Coin Market Report by Laura Sperber – Legend Numismatics ……
AS EXPECTED
We knew the coin market was tough. So we were happy to see that little “bump” up in activity that we had predicted. We enjoyed weak but encouraging buys off our web site and had people calling and ask what we have in stock. There was more optimism than negativity for sellers for the first time since ANA this summer. Can’t say if we hit rock bottom, but the coin market sure is acting like it. Do NOT be fooled, though, if there is a bigger bump up at FUN. We still need some serious jumps up to let the bulls run again.
One thing we will say is that there’s no flood of GEM PCGS CAC better coins available. Collectors are now waking up to improved posted values and a PCGS CAC Registry. Keep in mind, this is all new and it will take months for the kinks to be worked out. But it is now easier to understand why a PCGS CAC coin is worth as much as double a non-CAC coin in many cases.
We feel more optimistic about the coin market now than since ANA as well. Do note, the really great coins (PCGS CAC, of course) are still highly sought after and are in their own universe.
Coin Market – LRCA-PCGS SHOW AUCTION
If you had asked us how we thought we’d do just 24 hours before the sale, you’d hear “okay”. If you can recall, we were not buzzing about record eyeballs, yada yada yada. We admit, we were nervous.
With just hours to go on Thursday-BOOM! We had a huge wave of collector registrants hit–of which HALF were NEW. When the sale started, we had typical eyeball numbers and record live internet bidders. Shocking!
Nickels and Walking Liberty halves led the way (one collector even learned to speak French via our request before we allowed him to buy a Walker). We had some really nice commems, but sadly they ended up hit or miss on prices. Dollars were weak. Average coins sold cheaply while great coins saw eager competition. Look at these numbers which we believe are world records:
- Lot 7 – 50C 1942 MS68
, realized $28,200 - Lot 26 – 50C 1940 PCGS PR68 , realized $18,800
- Lot 122 – 1C 1910 PCGS PR67+ RD , realized $52,875
- Lot 153 – 5C 1877 PCGS PR67 CAM , realized $20,562.50
- Lot 219 – 5C 1914 PCGS MS67+ , realized $27,025
- Lot 220 – 5C 1915-S PCGS MS67 , realized $55,812.50
- Lot 277 – 10C 1897 PCGS PR67 DCAM , realized $21,737.50
- Lot 353 – 50C 1943-S PCGS MS67+ , realized $52,875
- Lot 357 – 50C 1946-S PCGS MS67+ , realized $22,912.50
- Lot 368 – 50C 1961 Doubled Die Reverse PCGS PR67+ , realized $14,687.50
Most of these coins had multiple bidders in record territory. Many other lots had strong bidding too.
Auctions clearly have emerged as the way that many collectors prefer to buy in this coin market. We are leading the way with smaller, total-quality sales. In 2020 we plan on having seven Regency sales. We are even having our own sale in March in Philadelphia (watch for a major special announcement for an event in conjunction).
NEWPS
The few NEPWS we are posting as part of our final offering of the year are priced right and are superb; in fact, we regret not trying harder to buy!
We have some wonderful coins posted in our inventory. Stay tuned!
PART OF THIS WAS WRITTEN IN DALLAS. We lot viewed FUN on Saturday. Time to talk to us about representation! Contact us at [email protected].
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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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