Legend Numismatics - It's Crazy Out There

By Laura SperberLegend Numismatics ……
 

Click Here to Check Out Regency Auction 40

 

NEVER SAW THIS ACTIVITY PATTERN BEFORE

Anyone have a hoard of circ $20 Libs? We’re talking five to 10,000 coins. They can be raw too.

How about PCGS MS65 and 66 Saints all CAC-approved, also?

We are now paying $3,950.00 for MS66 CAC W/M Saints. We have bought ZERO! All this buying went from zero in JANUARY to overdrive in a few months. You could have bought semi generics for just over melt back then. A lot of people are sitting on a lot of profits. We do suggest you hedge and take some profits.

Where do we see gold going? $2,500 is our guess.

As we’ve said before, this crazy buying is starting to spill over into rare coins. But it is primarily anything gold that is selling. Bigger gold coins that were weak at Pogue are now 10-15% stronger (Pouge was in February). Still, it’s one coin at a time being purchased, no mass quantities… yet.

At the beginning of the month, we were living in fear of how August would be. July was our worst month in our 40 years of business – OUCH! The first week of August started with us selling the 50C 1795 PCGS MS64 CAC Ex Simpson. It was pretty much off our web site and was totally unexpected. Then that real nasty tropical storm came barreling through and caused us two days’ worth of business and a serious lost package full of gold (the mailman just left it somewhere).

Of course, we freaked and thought we’d never sell another coin all month.

Then Friday came along. We sold a real smorgasbord of coins. We were stunned that the really cheap gold didn’t sell, but many coins in the $1,000 to $10,000 range sure did, especially non-gold. The most-wanted was the 50C 1834 PCGS MS65 CAC. We expect its relative–the wildly colored one–not to last the weekend. Our thinking currently is that, in the first three weeks of July, people were on vacation or were reassessing their finances.

We now, through a ton of hard work, have a small pipeline of NEWPS (assuming they do not get lost in shipping).

We do still view the market as hit-or-miss on non-gold. But as we suspected would happen, the telemarketers will lead the away into non-gold rare coins. Top priority on our Wants Lists besides MS65 Saints (we are paying $2,700 each for PCGS/NGC CAC W/M and $2,450 for non-CAC PCGS pieces) is $10+$20 GEM Proof PCGS CAC gold. We can spend $1 million easily on those coins. There is so much more we need.

We thank everyone who has shipped and sold us coins.

GOLD

What to do? We think $2,500 is a lock (as do our Wall Street buddies). Do you buy or sell now?

Even though we were taught never to mix messages, we say do both.

Drummer Collection of Carson City Half Eagle $5 gold coins at Stack's Bowers Rarities Night Auction at 2019 Whitman Summer Bltimore Coin ShowYou can still build a great small GEM MS Gold Type Set without hitting runaway premiums save for the $20s. There are many areas that, even though they have gone up, have not gone up to the point of surpassing where they were over a year ago. The market will get there. Right now the market’s done feasting on junk and is lurking on slightly better coins.

Why should you sell? You don’t think Saints at $2,700 in MS65 and $3,950 in MS66 aren’t strong enough? Take some profits. Or (GULP) trade into rare coins. There are so many areas where the coins are “stupid cheap” and lower. Trying to pick the top of the market usually ends badly.

This is from a CNBC article 08/16:

“It’s quite easy to see gold going to $4,000,” Frank Holmes, CEO at investment firm U.S. Global Investors, told CNBC on Monday.

He pointed to the trillions of dollars needed in stimulus to tide the U.S. economy during the coronavirus pandemic, and added that G-20 finance ministers and central banks are “working together like a cartel and they’re all printing trillions of dollars.”

“We’ve not seen this level where central banks are printing money at a zero interest rate. At zero interest rates, gold becomes a very, very attractive asset class,” Holmes said.”

Of course, we can guide and assist you with both. Do not follow the herd.

A FRUSTRATING COIN MARKET

My head is ready to explode. Life is all about gold and auctions.

Other coins are just languishing. Why? What are you waiting for to pull the trigger?

Or why are you waiting for to sell?

Our biz is very hit or miss right now. We can not get what we need. And I am going nuts as I have a web site with great coins that have languished.

I am not forgetting how many people are on the sidelines now. But if you follow auctions, there are still people with money that are even fighting for coins. And in these “Wild West” internet auctions, I see collector after collector buying bad deals. Why not trust a qualified dealer?

It is amazing to me that no one ever buys or sells at the exact right time. I am telling people, now is NOT a bad time to either buy or sell. Especially with gold on the rise. Do NOT wait until it comes down and you think you can get the strong money. While it may not be the top, you’re certainly not going to lose now. No one can ever hit the top – and you don’t want to be the person trying to sell the day the market starts down (it can be like a car hitting a cinder block wall).

Sorry, this is just me ranting out of frustration. I am not used to this kind of coin market.

THE ULTIMATE COLLECTIONS

Needless to say when word broke about the Simpson Collection coming to market our phone calls and emails were crazy. There are a few things we’d like to clear up about both Morelan and Simpson.

Legend Numismatics had NOTHING to do with either Bruce Morelan or Mr. Simpson selling. The market had NOTHING to do with either selling. BOTH are selling for personal reasons.

Both collections have been to CAC (in the case of Simpson they are still sending coins).

We do believe these two sales should bolster the rare coin market. There is no reason to worry about the market. None of the coins in either collection are inferior in any way and most are of the absolute highest quality.

Can Legend participate in the Simpson sales? Absolutely. Remember, no one knows these coins better than us. We have had many calls about representation already. We do all repping on a first-come-first-serve basis.

Is this the end of Legend Numismatics? NO!

While health issues are slowing us down, having Bruce and Bob selling is far from the end of the line. In our 40 years, we have, without a doubt, built one of the greatest customer bases in the business. As many of you know, you guys want coins and want them from us. We may slow to a normal person’s workweek (40 hours), but we are not going to miss a beat.

We saw some speculation on the chat boards. We want to make it clear, there is nothing secret about either sale. Save for Bruce’s two big coins, EVERYTHING in BOTH sales is UNRESERVED. That is numismatic nirvana.

It might be a wise time in the coin market to cash out some of your gold/silver, even if you are looking at coins that come up down the road. Or sell your junk. You will find a lot of competition in BOTH sales and you’ll want to make sure your guns are loaded.

LEGEND IS STILL BUYING

We have a nice little stream of coins that have been coming to us. The only problem? 75% of the coins won’t make the web site as they don’t suit what we offer to customers. It’s okay though, we will buy it all to get at what we need.

Please keep offering us your coins. We especially need gold (generic $20s). Contact George Huang at legend@legendcoin.com to discuss what you want to sell. We also offer consignment services and auctions. We will help you get max dollar.

CAC GOLD

If you want real security to avoid buying cleaned or messed-with coins, then CAC coins are the ONLY way to go. Buying non-CAC gold is dangerous–and I 1000% stand by that comment.

Just think: in today’s market place where CAC coins bring strong premiums, why would anyone not have a coin beaned? You are not a genius thinking you got a great deal all the time. It can happen, but very rarely.

PAYING THE CAC PREMIUM IS REALLY WORTH IT. At some point in your life, you are going to want to sell. Even if gold goes way up, that doesn’t mean your coins will if you own non-CAC pieces. If they are CAC, then they have a better chance of rising in price – and even at a greater percentage. There is always a strong liquid market for CAC coins, too.

Feel free to email me with any comments or questions: lsperber1@hotmail.com. Sorry if I am a little snarky, I am seeing too much happen I do not like. I HATE seeing people getting burned.

NEWPS

Got some wicked neat and priced right Bust coins. Highlights:

  • 25C 1806 PCGS MS64+ CAC
  • 50C 1834 PCGS MS65 CAC – Mother Nature’s masterpiece!
  • $2.5 1807 PCGS AU53 CAC

We did our best to have an offering with something for many different tastes and budgets. We’re hopeful to add some more gold.

Make sure you look through our entire inventory. We have a few coins we posted in July that are kind of languishing. Of course, we’ll work extra hard to make deals happen.

LEGEND RARE COIN AUCTIONS

www.legendauctions.com

The Regency 40 sale ends TONIGHT – bid away! It closes in a live session in Las Vegas.

Any questions, please call the auction company directly at (732) 935-1168.

FINAL CALL TO HAVE YOUR COINS SOLD ALONGSIDE THE INCREDIBLE BRUCE MORELAN COLLECTION OF BUST DOLLARS. Call or email the auction folk today!

IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, YOU MAY ALSO EMAIL US AT legend@legendcoin.com. WE DO NOT CHECK OUR MESSAGES UNTIL MONDAY 9 AM.

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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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