Legend Numismatics Market Report: THE CSNS SHOW
Hard to top this one. Our show started off spectacular when we were invited to purchase coins from a spectacular $4 million dollar Type set that was being broken up. Without flinching we instantly spent over $1 million dollars. No auction could produce coins like these-that’s why it is so important collectors need to maintain strong relationships with at least one or two good dealers. We will list a few of the coins for sale this in our CSNS offerings-due to imaging and other preparations most will be in ROUND II of our CSNS NEWPS.
From that point on, we coasted. We were on such a high. We had a goal of making a lot of dreck go away-and we did it. In fact, the show was very murky as far as seeing consistent business on the floor. There was never a real flow (starting with the lame as always PNG Day prior to the show). Even though gold and silver were rising, it did not affect the overall outcome of the show for most dealers.
Our concern right now is about silver generics. You don’t have to agree with us or sell to us. Just keep it in the back of your mind we strongly believe silver generics are in a “bubble” right now. We think people should SELL, NOT buy silver generics right now.
On Friday activity really picked up. Between 3-4 PM we sold over $150,000.00 from our table. It was all coins costing MORE than $20,000.00 (one was $82,500.00). We believe that action occurred because after 2 days of roaming the floor and seeing nothing, dealers knew they had to step up for better coins when they found them. Plus, the grading services were tight so there was no fresh flow of new coins to offer.
The market looks okay for RARE coins that are properly graded. The longer a coin has been off the market,and the nicer quality it is, the more you can get for it these days. Buying a high grade PR Barber Quarter last October and trying to resell it today is not deemed fresh, nor will it reap you serious rewards.
A SPECIAL CONGRATULATIONS FOR THE SEATED DOLLAR DISPLAY
There is a father son team we often mention, Mark and Stephen Petty. They have worked for years as a team to build from the heart a beautiful and serious MS Seated Dollar set. Outside of our partner Bruce Morelans old set, their set is now the ONLY other totally complete collection. Against our suggestions, young Mark insisted upon buying a genuine 1870S. Sure enough-it stood out as a highlight. They will do very well with that coin as time goes on. The entire collection was presented in a fashion that was educational and inviting for questions (which they were there to graciously answer). Legend Numismatics wishes to congratulate Mark and Stephen on their tremendous display.