ANA PURCHASES
Oh, did we overdo it? Always happens when we say we won’t overspend. However, we felt that there were too many coins being sold at prices that were too irresistible.After we were done buying, we spooked ourselves and started to lose sleep worrying about selling it all. Typically, the period between the week after the ANA Show and the end of September is a quiet time for the coin market. So we held our breath and tried to remain hopeful we would sell a small amount each day. This year has been different.We sold far more than we expected last week and are cautiously optimistic we’ll sell a lot at the Tampa Show.
We’ve already sold 3/4 of our NEWPS, much to our surprise. Last week we sold a five-figure coin each day. We are not talking about any Want List coins. We certainly did not anticipate that. This week, our Coin Of The Week, the $1 1795 FH PCGS AU53 CAC PLUG, had 4 VERY serious buyers and several other inquiries on it. That’s a six-figure coin. But then it is the wicked cool silver plug! All these sales prove to us that no matter what time of year, even slow time, if you have the “RIGHT” coins, they will sell. This time it was a combination of that plus post-pandemic cheaper pricing that did the trick. Prices are now down 5-10% from the pandemic days of 2021-22. Don’t get us wrong; records are still happening, but it takes a special coin to get there (like the fresh 3CS 1865 PCGS MS 69 CAC).
Special note: we did see a serious uptick in collectors wanting and buying better gold coins ($3 1880 PCGS MS65+, $5 1862 PCGS AU 55, $10 1800 PCGS MS61 CAC, etc.). We now wish we had bought even more gold!
October is now the time for us to worry about a slowdown. There are no shows or major auctions. Times like that usually make the market very stagnant—unless a fresh, cool deal pops up. Therefore, we are holding our breath; we will see what happens in October.
WE DID SOME MATH
For years now, you’ve heard us crow that coins are disappearing into this big, unknown black hole. We’ve finally realized what makes up that huge space: telemarketers.
In the old days, there was just the hype for everything marketers that sold circ Morgans as Uncs, damaged coins, etc. Today, sophisticated telemarketers sell as much as half a billion dollars annually (our estimate). They buy soup to nuts, but they absolutely do deal in better coins. We know of 3 of them who sell at least $50 million a year of better PCGS NGC coins. Each year, these three individuals sell a substantial amount of rare coins. Now, rare coins have entered a new phase: Real TV marketing (RCTV). Never before has the rare coin market reached so many diverse people. That’s why it’s become difficult to complete sets like Morgan Dollars (a perennial telemarketer favorite) and many others. As these telemarketers grow, so will their coin needs. The deep black hole will only get bigger as time goes on.
There is also a new breed of younger, very private collectors. We deal with a few. They’re building massive collections. These collections most likely will be off the market for many years as they plan to pass them to their children.
We strongly suggest you respect the rarity of the coin you are seeking, and because of real demand, you will have to pay more than any published number to acquire a great example. If you wait, it’s likely that someone else will acquire it. Then you won’t have access to that coin for a very long time. While there may be short-term hiccups in the coin market, long-term values pretty much have to rise.
WANT TO TRADE YOUR GENERICS INTO RARE COINS? CALL OR EMAIL US. Legend will get you top dollar for your generics and get you into quality rare coins.
NEWPS
We have a handful of our ANA NEWPS that remain posted, as we sold over 3/4 of our purchases. Despite this, we continue to offer some truly amazing coins this week. Highlights include:
50C 1886 PCGS PR67 CAMEO CAC A STUNNER!
$1 1892-CC PCGS MS66 CAC
$2.5 1910 PCGS MS65 CAC
$10 1853-O PCGS AU55 CAC A SUPERB GEM AU!
G $1 1917 McKINLEY PCGS MS66 CAC A WOWZER!
This week, we have a large selection of NEWPS. We handpick each coin for its superior quality and outstanding visual appeal. Our markups are low, and we base them upon what we pay. We do pay more for really nice coins!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: legend@legendcoin.com WE DO NOT CHECK OUR PHONE MESSAGES until 9 AM MONDAY.
