LEGEND WISHES EVERYONE A SAFE AND HAPPY THANKSGIVING HOLIDAY!
OUR OFFICES WILL BE CLOSED THRU+FRIDAY HOWEVER WE WILL BE CHECKING OUR EMAILS.
This past week was a bit slower for us-from Wednesday on it was all hands on deck to complete Legend Rare Coin Auctions cataloging and getting the information off to the printers. It was a distraction, but we still managed each day to sell at least one five figure coin to a collector. Off the web site, smaller coins priced from $1,000.00-$3,000.00 were pretty much sold out by Monday.
It was interesting that the five figure coins we sold included, several bigger gold coins, a few PR Trade Dollars, two superb GEM high grade Standing 25C, and a monster $1 1896 PCGS PR67 DCAMEO-all to different collectors. We did only one Want List sale. Good coins definitely are still selling. The market is back to closed up tight for finding spectacular NEWPS right now.
Our view is the market is still choppy. unless we have a home for a coin, we can not really just stock everything like we used too. Sure, if a coin is spectacular we WILL spec on it. This is not only us, most other dealers have dramatically slowed their buying as well. That’s why we have kept saying, the real dreck coins are sinking beyond the ocean floor these days. You do not want to buy dreck right now-the dealers motto is “cheap is not cheap enough” on those coins. How will the market get rid of them? They end up in auctions and are sold to bottom fishers. We think this choppy market will easily last through the FUN Show.
What we’re saying may sound not so rosy for the unsophisticated price buyers, keep in mind, we are not talking about the mega monster “beyond moon money” rarities. Those are doing just fine. They will continue to just fine as they are so limited in supply and gradeflation really has not destroyed ANY classic rarities values-to date.
AN OBSERVATION ABOUT THE TOP END OF MARKETS
Last week we briefly commented about how Sotheby’s and Christies rang up around $2 BILLION dollars in art sales in a week. Plus, a few big diamonds traded for tens of millions each, while rare high end cars kept up their frenzied climb.
This all relates to coins because it proves the market for collectibles is alive and well. Collectors are willing to spend when the “right” items appear. Just like in the coin market, Sotheby’s had the Taubman collection (probably the equivalent of the Pogue Collection) worth $750 million dollars which brought the big buyers out of hibernation. Not only did it sets records, but it stimulated the market. Just like with the coin market, the majority of the art from that collection is now in private hands. You certainly do not see any of the great Pogue coins lingering at shows or in auctions.
While the coin market is much smaller, its not really much different in its behavior. So many great coins are off the market in strong hands, whats left is dreck, retreads, or boring coins. Its forces the market to semi decline when nothing of great interest is offered. The real money does pop up for the great rarities and high quality pieces when they surface. Look at the $1 1894 PCGS MS66+ CAC Coronet Morgan Legend Auctions sold in October. It realized a staggering $141,000.00! When the Coronet collector bought the coin back in 2009 for $82,500.00 he was not so sure how he would do with it. Like in the art, precious GEM, or car markets, the real money is there, the items just have to be worthy and fresh.
Making major purchases in choppy markets like this of the “right” coins (like a $1 1894 PCGS MS66+ CAC) and holding them a significant time-WILL yield remarkable results. Paying a strong premium today is insignificant if you buy right. This has been proven in all collectibles markets time after time. Gardner, Pogue, Eliasberg, Pittman, and Norweb are firm proof.
We have tried to figure this many times: WHY HAS THE MARKET MADE THEM SO CHEAP? They have been our #1 pick for a few years now. They are a great series. You can buy really pretty pieces. The majority have mintage of LESS then 1000 with pops per coin of LESS then 50. There are no “break the bank” high priced pieces.
There is only moderate difficulty in building a full set of PR64-67 pieces in all denominations. Its certainly not like trying to build a GEM Peace Dollar set or even PR Liberty Nickel set (much higher mintage). We think if your looking for a neat set to build, think PR Barbers-ANY denomination!
Here are a few approximate costs if you were to do and all PCGS CAC set:
10C PR65 SET $27,00.00-$30,000.00
25C PR65 SET $48,000.00-$50,000.00
50C PR66 SET $100,000.00-$115,000.00
With PR Barbers there are many different entry points you can build sets at for BELOW $50,000.00! And if you up it to $100,000.00-you can do a nice GEM set of ALL the denominations (including throwing in some cameo coins)!
We still HIGHLY recommend MS 64 and higher Gold Type sets. Buy ONLY PCGS CAC coins!
Early last week we had the privilege of buying back a small mini collection were were assembling over the the past year or so. The set happens to consist of some of the most desirable coins collectors want: BLAZING SUPERB GEM MS CC Morgans 64-67! You can’t find puffy white, HIGH END, accurately graded pieces like these on the bourse floor any more. When they do appear in auction it becomes a feeding frenzy (we assure you, these coins are priced VERY fair). Each coin is full Legend quality!
Other great NEWP HIGHLIGHTS include:
$1 1855 PCGS MS64 CAC-The second FINEST known.
Several sensational PR Barber Halves, including the ultimate highlight: 50C 1911 PCGS PR68 CAC-a multicolored MONSTER!
We will also have several PCGS CAC gold coins priced UNDER $4,000.00 as well-don’t think too long, these usually sell fast. We do buy iNOT buy or offer any generic gold that’s anything less then top notch.
NEXT WEEK: OUR POST THANKSGIVING NEWPS WILL BE POSTED BY LATE MONDAY NOV 30TH.
LEGEND RARE COIN AUCTIONS
We did it! the endless job of lotting and describing 477 lots of phenomenal coins is now completed. There are so many incredible coins it took us a few extra days to write the descriptions.
To show you we’re not hyping things, go to our web site: legendauctions.com and see the lot list. We expect the auction to be live by Monday night!
WE WILL HAVE THE ENTIRE AUCTION AVAILABLE FOR LOT VIEWING AT THE HOUSTON SHOW DEC 4-5.
Much too our surprise, collectors are already thinking ahead to our Feb Regency Sale. Don’t wait to consign! The FUN Show is too late as we want to make sure we have the time to market your coins right. Contact Julie Abrams at firstname.lastname@example.org to consign or for any questions about our upcoming Dec sale.
NOTE: If you are qualifies,we WILL be offering special payment plans. Please contact us BEFORE you bid.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US AT: email@example.com, We will not be checking our messages until 9 AM Monday.