By Laura Sperber – Legend Numismatics …………………..
We were suspect and not surprised at the fast paced major change of events we had happen in LEGENDS market. Its like a huge KABOOM of fireworks just exploded.
Prior to the Gardner Auction, our market wavered but was still active. If we got the right coins, we had(have) many places to sell them. Only problem, we were not getting the "right" coins and Legends sales suffered in early June. We thought for sure that after Gardner July would be dead as a rock. NOT SO!
We thank the Pogue family for announcing that their coins will be sold and the completion of the first Gardner sale with bringing major life back to our market. Two things happened with Gardner-#1 it more then proved to people (especially one who were sitting on the sidelines) that the market is alive and is strong. No one expected the prices to reach the levels they did. #2 it brought out many coins that many collectors failed in finding the last several years. We were shocked how many "after" auction unsolicted sales we made. Collectors woke up. Collectors actually had some access to coins again. We probably have only $350,000.00 of the $4 million we spent left.
By announcing Pouge, it intially "froze" some of the bigger players. A few freaked (which they will regret) and threw their coins in the ANA Sales. If they really let their coins go-they have finally opened up some supply. In the mean time, on our level, other collectors are being very smart and are starting to prepare for the sale, so we have been able to buy a few coins-a few very neat coins and make some great sales. In fact Legend Numismatics has SOLD almost $2 MILLION Dollars worth of superb rare coins SINCE the Gardner Sale ended (NOT including any Gardner reps) to collectors. Due to confidentiality we can not disclose much of what we sold-but we will tell you there SEVERAL six figure coins and deals involved. We also had RECORD activity off our web site (as this is being written we just took down a $4,250.00 coin as it just sold). This NEVER happens the first week of July. We even did one major deal with a collector who was on vacation!
Right now we see prices as very firm. That will change with each auction as more record prices will be set. We originally thought there would be a slump in July. Clearly not happening in our world. Collectors are out there. Our huge clientele wants the BEST quality and rarity possible (the average collector we service probably spends $25-$50,000.00 a year). This month so far, we have been able to find and place a coin or two in ALL price ranges (not just the big stuff). Feels like 2005-2008 all over again. We do NOT see any mass dumping-just a few ill advised scardy cats panicking. In fact most collectors we spoke to are thrilled at the prospect of the opportunities to buy great coins. Our top 10 customers are all extremely eager to buy right now-not just in the Pogue or Gardner sales.
First, we wish to thank Mr Bob Simpson for graciously allowing the incredible $1 1922 HIGH RELIEF MATTE PR PCGS PR67 to be displayed by the ANA at the Chicago show. It is by far the FINEST and was the personal coin of the Secretary of the Treasury. He recently purchased the coin for $460,000.00 at the Long Beach Goldberg Auction. Even if you don't collect Peace Dollars, you really should see it. Everyone who has has been WOWED!
Next week will be announcing another major set of his for sale. Again, we are writing this to re-explain that he is NOT a net seller. Seems like every day people are still asking us about him. Last week he spent more money then most people spend in two years buying a six figure coin. His housecleaning vs just about anyone else is dramatic. He has about 4,000 coins. His tastes have changed, keep in mind, he has been probebly the biggest buyer of great US Rare coins for the past decade. So do not let it surprise you when he sells off a set worth $1-$2 million dollars. Its all relative. We promise, you will see us on the phone with him at the ANA holding up bidder card #50 after making some huge successful purchases. He sees opportunity, not softness.
SUGGESTIONS BELOW $2,000.00
We were zipping around various web sites and auctions Sometimes there are just areas that are too cheap that we miss because its not in our daily line of sight. As you all know we are forever bullish on PR Barber coins. Most ares of Proofs are still cheap.
We could not believe how CHEAP coins like GEM PR 3CN 65-66, GEM MS 65-66 Liberty Nickels, or MS64-MS65 Barber Dimes+Quarter have become. These are not coins that you can go out and find every show. We suggest building a year set-not the entire sets as this will allow for completion.
We also do not understand how SUPERB GEM MS 66 100+ year old Seated Dimes could be only worth around $1,000.00-some have sold for LESS. MS 64 $2.5 Indians below $1,000.00 are a mystery to us. There are a lot of inexpensive great opportunities out there.
Look at the age of a coin. Check its rarity. Then check its quality. To be able to buy top notch coins with LESS then a dozen graded that are 100 years old for under $2,000.00 seems like a steal (to us)!