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By Laura SperberLegend Numismatics ……
 

GIVING THANKS

For sure, this year was slightly better than this time last year. The plunge had been quick and deep in the coin market during 2014-15. Clearly the Gardner and Pogue Sales sped up the downward run. We felt that since May of this year the market might finally be bottoming (although August through Sept were HORRIBLE). Last year at this time prices were sliding. This year they seem stable.

That is something HUGE to give thanks for.

We also give thanks for all the hard working people who call themselves hobbyists and allowed coins to be such a wonderful collectable area. Not only do these people make it an “industry” but they have created a safe environment to protect coins for further enjoyment of others for many years to come.

The principals of Legend Numismatics are just coin “weenies” at heart. We’re grateful to be able to work in area we so deeply love. This is a shout out from us to all collectors: THANK YOU for making this hobby so special to us–and everyone else!

THE MARKET

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Sure, we really only had three days of being in the office to do business this past week. The week started off super strong and we did six figures in sales by Monday evening. Web sales were strong–and we had four serious buyers for our Coin of the Week (the 1860-O PCGS MS64 CAC CAC bean). It’s clear to us that collectors see how cheap coins have fallen, too.

One thing we think could possibly slow the infant upward cycle? A SEVERE drought of coins.

If we had to guess, maybe 1% off all the Pogue coins are available for resale. Even the majority of the destroyed value MS Seated coins from Gardner have now found homes. It’s really hard to start anything but a Type Set today or some variation of major set. True quality RARE COINS are just that again, RARE. Look at the Saints sold November 1 in Heritage. We had to pay $20,000.00 USD more then we expected to buy the 27S PCGS MS65 CAC CAC bean. ALL the PCGS CAC Saints in that sale sold strong – really strong. You do NOT see any REAL better Saints offered anymore. We can’t even buy TRUE GEM DMPL Morgans and have many unhappy customers. At some point people either quit looking or never start sets. That is a rare happening that could slow any upward momentum this market is headed towards.

There are so many wide open areas where the market is greatly depressed. Hate to sound like a broken record, but MS Seated and Barber coins lead the way. Early copper has come way down too. Two Cent pieces in Proof are ridiculously cheap. Collectors should be looking into these areas for the long term. You can slowly but surely build great collections in these areas. Not everything has to be Rare Gold or Bust Coins. Of which, surprisingly $2.5 and $5 Indian gold are hurting too (a $5 Indian Set in MS64 is not a bad project). It’s going to take two to three years for prices in these areas to recover to 2008/09 levels.

Legend can help you build a great collection-no dealer in business today has come close to building the #1 classic collections we have! Building a great set does NOT entail spending $1 million or buying expensive coins. You can buy five 1880-S $1 in MS67 and have a collection–IF you have the right coins.

We’re in-between market cycles, for sure. Do not miss the opportunities, talk to us.

NEWPS

MAJOR proof of lack of coins: We finally hit a wall. We are totally DRY of NEWPS this weekend. We hope to have NEWPS next Saturday, December 3. until then check out our 100% PCGS CAC inventory. We’re here to place great coins and build great collections! Respect great coins and their premiums, it’s so hard to find and buy any today.

LEGEND RARE COIN AUCTIONS

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BID NOW! Our December Regency 19 Sale is open for bidding. We’ve already had a flood of NEW registrants and hundreds of eager bidders. The sale closes with a live session at the PCGS Las Vegas Invitational Show on December 15.

If you wish to see any coins, need terms, want to phone bid, contact Julie Abrams at julie@legendauctions.com or Greg Cohen at greg@legendauctions.com today. We expect the catalogs to be shipped by December 5 (holiday time took a toll).

Legend Auctions will be at the Houston Money Show, however we will bring auction lots ONLY by request. Contact us no later then Tuesday at noon if you wish to see any lots at the show.

On December 1-8, Legend will post its December Sessions Internet Only Sale. This sale includes HANDPICKED, mostly UNRESERVED, and quality coins with only a 10% buyers fee! Plus, we give FULL descriptions-no other internet-only auction does that! We REJECTED over 30 coins for the sale (we KNOW no else does that)!

QUALITY CONSIGNMENTS ALWAYS ACCEPTED. Our absolute deadline for our January Regency 20 sale is Friday December 2. Need a cash advance? We can do up to $10,000,000.00 immediately – try us!

We will not be doing an Sessions Internet Only Sale in January (scheduling made it impossible).

IF YOU WISH TO ORDER OR HAVE ANY QUESTIONS, PLEASE EMAIL US AT info@legendauctions.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL MONDAY 9 AM.

For more information, please visit www.legendauctions.com.

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Legend Rare Coin Auctions (LRCA), based in Lincroft, NJ, is a boutique-style rare coin auction firm.

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