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Posted: August 29, 2010 11:09 PM CST
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ALL QUIET FOR NOW-EXCEPT FOR US!
THIS MARKET REPORT IS WRITTEN FROM LEGENDS POINT OF VIEW AND EXPERIENCES IN THE MARKET. EVERYTHING WE STATE IS FACT BASED UPON OUR SALES, PURCAHSES, AND OBSERVATIONS. REMEMBER, WE DEAL IN HIGH END COINS AND BETTER GOLD. OTHER DEALERS WILL HAVE DIFFERENT EXPERIENCES.
LEGEND SELLS $10,000,000.00 IN AUGUST!
This clearly was a "perfect storm" for us. August was an all time record month. We have not really even started to sell the multi million dollar monster Denali Collection of Patterns. Take our word on this, even with two million dollar coins thrown in, selling as much as we did involves an aweful lot of coins! it took us 10 days just to do the paperwork from the ANA Show!
Yes, we are showboating a little about our sales (its no different then a kneel down endzone celebration after a game winning TD). We are deeply greatful so many collectors whom have chosen us to business with. Thank you! We could not have done those numbers with out you.
We also make mention of our sales because it PROVES there is activity in the marketplace-even when others aren't making much happen. We feel its important for collectors to know we need EVERY CAC Sickered PCGS MS66 Saint that exists, just like we will buy EVERY PCGS MS67 Bust Half that exists or MS65 and higher Seated Dollar. And of course we are the vaccum of the market on all GEM and rare Patterns. Legend does contribute a significant amount of liquidity to the marketplace. Unquestionably, we know the pulse of the marketplace as well.
HOW COULD LEGEND BE BETTER THAN THE MARKET?
Our market is different. While it is definately a "slow" time, we have more business then we can handle! The typical post ANA blazz has not hit us like it has the rest of the coin market. We definately can sell millions of dollars worth coin coins-if we could get them. An example: on Saturday night we sealed a deal to sell 2 GEM PCGS MS 65 CAC Seated Dollars for well into six figures. Early today we dropped off $50,000.00 worth of coins (including a $30,000.00 piece) to a customer who committed on them via email yesterday. This afternoon before this was composed, we committed on buying a spectacular six figure early Proof Type coin. All of these coins are of the highest quality and are CAC'd. As you can see, we are extremely active.
What makes us different so that we have such a huge customer base? Simple: we really do handle the BEST and most exciting coins on the market. We either have or can get what the serious active collectors want. And we will never hesitate to write a check for a great coin. Dealers know we do not jerk around, if we like it, we'll by it-so we get offered a ton of coins. Collectors also know they can trust us both buying and selling. You ask us a question, we will give you a truthful answer-even if its what you might not want to hear. No sales pitch, just facts. And we will buy back (at the current market) ANY coin we have ever sold. When you sell neat coins, its easy to buy them back. Thats why our market can buck most quiet times or downward trends.
Our philosiphy on buying: We will pay more to get the coins that matter. In todays marketplace, paying a 5-25% premium is nothing. It has long been our belief that coins are a long term hold. If you buy them right and do hold them, your gains will make the premium paid totally irrelevant. That is why so many of our competitors have nothing but sludge dreck (yes folks, a new term). They just can't step up. At the ANA we had well over $1 million dollars worth of incredible coins come to us from collectors. In fact one dealer who offered us his personal coins knows: we told him we are not leaving the show without buying what he had. He walked away with a huge check and he made two of our better customers extremely happy!
SOME THOUGHTS ON AREAS TO COLLECT:
There is no magic wand or crystal ball that can tell you when the coin market will turn red hot again or when prices will finally rise across the board. Until then, there are many areas you can explore that we feel have awesome potential-and are actually completeable.
GOLD BUGS READ THIS:
Its very interesting that we see the masses buying Saints in MS64 and higher. People have always enjoyed the feel of bigger gold. Because of this, many Gold Type coins have been drifting and actually have come down in value. WE SUGGEST YOU BUILD AN MS64 AND HIGHER GOLD TYPE SET. You can put in it whatever you want. So buy a slight better Gold Dollar for very little premium or buy an MS65 $3 Gold piece-of which we have seen so few around recently. All Indian Gold in GEM has actually fallen recently-and they are NOT easy coins to find.
ALL PROOF BARBERS
HELLO! We KNOW these are incredible values. For years we preached about PR64's. They have since gone up and are ok, but you can do better in the higher grades. BUY PR 65-67 coins. You can build a COMPLETE 24 coin PR Barber 10C set in 66 for UNDER $60,000.00. Or how about a PR barber Quarter set in PR65? That about $50,000.00. The beauty is the coins look great and MOST have mintages of UNDER 1,000 pieces. We only own maybe one or two PR Barbers total-so do NOT accuse us of manipulating pr hyping a market to our benefit!
PROOF LIBERTY NICKELS
Do a PR65/66 Set. Even a semi mixed set of them should cost SUBSTANTIALLY UNDER $25,000.00! These are beautiful coins! You can't go to amajor show and finish the set in day, but you can build a set over a few months.
PROOF TWENTY CENT SET
There are ONLY 4 coins in this set-two of which are Proof ONLY! This set supplies it all: rarity, obsolete, beauty,and affordablity. A set in PR64 can be built for UNDER $25,000.00. Or, go for the BEST and do a PR66 set: $50,000.00. Its all up to your tastes and budget.
WALKERS
We have learned from our McClaren Collection that the short set of Walkers (1941 PDS-1947 PD) in MS65/66 is probably one of the most popular collected areas in all of coins. Stunning GEM MS66 Walkers can be purchased for around $225-$275.00. Even the rare 1941S PCGS MS66 will only cost you $2,250.00 or so.
OUR ALL TIME FAVORITE RECOMMENDATION:
Build a Type set. A Type set is a representative of a series. It can contain the 50C 1905 PCGS MS68 we recently bought and sold for over $135,000.00, or it can contain an MS66 PL Morgan for $225.00. You simply pick the BEST examples you can afford and like. By building a Type set, opportunity does NOT pass by you.
WHAT LIES AHEAD FOR THE REST OF THE YEAR?
Typically the market rebounds starting in Mid September. This month there are TWO major shows (both in our opinion poorly planned on top of each other) that could actually slow the market a little. However, there is a 3 week recouperation of no major shows after that.
Price MUST move up sometime. For the past year we have not been able to buy ANY better date MS65 and higher Ten Indians. We have been hyper aggressive looking for them. So as more players come back from summer retreats and focus on coins-a series like that could pop up 10-20% overnight. For every series that happens in, there will be some commodity related price dips. Study the series you want to buy in carefully. Look around for what you do NOT see-those are the areas that have the biggest short term potential.
We strongly feel the market will be exceptionally healthy and active after the middle of Septemeber. We are NOT saying this for hype. We have spent millions to buy really neat coins and sit on them to preserve the freshness. If we are wrong, and there is even so much as a hiccup, we lose a ton of money. But the coin market seems to be following its classic summer pattern, so we are quite confortable with or instincts.
THE DENALI COLLECTION OF PATTERNS-AN UPDATE
We have well OVER 250 of some of the rarest and GEM quality Patterns ever to be offered. We have fallen behind in invetorying them. Also, we are producing a major catalog-and that all takes time. So we are pushing ROUND II of the Denali offerings back to mid September.
Even if you do not collect Patterns, you should consider one or two to go with the collection the patterns match. The fundamentals of Patterns are scarey cheap right now. Example: we Sold J-371 an R-7 (4-12 minted) which is an exact replica of an 1864 PR 2C piece only its struck in copper nickel. Our coin was a PR66 CAMEO and we sold it for $8,000.00. A regular 1864 PR66 CAMEO sold in the ANA Sale for OVER $40,000.00! Does anyone else see opportunity here? The telemarketers who abused pattern pricing back inthe 1980's are long gone. Its more of a "real" market then ever now.
Hope we did not bore with our sales or ideas for buying in todays marketplace.
NEWPS
We put a up a small group of ROUND II from the ANA Show. ROUND III will have some better Type and probably be posted next Monday evening (not Sunday). We are still trying to catch our breath from August!
We could give so many more ideas. If you have any questions,please email or call us.
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