By Laura Sperber – Legend Numismatics ……
WHAT AN EXPLOSIVE WEEK
BOOM goes the dynamite! What a week we had. It was like going from 0 to 80 in four seconds.
Legend Numismatics was on a tear this past week. We sold THREE six-figure coins, several coins in the mid-five-figures, and lots of coins between $1,000.00-$10,000.00 USD off our web site. Even at 2-4PM Friday when we have a mini-selling phenomenon every week, we sold $100,000.00 from the web–totally unexpected!
Our total sales were just below $1 million dollars for the week!
The three six-figure coins included a very rare PCGS CAC MS 67 Eliasberg Saint (now in our all PCGS CAC set which would rank #2 if listed), a stunning GEM $20 PCGS CAC DCameo (no, not the 1892 that just sold in auction), and an amazing GEM MS Seated Half Dollar (pop 1) for those interested in what sells at a six-figure level.
We can’t stress enough how big our Want List is for great coins. We’ll also buy anything neat – just to have it. As you know, supply of really great coins has never been more limited then today. Our Want Lists have stopped shrinking, and with several NEW customers (some NEW to coins overall) we have added MANY coins we now need. We’re still well OVER $20,000,000.00 in coins we need (not many are pipe dreams either, like a $20 1907 HR WE PCGS MS66 CAC).
A major customer asked us the other day why prices are not moving up in his series? He was quick to point out that practically no coins have appeared in the last one to two years and he could find no evidence any new coins were made in GEM.
Our answer was three fold:
–Gradeflation and bad coins have dragged down values so sharp even good coins have felt the down side.
–His coins simply do not trade. Price Guides only report what they know (which is very limited as they expect people to tell them).
–Last, prices for the very BEST coins actually HAVE moved up. It’s fair to say that over half of the really great coins go to auction. We have seen NO great or real rarities that are PCGS CAC coins that did not bring strong-to-record prices today in auctions. Of course this does not apply to all coins (like widgets).
Because published values and pricing are so screwed up: we just paid $22,000.00 for a pop 9 coin that last traded for $16,000.00 in 2006 and has a current Collectors Universe value of $18,500.00. Load us up at $18,500.00! What is critical to note here is that none have appeared in auction since 2006 for PCGS and 2005 for NGC.
Look at more common coins like MS 66 and 66+ Liberty Nickels (as an example). They dropped to insanely low prices during the past two to three years. Now, the supply of really nice pieces is extremely low. Price guides do not know that and will only change when a coin sells and is reported. So one bad coin turning up could still hold down the value of the nicer MS Liberty Nickels. We have seen these struggling to return to their 2013-2015 values recently.
We’re pros on calculating values–it’s our day job. What we look at are auction prices realized – but we have the luxury (which makes a HUGE difference) of knowing all the circumstances the coins sold under (Are they under graded?, Did a collector have to have them for their set?, etc). Auctions prices realized DO very much help you establish an approximation, but in the end, to navigate all the pricing information, nothing is better then working with a dealer who works all the major shows and auctions.
Does anyone have a $2.5 1848 Cal PCGS MS65 CAC? We’ll wire you the $200,000.00 Collectors Universe values it at (it’s a pop 3). If one were to pop up in auction today, $200,000.00 would be left in the dust as soon as the bidding started! Sadly, there is too much MISinformation to sort through and we think it hurts the hobby really bad. Misinformed buyers miss too many coins because they do not know the right values. Of course there are always a few who overpay for the wrong reasons as well. There is no right solution simply because every coin is different. All you can do is figure a range on pricing.
Wish we had more 1805 $2.5 PCGS AU53 and halves like the 1830 PCGS MS65+ Small O (w/awesome color)–could have sold those coins three or four times more of each! Kinda of funny how some coins are in high demand and others you would think would languish. These days really nice coins do not last very long (one to two weeks, max).
Every week we strive to have a killer offering. Many coins are one-of-a-kind that when they sell you won’t find anything similar. Of course quality is always our main concern, so every coin is highly vetted to make sure its the best for the grade. So don’t think too long!
This week we have some PCGS CAC gold finally. And a wonderful group of really GEM Peace Dollars.
As always, we worked hard to have an offering to please all tastes and budgets.
ALL THE NEWPS ARE NOW POSTED – ENJOY!
LEGEND RARE COIN AUCTIONS
Boom again! Our February Premier Sessions Internet Only Sale realized $390,000.00 for its 156 lots. We did not expect such strong results. From the time we posted the coins to maybe a minute before they closed, there was an awful lot of action. We had not only a record amount of bidders, but almost half were new to us.
Typical for our auctions, 95% of the coins were sold to collectors.
Highlights of the sale include (+10% buyers fee):
- 1C 1856 Large Cent PCGS PR64 BN ****$7,425.00
- 1C 1888/7 PCGS XF 40 *********$5,500.00
- 3CN 1882 PCGS PR68 CAM **$7,975.00
- 10C 1936 PCGS PR67 **********$2,860.00
- 25C 1896-S PCGS XF45 ******$5,280.00
- 25C 1929-D PCGS MS65 FH ***$8,800.00
- 50C 1802 PCGS XF45 *******$9,900.00
- 50C 1916 PCGS MS66 ******$7,150.00
- $1 1882-CC PCGS MS65 DMPL $2,200.00
- G$1 1882 PCGS MS67+ ******$6,875.00
- $2.50 1861-S PCGS AU55 ******$7,425.00
- $20 1925 PCGS MS66+ ******$12,650.00
- $1 J-1631 1879 PCGS PR64 ***$7,975.00
We’ve just closed up out March Internet Sale, which is now posted on the site (see the rotating big banner). We expect to take that sale live around March 6. Like ALL our sales, the March Premier Sessions Sale is just that: Premier! Every coin was hand-selected. We did reject quite a few coins. Our guarantee is that you will always be able to know we have quality sales (every sale) so you can bid with the utmost confidence. We use full descriptions, not # rankings, and we strive for true images. Real numismatists (who have built the greatest collections EVER) catalog every sale.
The lot listing for the March Premier Sessions Internet Only Sale can be found at http://www.legendauctions.com/news/march-premier-session/.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE 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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