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Posted: April 12, 2014 4:04 PM CST

Legend Numismatics Market report


WEEK OF APRIL 14TH


NOT A BUSY WEEK

Sales were steady-but not at full normal levels. Fortunately we have one of the biggest inventories of PCGS/CAC coins in the biz. That happens to be proven to be in demand. We had been worried because its been impossible to find the NEWPS we want. We are confident that will get us through April until we can dig up some wonder GEMS!

Speaking of NEWPS, we have been all out telling BOTH dealers and collectors we need cool coins. VERY little has turned up. Of course what has been offered to us, has been typical overpriced stuff. We do not need a marginal darker MS 64 Trade Dollar at OVER market prices. Now offer us a killer Trade Dollar MS65 PCGS CAC coin-and then we'll offer to pay a premium. People also seemed to have forgotten, EYE APPEAL counts too. Does not matter if  you have a pop 1. Of course as a pop 1 there will be some premium tobe paid, but unless it has great eye apepal, then your NOT going to get crazy money.

Legend still needs great killer coins. PLEASE OFFER US! We will pay full AUCTION PRICES for the coins we really want! EMAIL us: legend@legendcoin.com with what you have for sale.

Obviously, this should be a lesson to all collectors that when we can't shake the trees to get even single coins, then you know the coins are in strong hands. Its been a silent long term buying period that has pretty much caught everyone off guard. Unless these mega huge collections (like Gardner or Newman) come to market, your not going to have a huge selection to satisfy the huge demand that is out there. The great coins absoutely are going up inprice-but that leaves the marginal coins to float around and actually lower the average market. There definately is a huge price gap in quality (even in the same grade). Most people do not find that out until they sell. Then they do not understand why its their coins taking the hit.

A SMALL LESSON

We did get two small Type sets sent us. We were disapponted in what we saw. Quality was mixed and the collectors seem to be under the impression their sets would be worth more because they were near or were complete.

First, neither worked specifically with a dealer. They had mixed sets of PCGS/NGC with a few coins CAC. The biggest crime-both sets looked uneven and many of the coins had little eye appeal. We do NOT fault the collectors so much because they are highly inexperienced and did not have more then limited access to coins. In the end, these sets are NOT real money makers.
 
Had they worked with a single dealer, they would have built far more consistent collections. We highly doubt they would have had different grading services and they should have had all CAC beaned coins. Plus, many of the coins simply are NOT easy to resell, they would have had better picks. Then there is also the case of uniformity. You can have one white one toned coin. But, neither collector had really pretty back to back coins. For the extra 5-10% they might had had to pay, working with a good dealer would have been a strong back up insurance policy for the eye appeal and quality needed.

Now we have to break them the news as to what we'd offer on these sets. There are a few coins we have figured for strong money, but most coins are marginal widgets. Here is the final important lession: had they worked with a dealer-a good responsible dealer to build the set and had produced something top quality (in the same grades they had bought) then they probabaly would be making money vs losing or breaking even. A good dealer will always be there ready to buy back great coins they placed as well.

Last week we visited a smaller customer for whom we built a small gold Type set over the past 3 years. We placed the final gold coin in it. We were stunned how spectaular the set was (out of sight out of mind so we forgot what was in it). The collector fully understands quality and has paid strong premiums to acquire the coins he has. We would have paid him a profit that day-but he is not a seller. Each coin we helped him get was nothing less then spectaular and were all PCGS CAC. ANY dealer or collector who would ever see this set would want EVERY coin. We made sure to make a note so as not to forget this set again. We think him holding another year or so will produce not just the profits he can get today-but the substantial profits he deserves. That is a huge difference why going it alone does not work. He knows fully our check is open to him if he needs money now.

NEWPS

We'll call this small group Large Cent Nirvana! These coins were all acquired from a collector who had an itch to build a Large Cent Collection. Upon realizing it really could not be done to his liking, he has switched gears and moved on to a different series. You will see each coin has serious HIGH END quality. The 1798 1C PCGS MS64BN is a definately a treasure! The 1837 is out of this world AMAZING!

We did manage to find a few other outstanding coins to post as well. Unless we find or buy a collection, we possibly finally would have completely run dry of NEWPS until after CSNS in 2 weeks. You know we will NEVER sacrifice quality for quantity.

P.S. We are heading to Dallas to lot view the CSNS Auction this week. If you wish representation: contact us now!

LEGEND MORPHY AUCTIONS

Finally! We have completed ROUND I of our systems/platform upgrade. We now have a small handful of HIGHLIGHTS posted. See them at
www.legendmorphy.com. More WILL be posted by Tuesday. We need to reshoot some coins, so the body of the auction will be posted in a few days and NEXT WEEK, the sale will be LIVE! We have 484 lots of of really NICE coins!

IMPORTANT LATE ADDITIONS: Besides the 106 KILLER COLORED GSA $1, we have now been consigned the complete WILD WEST COLLECTION OF Buffalo Nickels. This set was built over a 20 year period by a western collector with the help of two long time dealers. Not only are all the coins old holders, but many are upgrade candidates. Also included are his duplicates. We will NOT be sending the set to CAC, but if you have questions about any coin, we will give our honest opinion. We do suggest you or your rep make arraingements to view these awesome GEM coins.
 
ADDITION #2: We have been consigend a spectaular lot of large gold nuggets. Many have Alaskan and Austrialia provenences. Most are in some form of matrix. These are great original pieces.

Remember, LM auctions isn't about having 5000 lots a week, selling widgets, or offering a phone book size sale. We have turned down multiple offers to grow bigger-we are committed to the boutique handpicked coin concept and being there for Legend customers especially. Plus, we are the ONLY dealership where you can ask Laura Sperber, the same dealer who has exclusively built the #1 Law Collections, Bob Simpsons incredible Collection, Bruce Morelans impossible MS Liberty+Bust Dollar Collections that all rank as the FiNEST EVER and MANY OTHER FINEST EVER collections that are not posted on any registry. You can have her representation-for FREE!!!

If you missed out on consigning for this sale, we already know July WILL be an absolute blockbuster. We will be making a major announcement in a few weeks. You will want your coins included in this sale-as it WILL attract huge attention (not that all our sales don't). Please contact Julie Abrams
juliea@legendmorphyauctions.com to discuss. Julie was the original co-founder of Teletrade and is well known and beloved in the coin business. She knows her stuff!

IF YOU HAVE ANY QUESTIONS OR SEE A COIN YOU WISH TO BUY-PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY!

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