WHAT A HORRIBLE SHOW-NOT!
For Legend, we call this show results okay-by the new standards of the business. We spoke to several dealers we consider equals, none had anything negative to say about the show. One even said it “was their best CSNS in 6 years”. We think that certain market realities have sunk in and dealers (even Legend) are finally coming out of denial and are doing some business again.
We landed on Tuesday. The first person we saw did not disappoint us. As we got done, another dealer caught us in the hall and HAD to see our inventory. He spent a ton with us-but it was all gold purchases. By far gold lead the way in our sales. Dealers where finally stepping up for what they need. Example: there was a $20 1904 PCGS MS66+. It was a real and gorgeous MS66+. The seller wanted strong money. We were a little gun shy and walked away. Sure enough the coin sold to the next guy to see it. Of course he was a gold buyer who had done a run on the bourse floor and found nothing and then paid the price for this coin. Its dealers like this that now control the shows and even the auctions. The crack out guys and their mules are dead and are dead broke as PCGS has really clamped down on them. Bravo! We’d much rather battle for coins like what we just discussed then have the crackout guys laugh in our faces when they offer us their upgraded coins they bought from everyone-first shot on the floor (we all know the coins).
In the end, our sales were okay. What we are stunned about, is we got strong wholesale margins. We even sold 2 five figure coins retail too! We still do better at most PCGS Invitationals, but this year we were struggling so bad this show was stronger then FUN for us! Our “super secret stealth seller did VERY well. We don’t have numbers from him yet as he is still working. We just know he put in 12 hour days and was always busy showing people who made piles of purchases. He sat at one table for 2+ hours (it was right in front of us) and the buyer had purchased a huge tower of his coins.
The only negative about the show-attendance was poor. We will admit Thursdays crowd was light to weak moderate, but we did see several “players” there. Of course attendance went down hill from there (yes you could bowl in the isles Friday).
Our results from this show were pleasing. However we’re still leary having suffered through a horrible four months. As we have said before, now until early summer the coin market usually perks up. We think it is well on its way right now!
BUYING AT THE SHOW WAS REALLY BAD-STILL
We are now four months into the new regime at PCGS. There are just no coins being made there. Add to that the fact there is a whirlwind problem with pricing, and you go to a show like CSNS and see nothing. We heard of NO ONE crossing anything or making many + (even we went 1-12). We clearly see the market getting ready to roar, but it can’t with no supply. We suspect that is why a 1C 1902 PCGS MS67 CAC sold for $66,000.00 in the Heritage auction or why a $1 1889O PCGS MS65DMPL sold for a crazy $84,000.00 with 3 bidders in over $50,000.00! We see things shaping up like that in our upcoming Regency 32 Sale.
We upped our game at the show and the auction. We probably spent a little over $650,000.00 between the show and the auction. In fact most of our buying came from the auction. Our attitude about those coins, we don’t see them offered any more on the bourse floor. We paid numbers we felt were very fair. And if someone balks about our mark ups (which are always super fair), then too bad. We looked for “value buys” of coins we simply have not seen in along time. Us buying out of auction amounts to us taking the risk, and us standing behind the coin.
A note on the auction. It was a text book example of how true quality does vs not so great coins. Save for the 2 coins we mentioned above, there were no real runaway beyond moon money prices. The Rehwald Collection of PR 64 coins was strong-but not crazy. The coins that were not up to snuff brought no money. The HIGH END coins, brought strong money. Again, with many of the crack out dealers laying low, this auction had a more truer result. If this keeps up, it will be a huge plus for collectors and prices will be more stable.
Our biggest purchase was a beautiful $1 1799/8 PCGS MS64 CAC. It was VERY HIGH END and was SUPER original. We tried to buy the coin at lobby leaching but couldn’t do it. Then after we saw nothing was around we stepped up bought it. Another coin we bought (NOT at the show) the $20 1907 PCGS MS67 CAC. Hedgie finally got his coin! We paid in excess of $70,000.00 from a collector-and the coin is SUPER HIGH END (we think its a no brainer to +). We would buy another one if we could (MUST BE CAC).
Its a new day and age for buying. You have to realize if a coin appears that has not been available for more then 3 years, and you stretch to buy it, you are now simply paying the new market price-even if your paying 40% more!
LEGEND NUMISMATICS IS BUYING. WE WILL BUY EVERYTHING JUST TO GET A COIN WE NEED. CALL OR EMAIL US WITH WHAT YOU HAVE, WE HAVE SPENT NEARLY $1,000,000.00 IN THE PAST MONTH ON DEALS. OF COURSE WHEN YOU OFFER US A COIN WE REALLY NEED OR WANT-NO ONE WILL PAY ANY MORE THEN US! CONTACT George Huang: legend@legendcoin.com
NEWPS
We spent all of Sunday morning posting some more NEWPS. We still did not have the exact boxes we wanted (they were sent home via Brinks). Maybe one day we will be able to stop and think at a show. Still, we have some great offerings. Highlights of the NEWPS include:
5C 1913 TY II PCGS MS67 CAC WILD COLORS
10C 1860 PCGS PR67 CAMEO CAC
50C 1824 PCGS MS65+ CAC
$ 1883-CC PCGS MS66+ DMPL CAC
$20 1865-S BRO JO PCGS MS62 CAC IN THE ORIGINAL HOLDER!
Do keep in mind we pay stronger to buy the very best coins. We do work VERY close. So when we list a coin at our BEST price-no matter how you are, that is it. Our quality is rel and is not imagined like 90% of the others out there.
ALL NEWPS ARE NOW POSTED.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
For CSNS they had their own table. From start to finish they were showing the REGENCY 32 sale (shhhh). We already know from the internet, this sale will be yet another record breaking sale. The early eye balls we have gotten are just staggering. Early bidding is already beyond our expectations!
We have so many powerful coins in these sale besides the SUPERNOVA $20. In fact there are way too many to list. We invite you to check out our sale on line!
Now is the perfect time to set up anything you need (phone bidding, terms, etc). Contact Terryann: terryann@legendauctions.com.
FINAL CALL for our REGNCY 33 sale! ALL coins MUST be in our office this week-no exceptions. Between working the Regency 32 sale and flying around to get superb fresh consignments, we’ve been going crazy! But we an only rest after Regency 33 is put to bed. Space is very limited. We will only accept values of $15,000.00 minimum for any group of coins (MUST be $1,500.00 each).
We also can do amazing hybrid deals that increase your money earned. Contact:
julie abrams: julie@legendauctions.com
Jessica berkman: jessica@legendauctions.com
Greg Cohen: greg@legendautions.com.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY!
