LEGEND IS AT AN ALL TIME RECORD MONTH-ALREADY
Good thing we have sold several million dollars worth of fabulous coins since the month began-we now nearly bone dry! Really. We had to hold back this offering so that we made sure we had coins to post. We maybe be out of NEWPS for the last week of the month. For us in 2017 it has been feast or famine. Now, we are back to the nuclear drought.
We sold coins this past week like (to name a few):
1C 1877 PCGS PR65 RD CAC
5C 1897 PCGS PR68 CAMEO CAC
H.10 1792 Half Disme PCGS XF 40 CAC
50C 1827 PCGS MS66 CAC
$4 1879 PCGS PR66 Cameo CAC
$10 1797 PCGS MS61 CAC
$10 1801 PCGS MS64 CAC
$20 1907 FE PCGS MS66 CAC
Those were just a few of the coins we sold (we’re not even including a really big one). We sold many coins UNDER $5,000.00 as well (including 2 $1 1881S PCGS MS67+ CAC’s). For November, we not only are at record sales, we have outrageous HUGE (and mean HUGE) deals pending.
We are not bragging. We say all this to PROVE the market is alive and well. With out demand, there is no market. In our orbit, demand is intense for coins from $1,000.00 to $2,000,000.00. Our Want Lists really are in excess of $20,000,000.00 and are growing every day. We feel we must keep repeating this: the market is as “smart” as it has ever been. It demands REAL quality-which in our world is PCGS CAC. Again, what so many people are missing: how finite the supply is and how strong and world wide demand is.
At no other time in our 40 year careers have we been so overall dry of coins. We look back 2o years ago and we shake our heads over many coins we rejected. This severe spiral of no coins began back in 2010. There was a small spike of coins when Gardner, Newman, and Pogue were sold event though most went to end users. How many of those coins are available for sale today? We say LESS then 1% total. Looking back we wish we had bought more.
We can confirm there is a ton of new collectors trolling around. We’re building several mega collections that rival ANY we are known for (like the Law Collections, TDN’s Bust Dollars, Simpsons $20 Saint set, etc)! Smaller collectors are more then alive and well with us too. Try buying ANY cool PCGS CAC coin UNDER $2,500.00 (not a widget). We can’t, collectors already bought them and won’t sell! You see we hardly ever have any lesser priced non generic gold coins any more. We try the hardest to buy these coins (please sell us all your PCSG CAC MS65 and higher DMPL’s)!
Our message from all this, do NOT be price shopping great coins. Once they are gone-good luck finding another or anything similar. If Legend and the rest of the dealers are running dry something has to happen. Auction prices are clearly reflecting this. Coins will NOT be this cheap forever! The demand is REAL.
430 MILLION DOLLARS AND COUNTING
You know we had to comment on the painting that sold for $430 million dollars. We never expected any painting to hit this crazy number. We thought $250 million was coming. Now we are wondering what will be the first $500,000,000.00 art object?
It proves what one of our world class Wall Street guys said to us recently: “I think you will see more money in collectables soon as stocks and things like real estate are over bought”. We agree, the money has to go somewhere. Many collectables are deemed cheap. Relative to art and even cars, coins are cheap.
These great rarities are too cheap when you really start to think about what they represent (our values):
J-1776 $20 1907 PR68 (if ever sold we would pay) $15,000,000.00
Amazonian Set $10,000,000.00
King of Siam set (in excess) $10,000,000.00
$1 1794 PCGS SP 66 CAC $10,000,000.00-the first Dollar struck-this coin in our opinion is limitless on value
$20 1933 PCGS MS65 $7,000,000.00
These items are all the numismatic worlds best of the best.
We think the J-1776 or the 1794 $1 will end up the first single coins to break $25 million. When will that happen? If ever sold, within the next decade. Simpson and the Utah guy each have coin collections that exceed $100 million today (not much by art world standards), who will be the first to break $250 million?
We all ran around like chickens without heads when the 3 big collections of our time sold with in a year or so of each other (Newman, Pouge, Gardner). We thought the sky had fallen and we would never see coin prices rise again. We thought new people would never come around again to replace them. WRONG!
Nearly two years out and new collectors have started the next generation of the coin markets rise. The turmoil of coin doctoring and even gradeflation seem to slowing. The new breed of collector has the money and knows only to buy the very best. In July of 2016, the Utah Billionaire blew into coins for the first time. Since then, we estimate he has spent $100 million! We know of 3 other mega collectors now buying. We even have a “Black Cat” who since January we have helped him exclusively start to assemble what will be one of the greatest coin collections EVER (his last purchase from us-the Confederate 1C and Half). His expenditures have exceeded Simpsons average per year (and the year is not done)! Look at a small sector of an area like 20C piece in proof has been severely disrupted by these new wealthy collectors (who pays $20G for a PR63 CAM 1877?). This money has just started flow. Even in Legends last Regency Sale we had 3 foreign buyers with $100,000.00+ invoices. None of the is speculative money either. We see legit collections being assembled. NEW money is here and is lurking waiting for the right coins.
Today, ALL coins are dirt cheap if they are real quality. If the art world can draw in $430 million for a painting (of which there are questions about its quality are originality), the coin world can draw in not only $25 million for a single coin, but tens of thousands for every day pieces (which are legitimately rare) like a PR Barber 10C-50C. As the supply dries up and new money comes in, prices are quietly creeping up. Coins have been getting looked at. Wealthy people have been popping in and out buying (like the owner of the $20 1933-that is known to be his only coin).
We are not dreaming about the possibilities for the coin market-we are living them. THIS IS NOT HYPE. Our biggest problem: BUYING the coins!
Last, if you notice, of all the coins we listed above, ALL are in strong hands. The owners did not buy to sell in 2-3 years. They HOLD. J-1776 has been off the market for 30+ years. When that coin traded hands, people laughed at the buyer for what he paid. The buyer laughed at us when we offered $15,000,000.00 3 years ago!
It affects ALL segments of the market when big money buys. Its the ultimate vote of confidence for everyone. Sure the coin market is not the art market, but the coin market will grow far more then what we are at today. Just being a fraction of the art market would be huge. This is NOT hype to sell coins, this is Legend reporting on our sales.
KNOW YOU DO NOT HAVE TO BE RICH TO BUY RIGHT, HOLD, AND ENJOY SUCCESS FROM OWNING YOUR COLLECTION.
As a side note: a rare white diamond sold for $30,000,000.00 last week.
As we mentioned, we are choked to find fresh new deals. Fortunately, this week we got lucky and found a few great coins. For sure, this is one of our best ever offerings of Bust Dollars.
This weeks highlights include:
ALL the GEM AU BUST Dollars we posted!
$20 1900 PCGS PR65 DCameo CAC
It is critical to note, these Bust Dollars are handpicked HIGH END PCGS CAC coins. If you see a NON CAC coin selling for as much as 50% less, there is a HUGE difference as to why. These days TRUE quality rules. You can NOT buy coins like these at a discount. We assure all our customers, these coins ARE competitively priced for the market today.
We did try hard as always to create an offering for every ones tastes and budgets.
ALL NEWPS WILL BE POSTED BY NOON-STAY TUNED!
LEGEND RARE COIN AUCTIONS
The list for our December Regency Sale is now posted (there is a enlargement button on the bottom to see the list with)! We expect the sale to be LIVE Monday afternoon. Stay tuned. Until then, drool over these highlights:
1C 1888 PCGS MS65 RD CAC
3CS 1867 PCGS MS67 CAC
5C 1895 PCGS PR67 CAMEO CAC
H.10 1797 PCGS XF 40 CAC
H.10 1871 PCGS PR67+ CAMEO CAC
25C 1870CC PCGS VF 20
50C 1795 PCGS AU55 CAC
50C 1795 PCGS MS62 EX NEWMAN
50C 1853 A/R PCGS MS66 CAC
INCREDIBLE CHOP MARK TRADE DOLLARS
$1 1879 PCGS MS65 DMPL CAC
$1 1880CC PCGS MS67 CAC
G $1 1855 PCGS MS66
$2.5 1875 PCGS AU55
$3 1865 PCGS MS62+ CAC
$5 1909S PCGS MS64+ CAC
$10 1930S PCGS MS64+ CAC
$20 1866S NO MOTTO PCGS AU58 CAC
50C 1892 PCGS PR65 CAC
50C SESQUI PCGS MS66
How are those coins to start? The sale consists of 392 handpicked lots. We did reject many coins (as usual). EVERY sale we do you will always be able to bid with full confidence.
We are now in our final call for consignments for our January Regency Sale and our December Premier Sessions sale.
For all your Legend auctions needs (consigning or buying) contact Julie Abrams: julie@legendauctions, or Greg Cohen, greg@legendauctions.
As promised we are a different kind of auction house. We get bigger and better results with out your coins being lost in a phone book with 3-4 similar coins beside them! In the Internet Auction world, we are the ONLY major firm with 2 full time world class numismatists overseeing all the operations. There is a reason why those guys do NOT have descriptions.
NOTE: this weekend a chatroom thread about auction houses and their images appeared. We read it. We want everyone to know, LRCA does indeed very much care about the quality of our images. On many of the coins we handle it is hard to get good accurate shots. We do use PCGS True View and our photographer is a long time collector who does know coins. We are ALWAYS looking to improve our quality of ALL of our services.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: email@example.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY