By Laura Sperber - Legend Numismatics ..............
Sorry Long Beach Show owners, we do not go to coin shows to see Dennis Rodman signing autographs. It was a myth he was a collector-his agent was Dwight Manely (founder of Spectrum Numismatics) was the coin buyer. Having said that, we did meet Dennis long ago at Dwight's house and he was a genuinely nice guy (and super shy). We know the owners are tying hard to make the show great again, but we suggest they try it with displaying coins, not gimmicks like that. Offering grading classes was a brilliant idea. Still, collector traffic did not seem any better then the previous shows. We'll call Long Beach a work in progress.
Even though we did not have strong expectations of how we would do at the show-we had an unbelievable MONSTER of a show! It was our BEST JUNE show in about 5 years. We sold MULTIPLES of what we expected. Hard to believe but coins ranging from $30,000.00-$80,000.00 were by far our best sellers. We even sold to several dealers who almost never buy. It was like the hose was on and the water was gushing out and everyone wanted a taste. In an even bigger surprise, we only lost money on 2 maybe 3 coins-and the losses weren't much at all.
Seems dealers could not get enough better gold. For the first time in ages we had collectors also come by the table and buy gold. The crazy up and down prices of gold does NOT seem to be hurting better gold coins at all. We did not think it was possible, but demand only got stronger.
Of course buying was as bad of a train wreck as we have ever had at the show. Nothing really walked up to the table-just 3 Saints and 2 patterns that were just too much (the patterns). We walked around the bourse floor so many times seeking nice, better, and fresh coins that we got blisters! As we mentioned in our last report, this is the doldrums between now and ANA when we all wonder how we can earn a living. No new coins, no income! Yes everyone, RARE coins-REAL RARE coins are in strong hands. Right now there are clearly MORE buyers then sellers. Do NOT make the mistake of passing on a coin because it seems 10-15% too much. You WILL regret it!
THE HERITAGE SALE
You just can't go by printed price guides anymore. They do NOT tell the pricing story on a coin that may have a pop of 10 but there hasn't been one in an auction is 4 years. So of course a nice fresh example of whatever is going to sell for what maybe perceived as strong money-even moon money when in fact it is selling for the reality of what the current market is!
Legend has ALWAYS been one of the unquestioned strongest buyers in the rare coin market. It is a fact that for the past 10 years, its been Legends exclusive customers who have been the buyers of at least 65% of the major coins that have come to market. Yes, our customer base IS that big. We still have $20,000,000.00+ worth of Want Lists! So its unfamiliar to us these days that when we bid aggressive in the auctions and we're out bid! There are that many more NEW people buying coins.
Look at these stats: Legend BID on 144 lots totalling $1,045,652.00. We only won $291,078.00. WOW is that being nuked or what? We thought we were strong, but in hindsight and thinking about the reality of today, we obviously were not. Here are some coins we bid on and LOST:
5C 1885 PCGS PR66 CA $3,818.75
50C 1795 NGC AU55 $28,200.00
50C 1811 PCGS MS67+ $94,000.00
50C 1941 PCGS MS68 $7,637.50
$1 1879 TD PCGS PR66+ DC $32,900.00
$1 1883CC PCGS MS67 $6,756.50
$1 1895O NGC PR66CA $528,750.00
$5 1912 PCGS MS64+ $5,581.25
$10 1838 NGC AU58 $52,750.00
$20 1908D MOTTO PCGS MS66 $22,325.00
50C NEW ROCHELLE PCGS MS67 $5,875.00
Pretty strong prices! There were lots of them in the sale. There will be many more in ALL upcoming auctions as well. Get used to it, rare coins are inching up in COST and value right before your eyes!
To Read the full Report visit Legend Numismatics