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Posted: April 19, 2014 9:11 PM CST

Legend Numismatics Market report


PRE CSNS REPORT


HAPPY EASTER!

Can't remember when Easter has been this late in April. Usually between tax time and Easter holiday, things slow down. CSNS is typically the slowest of all the major shows. This month is really proving to be no different. The coin market can't be on fire very week!

Legend Numismatics entire staff wishes everyone a Happy Easter.

There will be NO NEWPS posted this week. This is by our choice-not being out of coins!!!

FEAST OR FAMINE

Two weeks ago we ran bone dry of of NEWPS. We were so dry our sales had slowed dramatically and we actually got worried (like we do everytime that happens). Today as this is being written there are probably 120 coins in our safes waiting to go to PCGS and CAC. We have two deals waiting for us a CSNS and we now have coins to offer dealers at the show. Action has returned!

When we first started to shake the tree-by mentioning what we needed in a Market Report, we had little to NO response. Then we'd get a good coin or two offered and of course we bought them. However, for  every coin we bought, we turned down 2-3. Its not just us being picky, some people do not get it as to what certain coins are really worth or about the quality factor. Because they paid a price does not mean they paid the correct price to "flip" a coin. You really have to be an aggressive regular buyer to get the real WHOLESALE level prices.

Then two smaller collections (both Type sets) were offered to us and we bought them. Finally! We had coins again. The only problem, of all the coins we bought (about $500,000.00) not one was on any of our HUGE Want Lists. At least we can say with confidence we WILL have a wonderful offering of NEWPS upon our return from the CSNS Show. 

STABLE SALES

We are still selling coins. Can't say we are selling them like crazy, but sales are stable. A good friend of ours said his business had been strong up until tax day. Again, typically, this is the deadest time of the year.

The biggest coin we sold last week: $20 1861 NGC PR67 UC (yes-a NON CAC piece-that is a stunner). Thats a $750,000.00 coin. We are building one of the finest ever Civil War Gold Proof sets (will buy dupe dates of Proofs if anyone wants to sell). Coins like this just do NOT appear anymore. Plus, we can think of at least 4 people building serious Civil War era collections (great theme). Our sales had started out for the week with the near immediate "hit" on the 1C 1840 PCGS MS66+ BN Nafztger CAC.  

We expect CSNS to be OK. We do NOT expect it to be any record nor do we expect there to be a rabid thurst for stuff. The great coins WILL do their usual strong showings and quickie sales. Note: in the past 30 days, the widgets have not been flying out of dealers inventories. Keep in mind how ridiculously HUGE widget filled auctions there have been since last September. So the market needs to wake up/clean up before the demand will be back to the full strength we saw in January. Typically, May-the beginning of July are strong times in the coin market.

LEGEND MORPHY AUCTIONS

Finally! Our May 22nd Regency Sale is now posted. We expect it to go LIVE sometime next week. We thank the THOUSANDS of collectors who have already viewed the sale.

Yes, we have a different format. We have heard the grumbles. The real scoop is our platform/software that started off so well completely melted down and failed us. Thus, after the last sale we had a choice, shut down or find a temporary solution. After exhaustive research, the platform you see is the best we could find that did what we needed. We expect to be using this platform the rest of the year. Developing new software is NOT an overnight project. You also can not go to a store and buy an off the shelf software kit to fix it (a shout out to Devin Healy our IT person who worked many back to back 20 hour days to make the platform fit us). We are doing EVERYTHING we possibly can to make the transition as easy as possible. Sorry, but you do have to re-register (it is easy though). 

We did see some imaging issues and we do want everyone to know we ARE working on correcting them. In fact once the auction got posted we spent hours searching for imperfections and fixing them. If there are any other problems we have missed, please let us know! Sorry, we can NOT change any links or anything in the format.

The contents of our sale have NOT changed nor have our standards. EVERY coin is still handpicked. The descriptions are as honest as possible (what other auction house will tell you when a coin flunked CAC?). Even though we are not supposed to allow lots less then $2,500.00 each, we elected to accept the GSA CC Collection because it was so special. Only the bidding platform is different.

THE ENTIRE AUCTION WILL BE AVAILABLE FOR LOT VIEWING AT THE CSNS SHOW. You may also make an appointment to view the lots in our offices now through May 15th. We encourage you to lot view or have a rep do it. There are many FRESH and great coins in this sale. The principals of Legend will also happily assist or represnt you-for free at the auction!

TO VIEW THE SALE: www.legendmorphyauctions.com

BREAKING NEWS: Our July sale already has recieved a multi-million dollar MONSTER consignment. Its so spectacular that even the big guys WILL be jealous! We'll be making a major announcment in a week or so. If you have really cool coins to sell, our July sale WILL be HOT-consign now!!!

Any questions or issues with the auction, please mail Julie Abrams: juliea@legendmorphy.com

ANY QUESTIONS OR COMMENTS FOR LEGEND, PLEASE CALL OR EMAIL US AT:
legend@legendcoin.com

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