By Laura Sperber – Legend Numismatics ……
AN EXCELLENT STATE SHOW
We attended the Summer FUN Show specifically to meet with a customer. We did not take a table. Our observations were a little surprising.
Dealer-wise, it really was a state show, with only a handful of dealers from out of state. Attendance-wise, we were surprised.
Thursday seemed to have a bit of a crowd-still nothing to brag about-but in our opinion, it seemed better then the last Baltimore Show, which had empty isles. We did sense a small buzz. This did not shock us as the show seemed to want to stay within its means (it was not trying to be like the January FUN). The worst issues we had with the show were that it was at the far end of the convention center and the humidity outside was off the charts. Yuck!
We did have our stealth seller on the floor. Tuesday morning he said he did well and told us we would be happy. There were so few good coins around that the nicer coins easily stood out. Even at this smaller show, true quality was still in demand. Clearly, selling was multiples easier than buying.
Now it’s not just the dog days of summer we are all suffering from. We are now seeing the dreaded lack of coins hit. For dealers like us, it can be devastating. Collectors really only pay attention when there is activity – like back at the end of March (a few major auctions back to back, a big show or two, etc). When coins are not really appearing (like now), collectors hibernate. So really good coins can stagnate and actually get hurt until the funk ends. What collectors seem to forget in many cases is that once those coins are sold, good luck finding anything remotely similar.
We are proud that this week’s Legend Auction Regency Sale was the “happening” event so far this summer. There were 515 real QUALITY lots (including a few estates) and many coins that had been off the market for 20+ years. Since the coins were not in a phonebook-size sale and we showed them in a few places, we knew there was a real buzz. We saw a record number of NEW bidders register. We think the results will prove out that even in the depths of the summer doldrums, assemble a group of SUPERB coins for sale and they WILL be fought over. We know 515 lots aren’t anywhere near the thousands the big guys do at a clip, but we do know that what we offered was certainly BETTER than anything since March! Since Long Beach in early June, Legend has NOT been able to buy anything special (outside of a few in house deals we got lucky on). In fact, until now, we’ve watched our NEWPS dwindle to the point we are NOT posting anything this week. We do expect to have coins next week after the PCGS Invitational.
Here is a lesson to be learned: you can have a great single coin that is everything to die for, but unless you have a specific buyer in mind, it has a real shot of not selling. However, sell it in a collection or decent size offering, and BAM! Not only will it sell, but it might also bring a little more money. It goes back to collectors needing to be excited. One coin right now does not do it. Sometimes even when the market is on a roll, the same principles may apply (a single coin may not sell strong).
We are out of gas! We told everyone this could happen.
At FUN, we bought one whopping big coin: a $20 1928 PCGS MS66 CAC. That was it. We must have walked the show 5x looking in every case at everything! Even out friends who carry nicer coins had almost ZERO in stock. They asked us if we had bought coins to sell them.
Legend is for sure buying. The top two coins on our Want Lists are:
$20 1907 HR WE PCGS MS66 or 67 CAC (ONLY)
Our lives will not be safe until we find this coin (he said something about cement shoes and falling off his boat in Sandy Hook Bay). When we tell you we have real Want Lists, we mean it!
1915S Pan Pac Octagonal PCGS MS64 or 65 CAC (ONLY)
We could also use a ton of REAL Cameo and Deep Cameo PR Barbers 10C-50C PR66+67 CAC (ONLY). And we are always buying GEM PCGS CAC (ONLY) DMPLs–the mirrors MUST have strong clarity and depth. If you have something really rare, please offer it to us – our Want List is over $20,000,000.00. NO deal is too big for us to buy! Contact George at [email protected].
Even though we are clearly in the summer doldrums, the coins in the Legend Auctions Regency XXII sale were not be affected. How often do you see coins like what is in the Glacier Rams or the 1994 collections? When is the last time an old holder really nice 92S $1 in PCGS MS64 CAC was offered? Or look at the $20 1878 PCGS MS64 CAC – a discovery coin never offered before. The list can go on and on.
We will have prices realized posted to the website soon.
P.S. – The July Premier Sessions Internet only sale will be in Las Vegas for viewing. This sale closes July 19 at 10 PM EST.
FINAL CALL FOR CONSIGNMENTS TO OUR AUGUST SESSIONS SALE! So far this sale is looking like a mini-Regency Sale (which is our intention). The MINIMUM consignment is $1,500.00 per lot, $10,000.00 total. We will have a lot viewing at ANA.
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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