MAYBE NOT SO QUIET?
Now we are entering what typically is a dull/quiet time. Another time like this happens after the summer ANA show. The only problem is no one told that to the market. BOTH dealers and collectors are working overtime seeking coins. Dealers need to replenish, and collectors are just plain starved to fill their sets. So there is activity—strong activity.
We spend our days trolling for coins. It is very time-consuming and may yield only a coin or two IF we are lucky. In fact, while we are writing this report, we are talking to dealers about what they have. When we aren’t looking for coins, we have spoken to more collectors in the past two weeks than probably all of last year (so it seems). No rest for us, very weary. In our 45+ year career, NEVER had we come home from a FUN Show and have been swamped beyond capacity for two straight weeks. We give a shout-out to super Jose. How he finished things (he had volumes of paperwork) each day was a miracle.
What does all this mean to the average collector? Prices are going up in most but NOT all areas. Apps like Whatnot are still crushing it and drawing new people in and selling millions. Those apps heavily sell coins UNDER $10,000.00. A few dealers are converting buyers into serious collectors. Think about what you do NOT see offered anymore: Choice Bust Halves, PR 64/65 STD Type, and PR Barbers—even $2.5 Indians are not around in any quantity. We know we have had an explosion of people building higher-grade Type sets. And we make no qualms about saying this; we even have someone who just started building a COMPLETE PCGS CAC GEM MS Saint set (got any pretty coins for sale?).
The Rare Coin Market for as big as it is, is NOT so big. Look how many coins show after years of pop reporting that there are less than a dozen in a grade or 50 in all grades. That is nothing! With thousands of people pouring into better coin collecting as fast as it happened, the dynamics of the market have changed. The supply simply can NOT keep up with current demand. One thing is for sure: there are NO current reliable price guides. How can there be? You now not only have dealers vying for coins at auction, but you also have god knows how many collectors. Even an online auction just sold a million-dollar-plus coin for a record price with a known mix of dealers and collectors. A year ago, this coin was a sluggish sell at a far lesser price. Price guides could not help that coin, nor most of what was in the FUN Sale.
What can YOU do? Just keep collecting. You will have coins that you own cheaper, and as the market rises, you will have to pay more for the new ones. In the end, what we usually see is that it averages out. And patience is a MUST. Right now NO ONE is finding what they want. As we said before, every minute of our day when we are not talking to collectors is about ferreting out coins. Cannot say it has been a satisfying time!
TIME TO TRADE IN YOUR NON-CAC GOLD
We are HIGHLY uncomfortable with gold at the moment after it shot up this past week. However, our Wall Street friends are still thinking $5,000.00 an ounce. We feel, with things quieting down on the geopolitical fronts, it may now take a while. Our opinion on silver—if it hits $100.00, it will drop like a rock. We still remember when oil hit $100.00. There was no reason for it. It happened only because one trader wrote one contract so he could tell his grandkids he did it. Crazy. We think the same could happen here. Silver has had such a meteoric rise in the last six months we don’t understand it.
With all that in mind, we are urging collectors who are sitting on things like PCGS NO CAC MS 63/64 Saints or any kind of US Mint silver, etc., to trade them in for better gold or better coins. It’s a tax-free exchange that many of you will appreciate.
Our rules on the trades: we MUST have everything in hand before we agree to a final value. We can give an estimate otherwise that is subject to change. Due to unreliable and slower shipping these days (even FedEx is slow) and such a volatile market, we have to do it this way. Understand, we really do work closely on the coins we sell! Think about this: if you are in a 64 Saint at $3,750.00 and wanted a GEM $20 Lib (like the one we have posted this week), your cost could be $5,500.00 after all is said and done. Not too shabby, and you’re in a better coin. Or sell you excess silver. What are you holding on to it for? It’s too damn high—in our opinion. Even though rare coins are going up in value, it does not mean they have doubled. You can be in something at a really attractive price with far more potential.
We are a broken record on trading gold and silver for better coins. Only a few of you seem to listen. Waiting until silver craters or gold languishes at a cheaper price costs you missed opportunities. Remember, it NEVER hurts to take a profit, especially when you are moving into BETTER coins! START THINKING, PEOPLE, PLEASE!
THE FEBRUARY STACKS SALE
See something you want us to represent you on? Call or email Laura today. We are already filling up with reps! Email laura@legendcoin.com
This sale is going to be a major blockbuster with many world record prices set. We expect the regular session to be just as crazy.
NEWPS
Of course we have a decent Type deal that is MIA, and our FUN auction purchases apparently wanted to stay in a warmer climate for a few days. And then we have two MIA packages. We cannot win!
At least we do have the MEGA MONSTER 25C 1861 PCGS PR68 Cameo CAC—the unquestioned FINEST No Motto Pr 25C! This absolutely is a once-in-a-lifetime coin!
We do have a small selection of fun coins. We even have some gold priced BELOW $10,000.00. Can’t beat that.
Do not hesitate to email or call us to ask if we got anything interesting in-house.
OUR OFFICES ARE CLOSED FRIDAYS. EMAIL US IF YOU SEE SOMETHING OF INTEREST. WE CHECK OUR EMAILS MULTIPLE TIMES EVERY DAY. DO NOT EXPECT US TO BE IN THE OFFICE ON FRIDAYS! WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM ON MONDAYS.
