THE SPRING BALTIMORE SHOW
THIS MARKET REPORT IS WRITTEN BASED UPON OBSERVATIONS OF LEGEND NUMISMATICS OF TRANSACTIONS IN OUR MARKET SPACE. LEGEND BUYS AND SELLS THE TOP 5% OF QUALITY AND RARITY. OTHER DEALERS WILL HAVE DIFFERENT OBSERVATIONS AND RESULTS.
IT NEVER FAILS
We had very low to poor expectations for this show. The market had been slow and with Pogue and Gardner now looming (plus an insane CSNS Auction) we figured sales would not really happen. Oh were we ever wrong! We did not have a record breaking show, but we sure did a heck of an aweful lot of business! Also, THANK YOU to everyone who stopped by.
For us, sales started a little lite on Tuesday with our "super secret buyer". We figured ok, this is the way it will be. NOT! The next five dealers not only bought coins, they bought more then normal. This was BEFORE the show even started. Soup to nuts was selling. We think the stronger then recent normal wholesale activity was due in part to the fact there have been no major shows in about two months (remember many East Coast dealers did NOT attend Portland due to weather). We had our "stealth" sellers on the floor. Much to our surprise one sold a substantial amount of coins while the other two sold well.
Even more surprising, there was really good attendence from the public who seemed to come to do business. There were several major collectors who typically do not attend this show who did to try and scope out some opportunities. We did speak to and deal with several people who were preparing for Pouge and Gardner by bringing coins to sell. In fact, we bought more from the public this show than any other Baltimore we can recall. Even though many took losses, they seemed very content with the prices realized and were looking forward to new acquistions.
Our sales to collectors were really strong-but then we unbashfully will pronunce we had the best selection of PCGS CAC rarities for sale. So for us, this show was a breath of fresh springtime air!
Our goal at this show was to buy better gold. We bought one coin (for a Want List) and that was it. Even with gold being battered down and rocky there is NO supply what so ever of better gold coins in GEM. Sure, you can bounce around and see expensive dreck, but you can't find any SUPERB original pieces for sale. Bust gold simply does not exist unmessd with onthe bourse floor. The best 20th Century better gold coin we saw was a marginal 1908S $5 in MS65. In fact, we saw virtually NO PCGS CAC generics. In our opinion, it is highly unlikely that better gold coins and even some generics will stay at todays low prices beyond April (unless gold really tanks). The supply just is not there.
Type actually show a little promise. We sold a few MS Silver Type pieces valued from $7,100.00 to $40,000.00. Plus, we also sold a few "old friends". This was an area that really had been destroyed in value since November. We think collectors are now realizing its one of the BEST and smartest areas to buy in. In this space too, supply is very limited.
Proof Barber pieces in GEM and Cameo are an absolute mystery to us. They are clearly off about 15-20% from last year. We do not see all that many people building sets or even shopping for them as Type coins. The pops of these coisn do not tell the entire story. You really can't go out to any show or auction and find more then a handful (if even) of GEM eye appealing pieces. Plus, PR Barbers in ALL denominations are completeable as sets. Even though its a little tougher, you can build a 50C PR set IN 65 for UNDER $75,000.00. To us, that just seems like great value. Possibly the over hang of the Pogue coins makes these coins seem like widgets thus the collectors are neglecting them. Legend highly recommends buying ALL PR Barbers and Seated coins at today prices!
The market seems to have stopped its downward drift overall. The new level seem comfortable to everyone. There certainly is NO flood of great coins currently for sale. There are still a few dealers with weak cashflows, but their situation seem LESS dire. We are far more optimistic about the market today then we were in January.
As we mentioned before, we bought only one gold coin for our Want Lists and maybe spent an additionl $10,000.00 for others we needed. Considering we need over $20 million dollars worth of rarities, that still leaves a huge amount of buying to do! Todays requests: $2.5 1796 NS or $2.5 1808 PCGS AU55-AU58 CAC (ONLY). Also need a $1 1921 Peace PCGS MS67 CAC. We'll pay really strong for what we need.
This Baltimore show was one of our best for buying in recent memory. We did not buy anything really exotic or expensive. We encountered several collectors who as we mentioned before were "pruning" their collections preping for the upcoming May/June sales. We bought really great coins-like a killer ultra fresh ansd totally original 2C 1864 SM Motto PCGS MS65RD CAC, a 20C 1877 PCGS PR64 CA CAC, a 25C 1929S PCGS MS67FH CAC, one of the best $1 1890O PCGS MS65 DMPL CAC's we have ever seen and a killer FINEST graded $5 1882CC PCGS MS62+ CAC. The scope and quality of this weeks (and the next few weeks to come is specatular and ranks as some of our best mid range priced offering in years! You'll feel like a kid in a candy store looking wide eyed at the neat coins (we actually do)! Allow us until late Sunday night to get it all posted-and allow an extra 48 hours for imaging.
LEGEND RARE COIN AUCTIONS
We want to say a huge "thank you" to everyone who stopped by. We had far more people view the Coronet set of Morgans then we expected. That will be some sale! We're also getting really fabulous consignments. Three exciting coins we'll mention-1C 1846 PCGS PR64 BN (WOW), $1 1882 Trade PCGS PR66 DCameo CAC (MEOW), and a $1 1895O PCGS MS61 CAC (WOOF) all are in older holders and are totally ORIGINAL, fresh, and great looking coins. Wait until you see the 3 rainbow toned high grade (PR67-68) Proof Morgans! At first we could not believe they were Proofs as they appear to have bag toning! And speaking of MS Colored Morgans, we already have a small group (no there is no stream of these out there) jaw dropping spectular pieces consigned. We have been VERY selective on what we accept.
Consignments will be accepted until April 28th (due to demand) we are closing our consignment date a little earlier. If you wish to consign, please contact Julie Abrams now: firstname.lastname@example.org. We are no accepting dealer retreads or coins with crazy reserves. We are committed to selling fresh coins and not have them as a "fixed price list" with several duplicates in a phone book size sale.
In the next few days we plan on posting even more highlights. Visit www.legendauctions.com to see the highlights and to learn about our company.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US email@example.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY.