WE ARE IN COMPLETE SHOCK
For years (and we mean years) our partner Bruce Morelan wanted us to maintain our inventory at a certain dollar amount. And every time he barked, we just shrugged our shoulders about being a million or two over. Yesterday, we received a new inventory printout. For the first time since 1987 (actually pre-Bruce), our inventory cost was just UNDER $1 million. Even Jose, who tracks our coins, was in disbelief. The amazing part is we just spent a few hundred grand on the Colorado Collection.
Even crazier, for the first 15 days of this month, we had near record sales. We are looking back to figure out how we did it. Apparently, having long-term relationships with the right people helped, for sure (we did fill a want list or two). Aside from the upcoming auction, we have no deals near completion. We are as high and dry as ever! We actually are already losing sleep over buying coins for the rest of the month. We are gravely concerned about finding coins from May through the ANA Show at the very end of August. In our 45 years in business, we have never experienced a drought like this.
Of course, collectors are holding on tight. But NOW is when they should be selling, especially if you have a great coin. No one ever knows the exact top of the market, and it never hurts to take a profit. The price guides are significantly outdated, but if you have the right coin, you can easily sell it for a lot of money almost instantly. Watch what the Standing 25C brings in the upcoming auction. We need to buy some so we hope everyone is using the price guides (LOL)!
Another major worry for us is that without coins circulating in the market, collectors won’t finish their sets and dealers could go out of business. Then disinterest settles in, the market drifts down, and collectors give up and move to other hobbies. Don’t think it can’t happen. We all wanted more money to flow into coins. It finally has these due to apps, TV, and eBay. And whoa! Ultimately, there aren’t many NICE coins to buy. In our strong opinion, this could lead to a very dangerous scenario for BOTH dealers like us and collectors.
A 1928 $2.5 INDIAN
Here is a great example of how dry the market is. For the last month, Legend has badly needed a $2.50 1928 PCGS MS65 CAC to complete a major set. CAC has beaned 44 of them. Every day we are on the systems reminding dealers. We call around to both collectors and dealers as often as we can. And as of this writing, we have not found one. Remarkable and scary! You’d think that would be an easy coin to find. If anyone has one (we only need one), we will happily pay $3,000.00 for a decent spot-free coin.
GOLD
We are bullish again. We think buying generic Gold MS-65 to MS-66+ Saints is the way to go if you can find them. We like these because they have the potential to gain larger spreads as the prices increase. The premiums on coins like those are still weak vs. melt. Most other lower-grade Saints will not do any better than bullion prices.
In our opinion, your best gold play is still building a gold Type Set. You can complete it, and you can include ANY coin in ANY grade you want. We recommend only PCGS CAC or CACG coins. Our Wall Street gold whisperers still think gold has a way to go up in price (do NOT take that as any guarantee). If we did not agree, we would not issue a full bullish recommendation.
Better gold (like XF and higher Bust gold) is ALWAYS a buy too. We can help you navigate the rare gold coin market. Email or call us!
VISIT LEGEND AT TABLE 404 AT THE CSNS SHOW, APRIL 22-24.
NEWPS
As you can see, we only had enough for a smaller posting of NEWPS. So many of you emailed us and bought so much of the Colorado Collection that we had been hoping to post. Sorry.
The NEWPS we have are all handpicked for outstanding quality and eye appeal.
This is not hype. We have the biggest buyers in the business lined up to see us: PRE CSNS. We could very well be near sold out. So, don’t wait if you find any coin of interest. We are not the only dealers who need coins!
If you have any questions, please email or call us.
LEGEND OFFICES ARE CLOSED ON FRIDAYS. YOU CAN REACH US VIA EMAIL DAILY. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAYS.
