By Laura Sperber - Legend Numismatics
Normally we bash the PNG for everthing they do. This time, we can't. Even though it is a show that should NOT exist (no matter who it is run by), the PNG/ANA PRE show wasn't as horrible as it could be. There was a decent amount of dealers-and we even spotted a few collectors in the room.
Activity was mild, but then today was only set up day with maybe 20% of the dealers in attendence. We sold lots of CAC coins. Much to our total surprise, we were actually able to a buy a handful of really great coins too.
Unless gold or the stock market takes major dive, the Philadelphia ANA show now has the makings of something great! We're now optimistic-and today is only day 1!
THE HERITAGE SALE
KABOOM! prices were exploding all over for really great coins. We could not believe that when we got to the show today, we were approached by TWO dealers wanting to know if we would flip them certain coins we bought in the sale.
See the highlights listed below:
1C 1793 CHAIN PCGS AU58 CAC $245,000.00
10C 1859S PCGS MS65 CAC $88,125.00
25C 1820 PCGS MS65+ CAC $64,625.00
25C 1907 NGC PR68 CAC $27,025.00
50C 1947 PCGS MS67 CAC $10,068.00
$1 1903 NGC PR68 CAC $76,375.00
$5 1830 PCGS MS64 CAC $217,375.00
$5 1909O PCGS MS62 CAC $152,750.00
$20 1864 NGC PR65 CAMEO CAC $352,000.00
If you thumb through all the prices realized-your head will spin totally around on the great coins, then droop for what widgets, dreck, and moderate coins sold for.
There is no doubt that the top 25% pf the market is on the rise. The demand for the BEST coins is as huge as ever. What is even more critical to note: the new buyers premium of 17.5% did nto seem to effect prices.
We clearly see too much money chasing too few coins (in Legends world). We now probably have a $25,000,000.00 Want List. In July we got lucky and found some great coins (including the million dollar coin) and ALL sold INSTANTLY to the collectors who had been waiting. For us, the ONLY thing these days that causes us too loose money: lack of coins.
The coin market is not in a boom or a huge "up cycle". What you are seeing price wise is the cream separating from the dreck. We do firmly predict that the better coins being tucked away now, WILL be worth substantially more in as little as two years. We know that coins like the 1796 25C PCG SMS64 CAC that sold at the Heritage FUN auction ARE worth MORE today.
The Stacks sale probably won't be as aggressive as Heritage was-its super huge and there are some expensive reserves. Still, the majority of fresh and properly graded coins in the sale WILL bring "moon money".