Legend Numismatics Summer FUN Rare Coin Market Report
What a shocker it was when we blew into the summer FUN Show in Orlando late Thursday and all of our peers said the show was surprisingly good. We do believe its because we did NOT take a table. For the past 4 years we had lackluster sales. It figures.
We did see activity at most tables. Collectors seemed to have a fair turn out. We also know for a fact a few MAJOR dealers were there just to buy. We had hoped to do the same.
Collectors are still aggressively seeking coins. The supply is even more limited now than it was when the summer began. People are not looking for bargains, they want the coins! We though for sure there would be a slump in July with few coins around-NOT HAPPENING!!!!
For better coins, the new trend: pay what it takes. The fresher, more quality oriented, and eye appeal a coin is, the more of a premium people are willing to pay today. Seems like a major “new wave” of substantial collectors have come in and are more future oriented, so the prices they pay today just are not as relevant as they were a few years ago.
There is still HUGE money out there looking for collectibles. While not a collectable, a Mercedes racer just SOLD for $29,000,000.00. So far, in the numismatic kingdom, there is only one coin-the $1 1794 PCGS SP 66 that Legend bought this year that is worth $10,000,000.00 (there are 2-3 more worth that at least).
Overall, RARE COINS ARE STILL CHEAP! Just think about how CHEAP so any other coins are: GEM BUST Halves selling below $12,500.00, you can buy the FINEST PR Barber Halves for UNDER $25,000.00, even 1880S Morgans in MS65DMPL-below $1,000.00. What makes it more insulting-a pop 8 MODERN 1995 Silver Eagle sold this year for $86,654.00 in an on line auction. Don’t care if its eight out of 20 million, A GEM Bust Half is older and is rarer! The fact early US coins are cheap is what this new breed of collector seems to be realizing. Its NOT a price bubble or speculation, its real collectors out trying to build REAL collections.
THE FIREWORKS WERE AT THE HERITAGE SALE
Here we go again! Anything nice and fresh brought “moon” money. Widgets brought substantially LESS. No question this sale was an unexpected pop. We figured the market would be quiet and we could buy on the cheap. DID NOT HAPPEN EVEN ONCE! We had to fight on every coin we bid on.
We bid on $1,069,000.00 worth of coins, and bought only $557,571.00 (BP inc). Still, we’re not used to buying less then 85% of what we bid on!
Here are some price records on some of the coins we bid on and LOST:
- 1C 1798 2ND HAIR NGC AU58 CAC $14,100.00
- 5C 1894 PCGS PR67 CA CAC $9,987.50
- 5C 1897 PCGS PR67 CA CAC $8,812.50
- 25C 1885 PCGS PR67+ DC CAC $17,625.00
- 50C 1937 PCGS MS68 CAC $35,250.00
- $1 1879S PCGS MS67+ CAC $1,762.50
- $2.5 1898 PCGS PR68 DC $82,250.00
- $5 1901S PCGS MS67 CAC $19,975.00
- $10 1907 NM PCGS MS66+ CAC $29.375.00
There were HUNDREDs of OTHER coins in the sale we just sat there shaking our heads as to the prices they were selling for. Since auctions are the only other place to find cool coins these days (besides Legends inventory) people certainly are flocking to them. Thus, prices are creeping higher. There are NO current printed rags or Internet venues that accurately can value coins. We do suggest you use “prices realized” from all recent auctions-as a loose guide. Too many times, coins that don’t appear except for every few years will have ridiculous attempted valuations.