Legend Numismatics – Pre Baltimore Coin Market Report
By Laura Sperber – Legend Numismatics …………………..
Must we really have a show now? Things are going so well. In a blink of an eye the coin market is back to full strength. Every thing from soup to nuts is selling. This past week our sales were VERY strong and we completed a multimillion dollar deal. Actually, activity has been near crazy for us. Other dealers we have spoken to have told us they are doing very well too.
Even if gold tanks we think the coin market will remain in strong condition through FUN. Our expectations for Baltimore are minimal. It just does not seem people attend shows and especially auctions anymore. In fact around 7PM Friday night a good friend and long time dealer in NYC called us from the Heritage sale to say he was the only participant in the room. He further remarked how impressive the technology was that was streaming in huge bids from all over. He had never seen that happen, he was shocked. The future in coin collecting is here today.
GET READY AND BUY YOUR COINS TODAY!
If you collect ANY kind of higher end coins, get ready for the market to rise about 10-15% overall. How? The Newman Collection will easily set ‘beyond moon” money RECORD prices. If you have access to any choice or GEM Bust coins (especially) BUY THEM TODAY! Coins that are worth $10,000.00 will easily sell for $30-$40,000.00 in Newman. We are NOT hyping anything, we are looking at what reality is in a coin starved marketplace. This is one of the greatest and most fabled last “old time” collections collectors were waiting for. In fact most people thought the coins would never be sold. We’re seeing collectors who have been dormant for years popping and telling us “just buy it”. They have to, many coins have not appeared in 50-75+ years! We see how this sale has our customers all excited as well. Its going to be an epic shoot out and fun to watch. We will tell you this, Legend is coming in with huge bids. This is our kind of sale!
A pricing note: since so many dealers use prices realized for their bid/ask numbers, after the sale you will for sure see them using the Newman Auction records to base prices for their coins. Take our word on it, the Newman sale WILL make higher end coins worth more! Also, what you should understand is when you are competing for extremely rare and top quality pieces that have not been around, what you pay really is the NEW coin market price (in most cases).
Legend buys and sells coins based on the quality, eye appeal, and rarity of the coin. We have NO fear of paying a new higher price for a coin if the quality ranks as good as we have ever seen. In fact, we just paid $40,000.00 for a PR67 Morgan. In the end, its the QUALITY and EYE APPEAL that really determine a coins PREMIUM. The freshness factor is next in line. You can buy an nice 1880S Morgan In MS65 for $140.00 or so that has been in a dealers inventory for a while. Legend wants the one that is $300.00 because its fresh to the market, has super high end quality, and has a killer eye appeal. Take our word on it, coins like this, do outperform the market over time. short term, the nicer and fresher they coins are, the easier it will always be to have them go in a quick sale.
THE HERITAGE NYC SALE
We figured it would be a sleepy sale where we could go to pick off some coins that “fell through the cracks”. NOT! The only thing that fell through was our bids! Heritage did their usual fantastic job of having coins go deep in the “black hole” of collecting. Good thing they have a huge pipeline and will have Newman and the huge FUN Sale to keep things going (a lack of coins really hurts everyone).
Here are several coins we got skunked on:
- 50C 1835 PCGS MS65 $21,150.00
- 50C 1866 PCGS PR66 CAMEO $14,100.00
- 50C 1945 PCGS MS67+ $8,225.00
- $1 1878 8TF PCGS MS64DMPL $4,406.50
- $1 1927D PCGS MS65+ $9,987.50
- $20 1913 PCGS MS64+ $17,625.00
We were thrilled seeing the sheer strength of the nicer coins in the sale. It yet another strong signal to the market of health.