A MAJOR ROAD BLOCK!
We added up all the numbers for February and were shocked-Legend had its worst February in about 7 years! And we do VERY MUCH feel this is a good market. Understand, this is a slump by Legend standards (most dealers would be thrilled to run half the numbers we do). It ABSOLUTELY was the market that caused our lackluster results-even though there were no negative impacts and Gold actually ran up.
The problem we have been fearing for the past year or so finally nailed us-WE RAN OUT OF NEAT COINS TO SELL. Since the year started, we have SOLD an amazing amount of rare high grade coins. Do not get us wrong, we do indeed have some of the neatest coins for sale in the marketplace at any given time, but what we ran totally dry of was the specific coins, especially for Want Lists. At the end of February in particular (long after our FUN NEWPS were all sold) we could not find anything of significance. Also, having a large amount of NEWPS creates a buzz and interest on our other coins. We realized our NEWPS are coming in at levels of up to 60% of how much we used to post. In the long run, that’s bad for our business. So this week we elected to post a total of 3 NEWPS. 2 coins are “bread and butter” while the 3rd definitely is spectacular. In the future, we will try our best to continue to post NEWPS starting every Sunday night so long as we have at least one killer rarity (we used to post NEWPS if he had at least a dozen or more coins, how the tide has turned).
All we can say, gold is being gold. When there is fear, it rises. That’s what just happened. Expect prices for gold to remain strong for a long time (even if the Libyan crisis is resolved soon). People are still buying generics and especially BETTER GOLD coins for their collections. We are more comfortable with gold now. We had predicted and then watched a small ‘correction” happen earlier this year. Now we think the gold market is poised for a rally more so than sharp volatility.
CONGRATULATIONS TO TOM BENDER
We wish to congratulate our friend and long time customer Tom Bender (of Indian Cant and Lincoln Cent fame) on his completion of a spectacular GEM PR $3 Gold Collection. Everyone (including PCGS) was shocked that not only is this set the FINEST KNOWN (beating the estimated sets from years back), but this is the first PR $3 set ever registered (and that’s over 25 years).
Ever since the FUN 2005 gold Rush Collection (when Tom started the set with the 1862 from that sale), we were hard at work helping him build this incredible set. Our fondest memory was of the 3 year intense effort negotiating to buy the 1856 PCGS PR65+ Deep Cameo from a very “value oriented” collector. It happens to be Toms favorite coin. The quality of this set is amazing.
The great thing about this set, besides the fact it will be on display at the PCGS table in Sacramento, Tom is not one of the serial registry wonks who does what we call “makes em and brakes em”. His set will be intact for a long time and his possession as well (don’t think we haven’t already tried to buy it). If you get the chance and are at the ANA Mid Winter, stop by and see his set. Or, check it out on the PCGS Registry.
Of all the mighty sets we have ever built (and as you know, we have built many of the all time best), this set by far ranks as one of our all time favorites! It was fun to help Tom build it-and its even better to view it complete!
THE SACRAMENTO ANA SHOW
Why must they place these events in cities that are impossible to get too??? Our expectations are low for two big reasons: #1 the lack of coins, #2 we expect only a small group of east coast dealers to make the trip. Baltimore, which is a larger and proven show is only 2 weeks away. Still, watch for any nice coin in the Heritage sale to be expensive! The market overall, is strong and even a potentially weaker show won’t slow it down.
We do have a table at the show. As usual we will begin posting our NEWPS from the show Sunday night March 20th.
For the complete Market Report, visit Legend Numismatics