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|Posted: March 8, 2014 08:20 AM CST|
MID MARCH REPORT
LEGEND NUMISMATICS IS A FIRM THAT DEALS IN THE TOP 5% QUALITY AND THE ULTIMATE RARITIES. OUR MARKET REPORTS ARE BASED UPON OUR EXPERIENCES. OTHERS WILL OBVIOUSLY VIEW THEIR MARKETS DIFFERENTLY.
When there are no major shows or auctions, things tend to quiet down radically. Not so for us last week. Sales started out slow, but really picked up by the middle of the week. We typically sell 4-5 coins by Sunday night. Last week we had only sold 2. However when we added it all up Friday, we had a more then impressive sales week.
The most requested coin (much to our surprise), was the 25C 1898 PCGS PR68 DC CAC. As usual we sold everything from the $10 1852 PCGS AU58 to the 50C 1846 PCGS MS65 CAC off the web. We also sold a couple of mid five figure coins to Want List customers (we got very lucky and found a few coins at the ANA Mid Winter show). Most important, we started TWO people relatively new to coins on collections and one more long time collector on a major set as well. These three people are firmly committed and are seeking to build GEM Sets.
Other dealers we spoke to also reported good to strong sales.
This week will be the key for everyone. With no auctions or shows, no fresh material will pop up in any quantity. Collectors tend to go into hiberanation during these lulls. We can tell you, thats not smart. You actually might get some of your BEST deals NOW and during these "quiet" times. You just never know what or when that special coin will show up.
SPRING COIN FEVER
We see a very healthy market right now and for the rest of the spring. Its not just the buyers in the top end, we see ALL price levels enjoying strong demand. The only thing that concerns us, too much dreck is hitting the market via these mega auctions. At some point, that WILL slow WHOLESALE (we saw that slightly a ANA Mid year). As we said before, dealers can't help themselves when they are extended credit. They will pay an extra 5-10% on junk they do not need to take a shot in hopes they can sell it in 45 days-assuming they perceive the price is cheap. We do not think many dealers realize how saturated the bourse floor is with stuff. Most will only start to realize it when they are out of cash. So marginal widgets could very well slow and even fall by 5-10%. Again, that is NOT a sign of the overall market.
Awesome coins will unquestionably continue their rise. When your talking about SUPERB coins that have pops under 10, those are coins you obviously won't see offered in any frequency. So when a rarity becomes available and is all there quality wise, todays smart and aggressive buyers will pay the premium and take it right off the market. These are NOT wholesale coins that go dealer to dealer for a while before some telemarketer takes them off the market. We're talking coins like a 50C 1837 MS65 Reeded Edge Bust Half or a $2.5 1848 CAL in AU. Our rule of thumb is to always try hard to buy the coins we never see when they are offered. We never let 10% stand in our way from a coin we really want.
Hard to say what is going on here. We saw flicks of upward potential only to see it rise $15.00 one day them fall $17.50 the next. In our opinion, especially with all the world wide turmoil, gold seems to be trying to inch up.
As you know rare gold coins do NOT exist on the bourse floor. When they come up at auction, all they have to do is be at least of marginal quality-and rare gold will still sell for incredible money (example: the $10 1864S PCGS XF $117,500.00 (this coin was lightly cleaned). Of course any GEM or really choice Bust Gold will sell for "moon money" as the simple demand vs supply equation is at work. the scarey part, we do NOT think ANY Bust Gold can be overvalued -especially in AU and higher (assuming it is ORIGINAL and has NO problems). When was the last time you saw a $5 1914S in GEM (we badly need a PCGS CAC MS64 or higher piece)??? 20th Century better gold is also non existant. So even if the price of gold driops to $1,000.00, better numismatic gold will NOT feel even a blip.
We have been advising people to build better gold Type sets right now. That way your not tied down to be in a "forever" wait for a certain date. The popularity of gold and rare godl coins is as strong as its ever been.
Even we are impressed with our Mid March NEWPS. We triple checked EVERY coin to make sure we are offering the ULTIMATE in quality and EYE APPEAL. As you all know we add another layer of protection by offering collectors ONLY CAC beaned coins.
Highlights include: 2C 1873 Open 3 PCGS PR65RB, 3CS 1862 PCGS PR66+, 25C 1900 PCGS PR68, $1 1853 PCGS MS65+, $20 1909 PCGS MS65. Of course there will be many more coins for all tastes and budgets. We promise, this is one of the nicest groups of NEWPS offered anywhere!
We are starting to organize the May 22 Sale. Already we can boast of some fabulous coins: 1C 1851 PCGS MS67 BN CAC Naftzger, 5C J-1950 1913 PCGS PR63 EX Farouk (one of two known), 10C 1844 PCGS MS65 CAC, $10 1867 PCGS AU58, and a GEM 50C 1939 PDS Ark set all PCGS MS66 CAC-a matched original set! Not a bad start. We expect this to be our biggest and best sale yet!
We suggest you consign now. The earlier we get your coins, the earlier we can prepare and promote them. If you wish to consign, contact Julie at: firstname.lastname@example.org. The deadline is April 4th-no exceptions.
As promised we are IMPROVING our systems. We'll have more information on that in a week or so. Our goal is to make buying and selling through our auctions as easy, safe, and fun as possible.
IF YOU SEE ANY COINS YOU WISH TO ORDER OR HAVE ANY QUESTIONS, DO NOTE WE DO NOT CHECK FOR PHONE MESSAGES UNTIL MONDAY 9 AM.
WE SUGGEST AN EMAIL FOR FASTEST RESPONSE OVER THE WEEKENED: legend@legend coin.com
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