Due to our busy schedules, we didn’t really pay attention to the PCGS Invitational in Dallas. We went there with no expectations, thinking there wasn’t going to be much activity. WRONG! Even though only a few “players” showed up, they were the right ones. What was even more impressive was the presence of numerous collectors.
Our sales were mostly wholesale. It was obvious dealers needed coins. We had two small, fresh deals with us, and we sold every coin we brought from those deals. Had we thought The Invitation was going to be more active, we would have brought more of our inventory. In the end, we did six figures in sales!
THE MARKET AND GOLD
Our phrase, “If it’s gold, it’s sold,” is really catching on. However, that statement still holds true today. We’ve been selling ALL the better gold we could get our hands on. GEM MS 65 Saints—we have (or had) only 2 posted-sold all the rest. Finding and replacing generic Saints can be challenging, particularly if they are CAC.
In our opinion, buying any kind of gold is still safe. Remember, gold has risen sharply this year. We fully expect a minor correction, then a zoom to $3,000.00 spot prices.
It’s clear to us, many people, collectors or not, are buying all kinds of gold today. Replacing most gold is impossible. The only thing that disappointed us at The Invitational was the scarcity of gold available for purchase. And we looked hard.
Currently, there is a lack of “neat” coins. Initially, every dealer quoted us ridiculous prices. On the second day of the show, after they couldn’t get their crazy money, they sold to us more realistically. Remember, reality still exceeds the published figures you may encounter. Prices for coins-especially gold, are inching up. We can’t buy BETTER coins at the bids or published ask numbers. Heck, we are unable to buy PCGS MS 65 Saints! So disregard MOST of the published prices. Dealers make these decisions because the market is constantly changing. If a coin is really HIGH END, with strong eye appeal, be prepared that it will not be any kind of bargain. We think next month the coinmarket could break out and have a decent long term bull run.
Too bad there are no major shows or auctions today. If there were, we’d probably see some strong results.
HOW LEGEND BUYS A COIN
At Legend, it all starts with excitement. A coin has to captivate us at first glance. Even if it’s got a CAC bean, we need to love how it looks. Sure, technical grade matters, but we always aim for the highest level of eye appeal. Often, it’s those rare gems that stand out in a dealer’s case or the ones offered directly to us that really catch our attention. And then, the real fun begins—the price negotiation!
Dealers know the game, and they don’t hold back. Not long ago, we were quoted $18,500 for an 1878CC PCGS MS66+ CAC coin that we were absolutely smitten with. But here’s the kicker—the current Collectors Universe value was just $12,500. So where did that price come from? It wasn’t until we dug a little deeper that we realized the next grade up had no auction records, and only two examples were beaned. If one of those hit the market and looked fantastic, it could easily fetch up to $75,000! This coin had only made a few appearances over the years, making it even more special.
We offered $15,000, but the dealer quickly turned us down. So, we asked for their absolute best price. After some back and forth, they came back with $16,500 for an immediate deal. Since we were building a set, absolutely adored the coin, and knew we had to have it, we sealed the deal. The coin checked all our boxes, which are pretty tough to meet. In fact, had it gone to auction, we’re confident it could have sold for even more, given that it was closer to an MS67 than an MS66.
When it comes to top-tier coins, dealers know exactly what’s out there and what isn’t. That’s what makes landing a bargain so difficult. We thought you’d enjoy a peek behind the curtain to see how we secure the best coins on the market today!
NEWPS
We worked so hard over the 2 days we were in Dallas. Looking through boxes of stuff to find a treasured piece is exhausting and frustrating. But as you will see, we found a few nice pieces. Highlights include:
1C 1839 BOOBY HEAD PCGS MS65RB N-7 CAC NAFTZGER
$1 1877 CACG MS 64+ CAC wow! This beast is prooflike!
G $2.5 1898 PCGS PR66 Cameo CAC Pop 1 CAC!
$5 1808 PCGS AU55 CAC Only 3 beaned!
These coins are only a few of the great NEWPS we have posted.
Don’t forget to check out our regular PCGS CAC inventory of coins ranging from CHOICE to GEM. You will LOVE our quality!
WE ARE BUYING. WHAT DO YOU HAVE FOR SALE?
IF YOU HAVE ANY QUESTIONS, CALL OR EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR MESSAGES UNTIL 9 AM MONDAY.
