PRE CSNS REPORT
POST TAX TIME
Seems like this year many people had to pay a lot of taxes. It made for one very slow week. One good customer even said to us: he knew he hasd to pay but now he feels poor. No business to be done there for a few weeks! Every year the coin biz slows down at this time. We expect full blown activity to start with the big CSNS Auction. In fact, between the CSNS auction, Pogue, and Gardner (all within 30 days now) activity will be at its peak for this part of the year.
Just watch what the fresh and really neat coins in the New Orleans Collection (at CSNS) sell for. They will get crazy prices. No, that does not mean the sale in other areas will be strong at all. In fact, we expect weakness in commoner areas, retreads, and of course in any coins that are dreck (value has nothing to do with it). ANYTHING fresh and high quality WILL do very well. A fresh and neat assembledge of coins that includes such delicacies as $10 1795 PCGS MS63 CAC, a killer run of old holdered early $5 Libs, or a $4 1880 Coiled Hair NGC PR67 CAC you bet will experieince strong bidding. In fact, its really intersting from what we know, this is not only an estate thats been away for a while, but these coins came from residing in China. Legend will absolutely be a major participant.
Monday is your final opportunity to discuss representation in the CSNS Sale with us. Tuesday our team is off to the show!
Legend Numismatics will be at table 710 at the CSNS Show.
THE 1933 SAINTS
We thought we were cool by selling another 27D-boring! The big earth shattering news-the courts have found the Government messed up on a technicality and must return the $20 1933 Saints back to the Swift family. WOW!
We do not expect this to happen immediately. The government of course is trying to figure out what to do. Its highly unlikey these coins will really be free to be sold for a very long time. But we can all dream until then.
We are not legal eagles, so we are not sure if this means the coins are now legal tender. That whole thing is murky to us. Should they ever become legal tender and be put up for sale-Legend already has one customer who would buy all 18 that Swift family is perported to own (no kidding-this indivuidual has us approach Sothebys last year to negotiate the rights with the current owner of the legal 1933). If you ever wanted to see an expensive feeding frenzy of coin buying-these will be it. The story is better then the MIA 1913 Nickel in a car crash. We'd conservatively guess that at $2-$4 million each (assuming no mopre then 20 exist) there would be as many as 30-40+ people looking to buy one today. It would be one of the few times you could hold a 20 coin auction of all the same items and see crazy bidding wars erupt! NOTE: We highly doubt the values of these coins would drop below $2 million each. Plus, if one coin is really outstanding, we could see it eclipsing the $7.6 million paid for the current legal coin. Think about this: a regular $20 High Relief is really just a widget. A more expensive widget who's price is determined on its beauty and unwavering HUGE demand. These 1933's will have even crazier demand vs supply!
It will be fun watching this story unfold.
We do not understand why there seems to be a bit of a down attitude by many collectors. Sure the Pogue Collection is big ticket coins, but its only about 600 pieces. Gardner was big, but many of his coins were extremely low pops. People forgst back in the late 90's, Pittman, Norweb, and Eliasberg all sold their incredible collections. Did not hear any negs then. In fact every one was jockying as to what they can buy. Also it should be noted, neither Pogue or Gardner are selling for any market or financial reasons.
Between Pogue and Gardner, we see nothing but opportunity. Just like when the big three collections sold we mentioned earlier. Sure, Pogue has shut down a lot of the upper end market (how can you look at any expensive widget when some really out of this world coins are around the corner?) but there have been many hisses the market can't absorb these coins. We say Bunk! Not only will these coins be absorbed, but we can see many record prices being set easily. Even the big dollar coins-like the $5 1822, they have had Sothebys marketing them to their wordwide cutstomer base. We can't see a guy in Hong Kong buying a GEM Half Dime, but we can see someone abroad buying an 1804 $1 or any sexy famous rarity.
So get ready! We are entering the biggest 30 days of total bliss for obtaining some of the finest coins that ever existed! A huge difference between the late 90's and today, the internet has expanded the coin market so vast these coins get bought directly out of the sales and end up in deep black holes never to be seen again. You'll have only one shot to buy!
We're going kind of light this week on NEWPS. We got in a very fresh group of generic gold at the latest prices. Plus, we will be listing ROUND II (the FINAL ROUND) of the Simpson/Hall $10 Liberty Collection. Some of the more amazing highlights this week include: $10 1844O PCGS MS61 CAC, $10 1879O PCGS AU58 CAC, and a $10 1899O PCGS MS64 CAC. We'll also have generic gold posted such as $2.5 Indians PCGS MS64 CAC to a beautiful $20 1904 PCGS MS65+ CAC. Note: we do have other NON CAC Simpson/Hall pieces. We are ONLY offering those via Want Lists currently.
After CSNS you'll want to be watching out postings Saturday and Sunday through May 3rd. We already have several great coins in our boxes that probably won't last more then 24 hours once listed!
LEGEND RARE COIN AUCTIONS
See us at CSNS table 710. We will have highlights from Session I on display and the 64 Morgans from the Coroent Set that will be sold in June as well. We expect the entire sale will be available on line May 20th and ready for full lot viewing at the June Long Beach Show.
We're in our final phase of accepting consignments for June. Call or email Juie Abrams at firstname.lastname@example.org. or see her in CSNS. Our boutique sales are extremely popular and attract the same bidders that any other major auction house has (except not all auctions houses have the extrem power of the Legends customer base-no matter what they claim)! Plus, we market every single lot and your coins are never "lost" in too big of a catalog.
To see highlights of our upcoming sale, visit : www.legendauctions.com
** As we were writing this report we just confirmed a Old holder PCGS/NGC Peace Dollar set MS63-65 and a wonderful high end $1 1889CC PCGS MS63 that Legend placed in 1999!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM. email@example.com