A NEW HOT TOPICS IS NOW POSTED
VERY DISAPPOINTNG
Typically, the Spring/Summer show is the worst one. This year it did not let us down. We’d guess that 1/3 of the dealers (especially West Coast) did not even come. The new game is all the action now happens in 2 big rooms before show. There is a huge mini show in them. We know we did all of our business there as did many other dealers.
This is all a shame. Lori Kraft and Mary Counts work tirelessly to put on a good show. In the summer, there really is no show. We do not count this show as to how the market is doing. Back home, things are fine, and we are doing far more business there.
The decline of collector attendance was obvious. We do not know if this is because of the problems in crime in the area or buying online is the new normal. Not having a live auction hurts too. As of Thursday afternoon, we sold only $3,000.00 to the public. If you have much cheaper coins, then you may have done okay. Although we do know a major dealer of cheap stuff packed up and went home at the end of the show Thursday. We are very surprised the show promotors allow for pre-show rooms to happen. Many dealers (including Legend) were done with business by Wednesday afternoon.
Even more limited was the number of great coins in the rooms and on the floor. The best coin we found came from a collector customer at the show: $2.5 1892 PCGS MS67+ CAC. At best we could only buy uninspiring widgets. Those coins will all be wholesaled. Its funny that we were doing far better buying back in our office. We managed to do six figures of really strong wholesale in the rooms. What flipped us out was the dealers blew right past the really neat CAC coins and bought mostly the non CAC junk we had. We had sold 2 coins for over $40,000.00-soemthing we did not expect. In the end, we were extremely happy with how we did Tuesday in the rooms. That pretty much was our show.
It has long been our opinion the Whitman people need to get rid of this summer show. Its just NOT needed and really does not work. Collectors have also never really attended it.
THE MARKET
The coin market is still strong. You can’t buy great coins outside of auctions. And when you do (like the $2.5 1892 PCGS MS67+ CAC we did) those coins are gone in the blink of an eye. The lack of nice coins is still tremendous.
We do expect an easing of this situation from the ANA auctions on. Collectors have resurfaced and are selling their coins again. We predict between the 3 auctions at ANA there will be $75-$100,000,000.00 in coins selling. Prices will still be super strong on the really good stuff, but from that point on, its a matter of how much the market can absorb. After ANA you’ll also have $50 million + hitting from the Bass Collection. WOW!
With the economy headed in a bad direction, this is still the year of the hard asset. We have seen more NEW collectors then ever start buying. These people are collectors and are not speculators. They feel their money is better off in a place like rare coins. They are partially why you have seen some “beyond Pluto” prices in auctions. They just know to buy the coin-they don’t really know values.
We do see the strength of the market continuing for a little bit. ANA is the real test.
It is our opinion, you should still sell in to this and either sell your dupes or take some profits.
NEWPS
We have yet another smaller offering of NEWPS this week. The majority of coins offered would be highlights anywhere else!
You can be assured we are working herder then ever to find great coins and coins below $10,000.00. They just are not out there. At the Summer Baltimore show all we could buy was average widgets. We do NOT retail those coins.
We have had a few interesting inquiries from collectors looking to sell. Stay tuned! Our next show will be Long Beach at the end of the month.
LEGEND RARE COIN AUCTIONS
www.legendcoin.com
The display of the Petty Seated Dollar Collection and the #4 Unforgettable Commem Collection did draw a lot of interest from the people who did attend the show. We expect to have these coins listed within the next 2 weeks. So far, we have many interesting, nice, and fresh coins in the sale. You’ll enjoy viewing it and bidding on the coins.
FINAL CALL for coins for the July 28th summer PCGS Invite Regency 53 sale. Space is very limited so if you have better coins, get them to us NOW. Contact the best team in the business to discuss!
F YOU HAVE ANY QUESTIONS, OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM TUESDAY
