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Legend Market Report – EARLY OCTOBER

By Laura Sperber of Legend Numismatics [Excerpt]

THE OVERALL MARKET

legend_market_report_logoWe see things firming up. We were amazed at how many NEW collectors have bought from us since September 1. No, its not just the McClaren coins. They want nice coins. We have not heard anything about speculation. Most are starting sets. Some just like a certain design. They are not buying token cheap coins-several bought low five figure pieces. The main thing, these people are buying coins. We have even seen some old friends come back who we haven’t seen in months or the past year. While demand is firming, there is no wholesale dumping of collections that we have heard of. In fact, we wish there was-the biggest problem right now is finding neat coins. Where are all the GEM Bust Halves, MS65 Seated Dollars, or PR Gold pieces?

The market should firm up even more between now and the end of the year. There will continue to be certain areas of weakness (unfortunately MS+PR Barber coins still seem sluggish), while other areas-like long suffering commems may finally have hit price points so low they have to move up. There are definitely more people today building nice Commem sets that we have heard of than at any other time in the past few years.

And gold, well generics are doing the correction we told you about. You will see MS65 Saints fall another 10%-even if gold goes up (the movement of gold is by traders, not pure demand). MS66 Saints have held and are still in demand. Last week, we posted two better MS65 $10 Indians PCGS MS65 CAC-we wish we had 7 of them! That’s how many of them we could have sold. So long as the coins are not in an area that ran up to high, gold is a safe place to be and will continue to firm. Just watch the rags to see which common gold coins are now falling.

Remember, buying rare coins is not a short term flip. You buy them for the long term. The long term is really forever- maybe one day in 15 years you happen to notice they have gone up dramatically (unless your dealer has called you in between). There is no set time limit. The trick is to BUY THE BEST QUALITY YOU CAN AFFORD AND HOLD. EYE APPEAL IS EVERYTHING. Even if you buy 5 MONSTER MS65 Morgans and hold them, you should do well. Buying ugly coins cheap will not get you anywhere near the % returns great coins will achieve. The coin market had walked a very dangerous path until two years ago. Grading was almost out of control and the coin doctors did serious damage. Today, the coin docs are a bitter bunch who still try hard, but do not get as much through as they used too. The grading services realize they need to be alert not only for their own sake, but for the future of the entire coin hobby. Because of this, we see more consumer confidence and more buying down the road. As long as the speculators are wiped out and true collectors rule, the coin market will enjoy steady slow rises.

COINFEST

Showtime is almost here! The show opens in the afternoon Friday October 8th and closes Sunday afternoon October 10th. of course we will be there and have a table.

CAC will be there accepting up to 20 submissions from collectors ONLY. Remember, last year they got swamped. You need to arrive before 10 AM and submit. Be prepared to wait several hours for your coins to be returned. There will be 150+ leading dealers set up, so you will have plenty to see and do while waiting.

Do not miss the Saturday morning 8:30 AM Q+A with John Albanese! Legend and Jon Lerner thank John Albanese and CAC for all the support they have given to COINFEST. It is the ONLY show you will see CAC set up at.

PCGS will be at the show accepting submissions-but they will NOT be grading there.

It will be a great show, come on out! We had a huge turn out last year. We designed this show with the collector in mind, not the wholesale dealers!

To read the entire Legend Market Report, Please visit the Legend Website at www.legendcoin.com

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