by Laura Sperber - Legend Numismatics .........
Even though collector traffic was a bit light, we did manage to have a blockbuster show! Its close too being our all time best. We quit counting our sales when we broke $2,000,000.00! Even buying wasn't bad.
We knew from the pre show it was not going to be slow. We arrived in Chicago with nearly $4.5 million worth of totally FRESH and NICE coins. Knowing there were few similar coins on the market, we expected strong sales-and as of Tuesday night (first day of the show) we had them! It was a steady stream of both dealers and collectors (many old friends we said hi too) that came to the table and bought. Of course the highlight of what we had to sell was the magnificent Bella Collection of Morgans. Other coins like our $1 1898 PCGS PR67 DC (which sold at noon on Sat to a collector), a $20 1904 PCGS MS66 (a beautiful coin which sold to a collector), or the $20 1907 PCGS MS65 High Relief OGH also sold to a collector as well. Our final sales total will be huge!
The one thing we did NOT expect-we could buy a few coins. One thing we have learned for years-treat people right and earn their trust and it will come back to you. The very first day of the show we got our reward. A mind boggling collection of a specific series that was assembled probably 15-20 years ago was brought in just for us. With little negotiations we purchased it. Much to the owners delight-we are keeping his hard work intact. The set has been committed. Everyone was happy.
From that point on, a few pieces at a time came to us. A collector brought us back the killer $1 1795 SE PCGS AU58 CAC we have posted. All through the show dealers walked up and offered us what they believed to be "Legend caliber" coins (sadly only about 1/4 made the cut). We bought a few special pieces that way too. Thank you to everyone who offered us coins! For the first time in a few years, we came home with 3 double row boxes of NEWPS!
Business for us was so strong, we could not take any breaks to go see the amazing exhibits until 1 PM Saturday. At ANY ANA Coin Show the exhibits are "MUST SEEs".
The entire staff of Legend Numismatics wishes to thank everyone who stopped by to say hello or came by to do some biz!
THE COIN MARKET
WOW! Is the rare coin market ever strong! Not only did we have a monster show, if you think about it, there were TWO (Heritage and Stacks) HUGE major auctions which sold close to $70,000,000.00 worth of coins! That amount is staggering. These coins are going somewhere-they are not showing up for sale in dealers cases. We estimate the two auctions had possibly as many as 10-20,000 active bidders. Its mind boggling to us what the reach of the Internet has done to the coin market.
The results of Stacks sale were a huge surprise. Did into think there were many exciting coins. The way the bidding went, proved us wrong! We thought we'd be able to buy some coins cheap. Less then a few hours before the sale bids were weak to non existent. Then BOOM! When the sale came around so did the bidders. Like in the Heritage Sale we became "has been", we bid $2.6 million and only bought $1.3 million. The highlights of what we bought-the $10 1865 PCGS PR66+ DC CAC $528,750.00, the $1 1850O PCGS MS64 $105,750.00, the $10 1908 No Motto PCGS MS67+ CAC $105,750.00, and the incredible (best we have ever seen-so we had to buy it) $5 1908 PCGS PR67+ CAC). No great rarity or truly nice coin sold cheap. The dreck in the sale brought what it should have-cents on the dollar.
The biggest surprise of the sale: the $1 1889CC PCGS MS68. We had figured it for $450,000.00 hammer (we actually had bid). Oops were we stupid! It sold for $881,250.00 ($750G hammer)! Considering there is only one MS65, in the end this coin was worth it. Even though not many people agreed wit ht he grade, there was NO question this coin was worth far more then the lone MS65. It just proves yet again, the strength of the upper end of the market and the power of the Registry set concept as well as the Internet.
One thing we heard over and over from collectors was how dry the floor was. We knew from our walks around there was little cool stuff. Collectors always seem to have ways of finding things-this show they seemed shut down. There definitely is NO dumping going on and if anything, collectors are buying as much as they can.
Think about this, unlike past ANA Shows, this time you could not go our and find any GEM Bust coins, GEM 20th Century gold rarities, of even GEM wild colored dollars even on display! One dealer had been challenged by his customer to find common monster colored Morgan-and could notl.WOW!
The coin market is VERY strong as proven at the show. Even if your table was in hell, if you had nice and fresh coins, you sold strong. Price per coin had no effect. Tired dreck-was as flat as we had ever seen. And it should be. One thing though-a warning: we expect the market to slow to digest all the auction purchases and general purchases for the next month. The next major show isn't until the end of Spetemeber-Long Beach. Of course there will always be strong buying this week from everyone who did not make the show, but we do forecast weakness while this digestion occurs. However if something really cool pops up, all bets are off! By October interest overall will have rekindled. We predict the Newman Collection Sale in November will easily bring "beyond moon money" from a coin starved collecting public (think $50G for coins worth $15G to start). The market should be fully back to normal then.