By Laura Sperber – Legend Numismatics ……
THE PHILADELPHIA PCGS INVITATIONAL
We have only two complaints: #1 – We were not fans of the hotel, and #2 – Can PCGS hold these shows in Philadelphia more then once year? We deserve and want more!
The show was everything we predicted it to be. BOTH dealer and collector turnout were strong. We were surprised so many West Coast dealers attended. From the time it opened until breakdown, the show was loaded with collectors. Per square foot, there were more serious collectors in attendance at the show than certainly the last ANA Show in Denver. The spread PCGS put out was great with the make-your-own cheese steaks a huge hit. Yet again, we grade the Invitational an MS/PR70 and rank it a MUST attend!
The next Invitational is in Las Vegas on December 13-15. Legend Auctions will have another great sale there too!
GRADING WITH CONFIDENCE
Before anyone flips out and starts writing stupid things in any chatrooms, the comments we are making here are based upon our 40+ years of experience and our “insider to the market” viewpoint. Our having built many of today’s greatest-ever collections including many of the best coins on earth should be proof that we know what we’re talking about.
We all know a huge issue about grading (besides coin doctoring) has been gradeflation. Gradeflation sure hasn’t helped consumer confidence overall and has caused a small flood of retreads and really ugly coins to linger. Obviously it has hurt values. The problem has also been exaggerated by the regrading of the dreck that was all dealers could find to resubmit.
At the Philadelphia Show many dealers were NOT happy with their grades. We weren’t either, overall (we were going for crossovers). However, we were thrilled that PCGS held the line firm. We have now seen even tightness since early this year. In our opinion that confirms a huge message: the grading services are not tolerating retread gradeflation anymore. BRAVO! Of course this behavior pattern of grading will have to continue for a few years, but we have a strong sense that it will. The ONLY things that will hold values down short term are poor value guides, a serious lack of coins and, worst of all, incompetent dealers who were brought up on the wrong standards of how to grade by over-graded coins in holders.
And folks, that includes some really big retail names.
It is hard to get excited when only dreck is left to see. Consumers are not so dumb and will pick up on the fact that the services aren’t allowing any further shift in the standards. We know many people think when the services need revenues they will loosen up again, but we have seen two huge submitters recently boycott (it’s how they get attention) and PCGS not budge. Lets keep our fingers crossed this isn’t a short-term situation. The grading services must know there are many new and very sophisticated collectors now in the market (the new generation). They can’t let them keep seeing the coins they buy are just upgraded and upgraded. Holding the line is like hitting a reset button for them. We are highly optimistic for the future of the entire hobby if this trend can keep for the long term.
We do think most people involved (including collectors) need to hit a reset button as well, and understand the days of completing a set and getting a few upgrades are no longer here (at least today). Dealers do know the mindset of the services, however, because they make a good living with grading arbitrage, and they will never stop looking to bend the line. At least now, we do see a light at the end of the tunnel. We for one really appreciate it.
See the article below as to what TRUE QUALITY yields versus dreck.
THE CROW RIVER COLLECTION
Legend Rare Coin Auctions sold this magnificent collection of $10 Indians, which was built primarily by Legend Numismatics for a quality-oriented customer. On occasion, the customer grew itchy and ran out on his own and bought a coin or two that Legend would never have bought to include in his collection. While overall he got “beyond moon money” record prices, he did LOSE money on a few of the non-CAC coins.
Our famous Hegdie (who owns a complete 20th-Century Gold Collection in PCGS CAC GEM, including the $10 1933 PCGS MS66 CAC) even commented to us that “everything we had been saying about quality for the last few years was just proven out in a big way” (before reminding us about the $20 HR we owe him). In one of the his rare defeats, he was the under bidder on the $10 1909-S PCGS MS66+ CAC that sold for a world record $146,875 USD. There were THREE bidders above $100,000! We had originally figured that coin for $85,000 hammer. Oops! The Crow River Collector paid $58,000 for the coin.
When you bring out a REAL quality collection like this, REAL money appears. There were over a dozen serious players for these coins. They knew they could not find quality like this anywhere these days. NO ONE questioned the quality, either. It is a phenomena that happens only when full-body great collections are brought out. Of course the prices realized yet again cement the worthiness and demand for PCGS CAC coins. Buying dreck cheap never has and never will yield results like this. For everyone who says they can’t make $ in coins, you certainly can if you do it right. Crow River for the most part did. He started this $10 Indian set in 2007.
Highlights (ALL PRICED RECORDS):
- $10 1907 WE PCGS MS66 $135,125.00
- $10 1908D NO MOTTO PCGS MS65+ $79,313.00
- $10 1909S PCGS MS66+ $146,875.00
- $10 1912 PCGS MS66+ $42,300.00
- $10 1913 PCGS MS66+ $70,500.00
- $10 1914D PCG MS67 $146,875.00
- $10 1915 PCGS MS66+ $42,300.00
- $10 1915S PCGS MS65 $85,188.00
- $10 1920S PCGS MS63+ $152,750.00
- $10 1926 PCGS MS66+ $35,250.00
- $10 1930S PCGS MS65+ $123,375.00
Our word to the grandstanders who will catcall that at these prices the buyers are buried. We say ABSOLUTELY NOT! If they had to sell in the next month, they might lose a little (although in this case there were SEVERAL strong underbidders for each coin, not one and done). It brings us back to our mantra of buying the very best quality you can afford and HOLD. Back in the late 1970s people smirked at Dr. Duckor when he bought his $10 1920-S for a whopping $75,000. We were thrilled to pay $1,762,500 for it in 2007. We shiver when thinking about how much it could have brought in this sale. To earn serious money like that a coin doesn’t have to be a million-dollar, single-finest known. Look at the world-record price of $70,500 the $10 1913 PCGS MS66+ CAC sold for. The Crow River Collector bought it from us in 2015 and did indeed make a good profit. EVERY buyer of these amazing coins will do the same as time goes on.
In the case of $10 Indians, do not think that if a coin has a fair number graded that some percentage will CAC or plus. This series (along with Saints) are one of the most doctored around. Finding totally original gorgeous coins is nearly impossible. Over the years we were really angry we had to pass on many coins because of this. The wait, and paying more for the real quality coins, has yet again again proven more than worthy.
While many collectors still think working on their own is best and cheapest, the Crow River Collection certainly proves what working with a good dealer (yes, like Legend) can do! P.S. – On the Crow River Collector, we built him the incredible record breaking Norther Lights Toned Morgan Collection; he gets the quality and eye appeal issue!!!
Legend Numismatics sincerely congratulates the Crow River Collector and every buyer of these $10 gold eagles. We all got coins for the most part we can not replace today.
A final note: only in collection settings generally do these record prices exist. Last auction after the 1892-S $1 PCGS MS64 CAC sold for a world-record price, we were offered an MS64+ with the owner thinking it was worth the same or more. NOT! Ditto for $10 Indians. When a great big and quality-oriented collection like this appears it stimulates many – and even gets people to start sets. Always keep in mind, what happens in auctions, stays within auctions (most of the time).
This week we have a small but powerful offering of NEWPS.
- H.10 1795 PCGS MS66
- 50C 1836 REEDED EDGE PCGS MS64 – A forever favorite coin of Legend
- $1 1882CC PCGS MS67 EX CALIFORNIA
As always we tried really hard to create an offering for everyone.
NOTE: Next weekend we may not post NEWPS until Sunday, if at all. We will be traveling until then.
ALL NEWPS ARE NOW POSTED
WOW, OMG, UNREAL, INCREDIBLE. These are just a few of the subtle terms we can use when discussing the results of our Philadelphia Regency Sale. Just about everything with this sale was strong to beyond record breaking! Over 95% of the coins sold to collectors – that we are extremely proud of.
Not long after we went live on the web we had over a million dollars worth of winning bids. We had a record number of registrants, live internet bidders, and eye balls. Even more impressive, we had a record number of foreign bidders and winners! All this proves our boutique style of offering the best coins works.
Of course the highlight of the auction was the Crow River Collection discussed above. Other sets like the D.W. Collection brought really strong prices, too.
We suggest you visit the auction web site and read the Market Report and browse through the prices realized. There are just too many incredible prices realized to discuss here!
This year as we have finally gained momentum, we have more than proved that we not only can but actually outdo even the big guys. If you want special service and your coins really promoted to hungry buyers, call or email us! Contact Julie Abrams at julie@legendauctions or Greg Cohen at [email protected]. They will both work with you from start to finish. Our buyer’s fees are still 17.5%!
THE UPCOMING NOVEMBER INTERNET ONLY SALE
We will be live late this week! We will also have the coins at the Whitman Baltimore Show for viewing. There are some really great handpicked pieces. We have a number of SUPERB PCGS CAC 2C pieces, a GEM $1 1921 Peace PCGS MS66 (great strike), a $5 1848-D PCGS AU50 CAC, and much more. Our rejection rate is pretty stiff for this sale. We do it because, unlike other Internet-Only Auctions, we will not enable coin doctors or sell bad coins. The Legend brand is 100% of the BEST quality and eye appeal you can buy. We care, and we know how to grade! Our Internet Only Sales are really mini-Regency Sales, so collectors can always bid with confidence.
This will be one sale you won’t want to miss. It’s not going to be our biggest, but it will rank as one of our very best!
THE DECEMBER SALE
Last call for consignments! In-house already: the York Collection of Type – including many circ CC pieces (like a $20 1873-CC PCGS AU58 CAC) and other neat pieces. We also have the magnificent Bubbabells Type Collection, which is mostly PCGS GEM PR/MS coins. There are many staggering rarities as well that have already be consigned. We will mention more shortly.
Check out the results from last week’s Regency Sale if you question what we can do for you! We can meet or exceed what the big guys get. While one company likes to think it is a Legend, we know Legend Numismatics and Legend Rare Coin Auctions are the only real Legends in the business! No one comes close – no one. Check us out!
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, EMAIL US AT [email protected]. WE DO NOT CHECK OUR 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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