NOT AS GOOD AS THEY USED TO BE
NOTE: We apologize for not writing a Market Report last week. Travel took a toll. We strive to have one published every Saturday/Sunday.
We have not had a really good Long Beach Show in a long time. In fact, only FUN, sometimes ANA, and ALL PCGS Invitations are good shows for us to sell to collectors. For whatever reason, Legend Numismatics did poorly this show. What made it all more frustrating, our super secret stealth seller did good and we know there was good business being done on the floor. Higher ticket items just are not the draws they used to be.
The crowd was decent. Grading was not only shut the steel doors tight, we never got back back 75% of our submissions and as of this being written-coins we submitted Tuesday are not even in for grading. We are not happy as this seriously affected our NEWP offerings. We can say, PCGS is still holding the line and is slowly choking off the coin docs.
THE MARKET
The Long Beach Show and auction for what we deal in were slightly weaker even though there was activity. The market overall probably slid 5% on lesser quality coins. However, we do know things like PCGS CAC gold are still super heavy in demand and are selling strong. Many other coins have become too cheap. As demonstrated in the auction, a 5C 1937D 3 PCGS MS66 sold for $32,000.00. The last one brought $48,000.00 in 02/2019. The last PCGS CAC piece to sell brought $64,000.00 09/2015. The best deals still to be had: Type. Morgans are slowing a bit too.
We went out early to attend the Goldberg Early Copper sale. Being the copper weenies we are, we were not intimidated by the crazy high estimates on the lots. We do seriously believe it drove some buyers away. Our best buy was the 1C 1803 PCGS MS66 RB CAC for $78,000.00. Right below the $80,000.00 estimate and way below what we had figured it for. We were very disappointed in many of the coins. BUT the coins we needed and did like, we bought very reasonable. We do think the Early Copper market is entering the doldrums because of a generational change that is slow to happen.
Last, a HUGE auction from Stacks is looming over the market. Many collectors are saving their bullets for that sale. The grand highlight is the Pogue Collection. There is a lot of value there. We have seen the coins. All we can say is Brent Pouge was the ultimate collector if there was one, his coins coming up are proof of his dedication and pursuit of the best quality. You WILL see many “beyond moon money” world record prices established. These coins are not maxed out and are fresh. We are prepared to spent MILLIONS at the sale. We still can accept a few representations-but we are first come first serve-call or email us NOW! Oh yeah, there are the 1884+1885 Trade Dollars too (not Pogue).
The market will just roll along in a light wave like fashion for a while. We do not see anything crushing it or making or double over night-although we are starting to see some of the dreaded I’s (investors) pop up. But then coins really are too cheap in a few areas.
This Market Report really is about the show. However, we felt it important to note, we have done close to $2 million in sales back in the office. Most of it all better gold (and we mean better). For what ever reason, Long Beach is just not our show to do any more. We’ll give it a few more attempts.
GOLD UPDATE
Spot gold has broken $1,600.00 (close $1,643.00). Our Wall Street friends are telling us $1,800.00 should be easy.
02/24/2020 8:45 Est. Gold just popped $30.00 and is now $1,679.00. We doubt you will be able to buy gold coins this cheap next week! Wholesale sightUNSEEN BID for PCCS CAC MS65 Saints is now $1,910.00 vs $1,650.00 2 weeks ago!
Very interesting that demand is strong for PCGS CAC pieces-really strong but prices have not really moved up on generics yet (MS65 Saints are starting to move strong). In our opinion, generic gold is still cheap. We still suggest building Gold Type sets. If you went to Long Beach you would NOT have found much in PCGS CAC gold-ALL kinds.
Note: two of our better NEWP gold coins posted are already spoken for! So far this month, our biggest deals involve better gold.
Remember, stick with PCGS CAC gold for all better coins! At least you will not have any doctored coins.
NEWPS
Thanks for nothing PCGS! We had about 6-8 coins we dropped off Tuesday. As of today, Saturday, none are beyond “received”. They should pay us for lost revenue.
We finally obtained a few realistically priced more inexpensive coins. The quality of everything listed is outstanding!
Very important, do not forget to checkout our regular inventory. We’ll work really hard to get you in the coins of your desires. We have coins no other dealers could ever obtain! And we are 100% PCGS CAC.
Our pricing is based upon what we pay. We strive to buy the better higher end coins with great eye appeal, those cost more.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Regency Auction 37 is now live! It is highlighted by the Seattle Collection. There are some many fresh coins in this sale you’ll feel like you are on a farm picking the fruits! Really!
This sale closes March 26th with alive session in Philadelphia. NO PCGS show, but PCGS will accepting submissions to bring back to their offices.
We will shortly be having a major announcement about an unexpected MONSTER collection we have consigned for our May Sale. It just got in house last week. We have had to lock it up tight as our floors got slippery from all the drool! All we can say for now, it involves Type.
We also have the remarkable Blue Hill Collection of O Mint $20 and some $1.00 for May. WOW!
Two other small and highly interesting collections will be announced shortly too.
Have coins to consign? Our May Sale is 2 days in New Orleans May 13+14. Call or email the auction company to discuss what they can do for you.
IF YOU HAVE ANY QUESTIONS OR WISH TO MAKE A PURCHASE, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
