ALL IS FUN!
In our opinion, with out a doubt we rank the FUN Show as the #1 attended and BEST show to attend (out side of the smaller PCGS Invitational Shows). The ANA should take notes.
Attendance was strong Thursday and Friday. We had a ton of people at our table viewing the Specimen Chain Ameri the entire show.
This year, the show was very interesting. It was a two tier show for sure.
In fact, if we had to guess, we’d bet our sales to collectors at this show will equal all other shows COMBINED for the rest of 2020 (save for possibly only ANA and exempting the PCGS Invites). Our first sale to a collector came with in the first 10 minutes of the show opened. It was a five figure sale and we never looked back. Our biggest sale to a collector: $190,000.00 (not pre set up either). We do not know any totals yet, but our sales to collectors from the show probably were our BEST in many years.
We must mention, in our league, WHOLESALE was dead. it was so dead even if you paid a dealer to buy a coin they would not. There were many reasons for this with two standing out: PCGS tightness and their big whale that sucks up a lot of garbage was not playing. All of the sudden these wholesale cowboys and crack out genuises were not too bold. On the bourse floor prices now have fallen back to respectable levels (yes, just that quick). Still, there was so little to buy.
Of course if you dealt in circ coins or less expensive coins, you probably did very well at the show. Those tables always seemed to have a crowds and a buzz. Coins like those do not run up nor do they fall down hard.
THE FUN SALE
We admire Heritage for putting on such a huge diverse sale. All we can say is 500-600 measly lots almost kill us to produce. Our only beef-MAKE PATTERNS 1st! We were up at 1:00 AM bug eyed bidding.
The sale brought VERY mixed results.
The Rollo Fox Collection of $20 Saints while many considered strong was still weaker then we feel it should have been in its results. We do not know what Rollo was thinking by taking some wonderful coins and regrading them 2X. Had the offering been sale of handpicked set of PCGS CAC coins, the results would have been MUCH stronger in our opinion. At some point this regrade when finished then again before sale mentality has to stop. The perfect example to discuss this: the $20 1926S PCGS MS67. We sold Rollo that coin as a PCGS MS66+ for $102,000.00 in 2013. We strongly believe had he had kept it as such, he’d actually have sold it for more (we would have paid a profit as a CAC). The total price it sold for $114,000.00. Only the commoner MS67’s realized “moon money” (the 23D PCGS MS67+ $72,000.00). The $20 1927D PCGS MS65+ at $2,160,000.00 was right where it should have been with multiple bidders.
NOTE: Legend did buy the $20 1907 PCGS MS68 NO CAC. This coin was well known for being upgraded twice (a + then the 68). We paid $120,000.00. Our grade was 67.9+ and we think its the finest 1907 (we have seen many). What else could we do? Having one coin like that which is the real deal (a real near miss) in a world class collection never hurts. Still, you’ll have more experiences like the 26S then the 1907 if you keep pushing for grades. Keep your collection fresh and real.
We do congratulate Rollo on the successful sale of his collection. BUT we do warn others about over doing the regrade button.
Legend spent $1,664,000.00 total in the sale including the $20 1907 FE High Relief PCGS MS67 CAC and the $20 1927S PCGS MS66+ CAC (Legend is the ONLY dealer ever to place 3 -actually 4 1927D Saints). Plus, we now own for sure the #1 and 2 all time positions on Saints in the Registry .
Gold took some unexpected and serious set backs in the sale. Proof Gold was off by 20% easy. We paid $120,000.00 for an $20 1857S PCGS MS67 CAC that slipped through the cracks for sure (they had been $175,000.00 WHOLESALE recently). We are still scratching our heads about these areas tanking (for lack of a better word). We’d be shocked if next week there was not a rebound. Some prices-like the 57S $20 were just too stupid cheap. Some people got some great buys in Proof Gold especially. We can NOT see that happening again.
Generally silver and copper coins did well. Coins like Three Cent Nickels are still sluggish.
There will be more then enough coins hitting the market through Baltimore-including a another Pouge session. These will not all be high powered rarities.
We think collector buying will be strong as prices are now officially “too cheap” on many coins (its more of a universal admission vs a few people). Still, there really are not all that many QUALITY coins available to buy in the overall scheme of things.
It is still our opinion, 2020 is the year of PCGS CAC coins selling for even stronger prices as demand increases due to the new Registries (the price guides may help too)
Consumer confidence is slowly rising. We still feel prices will start rising too. The FUN auction was too much and too long. It caused a blip in the market (we came home and sold over $100,000.00 in minutes Saturday AM). Historically, not too many FUN auctions have done well. So its hard to use it as a guide.
We had bought a few deals prior to the show. So we did not have to scramble much to post some great NEWPS. This weeks offering has already had a few quick hits.
We have a wonderful pair of $50 Pan Pac ROUND and OCTAGONAL (buy the pair and save).
Every coin Legend Numismatics purchases was done so with strong eye appeal and top quality in mind! And folks, QUALITY does count!
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
Time to concentrate on Regency 36! we have 390+ exceptional quality lots. Check them out!
Also, we are always accepting consignments. What do you have? Last year our boutique style earned over 100 world record prices for our consignors. Contact us to see what we can do for you!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.