Legend Numismatics CSNS Market Report
By Laura Sperber – Legend Numismatics ……..
Even though our show was unexpectedly cut short on the most critical day (Thursday) due to illness, we had an all time record selling CSNS Show! This was completely unexpected. The 2013 CSNS Show was a monster for us (and for several of our peers as well).
For the moment we landed on Tuesday and met with our super secret “first shot” pal, business was intense. Selling was too easy. Of course buying was impossible. We did luck out on Wednesday and buy TWO six figure fresh deals from two of the best “eyes” in the business. Otherwise, buying was a complete disaster. Take our word on it, you can spend a $1 million dollars and not buy what you need. We probably spent $150,000.00 on Want List coins. That does not sound bad, but you have too understand out Want Lists total OVER $22,000,000.00!!!!
Back to selling, our super secret stealth sales team EACH did record numbers. From the first day on we had to deal with all of them just grinning at us. UGH! Chisles were few. Dealers asking for time was minimal. We know its a really strong show when all of our ‘old friends” sold with out any haggling!
One last word, attendance seemed light. There were never any real crowds in the isles. Sadly, we do not think CSNS has been a strongly attended show for the last few years. Maybe with the market getting stronger next years will enjoy a better crowd.
A QUICK NOTE ON GOLD: No question better gold coins were strong at the show. Its like nothing ever happened (when gold fell).
LETS GET IT OVER-WE TOLD YOU SO!
The CSNS Auction was an incredible success. First, there were a jaw dropping 4 coins that brought at least $1,000,000.00! Of course the highlight was the 1913 5C which sold for $3,172,000.00! Welcome to the club Larry Lee and Jeff Garrett! Legend owned both the PR 64 and the PR 66 (which sold for a record $5,000,000.00 back in 2008).
Buried in the auction was a insanely fresh MONSTER 1796 NGC MS65 $1 which sold for $1,175,000.00. We are told there were 5 bidders at $800,000.00 hammer. Never before has there been any 1796 even close to this specimen on the market. That’s strength!
Legend did not fair well in the sale-because as several of you know, we missed the entire Thursday session. We appologize for not having immediate back up plans, things happened suddenly. We will tell you we were coming into the sale loaded to buy. On line we had left $2,073,301.00 in bids. Our winnings were only $573,000.00! Had we been alive to attend the sale we probably would have bid $3,500,000.00 and won a hell of a lot more-and more records would have been set!
This sale proved 1000x over that FRESH, EYE APPEALING, and really RARE coins sell SUPER strong. It was clear that PCGS/CAC coins yet again brought the most money. Dreck, yet again (ugly, over graded, anything coins) brought cents on the dollar (which is fine because that’s all its worth). You still have to have a coin that’s 100% all there for it to receive any premium. There really were NO coins to buy on the floor. So when dealers can’t find the coins for their customers all eyes turn towards the auctions.
Its easy to talk up the big highlights of the sale. You’ll be hearing about those for a long time. But look at these other lower value coins and what they brought:
- 1C 1909 LINCOLN PCGS PR66RD CAC $5,875.00
- 3CS 1866 PCGS PR67 CA CAC $23,000.00
- 5C 1937S PCGS MS67+ CAC $8,812.50
- 10C 1909 PCGS PR66 CAC CAC $4,112.50
- 25C 1914 PCGS PR67+ CAM CAC $14,100.00
- 50C 1865 PCGS PR66+ DC CAC $76,375.00
- 50C 1940S PCGS MS67 CAC $35,250.00
- $1 1879 TRADE PCGS PR67 CA CAC $49,937.00
- $1 1888 PCGS PR66 CAC $24,675.00
- $1 1922 PCGS MS67 CAC $17,625.00
- 50C LI PCGS MS67+ CAC $32,900.00
- $5 1908 PCGS MS65+ CAC $21,150.00
- $20 1898 PCGS PR65 CA CAC $117,500.00
There are so many price records that were smashed in this sale, we can’t list even a fraction of them! You should use the prices realized as a reference. Take some time and browse and study the coins and the prices they brought.
THE ERIC NEWMAN COLLECTION
Sadly, we missed this entire session. Of course the early Internet bids we had left were just to follow the coins and ended up not being anywhere near reality. This is the sale we waited months for too-even flying down to Dallas early and lot viewing. You have no idea how broken hearted we are! These patterns ranked as some of the finest we have ever seen!
We are proud to announce that Legend has now assisted in building the only TWO known sets of Pan Pac patterns! Yes, our customer did buy the two Pan Pacs. That was wicked cool.
Of course the Patterns sold super strong. Even non pattern buyers we are told were buying.
- J-98 50C 1839 Res NGC PR66RB CAC $41,125.00
- J-221 25C 1858 NGC PR67 CAC $38,187.00
- J-301 1C 1863 NGC PR66 RD CAC $70,500.00
- J-671 1C 1869 NGC PR68 UC CAC $49,937.50
- J-1392 20C 1875 NGC PR67 CAC $32,900.00
- J-1516 50C 1877 NGC PR67 CAC $70,500.00
- J-1644 $20 1879 QUINT STELLA NGC PR64+ RB CAC $188,000.00
- J-1961 50C PAN PAC NGC PR65 CAC $176,250.00
- J-1962 50C PAN PAC NGC PR66+ RB $199,750.00
Many of the coins listed above were high R-7/8′s. They were stunning virgin coins! Again, freshness (these were away for EVER) and quality DOES matter!
We promise we will have major league contingency plans in place for the next Newman sale! What awesome coins! Congrats to the foundation and the family.