STRANGE BUT GOOD
We had a great show overall, but activity at tables was overall slow to non existent. Attendance by collectors was okay, but we sure did not see heavy spending-nor did any of our peers. On Thursday we sold 3 coins total for $350,000.00 (2 coins were $95,000.00 each to collectors) which was pretty much our entire retail at the show. However, our “super secret stealth seller” had a strong show (breaking news just in) correct that he had a MONSTER show and sold around $800,000.00! At first, he thought it would not be as strong of a show as his last few. We sold many coins via that route. Still the slight sluggishness is a combination of the market and summertime doldrums creep up. It has been our forever standing complaint that summer Long Beach and Baltimore Shows are bad for the market and should not be. If you did not have a table (like our stealth seller) and if you were to look at the auction results, there is still plenty of activity and strength.
Dealers have been rocked by the tightness of PCGS, NGC, and CAC. Virtually ALL the crack out genuises are saddled with expensive inventory that has not worked which translates into little to no cash. That takes away one full dimension of activity at a show. Then you have a sudden and severe lack of coins on the floor with an interesting auction being held. Hard to make retail sales that way. Legend Numismatics cringes about this, however we would much rather have the services tight across he board vs loose.
For Legend, our month has been wild back at at the office. 35 years of treating people right and two big gold deals lead to BIG sales. As of today June 15th, we are at RECORD Sales and RECORD profits for June. Last week we sold a MS64+/66 ORIGINAL Pan Pac set with a GEM box, a 3CS 1868 MS66+ CAC (second finest known), $20 HR in MS65+, etc just to name a few coins.
In the Heritage Auction at Long Beach we spent a little over $1,500,000.00. Legend can finally return to good JUJU now that we FINALLY bought our Hedgie the $20 1907 WE PCGS MS67 CAC. Don’t think we didn’t sweat that out (we even had Heritage give us a call to make sure we were still awake). We paid a record price of $312,000.00 and sure would like to know who chased us up. We are bugging Hedgie to post his sets (which are 100% PCGS CAC) and would all rank #2 behind Simpsons sets-he deserves accolades for what he has built. But he is NOT done and we are still looking for the best coins to upgrade his sets (he has complete 20th Century Gold).
Our biggest purchase from the auction was the 1C 1793 PCGS Chain Cent for $990,000.00. That coin is now happily impounded in the incredible Black Cat Type Collection. We got lucky on that coin too-we were at our last increment. A note about that coin, yes, the seller was in it at $1,380,000.00. Its not so much a change in the market as when he bought it Oliver Jung-one of the most aggressive and sharpest collectors ever chased it and was the under bidder. Oliver since then whupped us and bought the Chain Cent in MS66 BN (that was a bad start to a bad year for us). Since then there had been a few major collections to pop up since then with a few Chains, demand was weakened. This situation really does NOT happen that often.
We felt the auction was hit or miss. When it was a “hot” like the 5C 1910 PCGS PR68 DC CAC at $84,000.00 it was a runaway hit (or the $2.5 1796 PCGS MS61 CAC $396,000.00). A miss is a $20 1904 NGC MS66 which sold for $4,560.00. And heart felt congrats to John Brush and Delloy Hansen for buying the 1804 $1 $2,640,000.00. The auction yet again proves collectors prefer buying via auctions and the market IS alive and well.
Saying all this, we do very much believe we are heading right into the summer doldrums. It will be very rocky this year. We believe our July Sale WILL be strong due to extraordinary coins and the fact it is the only big event in July. The ANA auctions will be big and have too many neat coins. Those sales will suck out a lot of money from the market. We are already predicting a completely dead September with life returning in mid October. However if ANYTHING really neat does come up in those quiet times-buy it. That will be a huge discount on any premiums. Today through early October will be one heck of a time to buy!
THE LEGEND NUMISMATIC DIFFERENCE
We did not know this until today when a friend of ours pointed it out: Legend Numismatics has exclusively built 11 out of 45 non modern HOF PCGS Registry Sets. We ‘d be shocked if the new 25C RSD MS Barber Quarter set (all time finest ever) was not bestowed that rank too. How many dealers have even built one?
We need collectors to know, we are the very real deal who handle the very real coins. When we build ANY set, we build the BEST sets the collectors can afford. So many #1 sets are just plastic or marginal coins. We will NOT do that. We were going over the coins in the RSD Quarter set. One by one it went from WOW, to OH WOW, to OMG WOW, to unbelievable! You CAN make money in coins by building a real set and holding. Look at the Northern Lights Toned Morgan Collection, the Coronet Morgans, the Crow River $10’s, or any REAL set we ever built. EVERY collector has made money-especially if they have held a bit. Demand comes from the quality of the coins-not just the plastic. So when you read our descriptions and we are telling you a coin is a 66.9+, the coin absolutely is-that is Legend quality!
You do NOT have to build a multi million dollar collection to work with us. Just know we pay a little more to buy the BEST quality and eye appeal available. We ARE different than all other dealers-and with factual stats like 11 HOF Collections we exclusively built (with several more in the works), we can deliver the coins! That is why our auction company is so successful-Legend customers know the quality of what we sell and our customers choose that venue to sell and end up realizing crazy results!
If you always buy the best TRUE quality you can afford and hold, we will beat the market cycles every time.
THE BALTIMORE SHOW-WE WILL BE AT OUR REGULAR TABLE.
How bad was our buying at Long Beach? We only bought TWO coins totaling $65,000.00. OUCH!! Typically, we would spend that in the first five minutes of the pre show hotel lobby leaching. We had NEVER seen a floor of ANY major show as dry.
Our savior is we are still working though all the deals we bought or got in since June 1. There are many wicked cool coins. Plus, we bought a serious group of SS Central America Ship Wreck pieces from the new dive and many are CAC. Pries range for $3,500.00-$200,000.00. We’ll be posting those coins between now and the end of the month. Word of mouth sales have been strong.
Highlights of this weeks offerings include:
5C 1910 PCGS PR68 CAC OMG GORGEOUS
50C 1890 PCGS MS67 CAC WOW!
$1 1880 MORGAN PCGS PR68+ CAC AMAZING TONING
$1 1896 PCGS PR67+ DCAMEO CAC TRIPLE WOW!
$20 1857S SPIKED PCGS MS66+ CAC LOOKS MS67
We swear we are trying to buy things for all tastes and budgets. The absolute hardest thing to buy: coins BELOW $10,000.00 that are PCGS CAC. Even if we find something, the price reports are so messed up we’d have to pay way too much and hope a coin sells for little profit. Very frustrating. However it Legends policy always to buy any great coin so long as we do not feel it is a burial for us or our customers. Even if he market does hit the summer doldrums you should not. Consider it a time when the best coins are “on sale”.
We are still seeking better PCGS CAC DMPL’s (with clear mirrors) and we are always in the market for great gold. We can buy your coins out right, auction them, or create a hybrid plan to maximize your returns. Just call or email George Huang: email@example.com
ALL NEWPS WILL ARE NOW POSTED!
LEGEND RARE COIN AUCTIONS
THE LIGHTS ARE ON AND THE JUNE PREMIER SESSIONS SALE IS LIVE! This sale closes starting 9 PM Sunday the 24th. There are 186 handpicked lots-with at least 100 being CAC.
BOTH THE JUNE PREMIER SESSIONS AND THE JULY REGENCY SALE WILL BE AT THE BALTIMORE SHOW FOR VIEWING BY REQUEST ONLY. These are “must see” sales. Due to lack of time we will be doing NO NYC or West Coast showings.
We are in our final stages of accepting consignments for our July Premier Sessions Sale. Remember, these are mini Regency Sales. We promise this will be an exceptional sale since every bit of what you would expect to see from us. Our minim per lot is back to $1,500.00 with a $$5,000.00 total minimum.
If you have any questions about any thing, contact Julie Abrams: julie@legendauctions, Jessica Berkman: firstname.lastname@example.org, or Greg Cohen: email@example.com.
Our July Regency Sale should be live at the end of this upcoming week. Stay tuned as it is one heck of a sale!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLESE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.