It’s always a really good sign to walk in and your “super secret” seller gives you a thumbs up and says they are already having one of their stronger shows for the year. Much to our surprise, selling at the pre show (in the hotels) was easy. In fact, there was down right strong demand for better coins–especially BETTER Gold. By the time the show actually began, we had sold several hundred thousand dollars (which is unusual for us at Long Beach the past few years).
Another delight to us, we had strong activity at our new table. We weren’t really sure if the new table location would make a difference–it did. As soon we were set up until the end of the day Thursday, we were swamped doing business and showing auction lots. We sold soup to nuts. As we mentioned before many dealers asked us for better gold. Collectors came by looking to pick up whatever we felt was neat. Our sales to collectors were well in excess of $100,000.00! Any time that happens, thats a great show!
Friday was another good day. We had many collectors stop by. Thank you to everyone who did. This was the first Long Beach Show we have fully attended in over a year. Much to our surprise the show does seem to be on a comeback. The show promoters do have a very postive new attitude. Having a good Long Beach Show again is great for the market. Now, its up to having some coins appear to really make it into the great show it was 15 years ago!
A GLUT OF COINS?
NOT! You’d figure with Gardner and Pogue just having dumped nearly $40,000,000.00 worth of coins on the market there would be a glut of coins. Absolutely not! In fact, the only real glut (to be expected) is of dreck. Dreck is not a cheap coin–price has NOTHING to do with it. We’re talking ugly and or overgraded pieces. Yet again there is way too much “dreck” choking the market. The really nice coins are NOT laying around waiting to be put away. They hit the market and go directly to that deep “blackhole”, not to be seen again for years. The reason why better gold is so strongly in demand now–save for the insane New Orleans Collection sold recently at Central States (ALL the good coins brought “moon money”)–there have been NO deals or collections of quality rare gold to hit the market in the past 2-3 years. Same thing with better Morgans. You watch what “beyond moon money” prices the coins in our Coronet Collection will sell for.
How much dreck is there floating around? A lot. You go to a major show and you see the same stinky old ugly overgraded coins at many tables. In some cases, the dealers think they are genuises and put the dreck in auction to sell (which is a deadly mistake). The biggest problem to the market is when a bad coin does sell in auction. Now there is a new lower record for everyone to see. So the better coin is now “stuck in mud” price-wise except to a very few knowledgable people. The market can’t push upward. There is a huge problem with our pricing guides. Be smart; if you see a really cheap price in auction for a coin it’s VERY safe to assume it was a drecky coin. Your not going to see a monster PR 66 Barber Dime w/ color selling for $1,200.00!
Be aware there is NO glut, not even a marginal supply, of really great coins out there. Even the “bottom fisher” we wrote about who spent over a million at Pogue, HAS SOLD ALL of his coins–including the 50C 1796 PCGS MS66! We think people realized how cheaply some of the Pogue silver sold and then scurried around trying to buy what was available. The two of the three coins we bought in the after market are already sold.
Do NOT pass up any great coins you are now being offered or see. You WILL regret it. Understand there can be pricing variances of a 100% or more some times. Your best bet though is to use a knowledgable dealer who can navigate you through all this. Better quality rare coins ARE worth their prices!
A MISSION
Surprisngly, this was a failed mission. We set out to buy $50-$100,000.00 worth of coins priced BELOW $5,000.00 at the show. Our grand total spent on this mission $36,000.00.
The coins simply were not there. Could not find one NICE 1880S PCGS MS CAC DMPL, or even any nice GEM RED Indian Cents that worked. Yes, we are picky, but we are VERY realistic picky. We do know how most coins should come. The bourse floor was just that bone dry. Sure we could have had all the 82CC $1 PCGS MS66’s that were drecky or fugly low grade gold, but that was not in this mission.
If finding really nice coins are this hard for us, they have to be even harder for you! Do not think too long on something really nice and premium priced–you probably won’t get a second chance!
NEWPS
This weeks NEWPS are nothing less then AMAZING! Theres is a wildly toned $1 1902 PCGS PR66+ CAC. Finally, we bought something we have never owned: 5C 1937 PCGS PR67 Cameo CAC–WOW! Its the real deal! We were going to post a bigger selection but our cataloger came down ill. Next week we will more then make it up!
At this point, we’re not going to be able to offer a huge list of NEWPs anymore. The NICE coins just are not around. Our motto has always been quality, not quantity! We want EVERY coin we offer and sell to be the BEST of the BEST. We’re tired of seeing what other dealers offer and convince their customers that what they are getting is true quality-NOT! Legend will ALWAYS put up ANY coin we have posted against ANYONE else’s in a quality comparision. Sure, the other dealer may have a cheaper price, we gaurantee we’ll have the superior coin!
Check out our regular inventory listings too! We’ll work hard to get you in the coin of your dreams!
LEGEND RARE COIN AUCTIONS
WOW! The first two days of the show we were swamped with both collectors and dealers wanting to view the auction. There clearly is a huge “buzz” about this sale. Suggestion: look at the estimates and be prepared to bid much higher if you are seeking any of the better Morgans! These are coins that have not been around in a very long time! The quality of the Morgans are incredible. Remember, this set was built by Legend–not some wannabe dollar dealer! Also, we have been in contact with a few of our consignors and we will be lower several reserves early this week. So check back!
If you have any questions about the sale, need to register, or are seeking terms, please contact Julie Abrams at [email protected]
We will also be more then happy to represent you for FREE in the sale. Yes, the same people who represent the biggest collectors in the world at the biggest auctions will represent you–FOR FREE! And if we think a coin is not for you–we WILL tell you!
This is shaping up to be a “blockbuster” sale!
