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Posted: October 25, 2014 10:16 AM CST

Legend Numismatics Market report


THE PRE BALTIMORE SHOW REPORT


THE MARKET IS STATUS QUO

Its hard to have a really robust market place when 2 major auctions with tens of millions of dollars worth of coins are staring at you knowing another biggie is only two weeks away. There are probably several hundred (the very least) bigger collectors who have held off buying in anticipation of these sales. That has been the trend for the past year or so. Activity usually slows as soon as the catalogs are sent out (expcept in the case of Pogue-the mere announcement sent people into a tizzy). The good news, because there can only be one winning bidder per lot, the majority of collectors who saved up-end up not buying the coins they want (or spending what they figured). Last Gardner sale the 2 weeks after were a dealers delight with strong sales (at least for us). Same thing usually happens around FUN. 

Right now the market is very selective. NOTHING has changed in terms of prices for FRESH, EYE APPEALING, SUPERB coins. Buying a coin out of an auction in May-even if it is fresh, does not qualify a coin as fresh if you need to sell it in October. Generally a "fresh"coin is one that has been off the market for MANY Years. We have recently seen a few people try to sell coins for profits they bought within the past year with little to no success. In fact, in some areas, they were offered 20% BELOW what they paid. Unless you need cash, you must always remember the rare coin market is a long term propostion. Plus, its also a huge matter of what you buy. "Stuff" is not what makes you quick money. 

Generic and semi generic gold are still reeling. This past week we sold only ONE MS66 Saint. We expect that to change dramatically shortly. Not because gold is inching up. Collectors are recognizing each day now that prices of these coins have slipped too low. Plus, this past week we spoke to 3 bigger Wall Street types who want to buy gold. These guys are usually ahead of the curve and sense future trends. We do take their wantng gold as one step in that market returning. If you like gold, now is the time to buy-especially the semi-generic coins (they could have the biggest pop up in price)! 

Our biggest problem right now-still finding coins for our Want Lists. If we had estimate it-more then half of what we need is rare gold. Rare gold coins like a $10 1911D PCGS MS65 CAC is a far different animal than a 1910D PCGS MS65. While the 10D has dropped a little in price, the 11D in MS65 only has become even more valueable. When were spreading the word over the last two months about the fact we needed better coins-it was painful to have to deal with people offering us everything that wasn't-while thinking what they had was premium value items. We know the majority of great coins are parked some where deep in the "blackhole" of the numismatic straosphere. Can't remember the last time we had a group of choice to GEM Bust coins offered to us or something we are really starved for GEM DMPL's Morgans. There is certainly NO weakness for any nice coin from those series! 

LEGEND WILL BE AT OUR USUAL TABLE 555 AT THE BALTIMORE SHOW

NEWPS

Due to the Gardner sale and the Baltimore Show being the same week, we are yet again going small on the number of NEWPS we are posting. However rarity or quality won't be affected: easily the greatest NEWP (and probably our greatest NEWP EVER of our careers) is now posted. It is a SUPERB GEM PCGS CAC graded MATCHED ORIGINAL 1856 Proof set! H.01 thru the $1. This set has no right to even exist! It was hand picked from the Mint in 1856 and remained with the same family until 2000. At that time, we bought and placed it with an investor. Our goal is to now permanently place this set in a long tterm great home. 

We're also giving colored dollar collectors a second chance at one of the Sunnywood coins. The fabulous 1878 8TF PCGS MS66+ CAC. Its an amazing rainbiow colored coin. We are offering it on behalf of the owner who bought it directly out of the Sunnywood/Simpson sale (don't ask why he is selling it-its very complicated). To see an image go to PCGS cert verfication: 06666306. 

Of course there are many other great NEWPS to choose from. Also, do not forget our regular inventory. Every coin we sell is inspected by the same two numismatists who have exclusively built all time #1 collections for the likes of Simpson, Morlean, Coronet Morgans, The Law Collections, and so many more! Plus, unlike any auction, we stand behind what we sell. Sometimes, the best buys are NOT made at auctions! 

As promised, next week we will be posted an incredible run of PCGS CAC graded GEM Saints. We're also hoping to buy a deal that has multiple coins value at UNDER $5,000.00. We have not forgotten about coins priced in that range-they sell so quickly we can't find them! 

LEGEND RARE COIN AUCTIONS

WOW! What a week of consignments we had. It was soup to nuts, but some of the nuts are incredible! We expect our December auction to be a blockbuster! 

THIS WEEK IS OUR ABSOLUTE FINAL CALL FOR CONSIGNMENTS. WE NEED THEM IN OUR OFFICES BY FRIDAY. If you have any questions, please call or email Julie Abrams: julie@legendauctions.com

We can now offically announce The Sunset Hill Collection of Proof Morgans will be one of the highlights of the sale. It is a COMPLETE PCGS Proof set! These coins are without a doubt FRESH and are clearly of the highest quality! The 1895 is a PCGS PR66+ Cameo while the FINEST Chapman Proof-PCGS PR66 is included. The lowest graded coin is the 1878 7TF Rev 79. That is the ultra rare PR61. None of the coins in this collection have been around for well over a decade. Email us for a complete list of dates and grades. 

HIGHLIGHTS FROM THE UPCOMING SALE-INCLUDING THE SIMPSON MS BARBER DIMES AND THE SUNSET HILL PR MORGANS WILL BE ON DISPLAY AT OUR TABLE #555 AT THE BALTMORE SHOW. Stop by! We'd be glad to meet you. We'll be posting highlights on the Legend Aucntions web site next week. Stay tuned! Got to: www:legendauctions.com. 

If you have any questions or wish to order, please email us at: legend@legendcoin.com. We do NOT check for phone maessages until 9 AM Monday. This is the best way to order over the weekend! : www.legend@legendcoin.com



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