Where Is The Coin Market Today?
Since late last year on our level of collecting (the top 5% of the market) we experienced nothing but turmoil. We witnessed a shock that the Pogues and Gene Gardner were selling. Some people thought Simpson was too (as now proven, he was just pruning). A few higher rollers panicked and dumped. Nearly a year later the dust has cleared. Gardner is sold and we had the first sale of Pogue. Things aren’t so bad after all. We see it as sort of a “rising from the ashes” scenario.
Of the 120 or so Pogue coins that were sold last month, we guess LESS then 10 are for sale today. And of ALL the Gardner coins sold-we can’t say we see many still around for sale at all. It did not take a seismic shift for the market absorb all the great coins either. In either collection if a coin was of amazing quality-it sold for “moon money”. If it was 99.5% quality, it sold for good money. Both of those results are far better then “weak” prices for sure. Even more mindboggling, the vast majority of the coins from the two collections are now in the endless “blackhole” of collections that exists worldwide.
Confidence in the top tiers is returning for sure. There is no more reason for any gloom and doom thinking.
Legend has been selling a lot of coins since late March. Even with summertime here, because of or classic fresh and really rare NEWPS. we’re still selling strong. Older inventory is selling slight slower, but its still selling!
THE REAL HURTS OF TODAY
We see only two things holding back the coin market. #1 no meaningful price reporting. #2 Supply.
As you know, price reporting has long been a peeve of ours. We loath rags like the Coin Dealer Newsletter who not only are inaccurate (in our opinion) but have the gaul to make others do the reporting while charging for a subscription. Collectors Universe is semi ok, however it seems every time we buy an expensive coin we’re looking at a ridiculously out of touch number. So long as the CU people won’t make it a full time position, their prices will always lag or be off too. We just can’t find much accuracy anywhere.
We have evolved to using auction prices realized. For us its a no brainer. To the public its bewildering. They don’t if the coin that sold for 40% LESS was full dog or not. We’ve seen many a collector miss great coins because they had no real accurate pricing/value guides. Our ONLY suggestion-worth with a capable dealer. They should know the inside and out of the market. Use auction prices realized as a guide only. Understand most nicer coins could be valued much higher. There is not real simple answer here.
Supply. When a major auction comes around collectors wake up and become interested in buying. Going through July we can tell you there typically is little reason for excitement. So collectors generally do not focus on coins until the ANA Show time.
If you think about it, when was the last time there was a world class major offering of Morgan Dollars? 2009 FUN. That’s over SIX years ago. Where was a dollar collector supposed to get coins from since then? And how in the world could any collector start to build a great set? That’s why we know our sale next week of the Coronet Collection of Morgans will easily set record prices-to the collectors who realize its their only shot at great coins for a long time. There are NO pricing guides that could really help you figure what the coins are really worth. Collectors being forced (by limited supply) to look at overgraed widgets every show and auction (like 83CC’sin MS65) does not stimulate any excitement and growth.
Supply of any Type of great coins is far rarer then you think. Today, in order to buy a really great coin you MUST stretch price wise. Sadly, a limited supply equates to limited interest. That is why we see those two issues as the real ‘hurt’s of the market. If you can identify with them and tolerate them you are way ahead of the game!
NEWPS
We apologize about last week’s meager NEWPS. Illness got the better of us. We’re still not 100% but we can sit up and write about our great NEWPS.
Look at what we have to offer this week: above $700,000.00 worth of great NEWPS! Highlights include: 50C 1795 PCGS MS64 Y OVER STAR 0-121 CAC EX POGUE. We bought this piece AFTER the sale. Like several other Halves, it sold too cheap. Once its gone, good luck finding ANY MS63 or finer 1795 50C! We’re also posting TWO exceedingly rare and VERY Choice MS64 Early Bust Dimes. Other highlights include: one of the all-time FINEST MS Barber Dimes that exist: 10C 1894O PCGS MS67 CAC, and a mindboggling 25C 1867S PCGS MS67 CAC-which may very well be the FINEST MS Seated Quarter. We have a MONSTER Black and white 1882CC Morgan in MS66 DMPL CAC. There are several other really great and exciting coins we’re posting.
Don’t forget to check out our regular inventory to see other really neat coins!
ALL NEWPS WILL BE POSTED BY SUNDAY NIGHT. Please allow 24 hours for images (unless we posted a cert number).
LEGEND RARE COIN AUCTIONS
We’re getting closer to the June 25th auction date! Be prepared! Call us now to discuss terms, phone bidding, or ask any questions. Email Julie Abrams at: julie@legendauctions.com. Need representation? We do it for FREE! Plus, you get the same advisors who exclusively represent world class collectors like Simpson and Morelan. Our opinions are objective-its not our style to be any other. Email Laura Sperber direct for representation: lsperber1@hotmail.com.
A word of advice, we use estimates to try and guide collectors as to a small range we think the coins could be worth based upon the coin and our knowledge of the current market for that coin. We suggest you think about the estimates and also use current auction prices realized to get a feel of a value for a coin. If your thinking of bidding on the better Coronet Morgans, get ready! We expect them to sell for “Moon money”. When was the last time you saw a 1893 $1 PCGS MS66 CAC or monster $1 1882O PCGS MS68+? Good luck bidding!
Time is running out. Let us know how we may assist you!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER PLEASE EMAIL US. WE DO NTO CHECK OUR PHONE MESSAGESUNTIL MONDAY 9 legend@legendcoin.com.
