Legend Numismatics Houston Show Market Report
ANY GIVEN SHOW
We’ve all heard the term “any given Sunday” referring to the fact any NFL team can win on any Sunday (not just the favorites). The Houston Show is the same way. We had ZERO expectations. Originally we only attended the show because United Airlines was flying their new 787 Dream-liner between Newark and Houston and we wanted to ride on it. We’re very happy to say, BOTH the Dream-liner and the show exceeded our expectations (the dream-liner is a MUST do for the bucket list)!
Having arrived fresh (its really true about the low cabin pressure of the plane) we were ready to go. Much to our surprise, the first three dealers we sat down with (not our normal regulars) bought coins-aggressively. Selling was no problem at the show. Coins valued up to $10,000.00 sold briskly. We did not bring much expensive to offer. Even our stealth secret seller did extremely well. He was busy from just before the show started until late Friday.
Of course the hottest selling coins at the show: better GOLD. OMG, do people want to tuck MS65 and higher better gold away. Even PCGS MS66 CAC Saints showed huge demand. GEM better Walkers also seemed extraordinarily strong in demand.
Even more surprising, a small amount of collectors did show up. Since we did not think the show would amount to much in terms of attendance, you can only imagine our shock when we got a call Friday afternoon (right after we left) from a really good Dallas based customer “I am standing in front of your table, where are you?” Yikes! He never told us he was coming-in fact he just happened to be in town and noticed a sign for the show. You just never know with these smaller shows!
This was the most surprising of any activity for us. We did better buying at this smaller show that we have done at any recent Long Beach or even the last Baltimore Show where we did spend over $1 million dollars. Its not about the quantity, but the quality and rarity of what we bought. One coin that walked up to us was a coin that we had been searching for what seemed like forever (at least 5 years +). Its extremely rarer than its population would indicate, we really needed several of them, and the coin was super high end. Needless to say, we instantly paid almost DOUBLE CDN BID! With one email, the coin was sold. We also bought two more better five figure coins on our Want Lists as well. This was one of the few successful buying shows we have had this year.
Our Want List are still as huge as ever. In fact, we are still adding rarities to the list. A show like Houston actually is refreshing when we can find a few rarities-without having to butt heads in an auction. Even we had gotten to the point wondering if we would ever be able to finish as few sets we are working on.
Interestingly, there is some light selling going on ahead of the changes in the tax codes. Its not much. We still see far more buyers than sellers. One deal we had an early shot on at the show was just priced too ridiculous. That’s a huge mistake many collectors make when they start to sell. Taking shots will not help you realize ideal prices. In fact, its a turn off to many buyers. Just because your coins are hard to find, it does NOT mean they have appreciated that much in 2-3 years. Rapid appreciation will happen with certain true rare coins, not higher grade examples of coins you can find in the lesser grades. Deals like that end up stalled+stale quickly and the collector does not do as well as they should have. Another deal we saw that was being sold was very understandable. This collector was selling his “lesser” coins (still rarities ) so they can shift to some of the fabulous earlier material that’s going to be sold in January. The prices weren’t cheap (these coins were really nice), we did manage to buy a few neat beauties. Do know, Legend is a HIGHLY aggressive buyer and will pay SUPER strong for coins we need. Out side of that, we did not see any other bigger deals happening. At least there was a few fresh coins scattered at the show.
Our only mistake of the show-leaving Friday AM. So overall, it was a good little show.
Also, we took time out to view the magnificent Texas Collection of DMPL’s on display at the show. Great set!
THE HERITAGE SALE
Auctions are still the “happening” place. As usual Heritage put on a very strong sale. This time had us fooled. We thought we could sneak in and get some deals-NOT! We got blown away on many coins, here are a few examples:
OUR BID TOTAL $ SOLD FOR
3107 H 1C 1834 PCGS MS65BN $1,998.68 $3,290.00
3370 5C 1903 PCGS PR67+ CA $7,931.00 $8,518.00
3475 10C 1892O PCGS MS65 $3,671.88 $5,287.50
3600 25c 1912 PCGS PR66 DC $5,876.00 $10,575.00
3640 50C 1829/7 PCGS MS65 $28,200.00 $32,900.00
50C 50C 1913 PCGS PR66 $4,407.00 $4,700.00
3907 5C 1919D PCGS MS65+ $6,462.50 $6,756.00
4055 50C 1935 PCGS MS67 $3,291.00 $6,168.75
4089 50C 1936 PCGS PR65 $4,994.93 $5,287.50
4294 $1 1892CC PCGS MS65 $8,225.00 $9,400.00
4370 $1 1901O PCGS MS66+ $1,646.10 $2,585.00
4728 $2.5 1832 PCGS MS62 $31,138.00 $32,900.00
4902 $3 1883 PCGS MS65 $18,801.00 $28,200.00
5199 $20 1897 PCGS MS65 $23,501.00 $24,675.00
We are VERY aggressive buyers, but the CAC market is so strong and active, sometimes (as you can See above) we get blown away!
Our highlight purrchase was the Gold Norse Medal PCGS PR66 CAC for $64,625.00
The big event is only days away (Dec 13th 6:00 PST)! We thank the hundreds of people who registered to bid last week alone! We have done our best to create a great sale with great coins. This is NOT a retread price list sale. There are many fresh UNRESERVED coins for sale. Several major coins are already beyond our expectations.
Remember, LM Auctions is a work in progress. We’re still working to improve our web site, bidding platform, and services. Just look how far we have come in only a few months of operations. Its not in our cards to ever have multi thousand lot sales. The big boys do great jobs-let them have the volume. We’re here to make sure your coins are seen and receive the best results! Remember, Legends customer base alone has a PROVEN base of some of the most eager and powerful buyers in the business. Talk to us now if you have coins you want to auction, our Feb sale is loading up fast!
You can bid with confidence in our sales. And yes, we will honestly answer your questions about any coin in the sale.
To see the upcoming auction and to learn more about LM Auctions, please visit legendmorphyauctions.com.
NOTE: if you want to come to the PCGS Invitational, you MUST be a registered bidder or a member of the PCGS Collectors club.
THE PCGS INVITATIONAL DEC 13-14TH LAS VEGAS