Legend Market Report – AN OPPORTUNITY IN THE MARKET

By Laura Sperber on Monday, May 11, 2009
Filed Under: Commentary and Opinion, Market Reports & Prices

By Laura Sperber of Legend Numismatics

Nothing earth shattering has happened since last weeks CSNS Show report. Coins have sold very well for us. We did more non web sales than usual (that consisted of people calling asking us, hey what did you buy?).

We stand by our statements we believe the CSNS Show and auction were probably the low point of the market. There is a Heritage sale coming up with more coins from the major collector who sold in CSNS-but we think people will be looking for more good deals and thus end up paying a little more so they don’t miss out again. In the end, what a coin sells for in an auction IS relative to its quality (unless the coin is pumped up by the auction house). A great coin that is HIGH END will NOT sell cheap-even today.

In our opinion, the coin market right now is like the stock market was in late March when prices were really down (and GE was $7). All but the few hardy soles were frozen with panic over whether things were going lower or not. As of today, anyone who stepped up and bought GE would make almost 75%! But who knew? Ditto for many stocks. The coin market is in the same situation.

Quality coins are off by about 20%. Junky coins are not even getting offers-but that does NOT mean you should buy them because they are so cheap. Opportunities are all over the place. Even the sharp long time collectors who were forced out of the market the last two years by the insanity have returned and are trying hard to pick off whatever they can. Do your homework-and consult with a dealer, now is the time to buy!

NOTE: we do not expect rare coins to double or anything like that soon. Some coins never should have been priced where they were. However, watch what Gold does. We have seen really big and smart money recently buying all kinds of gold (bars, coins, stocks, etc).

A FOLLOW UP TO OUR COMMENTS ABOUT LINCOLN CENTS

When we said Lincoln Cents are not hot, that meant there is no rabid bidding and people have slowed down in their demand of the series. Keep in mind, December and January, a lot of Lincolns hit the market unreserved. We did not see multiple people lined up for GEM $10,000.00 plus Lincolns at CSNS. Hard to believe, but the late Jack Lee was everything to that market for the past 2-3 years. He chased just about everything everything and if you wanted something, he made you pay.

Besides Jack being gone, so are many of the buyers from that time. Either they finished their sets or they had to stop. We think we heard about one new player (we have not confirmed this), but that’s it. It used to be for every player that left, 1-2 would pop up. We stand by our comments that the Lincoln Cent market has cooled-it was inevitable.

THE LV COLLECTION OF GOLD RARITIES

Legend Numismatics is pleased to announce we are the exclusive dealer for the sale of the duplicates from this extensive multi-million dollar collection. It was assembled by a long time extremely knowledgeable collector. Quality and eye appeal were always most important to him.

We currently have a small group of $10 Indians for sale and will be adding some sensational Proof gold shortly. You will be amazed and certainly NOT disappointed with the coins in this collection. These coins definitely are NOT retreads from recent auctions!

Keep in mind, this is actually an “old time” collection with some recent additions. Even we forget there are many wealthy families who have quietly hoarded things like coins forever. The ONLY reason this collector is selling-he ran out of room!

About the Author

Laura Sperber is one of the Owners of Legend Numismatics. She is a passionate and outspoken dealer who says what she believes and is a strong proponent of numismatic standards. Since 1987. Legend Numismatics has built an unequaled reputation among casual collectors and avid investors alike by locating and procuring top quality rare coins.