By Laura Sperber – Legend Numismatics …….
THE LOVE OF COINS
Its very fitting we should be sharing our love for the rare coin market and everything (execpt Modern and Ancients) coins today, Valentines day.
If you stop to think, rare coins are really an extraordinary hobby. We can’t think of any other collectable that exists that has items worth a few dollars to millions, Regular people to billionares at can actually share similar passions and tastes. Most important, the size and liquidity of the rare coin market is unparralled in the United States alone. Plus, there are so many different ways you can collect coins.
Even though its our day job to buy and sell coins, we are collectors at heart. We’re so lucky our daily routine not only includes buying and selling great coins-but on some days we handle the biggest and best rarities that exist!
We love it when our customers bring in books with images of all the coins we have sold them-its a joy to see great coins! We really can’t recall meeting any collector who does not have a fond memory of a certain coin they saw or owned.
If you have the chance today, sit back and take a deep breath, and think about the coins you own. While not exactly mans best friend, coins really do offer you joy and love!
THE RARE COIN MARKET
Here we go again. Last week the art market reported stunning results. Sothebys and Christies had major sales in London which brought out buyers from all over the world. American buyers apparently bought the majority of thr higher works. The car market is still screaming hot. A 25 CT flawless diamond will be sold soon-and they expect it to bring a minium of $25,0000,000.00. Last, even expensive boats are selling. We saw a report from the major boat show in Miami going now. Apparently people are there buying strong at all price levels. ALl of this more then proves there is still an aweful lot of big money out there looking for places to go.
The coin market is still night and day. We had two dealers call us up crying they are not selling anything. While Legend had an intense selling week.Even though the market is some what selective, collectors really do want the BEST coins. We see it in our sales.
There are still plenty of areas that are pretty dead. Those include: MS Seated and Barber coins. Even $2.5 Indian gold sets have died out. Even if you buy in areas that are hot-does not mean you are buying bad at all or are buying at the top of the market. We’re just making a reference point. We can’t figure out why a few of our better coins in inventory didn’t sell immediately (callus spoiled) like they typically do.
Until all the dreck goes away and until Pogue is near over, it will be a two tier market. The opportunites that exist-are tremendous! Your definately not buying at or anywhere near a peak.
ELIASBERG VS POGUE “POGUE ON THE BRAIN”
We want to share experiences as to how both of these sales effected the market today and how big sales like these actually can create some negative results.
Way back when Eliasberg (1997) was happeneing We were sent a MONSTER 1898 $1 Ultra Cameo Proof 67 by a dealer who knew what we liked. We rejected it because we were blown away by the PR Morgans in Eliasberg. The dealer even made us keep the coin an extra day knowing we were crazy to pass on it. We bid strong (on teh Eliasberg coin) and still got blown out. The 1898 we could have bought wholesale for a crazy $15G was long gone. We felt like dummies later on-especially when we saw the 1898 we could have had again. The coin we passed on clearly was the better value. Today, we have “Pogue on the brain” (love the quote a good customer made). We can’t understand for the life of us why our $10 1797 PCGS AU58+ did not sell immediately last week after posting it (we still have it). Friday we finally had some time and called two of the collectors who for sure we thought would buy it. Sure enough one told us he is looking at possible $300G coin in Pogue (coming up for sale in over a year) and the other collector thinks he sees a coin he can buy in the first sale. Both of these collectors will be in for a bad shock. Anything ultra rare or in super quality-will sell for beyond the solor system type money. They will regret (like we did on the 98 $1) passing up any great coin they are offered today. Interstingly, we have already seen a number of smaller players come back to the market because they simply had no clue what was in Pogue (info was so slow to be released) and realize now they can NOT play in that game. We’ve seen “bounce backs” in the market after each of the Gardner sales so far.
Final note: It is true that after Eliasberg many of the coins immediately dropped in value. Simple reason: most were bought by dealers speculating. Fast forward to today. The Pogue coins will NOT have that happen. The values are much greater per coin so dealers will not spec. And the collector base for great coins is at least 250x greater today then it was at Eliasberg (where the million dollar barrier first got broken). Think about this, hwo many Half Cents do you see being offered from the incredible Missouri Cabinet over the past year? Answer: practically NONE. The sale was eaten up by 95% collectors. It will be the same way with Pogue.
LEGEND RARE COIN AUCTIONS
THE FINAL COUNT DOWN IS HERE!
Our Regency XI sale happens this Thursday (5 PM PST or 8 EST) live on line! Be ready! Have questions, we’re in the office Monday until 4 PM EST. Or, starting late Tuesday you can call us in Las Vegas on our special hot line: 732-233-0719.
To read the FULL Market Report…Click Here