Legend Market Report – The PCGS March Invitational
By Laura Sperber – Legend Numismatics
CoinWeek Content Partner
WHAT IS WRITTEN HERE IS FROM LEGEND NUMISMATICS EXPERIENCES. OTHER DEALERS WILL HAVE DIFFERENT TAKES ON THE SHOW AS THEY ARE NOT IN OUR MARKET (WHICH IS VERY HIGH END RARITIES).
SMALLER CAN BE TREMENDOUS!
Hard to believe, at the March PCGS Invitational Legend SOLD more coins than it had ALL February! For a 30 table show, that is mindblowing.
The show really is the “perfect storm”. Some of the biggest and best dealers attend not only for the grading, but to do business. Several of them normally do not set up at shows. We have never attended one of these where everyone was not trying to do business with each other. Also kudos to PCGS, they set up a wonderful spread of food and they are attentive to everyone.
This show also had a little luck, the regular Las Vegas Show was being held Thursday-Sunday, so several dealers popped in to check it out. Plus, there had been NO major shows for 30 days. Dealers were stir crazy for some action.
We rate this show as BETTER than a Long Beach (for Legend) and far better than the summer Baltimore Philly Shows. Hard to believe, you need to attend an Invite. Its one of the few shows you can go to and speak/deal with the best of the best dealers and even David Hall hangs out on the floor!
MORE YADA YADA ABOUT SALES
It was too darn easy! When we landed we went directly to our “seceret buyer” was was happy to see us. He told us he had already spent $500,000.00 so we were nervous if that would shut him down. NOT! “Secret buyer” spent well into six figures with us. He was on such a roll that we suspect he did well OVER $1 million dollars buying and he probably sold as much as he wanted too. After we saw him, we sold coins to EVERY one we sat down with-which really does not happen at the major shows. Some dealers surprised us with how much they spent and what they bought (one devated hugely from the norm and spent heavy on a series we never thought he would care about). Included in our totals were SEVERAL mid five figure coin sales. We heard NO complaints about cash flows-and we are holding NO checks.
Our big sale of the show was a six figure GEM Gold Rarity to a collector. No, it was not set up to bring to the show kinda deal. He did know of the coin, but it wasn’t until he saw it and his jaw dropped did we discuss him buying it. We actually did a few more sales to collectors. At this show its easier for us to sit and chat (something many dealers can’t do at major shows). Thats why after we attended the first Invitational, we have never missed one!
Collector attendence was very good too.
As we mentioned last week, our prayers and cries have been answered. Coins are starting to come to us again. We are working on 3 world class-earth moving deals (really). If even one happens, it would be historical, not to mention would enable us to have a great supply of coins to offer. This week we are completing a major Proof Type deal. We expect those coins to be posted in 2 weeks. If you had asked us in mid February about our buying, you’d have heard us panicing that we will never see another great coin to buy! There is NO major supply still, its just we are seeing a few deals pop. The March Invitational was also the first time since FUN we bought about 6 coins for Want Lists including 2 that cost OVER $50,000.00 (a third one we bought via phone from the show)!
We think March will be in like a Lion and out like Lion. Activity is starting to build again. Dealers paid their FUN bills and collectors have digested their purchases. The Winter Baltimore Show (which is typically strong) is only 2 weeks away. There is a Heritage auction this week and a BIG Stacks sale in 2 weeks so some coins are going to show up. We predict BOTH sales will have extremely impressive results. When there are coins, everyone can trade. In February, there was no coins and everyone was light on money. March is the total opposite. Plus, even with the horrific $95.00 one day drop in gold, it did NOT affect any trading at the Invitational. Typically, we’ve seen lesser drops freeze major shows. So we see no reason why the building momentum will fade.
This week we are posting some really fresh and neat NEWPS. Included are some GEM AU Gold rarities. The offering is not as large as we had hoped. We forgot we had to send a whole bunch of coins to CAC. What we will be doing is increasing the offerings over the next month as our deals and NEWPS are processed. Its for YOUR protection we will sell you ONLY CAC coins. The Proof Type deal has some stunning ORIGINAL pieces that have been off the market for years.
LEGEND IS NOW TWEETING!
Yep, we have come out from under our rock and intot he 21st century. You can follow LEGEND on Twitter. We’ll be sending messages from shows and when ever something of interest happens. See the link on our front page to learn more. We invite you to read our Tweets!
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