The exhibit, co-sponsored by Bowers and Merena Auctions (www.BowersAndMerena.com) and Collateral Finance Corporation (www.cfccoinloans.com), will be displayed at the Bowers and Merena booth, #1205, during the show.

“It is truly an amazing collection that includes some of the finest known examples of United States large cents struck from 1793 to 1857, said Greg Roberts, CEO of Bowers and Merena. “There are 77 large cents in the set, and many are the finest known for their respective date and type.”

This 1793 Chain Cent (S-2), graded PCGS MS65BN, is one of the highlights of the multi-million dollar Cardinal Collection Educational Foundation large cents collection that will be displayed August 10 – 13, 2010 by Bowers and Merena Auctions and Collateral Finance Corporation at the ANA World’s Fair of Money in Boston.  (Photo by PCGS)

While supplies last, visitors to the exhibit can receive a free, 40-page illustrated booklet published by the foundation, “Portraits of Liberty,” that describes the history of U.S. large cents.

Highlights of the exhibit include:

• 1793 Chain Cent (S-2) graded PCGS MS65BN that set a world’s record in 2005 as the most valuable U.S. cent at the time
• 1793 Wreath Cent, PCGS MS69BN, the single highest-graded 18th century U.S. coin of any date of denomination
• 1794 Liberty Cap “Head of 1793″ Cent, PCGS MS64BN, described by Logies as “the single finest representative work of early Mint engraver, Joseph Wright”
• 1803 Draped Bust Cent, PCGS MS66RB, acclaimed by the Early American Coppers society as tied for the finest known Draped Bust cent of any date or variety
• the record-setting 1842 Braided Hair Cent from the Naftzger Collection, PCGS MS65RD, widely acknowledged as the finest existing “Petite Head” type
• and another record-setting coin from the Naftzger Collection, an 1852 Braided Hair Cent, graded PCGS MS65RD, and acknowledged as the finest existing cent from its era.

“The Cardinal Collection Educational Foundation is a non-profit educational organization that focuses on the study and publication of information about early coinage of the United States of America. With the valued assistance of Bowers and Merena and Collateral Finance Corporation, this will be the first opportunity for collectors to see these superb-quality, early American cents in person in the Washington-Baltimore area,” said Martin Logies, a director of the Sunnyvale, California-based foundation.

One of America’s leading rare coin auction houses, Bowers and Merena of Irvine, California holds three of the top seven world-record auction prices for U.S. coins. For additional information call (949) 253-0916 or visit online at www.BowersandMerena.com.

Collateral Finance Corporation of Santa Monica, California offers precious metals financing to dealers and collectors on a wide array of bullion and numismatics. For additional information, call (310) 587-1410 or visit www.CFCcoinloans.com.

The Whitman Coin & Collectibles Baltimore Expo will be held in the Baltimore Convention Center, One Pratt Street, Baltimore. It will be open to the public on Thursday, November 4, from Noon to 6 p.m.; Friday and Saturday, November 5 and 6, from 10 a.m. to 6 p.m., and Sunday, November 7, from 10 a.m. to 3 p.m.

Related posts:

1. Cardinal Collection of US Large Cents On Display in Boston
2. Virtually Complete Early Large Cent Collection of Walter Husak to be Auctioned
3. PCGS Certifies World’s Most Valuable Large Cent

The show turned out exactly how we thought it would be-decent but quiet. Most dealers we spoke to (on our level) did very little. Several left Friday. Yet we know of a few smaller dealers who had nice coins and did VERY well. Collectors did attend, but the usual gang did not show up in any group larger than one or two. Most attendees did not seem to be serious buyers. They came to kick some tires and chat. One dealer friend commented he’d have done better if he rented his coins out to the lookie loos each time they sat down. As usual, the Whitman staff put on a class act show.

WHY THE JUNE BALTIMORE SHOW IS A BAD BAROMETER FOR THE MARKET

The June Baltimore Show is the equivalent of the stock market making a major gain/loss on a lightly traded short day. We do have a serious comment/opinion: While we love the show, absolutely ranking ALL Whitman Baltimore shows as the BEST run, and love having them in Baltimore, having it two times a year might be better than three. The summer show is typically 1/3 the size smaller. Traffic is significantly lighter. For some reason, its always harder to get in and out of town in June (this year we were lucky the O’s were not home).

At this show, very few of the West Coast dealers attended due to close scheduling of the Long Beach Show. For the markets sake, we think a few shows have to give. The reason why we think one Baltimore has go is because of their own Philadelphia Fall show (which they need to move as well since it yet again follows on the heels of Long Beach). Hard for us to believe Whitman does not realize it is the same market. It stretches everyone thin by overloading shows-and this is NOT the time of year to do so. That definitely contributes to why the show was quiet.

We still can sell ALL the great coins we can get our hands on. We know other dealers in the same position. Just having show after show does not help the market if everyone is spent, tired, and needs time to refresh their inventories especially when the public wants to be outdoors.

WHEN DRECK RULES

WOW dreck can slow a show! We saw just about EVERY major dealer at one time or another actually walk the floor seeking coins. They ALL came back pretty much empty handed and shaking their heads. There were few fresh and nice coins in anyones display case. If you had the nice fresh material, it was sold instantly. So there really was nothing but either tired or dreck coins in a lot of cases. That equated to either huge losses or no sales. A few major dealers are now in weak cash flows and have too much dead inventory. But then we all kind of expected this between now and ANA (which means activity and rising prices will slow). Watch the ALL the ANA auctions for a serious amount of retreads.

We can never stress enough how much eye appeal and quality mean to a coins value and saleability. Having a coin that is 90% all there for the grade is NOT acceptable anymore. The demand is intense for accurately graded coins. A saying we have on the bourse floor about dreck: “cheap my not be cheap enough”. If you won a so/so or dreck coin and have tried to sell it recently, you found this out the hard way. Even auctions can’t bail you out anymore. Meanwhile, CAC coins have become extremely scarce and are still kicking butt in the auctions. In the end, its all about quality.

Our stealth sales team yet again told us they can not sell so/so coins on the bourse floor unless they are dirt cheap. They had trouble selling better gold in moderate grades. Overall, our team did very well, one sharp seller even sold a five figure coin within an hour of us giving it to them. Legends sales at the show were good and were slightly better than expected. Our performance at the show only added to our already record month. The more coins we find for our Want Lists, the better we do. At the show our problem was NOT buyers, it was sellers-we need cool and better CAC stickered coins!

GENERIC GOLD

Everyone was asking: “Gold hit a record high, why are the prices of generics falling”. There are actually two reasons. The first, its a pure supply and demand issue. Right now the major dealers have gotten huge shots of coins from their overseas banks so they are loaded with inventory. The interesting issue (and the answer to the second question) is they can’t sell the coins because most of the generics are pure horrible (and we mean ugly over graded) dreck. Even the telemarketers have been demanding better quality. The only heavy demand that there is wants $10 Indians and $20 Saints in MS65 and better. Much to our amazement $5 Indians have slowed again-the telemarketers have orders for Saints this week (another opportunity to buy everything else). When they run out of them, they will be forced to move into the smaller denominations.

We walked the floor and we did not see one single CAC MS66 Saint. We are paying $3,450.00 for any. Take our word on this, we could sell everyone we could find (as could many other dealers). You can BUY great incredible deals on the lower denomination MS63 (and below gold coins). But you can expect to receive coins that look like hell. These coins are directly tied to spot with little % movement on the premium. Our opinion is if you believe gold will continue to rise (as many do) there are some very good buying opportunities. We strongly believe their is a pent up demand building for NICE 63 and higher grade generics. The premiums could rise dramatically in as little as week once this glut/slump is broken. Its a powerful statement that people want nice looking coins. Saints with marks, $5 Indians with fake color, $2.5 Libs that are just ugly-its not something even the non educated collector wants to look it. The prices are now pretty much reflecting that.

WHATS HOT

At this show, anything nice and fresh. CAC gold coins are hot-and you could not find many. GEM Bust coins.

WHATS NOT HOT

Lower grade generic gold, any coin that earned the term “dreck”. Patterns were quiet.

Related posts:

1. THE BALTIMORE SUMMER SHOW – Legend Market Report
2. The Baltimore Coin Show – Legend Numismatics Market Report
3. Legend Numismatics Baltimore Coin Show Market Report

According to Bowers and Merena president Steve Deeds: “We have a wonderful sale planned for the June 2010 Baltimore Expo anchored by several important collections and Registry Sets.

In the category of Registry Sets we are featuring the Close to Perfect Collection, #1 All-Time Finest Lincoln Memorial Cents Basic Set on the PCGS Registry and the Weston Collection, PCGS Registry Set #8 in the category Capped Bust Half Dollars Major Variety Set without Reeded Edges.

The Close to Perfect Collection includes many low-pop condition rarities, including some stellar-quality MS-69s and MS-70s from the 21st century, while the Weston Collection features many original collector coins in VF, EF and AU.”

“Among U.S. gold coin offerings,” continued Deeds, “bidders will find the Windermere Collection and its fantastic array of rare-date Liberty Double Eagles and Territorial gold. Leading the way are 1855-O $20 NGC AU-55, 1859-O $20 NGC AU-55, 1860-O $20 NGC AU-58, 1861-O $20 NGC AU-55, 1861-S Paquet $20 NGC AU-50 and an 1852 Augustus Humbert $50 Gold, Reeded Edge, 880 THOUS, PCGS AU-55.

The Fab Five Collection of Early Half Eagles will also entice gold enthusiasts with a selection of five early Half Eagles, a fresh consignment recently certified by our company for the first time and making its first appearance in a major numismatic auction. A historic 1795 Small Eagle Five in NGC MS-61 leads off the Fab Five Collection, and it is an example of the scarcer BD-8 die marriage.”

Concluded Deeds: “Numerous other important rarities can also be found scattered throughout our June 2010 Baltimore Auction. We have a beautiful and rare 1930-S Double Eagle in PCGS Secure MS-65+, a top-of-the-pop 1917 Doubled Die Obverse Lincoln Cent, FS-101, PCGS Secure MS-67 RD from The Holdings of Ron Groszmann, a well-known 1794 Flowing Hair Silver Dollar rarity in a PCGS Genuine holder and countless other highlights from Colonial coinage through Territorials. Plus, a complete set of Proof Barber dimes, as well as nearly complete sets of Indian cents, Mercury dimes, Standing Liberty quarters, and a type set with key coinage, all collected in the 1950s and 1960s. No matter what your area of specialization, I am confident that the Bowers and Merena June 2010 Baltimore Auction holds many important bidding opportunities. Enjoy the sale, and good luck with your bids.”

Additional highlights in the Bowers and Merena June 2010 Baltimore Auction include:

• 1926-S Buffalo Nickel, NGC MS-65
• 1937-D Buffalo Nickel, 3-Legged, PCGS MS-65, CAC
• 1797 Draped Bust Half Dime, 16 Stars, NGC MS-64, CAC
• 1800 Draped Bust Half Dime, PCGS MS-64
• 1807 Draped Bust Dime, NGC MS-65, OH
• 1795 Flowing Hair Silver Dollar, Three Leaves, PCGS MS-62
• 1795 Capped Bust Right Eagle, 13 Leaves, NGC AU-55
• 1872 Liberty Eagle, PCGS Proof-64 DCAM, Ex: J.F. Bell Collection
• MCMVII (1907) High Relief Saint-Gaudens Double Eagle, Wire Rim, NGC MS-66
• A Complete 1871 Standard Silver Pattern Proof Set, Half Dime through Dollar, Ex: Garrett
• 1872 Pattern Commercial Dollar, Judd-1217, PCGS Proof-64 RB
• 1849 Mormon $2.50 Gold, K-1, PCGS VF-35, CAC—Gold Label, OGH—First Generation
• 1849 Oregon Exchange Company $5 Gold, K-1, NGC AU Details—Tooled
• 1883 Hawaii Eighth Dollar, PCGS Secure Proof-63 Cameo

All lot descriptions and images in the June 2010 Baltimore Auction can be viewed online at the Bowers and Merena website, www.bowersandmerena.com.

Printed catalogs are available upon request by calling 800.458.4646. Bidding will open during the fourth week of May and pre-auction bids are welcome at www.bowersandmerena.com; by e-mail at auction@bowersandmerena.com; by phone at 800.458.4646; by fax at 949.253.4091; and by postal mail addressed to Bowers and Merena, Baltimore June 2010, 18061 Fitch, Irvine, CA, 92614.

Interested bidders are also encouraged to view lots onsite in Baltimore June 15-19, 2010, and bid in-person at the live auction, or live online through the Bowers and Merena website. A complete auction and lot viewing schedule is available at www.bowersandmerena.com or by calling 800.458.4646.

Related posts:

1. Bowers and Merena Nov Baltimore Coin Auction Features over 3500 Lots
2. Bowers and Merena Baltimore Auction to Feature over 6000 Lots of US and World Coins
3. Bowers and Merena Bringing More Than 3,000 Lots to Baltimore

The two-session sale will be conducted June 18 and 19 at the Baltimore Convention Center. More than 2,300 lots will be offered, including approximately 1,500 lots of Ancient and foreign coins and 825 lots of world paper money.

Executive vice president, Rick Ponterio states, “Our June 2010 Baltimore Auction is sure to see strong bidder participation—and competition—among specialists in many areas of foreign coins and paper money. Featured among the coin offerings in this sale are important rarities from many periods of history, ranging from Ancient Greece to the modern era.”

Continued Ponterio: “An example of the diversity in this sale can be found in two of the more important highlights. The first is a very rare Zeugitana, Carthage AV Trihemistater, or 1 ½ Shekel, that dates to the early period of the First Punic War (ca. 264-260 BC). The coin is attributed alternatively as Jenkins & Lewis Group IX Pl.18#392 (same dies) and Muller-Pg.86#66, and has been certified by NGC as AU, Strike: 5/5, Surface: 3/5.”

“We will also present a Yuan Dynasty Zhi Yuan 50 Tael Sycee Ingot that is extremely rare and historically significant,” Ponterio added. “It is dated the 14th year of the Zhìyuán era (1273 A.D.), inscribed with the denomination at upper left and the ruler’s name and date at lower center, Khubilai Khan, the fifth Great Khan, grandson of Genghis Khan (1260-94). It is among the earliest known Chinese 50 Tael Sycee ingot.”

MORE THAN 825 LOTS OF WORLD PAPER MONEY TO BE OFFERED

“We have received a wide array of important world paper money consignments for this sale,” stated Bowers and Merena’s director of currency auctions, Matthew Quinn. “A splendid selection of Iranian notes from the 1920s and 1930s figure prominently among the highlights in this auction, and they include a stunning Choice Uncirculated 1 Toman note dated 1.6.1920 and attributed as P-1b. Also of note is a China, Republic, 5 Yuan dated 4.10.1914 and attributed as P-34. The note grades Very Fine and is significant because examples of this type are usually seen only in remainder form without signatures and perforated ‘canceled,’ which is a fate this note escaped. We anticipate strong bidder competition for these and other important world paper money lots in this sale.”

Additional highlights in Ponterio & Associates’ Official June 2010 Baltimore Auction include:

* Ancient Greece, Sicily, Messana, AR Tetradrachm (17.39 gms), ca. 450-426 B.C., Caccamo-Caltabiano-425, D183/R175 (same dies), NGC XF, Strike: 3/5, Surface: 4/5, Die Flaws.
* Ancient Greece, Seleukid Kingdom, Seleukos I, Nikator 312-280 B.C., AR Tetradrachm (17.04 gms), Susa Mint, EMS-420#99 (A59/P7), Newell-417 (Persepolis), Very Fine.
* Roman Empire, Tiberius, A.D. 14-37, AV Aureus (7.88 gms), Lugdunum Mint, RIC-25, S-1760, Cal-305, NGC Ch AU, Strike: 5/5, Surface: 3/5.
* Roman Empire, Nero, A.D. 54-68, AV Aureus (7.33 gms), Rome Mint, RIC-52, S-1930, Cal-412, NGC AU, Strike: 4/5, Surface: 2/5.
* Australia, ½ Penny, 1923, KM-22, Extremely Fine.
* Australia, Florin, 1934, KM-33, NGC Proof-62.
* Austria, Taler, 1590, Hall Mint, Rudolf II (1576-1612), with Archdukes Maximilian, Charles V and Ferdinand, Dav-8105, Bachtell-128A, NGC EF-45.
* China, Yuan Dynasty: Zhi Yuan, 50 Tael Sycee Ingot, Dated Year 14 (1273 A.D.), BMC-unlisted, Chen-14, Pictoral Yuanbao-unlisted, Very Fine, described in the catalog as “EXTREMELY RARE and historically significant.”
* Guatemala, 8 Reales, 1787-M, KM-36.2a, FC-33, El-41, Brilliant Uncirculated.
* Guatemala, 16 Pesos, 1867-R, Fr-39, KM-188, Almost Uncirculated, described in the catalog as, :VERY RARE, mintage of only 467 pieces.”
* Malta, 50,000 Liras, 2005, Fr-unlisted, KM-unlisted, Hospitallier Order, #46 of only 100 minted, Choice Brilliant Proof.
* Mexico, Escudo, 1679 (J), Charles II (1665-1700), Fr-5, KM-50, Very Fine.
* Mexico, 8 Escudos, 1805-TH, Fr-43, KM-159, NGC MS-62.
* Mexico, 20 Pesos, 1871 ZsH, Fr-127, KM-414.8, Very Fine.
* Mexico, War of Independence, Oaxaca, 8 Reales, 1812-C, KM-168, Bold Very Fine.
* Monaco, 10, 20, 50 and 100 Francs, 1950, Fr-24, 26, 28 & 30, KM-PE6a, 7a, 8a & 9a, Piefort Essais struck in gold, Brilliant Uncirculated.

Additional world paper money highlights in Ponterio & Associates’ Official June 2010 Baltimore Auction include:

* IRAN. 20 Tomans, 6.12.1924. P-15, Very Fine.
* IRAN. 5 Tomans, 30.3.1925. P-13, Choice Very Fine.
* IRAN. 10 Tomans, 11.10.1927. P-14, Very Fine.
* PALESTINE. 10 Pounds, 30.9.1929. P-9b, Fine-Very Fine.
* DANZIG. 20 Gulden, 2.1.1932. P-60s. Gem Uncirculated.
* CHINA–PEOPLE’S REPUBLIC. 50,000 Yuan, 1950. P-856s, Choice Uncirculated.
* PHILIPPINES. 200 Pesos, 1.1.1912. P-12, Very Fine.
* QATAR & DUBAI. 1, 5 & 10 Riyals, ND (1960). P-1 to 3, Very Fine & Choice Uncirculated.

All lot descriptions and images in the June 2010 Baltimore Auction can be viewed online at the Bowers and Merena website, www.bowersandmerena.com. Printed catalogs are available upon request by calling 800.458.4646. Online bidding will commence in mid-May and pre-auction bids will be accepted at www.bowersandmerena.com; by e-mail at auction@bowersandmerena.com; by phone at 800.458.4646; by fax at 949.253.4091; and by postal mail addressed to Bowers and Merena, Baltimore June 2010, 18061 Fitch, Irvine, CA, 92614. Interested bidders are also encouraged to view lots onsite in Baltimore in June and bid in-person at the live auction, or live online through the Bowers and Merena website. A complete auction and lot viewing schedule is available at www.bowersandmerena.com or by calling 800.458.4646.

Related posts:

1. Bowers and Merena to Offer Diverse Selection of US Banknotes in Baltimore
2. Ponterio & Associates Offers Extensive Selection of World Banknotes Auction This November in Baltimore
3. Ponterio & Associates Realizes $1.6 Million in Baltimore Auction

Well its not really the summer just yet, but by the way this show was you’d think it was the middle of July!

As always, we have nothing but great things to say about Mary Counts and David Chrenshaw (of Whitman Publishing) and staff for unquestionably putting together a great show. They have everything well organized for both dealers and the collecting public. They have made the Baltimore Show a “must attend” event for everyone.

WAS THE BALTIMORE SHOW HOT?

Sadly, this show was not to be one of their best. We do NOT hold Whitman at fault. It was more market factors and timing (Long Beach was less than 2 weeks ago). Not very many national level dealers attended (many West Coast dealers stayed home). We did not hear of many dealers having even good shows. Our show overall ended up better than we thought-but we were very disappointed in our retail sales. Better gold coins in MS63 and higher made up over 75% of our sales.

Not many dealers had expected this to be a good show. Typically when that happens, the show usually turns out ok. This time, it did not. The strongest activity occurred BEFORE the show with dealer to dealer WHOLESALE. Once the show opened for set up-things immediately died down. It seemed many of the dealers in the room simply did not want to buy and were more intent of selling and raising cash. However, they seemed to be “stuck in mud” because they refused to face reality and sell their coins at the new market levels. Thus activity stalled out. We had never heard so many dealers moaning that they had sold NOTHING as of Saturday morning.

The last few shows have had unexpected results. The CSNS Show back in May was clearly one of the all time WORST shows ever. Typically it is one of the best of the year. This year it was a dead ghost town. Dealers had high expectations going in to it. Then there was Long Beach only 2 weeks ago. The reputation of that show has been greatly fading. But this time, it was a an unexpectedly strong show for many. Attendance was dramatically up and both dealers and collectors wanted to buy coins. Our impression was most dealers had a good LB show (do note that during the show gold was making strong moves upward towards $980.00).

WHERE IS THE MARKET TODAY?

The Baltimore Show should NOT be used as a gauge to the market. Too many market makers were not there. Attendance was lighter because of that and the timing (many people also know to avoid downtown Baltimore in the summer).

Life is still terrific on the Internet. Our sales for June are running as strong as ever. Since we got home from Long Beach, we have sold at least 20 coins valued OVER $20,000.00 each! Coins valued in the $5-$9,000.00 range are selling very strong too. We have sensed for the past 2 months that collectors are coming out of hiding and are slowly looking around for good values. They feel better about the economy and the coin market since it’s not anywhere near last year’s highs. What many collectors really wanted, was the speculators gone. Since FUN, they have seen several of the biggest speculators dump their coins via auction and take losses of up to 30%. Now the collectors are happy to buy those dumped coins at today’s new levels.

One of the biggest problems the market still faces is all the dreck. Our definition of dreck is: over-graded, low end, doctored, or just ugly coins. The Baltimore Show was made worse by all the recycled dreck in dealer’s cases. Sadly, the stuff has come down far more than most can stomach. There is virtually no market for an over-graded widget anymore. So that saps the dealer’s liquidity which prevents the market from moving. One common complaint from collectors at most shows these days “nothing fresh, nothing nice, where are all the cool coins?” To confirm how badly this affect the market, just watch what you do not see in the upcoming ANA auctions-fresh large collections for sale. Sure, you’ll a smattering of smaller specialized collections, but most everything else you’ll wonder if you had just seen that somewhere. One major auction company was so desperate for consignments they were offering dealers early payment. Dreck lying around is definitely NOT a positive. Thank goodness the grading services ARE buying coins back and are doing what is needed to make the coins liquid again.

Our biggest problem has not been finding customers. We need coins! Every show we go table to table at least once looking at what is available. The lack of quality material and coins to fill our Want Lists is what hurts our bottom line. Even commoner coins in certain series we have not been able to locate. The market has grown so much over the past several years no one really stopped to think how many strong hands coins were going to. So until the dreck is gone prices will not substantially move up. We estimate this could take a full year or more to happen. Everyone has been in denial as to how much dreck really has been in the market place. Keep in mind, the grading services have been in operation for 20+ years certifying millions of coins. Take a % of those as bad and that’s a huge number to deal with. And when the market turns tight like today, collectors demand value, so the dreck is all that’s left exposed.

LEGEND NOTES:

Legend has just completed a substantial multi-million dollar deal. While we can’t announce it today, we will tell you that it proves there certainly is a lot of life left in the market! We will be making a major announcement shortly.

We also have had incredible success with sales of coins from the LV Collection of Gold Rarities. Since many of these coins are fresh (having been off the market for many years) and are of top quality, they have been very easy to sell. The price ranges do not seem to matter. What we have offered so far does not even make a dent in what we will be selling from this unbelievable collection. We expect to offer more coins totaling at least $10,000,000.00 by the end of this year.

The collector has been buying rare coins for over 40 years. He has a keen eye and loves great rarities. His success in the business world has allowed him to quietly build up one of the great collections that exists (no, he is not our ‘big guy” who bought the pattern deal). He is not selling off coins because he needs money-he just needs the space!!!! His only requirement from us, we place his coins in good collector homes. He is a reminder to us all that you don’t have to be a registry nut or have your name exposed to assemble one of the all time greatest collections ever. The US Rare coin market is that big with many collectors like him whom quietly exist.

IT IS A TREMENDOUS BUYERS MARKET TODAY

Even when a great coin pops up, its still going to be much LESS than it would have cost you a year ago. In the Bowers Sale at the Baltimore Show there was a fresh 20C 1876CC PCGS AU58. It had one of the coolest pedigrees possible-dating back to 1876. We were the under-bidders on it as it sold for $207,000.00. We are positive there were multiple bidders on the coin between $125-$150,000.00 a very serious amount of money. Considering this coin was nothing more than a solid AU58, it did achieve a record price. Still, it represented a major opportunity.

There are MANY series that right now are being over looked. For whatever the reason (as an example), Seated and Barber Type seems to be weak. There are not any quantities available. To build a GEM PR66 Barber Dime set would cost you about $60,000.00 at most. What’s even cooler are most of those coins has finite mintages of LESS than 1000 pieces. MS Seated type is not selling for any crazy money in auctions.

There definitely are good deals to be had. The critical key: you MUST BUY 100% quality or you’ve got nothing. If the coin you buy is 95% all there or has a light putty then the saying among dealers is: cheap is not cheap enough. Once you know a coin is solid for the grade, in this market do NOT be afraid to pay a premium-your still not buying at crazy levels. Plus, this very well could be the bottom of the market. We still feel VERY strongly that the CSNS Show in May was the bottom of the market (although we do expect the summer doldrums to hit July 1-10).

CAC IS HERE TO STAY

There is now no question that CAC is now accepted in the marketplace. We have witnessed many hardcore NON CAC dealers sign up to be members recently. The public has spoken with strong demand about the added protection the green bean offers. Even if you disagree with CAC’s grading (we all know you can put 10 people in a room and get 10 different grades) the majority of people have come to realize that CAC WILL protect them from buying doctored coins. And if a CAC coin is found to have been messed with, CAC does not play games, it will immediately buy back that coin. The coin docs all hate CAC. What CAC has done is killed their market. They still can slide a coin or two past the services, but now-especially on more expensive coins, they have no where to sell them. CAC has done wonders for the Early Gold areas and other heavily tampered with series like generics.

Legend is one of the owners of CAC. We are very proud of the advances the company has made since its founding nearly 2 years ago. We believe CAC’s influence on quality will only help strengthen the market as time goes on. Yes, CAC coins do sell for premiums, but in this tight marketplace that’s loaded with recycled dreck, you need to have help weeding out the bad coins. Do not be afraid make an offer on a coin and request it be sent to CAC for stickering. If the dealer resists, then you should question what is the real problem?

Legend will have a table at the upcoming Chicago Show June 25-27th.

LEGENDS OFFICES WILL BE CLOSED JULY AND REOPEN JULY 13TH. We will be checking our emails periodically as well as phone messages.

We do have a table at the Summer FUN Show in West Palm Beach July 10-11.

WHAT IS HOT?

We can’t believe our eyes! Early silver COMMEMS are clearly showing signs of life after 20+ years in the doldrums. We were wondering how cheap they could get. Choice Bust material. ALL gold coins-everything from generics to six figure rarities. Grades do not matter. Early copper (pre 1855).

WHAT IS NOT HOT?

We stand by the comments Indian and Lincoln Cents are NOT hot. Buffalo Nickels in MS are quiet. Seated and Barber coins MS+PR seem to be sleeping. Morgans (does anyone care about a 98S in MS65 anymore?). And of course all dreck is dead-so dead no one wants to even own the stuff or make offers.

Related posts:

1. THE 2009 SUMMER LONG BEACH SHOW – Legend Market Report
2. Legend Market Report – The June Baltimore Coin Show
3. Legend Numismatics Baltimore Spring Show 2008 Market Report