UNEXPECTED TURN OUT
For what ever reason, we simply never remember the show brings in a ton of collectors. One of our auction staff said it well: “N.O. is a underutilized city for coins. Having the PCGS show there gives the people with in 250 miles a chance to go to a show and see major dealers while being able to submit to PCGS”. Our memory is clear from this show-every day there were many collectors. Even a world famous Country Super star collector came in for a few hours (and he is not from N.O.). The collectors also did more then submit. We didn’t even have our coins out and we sold more at this show to collectors then ANA Midwinter.
PCGS puts on a world class event. of course the food served was more N.O. oriented too which made it interesting. We actually watched the auction staff down gator everything. Much to our surprise-none got sick! If you have never been to one of these intense mini shows, you need to come. You will get real face time with some of the best and best graders/dealers in the biz.
THE NEW NORM IS HOLDING
If you listened to many of the dealers, you’d think all hell was breaking loose and the hobby is crashing. NOT SO. They are in such denial that in today’s new atmosphere for grading, only FRESH really nice coins will work. Not retreads that have a 10% shot.
Even collectors who think the day they complete their collections they can resubmit and get some + or what ever-are finding a much tighter PCGS. Even though we were okay with our submissions (we had really fresh coins) we are super happy to know they are holding the line tight. Much to the dismay of the dealers, they did not “loosen up” to get submissions. This is really good as each show or month goes by, the dreck now falls all the way to the bottom and the nice coins rise, we see much more confidence in collectors. We especially saw proof of that in our auction.
While PCGS can not erase gradeflation or fully stop coin doctoring, they are working hard to to make sure these issues are contained so they can and make the product even better. Its a really tough job, but the new regime is young, smart, and has a real coin grader leading the company (we kind of equate it to the old Contiental airlines when a pilot was the CEO-it was a great airline then). We are seeing major change in PCGS every day!
Again, Legend Numismatics is confirming this transition is still going strong. We say Bravo PCGS!
KABOOM!
A Jeff Koons sculpture sold for $91 million, a Monet sold for $110 million, Part (what ever ) of the Bill Gross Stamp collection brought crazy money, and we know other collectables are going strong. Money is out there.
There is plenty of money in the coin world. BUT that money is slightly confused (no accurate pricing guides) or it can’t buy the pieces it wants. There is such an insane lack of coins that even Legends business is off 35%-which is huge. We can’t find the coins.
It is our belief that people now see they MUST step up to buy the really nice coins. PCGS and CAC just are not allowing any hint of over grading (on better coins). It seems to us, that big “black hole” is only getting deeper.
For the better coins, the market actually is going up-mostly at auctions. Dealers just do not have the coins to sell because most better coins end up in auctions. You can’t beat a collectors who needs a coins and will pay to buy it. We are hoping that a few “old time” collections start coming out because they see things are moving and shaking to a degree. It will probably take some time to get things really right. But it WILL happen!
LEGEND NUMISMATICS IS BUYING ANY PCGS CAC COINS THAT ARE RARE AND ARE SUPER NICE. WHAT DO YOU HAVE? WE WILL BUY A COLLECTION TO GET AT THE COINS WE NEED. OF COURSE OFFER US ALL NEAT PR 65 AND BETTER CAC PATTERNS EXCEPT STANDARD SILVERS. Contact George Huang: legend@legendcoin.com.
Note; someone out there is offering around Patterns saying they are Bob Simpsons dealer-sorry, they are not. Beware!
NEWPS
So much for a big offering. Nothing around to buy. However, we did pick up an incredible early Bust MS+PR deal (yes, Proofs). We hope to have that ready soon. Until then endulge in our killer 8-10 coin offering!
Highlights include:
10C 1820 LG O PCGS MS64 CAC
25C 1855 W/A PCGS MS67 CAC OMG! A WORLD CLASS FINEST GRADED PIECE
ALL NEWPS ARE NOW POSTED!
As always, every coin is purchased on strict high end quality and eye appeal. We mark our coins up predicted on what we pay. As you know, to get the better coins, we have to pay up. So know in many cases our mark ups are really thin!
We invite you to check out our regular inventory as well. We have many world class coins in stock. You know we will help you buy the coins of your desires. Today, buying coins out of our inventory sure seems like the best option vs paying higher in auctions.
As you can see above, we are seriously buying. What do you have?
WE WILL NOT BE POSTING NEWPS MEMORIAL DAY WEEKEND.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
BOOM! Regency Auction 32 was a record breaking success. it is funny how it works, bids were okay before it started. Then the real action came during the sale. Bidding wars erupted all over. Here is a press release that sums it all up:
“Legend Rare Coin Auctions presented their 32nd Regency Auction, conducted as the official auction for the PCGS Members Show in New Orleans. Featuring over 630 lots, this auction included a separate session for silver dollars, held Wednesday, May 15, while type coins and gold were offered on Thursday, May 16. Important collections were offered, including the Pug Collection, the Issaquah Estate, selections from the Vanderbilt Collection, the Wolverine Collection, the Northern Lights Collection of Proof Buffalo Nickels, and other very impressive properties from many different consignors.
The auction began with tremendous strength when lot 1, a very stunning finest known silver plug that was close to Mint State 1795 silver dollar, sold for $129,250. This very important coin has a pedigree that dates back to the late 1800s, and has been thought to possibly have been the first 1795 silver dollar struck. However, the top grossing coin of the auction was lot 493, the famed “Supernova” 1857-S double eagle from the wreck of the S.S. Central America. Because of its intense, natural toning and lofty MS67 grade, this coin has been the “poster coin” for all of the second round of S.S. Central America. It garnered a record price of $282,000. NOTE: all prices realized include the auction’s 17.5% buyer’s premium.
“We knew this sale was going to be very successful,” said LRCA President Julie Abrams. “From very early on interest from potential bidders was intense. From the moment lots were posted to our website, bidders were out in force with presale bids.”
Adding to this commentary, Terryann Catalupo, the auction director, said, “we had lot multiple lot viewing opportunities around the country, including highlights at the Central States Convention and a full lot viewing at PCGS’s Public Friday event, as well as appointments in our office, and these events were all packed. This came out once we set up lot viewing in New Orleans as well, with standing room only and a line waiting to view coins. All told, we yet again achieved record registrations and bidder participation.”
“This crowd joined us both nights in the auction room, bidding in person,” Ms. Abrams continued. “One collector commented to me how the bidding action reminded him of the “old days” when you had to personally attend the sales. It was great to see! The venue helps, as New Orleans is an under served area for its collectors, so whenever the PCGS Members’ Show comes to town, the local collectors come out in droves.”
“The market right now is very quality focused,” said Laura Sperber, the firm’s partner and founder. “We have always been quality focused, but we are seeing that now, coins that are all there are bringing very strong bidding. The strength of the bids was directly linked to the quality. Of course PCGS/CAC coins brought the most consistently strong bidding. Also, freshness counts. The coins of the Issaquah Estate collection did very well, as most of those had been off the market for a decade or more. Wolverine Collection coins, likewise, if they were older purchases that were PCGS/CAC did very well. The numbers speak for themselves, just look at these highlights:”
Lot 1. $1 1795 B-3, BB-11. Silver Plug. PCGS AU55 CAC. From the Pug Collection, realized $129,250
Lot 17. $1 1857 PCGS MS64 CAC. From the Issaquah Estate, realized $34,075
Lot 22. $1 1863 PCGS MS64 CAC. From the Issaquah Estate, realized $21,150
Lot 36. $1 1925-S PCGS MS65 CAC. From the Issaquah Estate, realized $36,425
Lot 67. $1 1878 7TF, Reverse of 1878. PCGS MS66 DMPL, realized $37,600
Lot 75. $1 1879-S Reverse of 1878. PCGS MS65+. Realized $19,388
Lot 86. $1 1881-CC PCGS MS67+ CAC. From the Coronet Collection, II realized $28,200
Lot 92 $1 1882-CC PCGS MS66+ DMPL CAC Realized $18,800.00
Lot 144. $1 1893-CC PCGS MS65 CAC. From the Coronet Collection, II realized $152,750
Lot 181. $1 1921-D PCGS MS67 CAC. From the Vanderbilt Collection, ex Coronet, realized $31,725
Lot 199. 1C 1871 PCGS PR66 RD CAC. From the Wolverine Collection, realized $10,575
Lot 227. 10C 1893-O PCGS MS67 CAC. From the Wolverine Collection, ex Eliasberg/Simpson, realized $9,400
Lot 250. 1C 1857 Flying Eagle. PCGS MS65+ CAC. Realized $18,213
Lot 280. 1C 1907 PCGS PR67 RD. Realized $22,913
Lot 311. 5C 1895 PCGS PR68. Realized $73,438 now part of the #1 Gerry Forsythe Collection
Lot 342 5C 1942 TYII PCGS PR68 CAC $5,640.00
Lot 348. H10C 1837 No Stars, Small Date. PCGS MS67+ CAC. Realized $36,425
Lot 374. 10C 1942/1-D PCGS MS66+ FB CAC. Realized $73,438
Lot 384. 25C 1806/5 PCGS MS64+ CAC. From the Pug Collection, realized $73,438
Lot 412. 25C 1964-D PCGS MS68 CAC. Realized $27,025
Lot 424. 50C 1873 Arrows. PCGS PR66 DCAM CAC. Realized $55,813
Lot 493. $20 1857-S PCGS MS67 CAC “SUPERNOVA” from the S.S. Central America, realized $282,000 Can you say meow? Now part of the Black Cat Collection we are building.
Lot 531. $5 1904 PCGS PR67+ CAM CAC. Realized $102,813
Lot 536. $10 1879-O PCGS AU55. Realized $36,425
Lot 550. $10 1907 Wire Rim. PCGS MS65+ CAC. From the Pug Collection, realized $105,750
Lot 605. 50C 1936-D Columbia. PCGS MS68+ CAC. Realized $15,863
Lot 612. 50C 1921 Missouri 2X4. PCGS MS66+ CAC. Realized $31,725
“Right now, the market is starved for great, quality coins,” explained Laura Sperber. “Today, it does not matter if you are buying a $600 classic commemorative or the absolute finest graded Superb Gem rarity, you have to pay up for quality. This is especially true in this current two-tier market. Add to that PCGS has really tightened up, you know that prices for high end coins not only must go up, but actually are in venues like auctions.”
“Consignors rushed over to tell us how amazed their coins did in the sale, that they have already sent us coins for our June Regency Auction. After 32 Regency Auctions,” continued Julie Abrams, “buyers and sellers have come to expect consistently great coins and results from our small, boutique auctions, which offer top-quality and strictly vetted U.S. coins. During the two-day Regency Auction, yet again, neither side was left disappointed.”
Legend Rare Coin Auctions’ next Regency Auction, number 33, will be held on June 27 in Las Vegas. It will be a “do not miss” numismatic event! We’ll be posting highlights shorty. We will also be bringing highlights to the Baltimore Show.
Legend Rare Coin Auctions is a boutique numismatic auction company specializing in the finest and rarest U.S. coins. Founded in 2012 by Laura Sperber, the owner and president of Legend Numismatics, the premier rare coin retail firm. LRCA was, from the outset designed to be a different kind of rare coin auction firm. LRCA’s staff of numismatic auction industry veterans includes Julie Abrams, president; Greg Cohen, senior numismatist; and Jessica Berkman, consignment coordinator. The firm’s Regency Auctions serve as the official auction for the PCGS Members’ Shows, held six times per year. Since its founding, LRCA has sold many important collections, resulting in world-record prices, including the Coronet Collection of Morgan Dollars (#1 all time PCGS set); the David Hall—Bob Simpson Collection of Liberty Head Eagles; the Sunnywood-Simpson Collection of Morgan Dollars; the Phil Flannagan Collection of Territorial Gold, Toned Dollars, and 1795 coins; duplicates from the Gerald Forsythe Collections of Buffalo Nickels and Mercury Dimes; the Bob Simpson Collection of Standard Silver Patterns; the Northern Lights Collection of Monster Toned Morgan Dollars; the Crow River Collections of Indian Head $10s and Peace Dollars; the P.F.M Collection (former #6 PCGS Set of Morgan Dollars with varieties); the Oak Crest Collection of Carson City $5 gold; the Konstantine Collection of Capped Bust Half Dollars, the #1 PCGS Set of Red Book varieties, 1807-1836. The firm’s impressive record also includes the 2nd highest APR in 2016 with the sale of Bob Simpson’s duplicate 1879 $20 “Quintuple Stella” which realized $1,880,000. To consign to an upcoming auction, visit www.legendauctions.com and contact a consignment specialist today.”
Watch for the amazing coins in auction 33. A few highlights are now posted. The sale is June 27 in Las Vegas.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR MESSAGES UNTIL 9 AM MONDAY.
