ITS THE STOCK MARKET FOR SURE-LONG BEACH WAS SLOW
We knew this was going to be a tough Long Beach Show for our kind of coins. Our expectations were weak. In the end, the results proved to confirm our estimates. Its highly possible that dealers who buy and sell smaller dollar value coins or deal mostly in gold did very well and saw strong traffic. More expensive higher grade Type coins were slow at this show for sure.
Overall, attendance at the show seemed low. Lets face it, with a crazy stock market killing everyone, most people do not feel good or secure enough to want to buy things. Gold however, is silently starting to come on strong. It can be a $1,000.00 choice coin or an MS67 Saint-those types of coins sold well at the show. Prices of those coins are inching up while most Type, Dollars, and mid range coins are creeping down. However, it needs to be made clear, the supply of really nice coins overall is extremely limited. Unless a seller MUST sell, most people are holding on tight to their treasures which actually is stifling growth of the market too. Kind of like a mini perfect storm.
Our “stealth sellers” had mixed results. The one who does the bigger coins did not fare nearly as well as the one who handles smaller widget like coins. Both confirmed gold was clearly in demand.
With four major auctions within a 30 day time period, even the biggest and best show probably would have luke warm results. Legend is doing better then fine today as we finally have some access to a few coins for our HUGE Want Lists. We’re not letting ANY opportunities pass us by.
Legend had a very good January. Even though our Long Beach was slow, we are off to a record breaking start for Feb. Our average coin sale is well into five figures. We are still adding new collectors to our base-especially new collectors who are fed up with the stock market and are buying rare coins for the first time. Of course our Want Lists are still huge. And we are representing numerous collectors in all four auctions taking place currently. We are highly optimistic we are at or very near a complete “bottoming” of the market.
FOUR AUCTIONS IN LESS THEN 30 DAYS-OUCH?
Goldbergs started off the parade of 4 auctions in 30 days. They had the amazing Reynolds Collection of early copper. This was a special sale because many of the coins not only were of great rarity and quality, but many had been off the market for decades. Several pieces had come from the original Naftzger Collection private sale back in 1992!
As “secret” copper weenies we knew this was a pretty cool sale. We were prepared for all out bidding wars on many coins. After all the smoke cleared, Legend spent $1,150,00.00 total (including representations and out right speculation). Prior to the sale we would never have guessed we would have spent that. We were thrilled with every single coin we purchased.
Even the copper market has become some what soft. Goldbergs do have a huge following in copper, they did an incredible job putting the sale together and promoting it. The room was packed. Yet, prices ended up 30% LESS then what we had expected (there were also non market factors involved in the sale as well that may have kept prices down). Only ONE coin we got into a real shoot out on-the 1C 1809 PCGS MS64BN $129,250.00. We “stole” extreme rarities like the 1C 1795 PCGS MS66BN CAC $79,312.00, 1C 1810 PCGS MS65BN CAC (we now have posted on our site) or the 1C 1798 PCGS MS64BN CAC. As the sale progressed and we saw the levels we could buy things at-we stepped up our buying. These was no way we were going to sit in the sidelines as major opportunities were in front of us. After the sale, we emailed a few people-and everyone of them bought the coins we offered (how could anyone resist a 1C 1805 PCGS MS64BN CAC pop 1 at $15,862.00?). Those collectors just had not been in the mood to do much prior to the sale thinking they’d have to stretch.
The Heritage sale was next. Our shopping list was limited. Prices for many of the Perfection Copper Indians were mixed-except of course for the ones we really wanted! Again, we were shocked when we saw the overall market was soft on many of those pieces. We do not remember when Indian Cent Collectors en mass passed up a big sale-especially w/the quality Perfection had. We couldn’t imagine collectors not knowing these coins were for sale. There certainly had not been a group like them for sale in along time. Again, it was not Heritages fault, Collectors just did not feel like spending much. However, most nice product coins seemed to sell at the current levels. Do note the current levels are probably 25% less then they were 2 years ago. Even Heritage with all its mighty clout could not whip collectors into a frenzy. We were happy to see the Simpson 1943S 1C PCGS AU58 CAC bring a very good price of $282,000.00.
So two out four auctions were on the weaker side. Next up Pouge and Legend.
Pouge probably will not be the feeding frenzy we originally thought it would be. Again, you have the stock market dancing with everyone’s assets (and minds). It is hard to want to step have the motivation to buy a $250,000.00 coin-even if its a bargain. The one thing we are finding, the bigger money IS finally ready to shift into other assets. The type of coins that are in Pogue are the types the sophisticated buyers want. Pogue is really the only current supply of that type of material. While this sale may not be the one to break things wide open, it will be the sale of HUGE opportunity. You won’t see much “falling through the cracks”, but in this market you won’t see many coins selling for “beyond moon money” either. Of course Legend is going to be a major player-our customers do still want coins! As with the other two Pouge sales, we highlight doubt you will see coins offered for resale.
Last but not least, little Legend Auctions has its sale Feb 18th. We expect a solid sale. Our coins are all handpicked and some are as sexy as they come (how about a super rare 50C 1942 PCGS PR66 Cameo CAC or a $1 J-104 1838 Gobrecht PCGS PR65 CAC?). We already have added several hundred new bidders to our base for this sale.
NOTE: LAST CALL FOR POGUE REPRESENTATION. ALL REPS ARE ON A FIRST COME BASIS. YOU MUST SPEAK TO US BY MONDAY. Contact Laura Sperber directly. For Legend Auctions, we are not bias. We will tell you if a coin is good or bad for you. AND we charge NO representation fee!
In 2008 with the market humming along strong we were crowing for collectors to seize opportunities. Today, with coins off 25% or more less from 2008, we are screaming this mantra even louder. Why was 2008 not just typical hype?
The biggest difference-in 2008 you had a decent (but limited) selection of great coins too choose from. Today, the spigot is dry-almost totally dry. So dry that bad coins (dreck that lingers) HAVE brought prices down so that no one has any incentive to sell their good coins. This its a mini “perfect storm”. What most people don’t see in front of them are the HUGE opportunities that do pop up.
We can’t believe when people “price buy” today. Say you have an $5 Indian in MS65 at $13,500.00 being offered. We have seen people forget that in 2008 they hit a peak of $20,000.00. They might pass on a coin like that-which hardly ever appears because they feel its 10% too much. This scenery just makes us cringe. One thing we know is with coins, you really have to buy for tomorrow. Sure, like a new car, you have a % of down side the day you write the check. BUT, you hold on to the coin for along time-you will make a stronger % return. Plus, coins are genuinely RARE today. Think about how many PCGS MS65 CAC $5 Indians you have seen offered in the past year. In fact, when they were $20,000.00, the most you would find was one or two. Worrying about an extra 10% today, COSTS you the opportunity of profit tomorrow.
So when you see a coin being offered that you know is irreplaceable-don’t pass it up-especially if you think its priced 10-15% to high. Plus, do not deny any dealer their fair profit on a great coin. Working with a dealer WILL actually increase your access to the better coins and provide you with a helpful safety net (auctions can’t do that).
Opportunities DO happen today. You want to be ready and willing to buy. If more people come into coins after being fed up with the stock market, prices MUST rise in order to get coins loose to satisfy the demand. Why wait until then and cost yourself money?
We are NOT going to be at the bottom of this cycle forever! Start building your collection today!
Legend Numismatics is proud to offer one of the greatest American Rarities ever: 1C 1793 Chain AMERICA PCGS MS65BN CAC EX Cardinal. There are maybe only 4 known GEM Chain Cents. The owner of this coin is NOT in distress or has fallen out of love with this beast. Hard to believe-we just sold him something that made this coin a cheaper duplicate! WOW!
Of course we have several other really neat coins to offer. Many will be stars in their new homes. This round we only posted TWO early 1C from Renoylds: 1C 1795 PCGS MS63+BN PE CAC and the 1C 1810 PCGS MS65BNN CAC.
We need to make it clear, we have not stopped buying coins priced below $10,000.00. We just can’t find many coins-that we like (to us “there is NO substitution for true quality”). We get numerous calls for coins like DMPL Morgans, PR 64 Seated Dollars, Standing Quarters, and of course gold. If we could find the coins, we would buy them! We’re not looking to buy cheap, we’re looking for quality!
All NEWPS will be posted by Sunday night.
LEGEND RARE COIN AUCTIONS
Less then 2 weeks until the big sale closes. Activity has been good. We had many people come and lot view in Long Beach-thank you!
If you have any questions about the coins, please call our offices and speak to Greg Cohen, he is a fully knowledgeable numismatist who does have bourse floor cred!
If you need to set up phone bidding or need to discuss payment terms, please call or email Julie Abrams: julie@legend auctions.com.
Our dedicated staff will work hard to make your experience with us enjoyable while you pursue the coins of your desires.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER OVER THE WEEKEND, PLEASE EMAIL US. WE DO NOT LISTEN TO OUR PHONE MESSAGES UNTIL MONDAY 9 AM! EMAIL: firstname.lastname@example.org