MID OCTOBER REPORT
WHAT IS WRITTEN IN THIS REPORT ARE THE OBSERVATIONS AND MARKET EXPEIRNECES OF LEGEND NUMISMATICS. WE DEAL IN THE TOP 5% OF COINS FOR THE GRADE AND ALL RARITIES. OTHERS WILL HAVE DIFFERENT VIEWS ON THE SHOWS AND THE MARKET.
THE WEEK IN SALES
We were pleasantly surpised this morning after adding up our sales for the week. To collectors (ONLY), we SOLD just over $750,000.00 worth of neat coins. Highlights included:10C 1825 PCGS MS66 CAC (a real hearpounding GEM), $10 1799 PCGS MS65 CAC (for a Want List), a $10 1888 PCGS PR65DC CAC and several of the Naftzger Large Cents listed on our web site. We do sell much more then what you see posted! Plus, we did recieve several inquiries about the NEWPS we had posted, so we expect more sales to come!
Think about this, there will be FIVE major auctions in October. Our Simspon/Sunnywood sale started the action. Then the majors each have 2 sales. Never before do we recall that many major sales in a month. It is a mixed blessing.
Watch, all the really great, rare, and eye appealing coins will easily reach record prices. Coins like average dullish MS66 Barber Quaters, will do just ok. And Anything that is low end, drecky, or commoner-will sell for weak prices. We warn collectors-especially wannabe dealers/collectors who think they are so smart, buying the weak coins out of these big sales cheap-will NOT yield you any instant profits. In fact, those will take longer to have healthy pricing as the market clearly is spanking them for being substandard.
There is no question in our eyes the market is flooded with widgets and dreck. However, there is also no question the cream is rising to the top-and that is where most of the action is. We know that many dealers have had bad Septembers and so far dismal Octobers. This past week there was a small St Louis show. Its normally pretty good. Our "super stealth" seller told us it was hard just to get people to look. Its all a matter of what you handle. If you have been following our Market Reports, we told you-its a buyers market in many areas right now.
GEM Bust Type, rare gold, rare Morgans (last week LRCA sold a 84S PCGS MS64 for $164,500.00 and a 95O $1 PCGS MS65 for $258,000.00) have seen NO impact (to name a few areas). Generics and semi generic coins are suffering badly as the price of gold clearly has corrected. Dealers have pulled many bids on coins like these. We were shocked to hear a NON CAC $5 PCGS MS64 Indian has dropped to $1,800.00 BID. Less then 2-3 weeks ago they were $2,500-$2,700.00.
Gold is making a slight come back. The price is slightly rebounding and certainly has stopped its skid. The gold bugs are starting to stick there heads out from their hiding places. Deep down we are probably gold bugs, we have liked most gold all along. At todays prices, we can't understand why more people are not buying all they can. We do think now that the stock market seems to be near done with its crazy correction and the price of gold has stablizd, you'll see most generics in demand again, thus we expect slight price increases.
Our best advice, stay your collecting course and pick and choose your spots. There is no need to buy widgets or marginal coins-especially out of auctions. You can get some really great deals buying from your local dealer right now. And how can you not buy generic and semi generic (bigger price swings) at todays levels? Unless its a Want List coin (or something off the chart sexy), we too are buying generiic and semi generic gold (PCGS CAC ONLY) at todays prices. We've stopped loading up on other widgets or coins that we like but are slow sellers right now. We do practice what we preach!
We see the market overall as slight improving through the end of the year. October through early Dec typically is one of the most active times for the market. We wish we had an extra $1-2 million to spend-the potential we see right now in our area of the market is staggering!
We are holding off on our major offering of GEM better Saints. Those will be sold when we return from Baltimore. Hard to believe our decision has nothing to do with the price of gold or the stock market. We are working on yet another great deal of GEM Saints. Another big thing we did, we have gone back and re-evaluated our inventory re-pricing all the gold we can (at todays new prices) and seeing what coins we have had for a bit too long. Plus, there are some coisn we just love to death and don't understand why they have not sold-so we made them NEWPS again. The re-listings will be all done by late Sunday.
We are still adding NEWPS this week. As we told you, we have some of the BEST SUPERB GEM Type coins available today in a huge deal. We are pleased to offer our friends a few of the coins. The highlights are a 1836 Reeded Edge Half PCGS MS64 CAC and a 50C 1874 W/A PCGS MS67 POP 1 FINEST KNOWN. Both coins have super quality and color! These are just two out of the many coins we will be offering from thiese deals. If you love SUPER Type (including Early Type) stay tuned-NO upcoming auction has the quality or rarities like we will be offering.
Here is a great incentive to buy from us today: special terms. ONLY available for coins OVER $10,000.00 or purchases totalling a minium of $15,000.00. Put 1/3 down and pay the balance by Dec 22nd! NO Interest or hidden fees. Please discuss this option BEFORE you place any order.
LEGEND RARE COIN AUCTIONS
There are only a few more days left to consign to our already powerful December sale. Look at what we already have as anchors:
THE BOB R SIMPSON MS BARBER DIME COLLECTION #1 ALL TIME ON THE PCGS REGISTRY. This set was exclusively built by Legend.
THE AMG COLLECTION OF PR BARBER DIMES #4 On the PCGS registry-a set built exclusively by Legend for a picky collector.
THE NORWALK COLLECTION OF PR MORGANS Thsi set is being graded and imaged. It is a totally COMPLETE SET-including the ultra rare 1878 7tf Rev 79 and the Amon Carter 1893CC Proof! The last coin was added to this set back in 2002.
5C J-1950 1913 BUFFALO PATTERN Ex Farouk. One of two known. We sold the PR 65 for $195,000.00 a year ago.
50C 1873 W/A CC BROCKAGE PCGS graded. Wicked cool coin!
We will have most of the sales highlights at the upcoming Baltimore Show-table 555.
We are not a big firm-but we have every bit of BIG powerful buyers/collectors as ANYONE! You have access to not only Legends incredible customer bases, but the huge and growing base of powerful buyers who enjoy doing business with our auctions.
Our promise, your coins won't be lost in a phone book, they won't have to contend with 2-3 identical pieces, your won't have to be up at 2 AM watching 1 one person who couldn't sleep bid on your coin and buy it cheap, and we produce one heck of a hard bound auction catalog! Plus, we have your coins evaluated by real numismatists-who influence many buyers. Remember our motto: A happy buyer, makes a happy seller!
Our MINIMUM consignment is $2,000.00 per coin-MINMIUM total lot $5,000.00. Of fees are highly competitve. Since we have low overhead, we can usualy meet or beat any legitmate offer. Contact Julie Abrams to discus placing your coin our Decemember sale-now! Her email is firstname.lastname@example.org
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US: www.legendcoin.com. WE DO NOT CHECK OUR EMAILS UNTIL 9 AM MONDAY!