By Laura Sperber – Legend Numismatics …..
SORT OF TYPICAL FOR A MID WINTER SHOW
While the ANA works hard to put on a good show, these ANA Mid Winters are poorly attended and really should not exist. We do them because we are creatures of habit and are typical coin dealers afraid to miss a show. This was a show that started out very poor BUT slowly built up momentum. While we did not have a great selling show (we’d call it ok), we had an incredible buying show. We did not see attendance as good at all from the public. Many dealers even stayed home too.
In the beginning pre show lobby leaching it was really only the typical geniuses seeking their crack outs. Very few dealers out there buy solely for inventory anymore. We were kind of surprised our regular first two buyers did little (but then the grading services have been tight for awhile). However, after the show opened, we began selling coins. We think it was a case of dealers realizing there was little on the floor to buy. We know of two major crack-out/wholesalers who had really good shows. They had some fresh product and they sold it at current prices. They both were picked over by early second day of the show.
The auction proved that yet again, really nice and fresh coins bring crazy money. There was a killer group of PR Barber Quarters in the sale that had been off the market for ages. We were shocked we got skunked on a few we really wanted. We were under bidders on the 25C 1896 NGC PR68 CAC which sold for $22,325.00 and the 25C 1902 NGC PR68 CAC which brought $21,150.00 and was one the very best 1902’s we had ever seen. Don’t think these coins are going to remain in their old NGC holders much longer. We also just watched a nice 50C 1897 PCGS PR68 DCameo CAC sell for $29,375.00-and this coin is no where near the quality of the Newman coin we are offering! Someone had serious auction fever on that one. Still, this proves with out doubt the market is still hungry for great FRESH coins. If you had a dark “dreck” 25C 1896 NGC PR68 no CAC, that coin probably would bring only $6,500.00 hammer-at most!
THE MARKET
First, we’d like to say Legend sold nearly $8 million dollars worth of coins to collectors in February. That is a HUGE amount. The biggest coin was nearly $3 million dollars. We did also sell several mid range six figure coins. The rest were just really nice coins ranging in price from $850.00 on up. That was an extreme amount of coins we sold! Could never have done that if the market was totally dead.
There clearly is a revival happening. NO question coins priced BELOW $5,000.00 are super hot and are selling immediately. Its a start. Bigger ticket ($25-$50,000.00) coins actually are selling again too for the first time in many months. There is virtually NO cool or even good generic (PCGS CAC) gold available.
The market at the VERY top is still swollen. Your not going to see the uber rarities selling for millions right now. Pogue really deflated that market. In fact, the next group of Pogue copper has now been delayed until September due to the market. We have also heard more reserves are being put on the Pogue coins (and yes, there were reserves on them in the last sale). BUT, there is a little phenomena happening. There are a few bargain hunters starting to pop up at the top end. As we have mentioned before, we strongly feel we are at or near the bottom of this market. On the higher levels it will be a while for recovery, but on $25,000.00 or less, the recovery has clearly begun.
This is NOT hype: BUY ANY GREAT COIN YOU CAN NOW. Pay the premium. What you pay today, will yield you substantial results down the road over time. And good luck buying any great gold today!
LEGEND ARE COIN AUCTIONS
Oh wow have the consignments started to come in! We assure you, the upcoming Regency 17 Sale in New Orleans will be a real blockbuster. There are many serious RARE and true QUALITY coins already consigned.
We are proud to announce we have been consigned a fabulous and fresh $50 Humbert 887 PCGS AU53 CAC! WOW! Wait until you see it. Next week we will announce one of the most Undervalued and over looked classic rarities is also in the sale (prefect for anyone building a top 100 coin set).
Another grand coin we have in the sale-something we have never ever seen or heard of in our careers: $20 1929 PCGS AU58 CAC. Yeah, an affordable 1929! We also have a vividly toned GEM Hawaiian Dollar PCGS MS65 CAC. This sale is not all about big coins. We have over 100 really neat mid range coins already consigned as well. As you can see, we even have a few cool gold coins (including a $50 Pan Pac PCGS MS63). As each week goes by, you’ll learn more about what is in the sale.
A LEGEND MEETS LEGEND!
As much as we sneer at the dealers who post those fancy reports that tell you where they ate or what color shows they wore, or how much booze they sloshed down, we had a kinda cool experience we’ll share.
We’re huge sports fans. Probably the greatest QB ever sat in the row in front of us on the plane home. Joe Montana (sorry NE fans)! Nice guy, chatted with us a little. Wouldn’t let us take a selfie though!!! Yeah, we were shocked he flew commercial. Now, that’s a trivial road report!
Read the complete report at http://www.legendnumismatics.com/market-reports/the-dallas-ana-mid-winter-show
