IF IT’S GOLD, IT’S BACK TO BEING SOLD, SOLD, SOLD!
It looks like the short correction in the price of gold was just that—a short correction. Now that the price of gold seems to be back on its merry way onward and upward. It’s amazing to us how collectors are now back buying with laser focus. We have not only been outbid in the recent auctions, but we have been blown away! And we needed coins really badly and had really strong bids. Here are a few examples of what happened:
5C 1914 PCGS PR68 CAC We ran it up to $34,000.00 hammer and lost! It sold for $42,000.00 all in. What was the coin worth? $25G or so.
$1 1889-CC PCGS MS 64 DMPL CAC. We wanted to pay the $150,000.00 hammer we paid for the super one we bought out of ANA. This coin here sold for $210,000.00 all in. Ouch!
$2.5 1850-O PCGS MS64 CAC A friend of ours wanted it. He was at $35,000.00. He lost. It sold for $45,600.00 all in. WOW!
$5 1911-D PCGS MS63+ CAC We were not on it, but WOW—it brought a serious record price of $43,200.00 all in.
$20 1907 HR PCGS MS66 CAC. Man, are we embarrassed. Guess these are worth a ton now. We had bid $110,000.00, thinking maybe we had a shot. OUCH! It sold for $192,000.00 all in. This is a great example of a coin that has made all the price guides obsolete.
50C J-1593 PCGS PR68 CAC Another embarrassment. We were in at $43,000.00, and it brought $66,000.00 all in. In 2020 it brought $43,200.00. Nice to see some love for patterns!
There is still more to go with the auctions until tomorrow. We just looked, and we are already behind on some of the bids. Forget about if its gold is sold—if it’s gold, it’s on fire and sold!
One of the biggest skeptics we know about the market is now a full bull. He thinks we are heading for 1980 all over again. We sort of disagree. In 1980 the rare coin market doubled overnight and was total insanity. He thinks between no coins and rising gold that HAS to happen now. We do agree the coin market WILL go up in front of our eyes (as this week’s auctions are proving). Collectors, be prepared to throw away the price guides for now and use the auctions as a guide to buy on the floor or through a dealer. YOU CAN NOT BUY RARE COINS—NICE RARE COINS—CHEAP OR NEAR THE SHEETS ANYMORE.
A 220-pound 18k solid gold toilet is heading to the auction block next week. The question is, is it art or metal value? The estimate is a minimum of $13 million (gold value). We can’t imagine some really rich person not wanting their own gold throne. We’d be shocked if it didn’t sell for way more. That crazy banana thing went for $6.2 million. Next week is the art market’s big sales week. That will be interesting too.
With so many people making money in the stock market, crypto, and gold, there is huge money that needs places to go. Like in 1980, some of it trickled into rare coins. Remember, overallin the big world, the rare coin market is VERY small. As you see today, it does not take much to dry up supply. Growing up in this biz, we used to pray for Bill Gates to start buying. Now, we’ve probably got more billionaires buying than we ever dreamed of. The top of the market is bone dry, and look at what the 1794 $1 PCGS MS63+ CAC just brought: $4,500,000.00. We were advising people to pay no more than $3,360,000.00 all in. Oops! For the regular collectors, you can’t find GEMMY coins below $10,000.00. Those are all gone to the apps. and the deep black hole. As of this writing, today, one major player is doing a 10-hour streaming marathon on eBay. He is hoping to sell several MILLION DOLLARS. Events like these do attract many NEW collectors too. That is why the market is so dry. That is why we had our WORST EVER buying show at Baltimore.
Final take: if you see a coin, do NOT wait too long. Do NOT think the price guides currently are accurate. Try and follow the auctions. You’ll have a better understanding of the market. If our friend is right, the bull market for rare coins is only beginning!
THE LAST PENNY
It’s over. The last penny has been struck. We just heard it is supposed to be auctioned (we don’t know any details). That is awesome. That is also something this writer personally would not mind owning. In our opinion it should rank forever as being one of the most historical coins ever minted. How cool is that? This could be the most valuable penny ever! Can’t wait to see the grade too.
NEWPS
Most of what you see offered came to us AFTER the show. We are still not able to buy the coins we really want. But this week we are thrilled we bought 2 GEM $5 Indians. That type had been down most of this year and, like all other gold, is now alive and is experiencing good demand. There could not be a better time to buy them. Once they are sold—good luck buying any others.
One of the highlights is our $2.5 1861-S PCGS AU58 CAC. Had this been in auction this week, forget about it!
Another is the $20 1852 CACG MS 61. LOVE IT! It’s a tribute to how tough CACG grades.
Every coin included in our NEWPS was hand selected. We do NOT post every coin we buy. We curate what we post here. You will NOT be disappointed with anything we sell.
If you have any questions, please email or call us.
LEGEND IS BUYING; WHAT DO YOU HAVE? WE WILL BUY ENTIRE COLLECTIONS TO GET THE COINS WE NEED. EMAIL OR CALL US—PLEASE!
OUR SCHEDULE THE REST OF THE YEAR
OUR OFFICES WILL BE CLOSED NOV 26-30TH.
LEGEND WILL ATTEND THE PCGS INVITE IN LAS VEGAS DEC 16-18TH
OUR OFFICES WILL BE CLOSED DEC 22-JAN 4TH.
These schedules are subject to change, especially if we can’t buy more coins. Do know, even if the offices are closed, we do still answer our emails.
OUR OFFICE IS CLOSED ON FRIDAYS PERMANENTLY. WE DO CHECK OUR EMAILS. PHONE MESSAGES ARE CHECKED MONDAYS AT 9 AM.
