THE ANA MID WINTER SHOW
When you have low expectations, its hard to do bad. We’ve learned from years of disappointing shows, the ANA Mid Winter Show would not be good. So we sent only the auction staff and Jose with just 2 boxes of coins. A principal of Legend flew in Thursday just for the auction (we did buy the $50 Gilt Pattern for $188,000.00). At noon Thursday, we witnessed dealers saying it was dead and were already leaving. None of that was a surprise. We were just told this morning it was deader then dead already but it is early Friday when this report was written).
However, with some hustle, Legend did a little business. A little is a lot more then none, so we are happy with how we did. Our “secret stealth seller” felt like he was banging his head against a brick wall the entire time. He noted smaller coins (below $10,000.00) sold well. The majority of his customers did not attend. Legend made only one sale to a collector at the show.
At some point the ANA has to realize this is a dead show-no matter where they hold it. It is our suggestion that this show close and The ANA “partner” with a few regional smaller shows. That way their mission of coming to the public is done. They do NOT make money by holding this show. The “old guard” just won’t let it go. While Legend does not do small shows, we would consider sponsoring an ANA smaller show.
Very quietly we sold a few coins this past week-including a few old friends. Collectors finally see there are NO coins out there and are actually combing through our entire inventory like they normally should be doing. Several low five figure coins sold. We were surprised very little in gold sold. In this market everything ebbs and flows. We wish people would stop the herd like mentality. Now that gold is down again, instead of sitting on the side lines, NOW is when you should be buying-especially anything even slightly better as the premiums have decreased.
If your like our customer base who buy the very highest of rarity and quality, today, you are almost out of luck. There is nothing more then a coin here or there to buy. Demand far out paces supply. So how can coin prices not be poised to go up? You see these better coins selling for multiples in most auctions proving out the current market values. Do NOT pass on a great coin because you think its too much. The price is most likely the current market value. The hobby is suffering badly because of poor and inaccurate published prices. Do NOT use an old NON CAC coin price when looking up a CAC coin. You will end up NOT buying the coin (which you probably only had one shot on). We are telling you, step up now. Its that odd coin that pops up suddenly or is in a dealers inventory that once its sold you will kick yourself for not buying. IS a CAC coin really worth THAT much more? YES and it has been proven over and over in auctions.
Until tax time is over we forecast a touch of weakness in the market. Its nothing to be spooked over-it happens every year. It is a matter of how long it will last. Although coins could pop up from people needing money to pay their taxes, they won’t be selling at steep discounts-but they will be a % or two lower. Opportunity is substantial and you gain experience great gains for the future.
Yet again, we must remind everyone, coins are a long term hold, not buy today and sell in 2 years. While there can be short term gains there also are short term losses. No famous great collector ever lost money on their coins because virtually ALL had them put away for many,many years.
A WORD ABOUT BUYING RIGHT NOW
*A late addition. If you are not strained by the tax man, try really hard to buy great coins offered NOW. The market is quiet. Even if you end up in a competition your still paying less then if the market was a touch better (coins might cost you 1-2 more increments in a slightly better market). Last, even if you dislike buying from dealers-BUY FROM DEALERS. ANY major dealer legit dealer will tell you that their margins have shrunk to almost nothing. The days of making even 10% are long over. Even for us, we can buy a really great coin cheap-and be forced to make 3-5% because of mult iple reasons. Dealers rates have zero to do with the market right now, the dynamics have totally changed over all.
LEGEND IS BUYING HEAVY
Instead of constantly complaining there are no coins on the market, Legend will focus more on buying from the public. While we still have a $20,000,000.00 Want List and we need coins for day to day business. So we’ll work harder to dig up the great coins.
We buy what we like. We prefer higher grade better PCGS CAC coins. Commoner coins we simply do not need. Legend will NOT buy any major coin sightUNSEEN. Keep in mind, Legend does have an unequaled customer base that has been built up over 40 years. We do NOT try to buy coins cheap that we want-its not our style.
Legend is a major market maker in most areas of GEM generic gold. We will always honor our bids. Do NOT expect us to pay ore then the market for generics.
We still need that $20 1907 Saint PCGS MS67 CAC and a couple of High Reliefs in PCGS/NGC GEM MS65 CAC (A MUST) or higher. Looking for high end Bust coins too (No Half Dimes right now). ALL Bust Dollars in AU. These are only a fraction of what we need or would buy.
Legend will buy any size deal to get he coins we need. We also can do hybrid deals that include consignment to us or consignment to Legend auctions as well as buying some of your coins.
Contact George Huang: firstname.lastname@example.org
We have a nice smaller selection of NEWPS. As always everything handpicked. Highlights include:
10C 1883 PCGS PR67+ CAMEO CAC
$5 1803/2 PCGS AU58+ CAC
$20 1922 PCGS MS65+ CAC SOLD
Of course there are more NEWPS to feast your eyes on.
Always make a habit of checking our regular inventory too. We have many great coins that for what ever reason some times are over looked. We’ll always work hard to get you in the coin of your desires.
ALL THE NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
We are still enjoying the huge success of our Regency 31 Sale. We had hundreds of winning bidders and many price records were shattered. Do not think our work ends when the sale does. We have so much shipping, billing, and customer service to do. Plus we now have an added deadline of our May Sale on April 1. We can’t even catch our breath!
Fresh of our huge success of Regency 31, we were swamped by people contacting us to place coins in Regency 32. What a selection this sale will have. See below some of the highlights:
ANNOUNCEMENT: Wednesday May 15th will be the first session of the sale-for the second year in a row, it will be Dollar day. The body of the remainder of the sale will be Thursday evening.
The PUG Collection. A complete set of GEM PCGS CAC Early Bust Quarters (all from Legend).
3 Early Bust Dollars-all incredible!
$1 1795 FH 2 LV PCGS AU55 CAC THE FINEST PLUG FOR THE VARIETY
$1 1798 LE PCGS AU58+ CAC NEWMAN
$1 1799 PCGS MS64+ CAC EX FLANNAGAN
The Issaquah Estate Collection. A partial set of MS Seated Dollars (all from Legend) and a gorgeous Peace Dollar set (the 25S is amazing).
The Wolverine Collection. Several different groups of coins-including a GEM PROOF Indian Cent collection.
Single NON GOLD coins:
The $20 1857-S PCGS MS67 SUPERNOVA -the wildest toned gold coin ever!
1C 1882 PCGS PR67 RDCAC
5C 1916 PCGS PR67+ CAC
H.10 1837 PCGS MS67+ CAC THE FINEST GRADED
H.01 1871 PCGS PR67+ CAMEO CAC
10C 1908D PCGS MS67+ CAC
25C 1796 PCGS AU50 GOLD CAC
25C 1804 PCGS MS63+ CAC
25C 1893O PCGS MS67 CAC
$1 1842 PCGS MS64 CAC ELIASBERG
$1 1879CC CAPPED DIE PCGS MS65+ CAC
$1 1889CC PCGS MS64 CAC EX CORONET II
$1 1893CC PCGS MS65 CAC EX CORONET I+II
$1 1921 PEACE PCGS MS66 CAC
$1 1925S PCGS MS65 CAC ONE OF THE BEST WE HAVE EVER SEEN!
Next week we will discuss the gold (highlight of the entire sale: The SUPERNOVA $20 1857S PCGS MS67 CAC the widest toned gold piece that exists). There are well over 500 lots of great coins!
SEEKING CONSIGNMENTS FOR JUNE REGENCY SALE
What do you have? Coin MUST be $2,500.00 each with a minimum group value of $15,000.00. Of course if you have a big collection we will take all coins. We also have hybrid services-just ask for information.
Julie Abrams: julie@legendauctions
Jessica Berkman: jessica@legendauctions
Greg Cohen: email@example.com
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.