By Laura Sperber – Legend Numismatics………
WE SEE IMPROVEMENT!
Seems like people have settled down and are back in “coin mode” again. In October what hit the market was shock of the stock market dropping, we were right in the middle of having multiple auctions thrown at us, gold was spinning its way down, and people were leary of buying the dreck that was out there. For us, the big turn happen after Gardner at Baltimore. Since then, we witnessed collectors back buying. We’ve even heard this from other dealers too.
In fact a funny thing happened, while some collectors stayed away from Gardner this time, they popped up seeking to buy the bargains afterword. We’ve also had stronger activity from our web site. We did two amazing “private treaty” sales last week (one which including our all time fav coin-the 50C 1836 Reeded edge PCGS MS64 CAC).
There is still plenty of money in the world seeking collectables. Just last week the worlds most complex time piece sold for $24,000,000.00. Before that the art auction houses had their fall sales-all were huge. The rare coin marketplace is just having some large “speed” bumps-which won’t end tomorrow, but are slowly improving. NOTE: All sales we reported are fact, not fiction.
Last weeks Newman sale (which had many Colonials) was strong. There were dozens of coins that sold for six figures. We purchased the $2.5 1796 W/S NGC AU58 CAC (this is the first nice one we have seen in a decade), the killer $2.5 1798 NGC AU58+ CAC (never ever saw one anywhere near as nice) , and the awesome $2.5 1804 NGC MS62 CAC. Only on the 1796 did we really have to stretch (only 1/2 an increment). The other two coins fell within our estimates.
We consider coins like these are bargains for what we had to pay. Remember, they are all of “no brainer” unanimous quality, they have been off the market for over 50 years, and they are freaking rare! The point of this paragraph, step up, do not be afraid to pay the price-even in a “selective” market, and put away great coins. That’s how you make $$ when buying coins.
We doubt much earth shattering will happen between now and the end of the year. There are only two more auctions remaing to go-one is our Dec 18th Regency Sale. We still do NOT see much selling or dumping from retail. Only dealers with really bad cash postions are scraping around still selling.
A good thing for collectors, dealers are not speculating and making prices higher at shows and in auctions. As far as fresh coins popping up, one never knows, but our gut says we’re not going to see any major deals. Great coins are in very strong hands.