THE NOVEMBER PCGS INVITATIONAL
INCLUDED IN THIS MARKET REPORT ARE EXPERINCES, SUGGESTIONS AND OBSERVATIONS OF LEGEND NUMISMATICS. WE DEAL IN THE TOP 5% FOR THE GRADE AND OF COURSE RARITIES. OTHER DEALERS WILL HAVE DIFFERENT EXPERIENCES.
Typical for the Las Vegas PCGS Invitational for us, we did really well on the bourse floor-and crapped out on 8's on the casino floor (happens every time too)! PCGS really does run a first class little show. We highly suggest you attend in December as there will be a small crowd of dealers there, plus Legend Rare Coin Auctions has a terrific sale.
Forgetting the unlucky experience on the other floor, we were not surprised at the overall negativity exhibited by at least half the dealers in the room. If you were a cash buyer at the show, you were better off then any winner of the big jackpot in the casino. Interstingly WHOLESALE dealers and "crackout" dealers still have little to no cash and too much dreck in stock. They needed to sell. Our absolute best buys came at the very end of the show. We made several what we consider "low ball" offers on some really nice coins (example paying $1,200.00 for a coin that was just $1,700.00 in auction) only one offer was rejected! WOW! Its clear to us these guys are feeling the pinch of the cycle and the results of gold being on the decline for the past few months. Plus, about 1/3 of the "regular" dealers who normally attend did not this time.
LEGEND AND LEGEND AUCTIONS WILL BE CLOSED THURSDAY AND FRIDAY WE WILL HAVE OFFICE HOURS OF 9-11 AM ONLY. WE WILL ALWAYS BE REACHABLE VIA EMAIL.
We'd be lying if we told you were doing record sales. We are doing strong sales-much to our surprise. When we began posting coins on the web last Saturday, we had been hit on at least 6 coins immediately (values between $1,000.00-$6,000.00). When Monday came around, we had several calls and sold well. Interstingly we had mentioned the 3 Early $2.5 Newman Gold coins we had purchased (1796, 1798, 1804) in our Market Report. We had THREE different real buyers contact us with hours of the comments being posted. Later in the week we also sold a remarkable $1 1795 FH PCGS MS64 CAC Eliasberg. In between other coins like a fabulous 1C 1916 PCGS PR67RB CAC or the killer COLORED $1 1923D PCGS MS66 CAC sold off our web site as well. Activity is there IF you have the "right" coins. Its part of this "selective" market.
Prices have become softer, however, from our point of view we do see a stablization. The "on" swtch for collector activity seemed to happen right after the Gardner Sale. Collectors clearly have been shopping and buying coins again. Every year for a few weeks, dealers like our selves (or any who do true retail) get the benefit of the market. We see things firming up before the wholesalers ever feel any hint. Opportunities with pricing and finding some really desireable coins have and are happening right now.
The risk of buying great coins is not as great as you think today. There is no major dumping of coins. The best coins are proven to be really strong hands. All that we are witnessing is the end of a cycle. With Gardner, Pogue, and Patrick all selling, its end of their stewardship. Not one of them is selling because they need the money or fear their coins will go down in value. Its not different then when Norweb, Eliasberg and Pittman all sold within a year of each other (1986-1989). No one complained, and buyers fell all over themselves seeking to capitalize on the great opportunities available.
Take our word on it, even with all these great sales coming at us, there is NO glut of great coins lingering. Plus, collectors are still hungry for great coins. Look at the 3 Newman $2.5 we recently purchased, when was the last time you remember seeing ANY 1796 W/Stars in AU58? And this coin was what we call "superb GEM AU" too! We were locked on that coin the second we heard about it-regardless if gold was plummeting or there were dealers who badly needed to dump dreck. Remember, those coins were not mentioned as being for sale and we had THREE totally unsolicted offers for each coin!
Finding great coins still isn't easy. The auctions can be a dog fight. The bourse floor is pretty much looted-until the dealers pull out those "special" coins theyhave been saving because they now THEY need some money. The supply just isn't much at all in the end. So at todays levels, you really shouldn't be passing much up.
HIGHLIGHTS OF THIS WEEK:
1C 1794 PCGS MS66BN CAC HEAD OF 94
H.10 1855O W/A PCGS MS67+ CAC (GOLD)
50C 1846O PCGS MS65+ CAC (one of the BEST deals available of any coin offered on the market)
G $1 1853C PCGS MS63 CAC
ALL of the NEWPS are at not only at todays levels-many are priced at the BEST possible levels today has to offer! As we mentioned earlier, at the end of the PCGS Invitational, we made really cheap offers-that were accepted!
We expect to have all NEWPS posted by Sunday night! Check back often.
Next week: Newman Copper-all PCGS CAC!
LEGEND RARE COIN AUCTIONS
Our Regency 10 sale is now not only posted but is LIVE! Got to www.legendauctions.com to see all the wonderful coins and to bid. The sale closes with a full live auction (floor and internet) Dec 18th in Las Vegas at 8PM EST. Our staff worked tirelessly to produce a great sale!
There will be lot viewing in Las Vegas on Tuesday after 3 by appointment only. Wed and until 4 PM Thursday no appointment needed. If you wish to see the coins before then, please contact Julie Abrams. We will be bringing the PR Morgans and a few selected highlights to the Houston Show Dec 4-5th.
If you see something you want, but can't pay for it in full now and need some terms, please contact us BEFORE you bid. We will help you buy the coin of your dreams!
We are also in our final phase of seeking consignments for our Feb Regency 11 Sale to be held in Las Vegas in conjunction with the PCGS invitational. This sale will have a surprise collection of wildly toned Morgans. Again, if you wish to consign or have any inquiries, contact Julie Abrams now: firstname.lastname@example.org
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE CONTACT US VIA EMAIL OVER THE WEEKEND END (www.legendcoin.com). WE DO NOT CHECK PHONE MESSAGES UNTIL MONDAY 9 AM.