By Laura Sperber – Legend Numismatics ….
We never can say enough great things about the PCGS Invitationals in Las Vegas. They are by far the most intimate, secure, and well-pampered (the food spreads are delicious) shows to attend.
Even in this choppy market, the majority of the real “players” attended. It was extremely interesting to note that a bigger percentage than usual were there solely to buy. Much to our surprise, they were not just seeking gold like always. This time we has multiple requests for (gasp!) Proof Type. We certainly haven’t heard that in many months.
For us, the show was an unexpectedly huge success. Buying was terrible. We came home with a whopping seven NEWPS. It wasn’t a case of dealers taking shots; it was a pure lack of material. Plus, it appeared that PCGS was holding the line and not much got made (bravo)! Selling was too easy and we did tremendous business. Within five minutes of acquiring it, we sold on the floor a marvelous $2.5 1796 W/Stars PCGS AU58 (a six-figure rarity). The buyer couldn’t write the check fast enough! It’s very interesting how the PCGS Invitationals for Legend constantly rank among our top-selling shows vs ALL other shows.
The Pogue Sale apparently was the final “wake up” call to collectors that the coin market had declined. For many, the sale left us with very bad feelings as to how unexpectedly low prices realized were. BUT a funny thing happened the day the sale ended and carried on through this show. BOTH collectors and dealers realized that coins simply have become way too cheap overall and sold for a song at Pogue. We witnessed SEVERAL major dealers and collectors also actively trying to buy Pogue coins last week. This scenario has not happened in years.
Another almost mind-blowing scene: dealers and collectors want to buy Proof Type again. At the PCGS Invite, we had numerous requests for Proof Type–especially Barbers. We are thrilled to see the market finally coming out of denial and embracing how cheap these magnificent coins have become. We don’t think many coins were found or purchased as the supply is pretty much zero. We doubt this one show will stimulate full demand or make prices rise, but it’s a great start.
Of course all that glitters is gold. We came to the show specifically looking to buy DMPLs and gold. All we acquired was one CAC and non-CAC piece. Early Gold (like the $2.5 1796 Stars PCGS AU58) is still and area enjoying huge demand with almost no supply. Even at our auction two out of three lower-grade (MS62) Early Gold pieces were snapped right up in early on line bidding. We can tell you (if you don’t already know) Wish Lists for Early Gold are impossible to fill.
Yet again the chat room wannabes are cackling about how we’re only hyping the market. We assure you, we are telling you factually things as we experience them, being one of the BIGGEST buyers and sellers of better coins in the business. We will yet again make and stand by the comment that we feel VERY strongly the rare coin market is at or near a bottom. Outside factors (such as oil, the stock market, and gold rising) are helping calm people’s nerves and make them feel like spending again. No one’s running to spend record amounts, but collectors are back and are shopping again.
AN INTERESTING ISSUE
Here’s a major reason why the coin market is weak: there’s too much dreck.
Think about it. PCGS and NGC have graded well over three million coins combined. We assume they have a combined error rate of 2% that gets by. For what they handle that number is small. However, 2% is 60,000 coins! That is 1,000 double row boxes. That’s why, at most major shows, you will see few nice coins and the rest are dreck. The vast majority of great coins are actually locked up in strong hands. It is impossible for bids or enthusiasm to be raised when these coins linger. Only when the prices hit a point so low will these coins start to go away. Looks like we are very close to being there.
In our opinion, having nothing but dreck at shows hurts everyone. However, think about how huge the coin market is and how many great coins are in really strong hands! None of today’s great classic coins are going unsold ’round and ’round at shows. It’s an annoying but healthy part of a cycle.
LEGEND RARE COIN AUCTIONS
The entire staff of Legend Rare Coin Auctions wishes to sincerely thank everyone who participated in making our Regency Auction XVI Sale a success.
Even in this choppy market we managed to set a few price records. In addition we had an all-time record number of NEW registrants and live online bidders during the sale. In fact, 92% of all coins sold went to collectors. There were even several bidders (and winning bidders) from out side the United States, To us, that’s pretty cool.
Never in our careers of dealing with the best, rarest, and most expensive coins did we think we’d ever have to announce our auction sold TWO 1964 Kennedy Halves for world-record prices! The first, a 1964 PCGS MS66 with MONSTER colors, brought US$6,462.50. The second, a 64D PCGS MS68+ brought “beyond moon money” $22,325.00. Hard to believe that in this case, we had an extremely happy buyer and seller (our seller had privately paid a record $16,500.00 for it years ago).
We do have other more normal highlights to mention:
- $1 1883 Hawaiian Pattern PCGS PR66 RB CAC , $117,500.00
- 1C 1912 PCGS PR66RD CAC , $37,600.00
- 10C 1866 PCGS PR67+ CAC , $9,400.00
- 25C 1868 PCGS MS65+ CAC , $12,925.00
- 50C 1942S PCGS MS66+ CAC , $4,935.00
- $1 1880S PCGS MS68+ CAC , $22,9212.00
- $1 1898 PCGS PR67+ DCAM CAC , $39,950.00
- $2.5 1896 PCGS PR66+ DCAM CAC , $27,025.00
- $20 1907 HR WE PCGS MS66, $67,562.50
- 50C IOWA PCGS MS68+ CAC , $7,931.25
These prices yet again prove NICE coins bring top dollar in ANY market.
Clearly our small boutique style and the setting of the PCGS Invitational make for an extraordinary place to hold a sale with really nice coins. If you are thinking of consigning, contact our chief numismatist Greg Cohen today. We expect space in our May 19th Regency Sale to be held in New Orleans to fill up quick. We assure you, your coins will be seen by the strongest-buying audience in the business – the customer base of Legend Numismatics. We have the PROVEN results!
All consignments MUST be a minimum of $2,000.00 per coin and a total value if $7,500.00. We have generous cash advances available.
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