WHAT CAN WE SAY?
Legend Numismatics has enjoyed one of its BEST Januarys EVER. The total business we did (hold on for this) was in the EIGHT FIGURES (when we get paid will be another issue). As we said last week, it was like a tornado-and the winds just kept blowing strong through this past week. The smallest coin we sold $1,100.00, the biggest OVER $1,000,000.00 (to be announced soon). We sincerely thank all the collectors who worked with us-it was like a Happy Together tour (we love the Turtles)!
Clearly, by a mile the hottest area is gold. We are still selling five figure gold coins like crazy. Most are not even reaching our web site. It is Legend’s belief that this surge (and rise in values) has to do with a huge thrust from telemarketers and plain old gold bugs. There is no way this surge will stop anytime soon. Our recommendation: build gold Type sets or just buy neat better coins.
A note about better gold: we know for a fact an effort was made by a collector via their dealer to try and buy the $10 1804 that just sold for $5,450,000.00. No sale. WOW!
No question in MOST areas of the hobby there is a buzz. Sadly only Early Copper and Nickel coinage are weak. As demonstrated in the FUN sale Early copper was mega depressed! If you are a contrarian you should looking into what you can buy in these areas. Some Nickel coinage (3CN’s to be exact) has pops so small in GEM you will wonder why they are so cheap. However, be prepared to hold a long time. We think it will be a year or so minimum before those values start moving upwards. SUPERB GEM 5C Nickels however are on the move already.
ABOUT AUCTIONS AND DEALERS
Some collectors have to get off their horses that if a coin came out of auction and a dealer has it for sale, they should not buy it. So wrong!
In this market, prices are rising fast and dealers who are in the hunt every day have a far better feel for what they should pay. Plus, the supply of better coins is now mostly via auction and dealers have to buy there. We’ve flipped many coins after the FUN sale to both collectors and dealers. As we have said, its pretty much a one and done shot at better coins.
We have encountered so many times where we thought a coin fell through the cracks or just sold too cheap. Adding 10% is more then fair for coins like that we feel sold cheap-yet some people cringe and just won’t buy. Recently there have been a few times where we were willing to pay more. We just shake our heads when that happens. There are also many times where we validate a coin and its value. Do you really think Legend is going to buy anything less then nice?
Time also matters. With prices changing almost daily, many archives are low. If a coin sold within recent months, it does not mean the dealer bought it out of auction or that the price did not move. With todays market showing the deepest black hole we have ever seen, if you get second shot at the coin it most likely will be your last. The market certainly is NOT flooded with coins.
Work with a dealer to be your rep. A good dealer makes it a team effort. The worst that can happen, they do not like the coin or think its too much and put the brakes on you. Do this especially if you can’t stand an extra mark up. Take our word on it, no matter how much you study, chances are you will not know the current market.
OUR WEB SITE STILL HAS ITS ISSUES. THIS IS NOT A QUICK FIX. AT LEAST THE INVENTORY IS NOW IN ORDER
We have another small but powerful group of NEWPS posted. As always, we have some SUPER GEMMY NEWPS now posted. Highlights include:
10C 1798 Large 8 PCGS MS64 CAC Eliasberg
25C 1913-S PCGS MS65+ CAC
$5 1834 CLASSIC PLAIN 4 PCGS MS64+ CAC
We did our best to try and find coins for all tastes and budgets. Our kind of coins below $5,000.00-rank among the hardest to find. We are trying to hard.
Missed some Simpson Patterns? Starting next week we will posting the prizes we bought. The ones we picked are all SUPERB GEM’s and have great numbers. Let us know now if there are certain pieces you are looking for. Its an impressive group.
Always remember, QUALITY and EYE APPEAL MATTER!
LEGEND NUMISMATIC AUCTIONS
The auction is now live! We already have had a ton of action. The eye balls are already off the charts too!
There already is a good buzz for the sale. We have some serious quality coins included. Check them out. We expect prices to be strong, so be prepared!
If you have questions or wish to consign call the auction co: 732-935-1168
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legend coin.com. WE DO NOT CHECK OUR CALLS UNTIL MONDAY 9 AM.