By Laura Sperber – Legend Numismatics ……
WOW, how time flew. The only good thing about April, we saw a glimmer of activity at Central States–a show that has been in serious decline for years. This past week we heard even more positives about the market. A friend called us to say he sold a $200,000+ Large Cent, another said their retail is doing just fine. We weren’t sure how long it would take to recover from tax time, but we seem to finally be working our way to an upward trending market.
We had a very interesting week. Our sales were nothing to brag about, but our buying sure was for a change. We are working on super-exciting, two-million-dollar-plus deals. Also, out of the clear blue sky, a major dealer called and offered us some of his personal coins. One of them (an MS Lincoln cent) is probably the wildest toned Lincoln we have ever seen (and we handled the PR67+ 1909 VDB)! We originally wanted to name it M*F**ker Incredible (really), but have decided on The Beast.
All the other coins, of course, were Legend caliber too.
It is still our very strong opinion that May and June will be strong months for the coin market. We see people coming out of hibernation. This time there are few coins for them to buy (it’s not like awakening for FUN, where there usually is a lot of stuff).
Collectors are now coming to terms that most price guides are wrong. You can see it at the major auctions. If a coin has been off the market since 2012 (which, even though it seems like yesterday, was only seven years ago), collectors now realize that the price they pay for the coin is today’s new market price. This is helping to cause a few more coins to appear for sale.
You can’t beat now for buying coins in “off” series. Look at PR+MS Seated Type. MS+PR Barber Type. 3CN’s and 2C pieces are just insanely cheap right now. Even Buffalo nickels. In the last group we mentioned, you can complete entire series in them. The PR Type (STD and Barber) you can also build full sets without breaking your budget. There are really so many areas to buy in or even start a collection with that are such good deals.
If you want to buy “off-popular” coins, then call or email us (information below). We can guide you into the “right” pieces.
NB: the coin market is still bone dry of great PCGS CAC gold. It’s more than just being in strong hands, it’s a total lack of supply.
STAY WITH TRUE QUALITY
When Legend builds a set–any set–we always strive for the very best quality. Our sets do extremely well because we never seek to fill holes (unless a coin really is more than worthy) or cut corners and buy a marginal piece.
Too many people are too eager to fill the holes. We are telling you, it is NOT worth it most of the time. Things that can happen? A better coin becomes available and you need to trade (it could be a cash coin where they won’t take trades or it could be in an auction), or a coin could be just butt ugly. It is our firm belief that having a hole in your collection for a while is by far a much better situation. Not all the time is it about the completeness of a set, but it’s always about the coins in a set.
The value is not just in the rarities. It’s in the WOW factors/eye appeal. And yes, generally you have to pay more for the very best eye-appealing coins. We’re not talking about things like MS68s – you could be building a set where MS65 are the tops. Always, buy the BEST coin you can afford. Never settle for inferior coins.
It’s always far easier and much more profitable to sell a collection made up of really nice, eye-appealing coins.
A WARNING WHEN BUYING
In this auction-crazy buying world, be careful of where you buy.
Why people buy from internet-only sales with NO descriptions is a wonder to us. We just had a customer step out and buy a coin from a major internet-only action. Turns out the reverse of the coin he bought had serious problems that the image did not show correctly. This was not the first time this collector had bought a bad coin from these people. In fact, we have had the same experiences with this group too (as have a few others we know). Slick marketing does not address the quality being sold. In many cases, these companies are looking for victims.
A major auction house should always comment about any problems and offer full descriptions. Further, because there are no real numismatists on staff, many of these companies are mules for the coin doctors. You are not really going to acquire the best coins at these places.
This week we have a little powerful offering of NEWPS (finally). Highlights include:
- 5C 1914 PCGS PR67+
- 50C 1830 LG O PCGS MS65+
- 50C 1867 PCGS MS66
- $10 1914 PCGS MS66+
ALL NEWPS ARE NOW POSTED!
Yes, we did buy a few of these coins out of the CSNS sale. We did so because they represented such good deals. In many cases, we had expected to pay more for certain coins. Take our word on it, we picked through the sale and did all the hard work for you.
Buy now while gold and the market are at low points. We know these levels won’t last much longer!
Less than two weeks and counting now for our Regency 32 Auction to close. Already we have record eyeballs and some surprisingly strong bidding. We probably say that with every sale, but we are in awe as new registrants participate and the numbers just keep growing.
There are just too many coins to mention that are highlights. We suggest you allot yourself as much time as possible to browse through the auction on our web site. You might even want to place some bids!
But yes, time is winding down. We strongly suggest you contact us today to discuss phone bidding, extended terms, or counseling/representation, because we will be unable to help with these issues within 48 hours of the sale.
FINAL CALL FOR REGENCY SALE 33, JUNE 26
Last call to consign to our June 26 Regency 33 sale. This sale will take place in Las Vegas at the Cosmo. Space is very limited (and we mean that). Contact any one of our reps today-we assure you they will craft the best deal for you (including even a hybrid deal):
Julie Abrams – [email protected]
Jessica Berkman – [email protected]
Greg Cohen – [email protected]
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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