DONE WITH THE SPIN CYCLE
Much to our surprise, this past week 75% of our sales, were Type pieces below $15,000.00 (we ran out of the “right” gold). It is a mystery to us why Type had fallen so badly last year and was not in the tornado that blew through at FUN Auctions. Regardless, we sold coins from $1,200.00-$495,000.00. The biggest coin we sold- was the $20 1875-S PCGS MS67 CAC. We passed over it at the Pouge sale and paid the ransom a few days ago. Had too, once that coin would be sold, we may never get another shot at it. We were not able to buy the coins we so desperately seek for our inventory. We spent a good part of every day searching the web for coins. Its so dry out there dealers were calling us every day as well seeking coins. While our sales could dwindle at anytime because of this, its all extremely healthy for the market.
The good news about all this is we have gone from a tornado to a thriving wind storm. Make that a wind storm with a powerful pulse. We can not say enough how deep this “black hole” is we mention every day. The recent FUN sale was over $40,000,000.00 for US coins alone. Simpson was $22,000,000.00. Save for a few coins, the majority of buyers were collectors which means one and done-you will not see the coins offered for resale. We expect the upcoming Long Beach Auction (which includes more Simpson coins) to be every bit as strong as FUN was. In fact, ANY form of buying coins you will face this pulse and will have to pay higher then published prices or what the last coin sold for. Be prepared!
It is hard for us to price better coins today. We can’t tell if a coin is worth x or y due to the rising prices. Granted auctions are competitions, but at least you have created the new market value once a coin is sold in most cases. Only with widgets or more commodity like coins can a person easily calculate a value. For the vast majority of rare coins, price guides and published values are out dated, Your best bet is try and follow the auctions.
We always say, pay strong today and buy the right coin. Your in it for the long haul and your not looking for a 10% return.
SIMPSON
We have heard a lot of talk about how awesome the Simpson collection was. Thank you! However these coins that are being sold are slackers vs what he kept. He has the #1 PCGS $10 Indian and Saint Sets. He has a complete run of $10-$20 Proof Gold 1885-1907 in high grades (he does have a PR67 $20 or two). His gold Patterns which includes the Gold Amazonian Set are really priceless. And his unbeliveable Type set (which includes two MS68 Bust Halves and a $1 1922 PCGS PR67 CAC). We could go on and on. However, what he is selling does rank as some of the greatest coins ever. We’re happy to see collectors eager to place these great coins in their collections.
The $10 1804 (which was bought by a foreign buyer of US coins) for a record $5,450,000.00 (all in). After the sale it did receive an unsolicited offer from a collector who was deeply in love with the piece for a profit. No luck. That is amazing but shows how strong the upper end has turned out to be. We think the classic rarities will explode in value as a new class of strong buyer is entering the market today. The power was already been proven by the new to coins collector who bought all the Brashers.
Simpsons patterns are a once in a lifetime treat. We think even if they sell strong, they are still cheap. The vast majority are pop 1’s or have mintages below a dozen coins. In many cases, you can buy a pattern cheaper then what the regular date and grade would sell for. There is little to be afraid of when buying the Simpson or any Patterns.
GOLD AND SILVER
It is Legend Numismatics strong opinion, the spike in Silver caused by the Robinhood crowd was a joke and was a one time event.
We do strongly feel gold and silver WILL wise to over $2,000.00 and $35.00 an ounce within the next few months. Allow time (it should be noted we are gold bugs) for it to happen. There are so many forces in the markets that are working slowly to inch the prices up. Government spending is only starting. Inflation is clearly on the horizon. And the dollar, that will remain tanked. Last, people for centuries have turned to gold as a “safe haven” for their money. That has not changed. Silver has enjoyed the ride with gold but to lesser extent. We were made aware of the fact one of the biggest telemarketers has thousands of inquiries this past weekend because of the Robinhood explosion.
For gold collectors, a great way to have a nice collection while accumulating gold: build a Type set. Its clear to us, many of you are. This way you are highly diverse and can pick the coins YOU like. We notice many of you are listening and are building Gold Type sets. Bravo! We’re going to try and stock more Gold Type coins. The hardest coin for us to find-A High Relief in MS65. They are out there, but seem to be in strong hands.
Where re all the generics? Its amazing to us how many people have become hoarders of things like MS65 $20 Libs and MS66-67 Saints. We just raised our sightUNSEEN bids on all of these. Purchases: ZERO. We only see one or two coins listed at retail. These are items we used to buy and sell on a daily basis. Then again, having a few dozen available in a world where hundreds of thousands of people a day shop around is not much at all. No question prices are creeping up on these.
NEWPS
OUR NEWPS ARE NOT POSTED IN ORDER. THEY ARE ALL ON THE FRONT PAGE OF NEWPS. WE ARE STILL WORKING ON THE WEB SITE!
Legend Numismatics is proud to own and offer some exceptional patterns we purchased out of the recent Simpson auction. We started with a list of 20 coins we felt had the ultimate in quality and rarity. Our total purchases: 8 coins! Of these 8, we assure you each coin is of exceptional value as well (why do finest known pop 1’s sell for under $25,000.00?). In our opinion, the coolness factor of these coins is off the charts.
There is no single highlight in the patterns as they are all worthy of that status!
Suggestion about patterns, we think they make awesome additions to any regular set. What a great piece of numismatic history these are!
Regular NEWPS highlights:
$1 1842 PCGS MS64+ CAC
$1 1927-S PCGS MS65+ CAC
$5 1910-S PCGS MS64+ CAC
Of course our NEWPS contain many other coins that are for all tastes and budgets. As we mentioned before, we are having extreme difficulties buying-especially coins below $10,000.00.
SELL US YOUR COINS. WHAT DO YOU HAVE? WE ESPECIALLY SEEK COINS VALUED UNDER $10,000.00. WE CURRENTLY ARE NOT BUYERS OF COPPER.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Our Feb Regency sale is now live! Visit the web site and check out the great coins for sale. On Saturday, a new current Market Report will be posted.
If you have any questions, please call the auction folks at 732-935-1168. Consign your coins to them, no one brings stronger prices! We have a powerful boutique auction where your coins won’t get lost! Our CSNS sale-highlighted by the Jerry Forsythe #1 MS Walker Collection and the outrageous #1 $10 Indian Proof Collection. This is already a monster sale you will want your coins in!
IF YOU HAVE ANY QUESTIONS OR WIH TO ORDER, PLEASE EMAIL US; legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
