800,000+ names, we have several thousand of the “right” buyers!
If you have any questions please contact Julie Abrams: firstname.lastname@example.org or Greg Cohen: email@example.com
We are looking forward to seeing you and producing a successful auction! Enjoy!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR EMAILS UNTIL MONDAY AT 9 AM.