A WILDLY SUCCESSFUL ANA FOR LEGEND
Okay, we were one of the biggest naysayers about attending the show because it was in OKC. Oh man, are we glad we went. BUT our show was really made on the wholesale side, not sold to the public. We sold in excess of $1 million! It turns out this was Legend’s best ANA ever! We did not see that coming. Just prior to the show, we had sold 4 coins that were each valued over $100,000.00, and 3 of those coins were valued at OVER $250,000.00! Our sales of coins priced below $10,000.00 have been exceptionally high. The business we did at the ANA show was a complete surprise to us. There were no summer doldrums this year!
We had to start traveling on Saturday because there were few nonstop flights and even fewer full-size planes. For dealers, full-size planes are a must to get our cases packed with coins on board. Traveling was bad for many—we know of one dealer from LA who had to go through Atlanta! Shame on the ANA for picking such a poor location.
We arrived Sunday and prescheduled four appointments with four of the biggest buyers in the business. NONE of them disappointed us. Add in one major appointment Monday morning, and we should have boarded a plane and gone home. Dealers really needed coins, and it was easy to do business. We were one of the few who had a lot of PCGS CAC pieces, which were highly in demand. Every dealer was, in most cases, paying our full website offering prices. Our wholesale sales continued strong throughout the show. Retail, however, was another story. Only a few die-hards attended. We did just a handful of sales to the public. One was for a $95,000.00 coin, and another was to someone totally new to us who spent six figures. At any other show, had those two sales been it, we would have been happy. But this is ANA; there should have been many more people there. The ANA should be ashamed that so few attended. Tens of thousands should attend the biggest show of the year, not just a few hundred devoted fans.
One of the reasons we did so well is we had exactly what the market craved: better PCGS CAC coins. The strongest areas we saw by far were the Better $10 Indians and the OMG Saints. ALL gold was strong—save for better $5 Indians. That one is beyond my comprehension. Attention: anyone who collects GEMMY coins UNDER $5,000.00. We knew two dealers who were there would have bought every decent coin priced below $5,000.00 if they could have. The floor got so dry of those kinds of coins we almost jumped for joy when we found a GEM coin below $5,000.00 priced right (like the 5C 1893 PCGS PR67 Cameo we have coming up). Sheets are so far behind that the average coin buyer will lose out because they think they are paying too much. We witnessed a collector at a major dealer’s table examining a sheet and asking why the coin costs so much. The dealer was polite and explained to him he is paying much more to buy coins like that. The collectors just did not understand (and he shouldn’t—he is not in the market day to day). We can tell you that we cannot buy nice coins cheaply anymore. Prices in many areas (but not all) ARE moving up. Now it remains to be seen how sluggish the market will get after the auctions. Every year, the market slows when over 10,000 lots of great coins are released all at once. We are holding our breath as we enter the show and auctions, where the market’s momentum is strong. That doesn’t happen pre-ANA or during the summer.
Legend wishes to thank the few hardy souls who stopped by our table to do business or just say hi. Having strong relationships with collectors means a lot to us. Hopefully the ANA won’t torture all of us with such an off-the-grid location again. When Laura was on the board, she pushed hard for Chicago (and a HI midwinter). At least everyone can get there. The temp was over 100 degrees every day in OKC. At least the hotel and the convention center were new, gorgeous, and had strong AC! Our next show will be in Chicago during the week of September 22nd. People can get there easily—it’s right next to O’Hare!
THE MARKET OVERALL
The weakest overall areas: Some copper, and some silver Type. Gold is red hot save for $5 Indians. Cannot explain that one.
Coming into the show, we already had numbers that would have given us a remarkable month and one of our best summer sales months ever. All of a sudden collectors are buying strong. In our world they want the best coins that have the looks and quality. Most people seem eager to pay as well. We have a few Standing Quarter Collectors—OMG, all we have to do is get the coin (of course the right coin); price is not the issue.
We have been able to get our full asking prices from dealers at shows. That is because there are not many coins around. The use of these apps to send all junk and coins valued below $5,000.00 to the deep black hole has revealed a marketplace that may be too small for the enormous demand. Think about this: we could not even locate any Proof Walkers in 67 on the floor, quality WHITE CC Morgans, or GEM MS 65 Saints (common dates). All those areas used to have a strong supply. On a higher note: we wanted a lovely 25C 1916 FH piece in 64/65. NADA. We have been searching for a white 32D 25C item in GEM-NADA. Ding, ding, we did manage to buy one really pretty Bust half. We spent a little at the show, but not on the coins we needed. It makes us stressed. We have such huge wish Lists and we have to explain to our customers why we cannot fill them after every major show. Do not think we did not look at every single table more than once or have secret meetings early on to view dealers’ coins. We are pretty close and may even have exceeded 21–22 pricing in certain areas.
So many coins are in so many strong hands. Even in areas like Nickels, where the demand is weaker, you still could not find many coins. Just know that you do have to pay more to buy the nicer coins. There are no gifts.
Please use common sense when buying. If a coin is not classified as CAC today, what is the reason? If you really want the coin, offer to pay more for it with a sticker or get a buybackif it fails and you send it in. With PCGS CAC coins clearly bringing top dollar by far, why would any intelligent dealer not have sent in a coin? If you are buying NON CAC, work with a dealer. There are plenty of coins that, for whatever reason, JA would not bean—that does not mean they are not nice. Since collectors do not see as many coins as a dealer, it’s important for you to work with someone. And it is acceptable to have a gap in your collection if all your items are CAC-approved!
We expect the market to cool between now and the Chicago show based on previous years’ performance. Many coins are coming through the auctions. Both Heritage and Stacks have 500+ lots of Platinum nights. There are tens of millions of coins to be sold. We do think they will achieve strong numbers. But we expect the sales to hurt the market’s momentum in the short term. But then we never expected such a strong summer. If the market does break through—hang on for a seriously wild ride up!
Do not hesitate to call or email us with any questions. We are here to help you.
PLAYING IN THE AUCTIONS THIS WEEK?
Know the coins you probably will need will not be the ones falling through the cracks. Be careful about how you bid. Yes, many areas have moved up, but do not pay “moon” money unless you are pretty certain you won’t need to sell the coin in the next few years. Seek the help of a dealer—especially if you have not seen the coins. And please, do not chase or pay too much for widgets or common coins that trade as such at shows.
NEWPS
We could not buy all that much below $10,000.00. The larger coins we purchased are being shipped home now and are going to be posted over the next two weeks.
There is not one single coin in our NEWPS posting this week that we think does not deserve to be a highlight. Every coin was picked for its outstanding qualities and eye appeal. When do you ever see CAMEO proof, Merc? Look at the 26S -FH-25C. It does not matter that the coin is graded AU 58—most collectors will never acquire a piece graded MS. And of course, there are phenomenal gold listings…
VIn our NEWPS postings, we will provide collectors with the next best venue for those who cannot make the show!
DON’T FORGET TO CHECK COINS PRICED BELOW FOR OUR BOX OF 20 RECOMMENDATIONS. ONLY THE BEST COINS (FOR MANY REASONS) MAKE THE CUT
OUR OFFICE WILL BE CLOSED AUGUST 29TH THROUGH SEPTEMBER 1ST. WE WILL REOPEN AT 9 AM TUESDAY. WE DO NOT CHECK FOR PHONE ,MESSAGES UNTIL THEN-HOWEVER WE DO CHECK OUR EMAILS DAILY
