THE MARKET HAS NOT COOLED OFF
We are now in the dreaded period for just about every coin dealer-post ANA. We can tell you, this year it was our worst ever. Our hurt came from a SEVERE lack of coins. As proven in the ANA auctions (and soon to be our sale) demand is off the charts still. Think about this, approximately $80 million in RARE COINS ONLY were just sold at the ANA sales. Typically, everyone comes home from the show chunked up with lots of goodies to sell. Most sell the majority of their coins then fall into a “dead time” between ANA and Long Beach. This year, most left the ANA with little and the “dead time” started immediately. It needs to be noted that the market is alive and well still. The lack of coins some how only intensified and the black hole got even deeper.
The market was so hungry for coins, we noticed even NGC NON CAC better gold (especially Saints) sold for strong (PCGS CAC) money. We are highly suspect (in our opinion) that there might be a group or someone connected to the new ownership of NGC trying to make a market? All of the sudden this area is red hot. There is no obvious reason for these coins to have sold at the levels they did. Even in an online sale, a $20 1923-D NGC MS67+ NO CAC sold for $43,000.00! We still fully encourage our customers stick with PCGS CAC coins.
Where will the market go from here? UP! Nothing has changed from ANA. We know the hunger for better coins has NOT diminished. There were not many coins at ANA and the auctions while they had a few big coins, were not as huge lot wise as they used to be. We are being offered a coin here and there. But when the few coins appear, they are gone immediately. The trickle is really not enough to cover our overhead at times.
There is lots of life after gold in the market. Walkers and Peace Dollars are still red hot. Standing Quarters are mercury hot. The deadest areas-early copper, 3CN’s MS+PR, Shield 5C MS, MS Merc Dimes, Bust Quarters, Actually Gold Dollars are soft too. We are not yet in a full bull market. Its too selective right now.
We suggest collectors stay their course. If you must buy in auction-be prepared to pay more then any published value for a better coin. Try to avoid buying commoner coins from big auctions. Your paying an extra premium for no reason. Do not think too long if a coin is offered to you. These days one and done is the norm. Few coins linger anymore. Stay liquid. So many coins have become “cash coins”. That means anyone would write an immediate check for it. Do not hoard dupes thinking they will all go up and you can trade or liquidate them fast to get at a cool coin. MISTAKE!
Legend will be in attendance at the Las Vegas PCGS Invitational next week. We look for ward to doing some biz with you!
Do not hesitate to call email us with any questions. We know our stuff!
NEWPS
8 NEWPS is not really rocking (sold one first thing this am). But it was pour final group from the ANA show outside of auction buys. We now spend 85% of time seeking to buy. The results are slim-BUT the quality we offer had not changed. We’d much rather offer a single coin is that is all we found.
Highlights this week for sure are:
$1 1882-CC PCGS MS66 DMPL CAC
$2.5 1925-D PCGS MS66 CAC OGH
$3 1878 PCGS MS66 CAC
We fell short again buying coins below $5,000.00. We are doing our best. Anyone want to sell us a collection? What do you have for sale?
Check out our regular PCGS CAC inventory. We have some cool coins!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
its auction time!!! This Thursday at 7:00 Est our Regency 47 sale will hold a live auction. We have many exciting coins for sale highlighted by the awesome Chicago Collection of Bust Halves (the #1 red book set) and the Tempelton Bust Dollar collection.
Our senior numismatist Greg Cohen wrote an informative Market Report on the auction web site about how to navigate todays auction world. It should help you in this upcoming sale. As we always say, Be prepared!
Last call for discussing terms and phone bidding requests. The staff leaves for Las Vegas Tuesday. They maybe reached via cell after that 732-233-0719
We are always accepting consignments. We are near final call for what will be a fabulous October Sale (October 28 in San Diego)-already highlighted by the Boylston Collection of Halves-including an incredible 50C 1841 PCGS PR64! We are especially seeking gold coins. Call or email the best staff in the auction biz. They will craft the ultimate plan. Immediate generous cash advances.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NTO CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM
