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Posted: October 18, 2009 5:10 PM CST
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MID OCTOBER REPORT
OUR MARKET REPORT IS COMPRISED OF LEGENDS OBSERVATIONS AND EXPERIENCES AT THE SHOW AND IN OUR OFFICES. KEEP IN MIND, OTHER DEALERS WILL HAVE DIFFERENT OPINIONS AND EXPERIENCES.
The coin market seems to be doing just fine-and maybe even gaining a little strength.
Last week we were knocked down pretty much by illness in the office. It was a bigger deal for us to lift our heads than any coins. So we did not do much in sales, nor did we attend any shows. Can't even say we did much on the phone either. However, we did have numerous sales off our web site (click and buy) and we did send our coins with a stealth selling team to the Silver Dollar Show in Saint Louis. Unfortunately we're still a bit under the weather and this week we will be at half strength at best.
Off the web we sold coins ranging from a McClaren coin for $295.00 to a $9,000.00 coin. An FYI about the McClaren deal: in the three months we have been working on it, we have SOLD coins to SEVERAL HUNDRED different collectors. The actual number astonished us. Our guess is we will sell about 11,000 coins direct to collectors. Two weeks ago, we did sell 25,100 BU Morgans to a dealer in a substantial transaction. We are saving only the BEST coins for offering to our customers!
A lot of people ask why we need stealthy sales people at shows. Dealers are a whacky bunch. If you look at some the wrong way they get spooked. There is one bigger dealer who once said to us, "if you can't sell it how can I". Well he has since bought many coins from us via our sellers. Plus, the team can canvas the floor with more time and energy then we could since our main object is to buy. It surprises many people when they find out Legend actually one of the bigger WHOLESALERS around. We feel WHOLESALE is a critical function for our business-but retail is ALWAYS our #1 operation. Legend has also stopped consigning its coins to auctions as we have seen little in terms of good results. Old fashioned face to face selling is much cleaner and better. Do note, that we do NOT give out consignors coins to our team without disclosing so.
Each one of our sellers sold a single coin for at least $10,000.00. ALL reported VERY good shows-which is important information to us and our customers. We don't know much else until Tuesday when we get the checks and paperwork! They said some generic gold was being bought (a week before the big gold houses weren't even buying because their inventories were so bloated). We did not hear of any big Type selling-it sounds like that are is still a little weak. Morgans had some life and we know Walkers are still selling strong!
The next major show is not until Baltimore-the second week of November. We think that will be a great show. For the first time, there should be strong pent up demand from everythere-unless gold really craters to $900.00.
WHAT TO DO NOW?
If you want to buy coins-do NOT be afraid. Contraian thinking works best. Go to the areas there is weaker demand. Look around and see what really sharp purcahses you can make. Granted, it won't be many, but you should be able to find a few great ones. If you wait, the deals will be gone, and you WILL be paying more money.
We still can't do a WHATS HOT or WHAT IS NOT HOT. That will have to come after Baltimore. Our comment to people has always been, buy the BEST you can afford, and do NOT follow the herd. If you see a great coin available today, there is no reason not to buy it. It shouldn't have to be in auction where you pay too much just so you have the psycholgical comfort of thinking someone else was right behind you.
So we're still around, we're coming out of our sick period and our sales are still healthy (we did do $1 million the first week of October). The coin market is exactly where it should be right now.
THE HAWAII STATE SHOW
No, being sick wasn't an excuse for us to run out to the most beautiful island in the world! We just figured with all the McClaren coins we have and another far smaller deal, it might be a nice show to attend. So if you see something on our site-please ask us to bring it since carrying space is limited. We are only bringing a small portion of inventory. Jose Gonzolez will be our representative. If you have coins you want to sell or were going to ship us, give them to Jose! We need to know no later than Monday Oct 26th. Maholo!
THE JULIAN LIEDMAN REWARD FUND
On behalf of COINFEST and Jon Lerner, Legend Numismatics is proud to see how the dealer community banded together to establish a substantial reward of over $150,000.00 for the information and conviction of the criminals who robbed him on his way home from COINFEST. We thank everyone who has contributed. Julian is safe and unharmed. The theives apparently followed him and broke into his car stealing his coins while he was at a resturant. We hope these people are caught and punished as soon as possible. It has devistated us at the show.
One futher comment, Legend Numismatics (alone) is greatly disturbed at how the PNG tried to include our fund with their orginal paltry $2,500.00 reward. Legend is NOT and does not want to be a member of this organization, nor does the reward fund we set up have anything to do with the PNG, nor will we contribute to their fund. In the end, we will do whatever to pay the reward (and even deal w/the PNG if we must), but we feel like the PNG did little and just wanted publicity or to make some noise that they exist. Instead, maybe they should look at some of their members on their list and ask them to stop doctoring coins or specifically backing ones that do? Hey, we'd pay them a reward for that more than worthy contibution to the numismatic world! If they ever did that, then Legend would FULLY support the PNG and any of its causes. This is something we have been after them to do for the past 2 years.
A lot of small hard working HONEST dealers called us to contibute to the fund-the exact type the PNG looks down on. We saw our name on their web site for the fund and were greatly infuriated. Some group they are, huh? The PNG leaders really need to star in a reality TV show or something to check their egos.
In the end, we ALL want the criminals caught-and we hope ALL the reward funds make it happen.
If you have any questions or comments, please fell free to email or call us. A new HOT TOPICS will be posted soon!
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