By Laura Sperber – Legend Numismatics ……
The first half of 2017 is over and was Legend Numismatics best since 2012. We can now sit back and enjoy the July 4th holiday (we will be open 9-12 Monday). We hope everyone can do the same.
Legend Numismatics Wishes Everyone a Safe and Happy July 4th Holiday!
THE FIRST HALF OF THE YEAR
Fire works for us! How did we earn record numbers? First, we got lucky. The amount of great coins available is very thin. We did spend nearly $7 million USD in the Pogue and Blue Moon sales. A couple of times we were in the right place at the right time, people came to us with a few deals, and we simply knew to pay more to get what we needed. In terms of paying more, if you have a very rare (irreplaceable) coin and there is a 25% premium, pay it! You are NOT burying yourself. A smart collector should not buy for today–you do it for the long term where you won’t even feel that 25%. Buy a lesser quality coin for less, the return will NOT be the same or good at all.
NOTE: we are NOT saying to grossly overpay for a coin (as the chatroom noise makers are already implying).
Our sales were in excess of $25,000,000 for the first half of 2017 (Legend Auctions is NOT included). That is more then many dealers do in a full year. It’s a staggering amount of coins. Interestingly we did NOT handle any coins over $1,000,000 except for the $1 1804. We did buy and sell many six-figure coins. And for those of you who think we don’t handle coins below $5,000, we sold a staggering amount of those too! In fact, coins priced BELOW $5,000 was our weakest buying area period. Nice coins are NOT available, no matter what the price.
Our wholesale was just under $5,000,000. The thrust of Legend’s business is to make the majority of sales directly to collectors. Yes, we do have that many – 3,200 at last count. For us it’s not the quantity of people we deal with, it’s the quality!
THE NEW BREED OF COLLECTOR
While the big old collections like Newman, Gardner, and Pogue were being sold we kept hearing whispers about replacements. Will new people like them ever reappear? Will young people get involved? Can great collections be assembled still?
Our answer is yes. We can say that our exclusive top customers: Gopher, Hedgie, Black Cat, Mini Me, The Kid (to name a few of the many biggies we have), are clearly filling those roles. In fact, the collections we are building with them will be BETTER than many of the old guard ones because they are picking up coins from all those great collections and a few the big guys never had access too. The new breed ALL have done their homework–they know to buy the best quality they can afford. Eye appeal is every bit critical. In addition, they all demand PCGS/CAC ONLY. These are not stupid people, for the investments they are making they want to be protected. Most spend all their extra time playing coins but are too busy to attend shows or fully learn how to grade. We understand it and teach them as best we can. We work with them like we were partners in their projects. What is heartwarming to us is their overall incredible enthusiasm and dedication.
Also, many of them do NOT want to be on Registries while they are building their collections (something we fully agree with).
New collectors actually are happening at ALL levels. There are so many different ways for people to become interested in coins via the internet. This is why even with all the inner problems (like gradeflation, coin doctoring, and poor price guides) we are highly optimistic about the future of coin collecting. When people find coin collecting, they love it! Any one who works with us gets the best of everything and we protect them from all the pitfalls. Our sales the first half of this year have more then proven this. No question with sales this large, we do make a positive impact on the entire market by creating strong demand.
Several of our new collector friends are just warming up. Our sales could be even stronger for the second half of 2017 – if we can find the coins! So do know, the new breed of major collectors are here. They are very private, BUT they are working on world-class collections that one day will come out and be the inspiration and wonders of the next generation of collectors.
Sorry, had to do a smaller offering. We sort of went on cruise mode because it is the dog days of summer and between the Long Beach Show and Baltimore Shows we found very few Legend-caliber coins to buy. We will NOT buy dreck or stuff just to make sales. Our two highlight coins:
- H.10 1837 NS PCGS MS67 SM DT
- $5 1807 PCGS MS62 BUST LEFT
Those two coins would be stars in ANY collection they reside in.
ALL NEWPS ARE NOW POSTED
We are working on a few very interesting deals. Hopefully something will break before ANA. This is where it pays to work with us. Our loyal customers will always get first shot from the deals we buy.
Do not forget to check out our regular inventory. We have PCGS/CAC ONLY by our choosing. We make no apologies for trying to protect our customers. In the end, EVERY coin we sell is vetted by Laura and George anyway, so no one just buys a holder.
BID NOW! Our Regency XXII Sale is now live. It closes July 13 starting at 4:30 PST with a live sale in Las Vegas. Make your plans to attend the PCGS Invitational that it is in conjunction with. They are sponsoring the display of the Dexter/Morelan 1804 silver dollar at the show. Legend Auctions will be offering collectors only one free voucher for PCGS Walk Thru grading if you register for our sale at lot viewing.
The sale has a tremendous buzz for sure. We already have had a record number of people viewing it and over $2 million dollars in bids placed. The 1994 Collection and the last segment of Northern Lights for sure will have insane bidding. There are so many cool and fresh coins overall in this sale we think it is the best auction in the last 45 days. We are also convinced the summer doldrums will stop for a day on the 13th. Do not think the prices will be anywhere near what you see them at today—fair warning!
This is sort of your last call to set up phone bidding, to discuss special terms, or ask any questions. Contact Julie Abrams at [email protected] or Greg Cohen at [email protected].
All of the catalogs are in the mail. We were delayed. We are changing and improving all of our processes.
Special NOTE: Our July Regency Premier Sessions Sale goes LIVE Monday. Those lots will be in Las Vegas for viewing as well.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, YOU MAY ALSO 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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