By laura Sperber - Legend Numismatics ........
A SUPRISING SHOW
The FUN Show definately has the all time #2 position for being a "must attend' great major show locked up. Only the ANA Summer Show rivals it. Yet again, Cindy and the FUN Staff put on an excellent show. The only show issue we question-was there record attendence? Sure seemed like it.
Coming into the show we were concerned it might be sluggish with gold dipping. NOT! The show was a semi slow starter because you really can't do much "lobby leaching" at the hotels since they are so spread out (makes it very unsecure). Most early biz actually happens in the lobby of the convention centers Tuesday and Wednsday. We did do substantial business with the first 5 dealers we saw. Strong wholesale for us actually continued through Friday evening. As always, selling was super easy. Our stealth team of sellers also sold many coins-one was just one fire and sold the majority of coins we gave them. Buying, was tough-BUT-there were some coins to be bought for a change.
When the doors opened to the public at 10 Thursday, it was almost like being at the doors opening of any major "black Friday" store sale. People kept streaming in for a good hour. All day Thursday and Friday the isles were packed and for the first time in a few years, you could sense a real "buzz" in the room.
This show blew away our expectations about attendence and sales to the public. Thursday we did TWO six figure sales to two different collectors. Both Thursday and Friday we had a wonderful continuing flow of buyers-and even a few small deals came our way from collectors. This FUN Show really was everything we'd dream a show being!
Legend sincerely thanks all our friends and customers who stopped by.
This was one of those shows we really won't know how we did until we add it up. We can already guess it was really good because we were so busy normally we'd have added it all up by now!
WHERE WAS THE ACTIVITY?
Looked like all areas EXCEPT patterns were hot. Bust coinage had huge demand and probably ranked among the strongest sellers-if anyone did indeed have any (we need 4-5 PCGS/CAC MS65 ONLY PRE 1825 Bust halves). Most Gold coins were definately not slowed by the price drop of spot. We know we were able to WHOLESALE several pieces over $10,000.00 each at strong premiums. ALL copper seemed to be selling strong as well.
The price you were able to sell a coin for really DID co-inside with the coins quality. See our discussion on the Heritage sale (below) about PROVEN results.
We'll step out in a limb and argue that the market for quality coins actuallty ROSE about 5-10% at this show alone. Now, we'll just have to live thru the doldrums until the next mega group of coins pops up at CSNS in May.
THE HERITAGE AUCTION
This sale is an excellent barometer of the market. The results were mixed-but so was the quality. Fresh and nice coins sold for really strong money. Recycled or marginal coins sold cheap, while dreck sold for cents on the dollar (yes, you can have a coin graded 67 and it be dreck).
What really blew us away was the crowd all through out the sale. The auction room was packed for Platinum Night and had strong attendence for the other sessions. We liked seeing new unfaimilar bidders buying $25,000.00-$800,000.00 coins.
This sale seemed a bit stronger (prices realized) than last year. A great example of what we were saying about last years FUN Auction vs the prices realized today: the $20 1927S PCGS MS67 CAC Duckor coin sold for $276,000.00 in 2012 FUN. This auction it brought $340,178.00. We're postive if other rarities from that sale had resold at this sale, they'd have made some money too!
The highlight of the sale unquestionably was an unassmuning group of 3CS pieces (they got no extra special mention). They were all NGC old holders. We were blown away at the coins when we saw them in lot viewing. Having built the #1 all time FINEST EVER MS+PR sets, we were not going to let these coins get away from us! Here are some sample prices we paid:
1856 MS65 $24,675.00
1857 MS65 $38,187.50
1868 MS65 $35,750.00
1869 MS67 $41,125.00 We were prepared to pay $50,000.00
1872 MS65 $21,150.00
1854 PR65 $38,187.00
1855 PR65 $44,082.00
1866 PR65 $6,462.50
We knew we had to pay the price to get these killer coins. There were only a few pieces we did not buy-EVERY coin in that set was amazing. The good news-NONE of these coins will be messed with. These coins will end up in great appreciative homes. The performance of these 3CS pieces more than proves what buying QUALITY -TRUE EYE APPEALING QUALITY and holding can do.
Another highlight of the sale-the Specimen Half Disme. What an incredible coin. That sold for $1,410,000.00! These days, thats pretty much just another rarity selling. There are well over one hundred coins that are worth $1,000,000.00 these days.
We were definately highly aggressive bidders in the sale, however in the end, of the $2,480,000.00 million in bids we left for ourselves (we're not including representation) we only got $1,053,000.00. The 3CS pieces were 1/3 of our purchases!
NOTE: ARTICLE CONTAINS INFORMATION ON THE COIN MARKET AND THE FUN SHOW AS SEEN FROM OUR VIEWPOINT. WE DEAL ONLY IN THE TOP 5% OF COINS. OTHER DEALERS WILL HAVE DIFFERENT EXPERIENCES.
To Read the full report and addittional information on the upcoming Legend Morphy Auction and Legend's Newps, visit Legend's website here