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Legend Market Report: The 2010 Central States Coin Show

We were VERY surprised at how the show ended up for us. But then our expectations were small. It took a tremendous effort to make things happen.

Arriving on Tuesday, we immediately did business within 5 minutes of arriving at the hotel. Since everyone was scattered around different hotels, activity was limited until set up began. At CSNS they have a PNG Day. So as usual us lesser folk had wait outside while the mighty members of PNG set up. Once allowed in, true to form for PNG days, activity was non existent. Many dealers got spooked fearing the entire show could be lame. We feel very strongly these PNG days add nothing to a show and actually hurt momentum.

Thursday was dealer set up day. Since there had been a full PNG Day and the night before PNG set up, the majority of dealers were ruffled by the fact the CSNS people did not allow any public in until Friday. If you wanted in Thursday, you had to pay $75.00. We heard one angry collector say he’d much rather go tip cows.

However, a funny thing happened during regular dealer set up: activity started to happen. We can’t say there was a rush, but we saw signs of coins selling. By the end of the day, we had done some significant sales and we spoke to others who had seen some life too. When the public was allowed in Friday-there was activity! We were totally surprised at how many collectors did show up Friday. In the morning there was a light buzz. Buying was not aggressive, but you could sell a coin here and there.

The biggest problem Legend had: BUYING. Yes, this is broken record: THERE ARE NO NICE, FRESH, COINS TO BUY! On Friday evening as the show closed, we tallied up our buying on the floor: $93,000.00-of which ONE coin was $50,000.00. Each day dealers would ask each other: did you buy anything? We know this lack of nice coins made many collectors leave the show earlier than they had anticipated.

One huge positive note: dreck was finally being bought! Since the floor was so dry, dealers realized they needed to make a living. So the intelligent soles who knew better lowered yet again the prices of their dreck and made the pieces more attractive. Two of our stealth sales team each sold an expensive coin (over $50,000.00) that we have had in our inventory for a year! We knew this would happen eventually.

Due to a pre-existing appointment, we had to leave the show early. We do regret this, but it was an unavoidable situation.

WATCH GOLD!

If you have been following the metal. gold has inched up about 10% in the past 30 days. Some days it rallies hard and retreats bid, other days it goes up a few dollars and never turns back. Things are starting to come alive in the generic gold market again. About two months ago, the prices of generics crashed due to over supply and demand that slowed. Today, the supplies have dwindled and demand is starting to recover. This may very well be generics last stand at these levels. We know for a fact, a major telemarketer is promoting a certain series of $20’s and is seeking to buy hundreds, if not thousands of pieces (and they MUST be CAC’d too)! We know they are having a hard time finding the coins.

Better gold coins are red hot. The only problem: they are so hot you can not find anything. You might find an occasional $5 Indian in GEM, or a Gold Dollar Proof. You cannot find any more rare PR Gold pieces, Choice Bust gold, and GEM better Ten Indians+rare GEM Saints. ALL of these coins are parked in strong hands already. Prices will have to rise substantially before you see any increase in supply.

We strongly advise you not to pass up any great rare gold coin today. While we do not know for sure where the market will end up, we do see all the signs that gold (and gold coins) will be headed for a strong rise. You do not need to follow the herd.

SOMETHINGS TO REMEMBER WHEN BUYING

We have these favorite saying:

“ALWAYS BUY THE BEST YOU CAN AFFORD” You do NOT have to buy $50,000.00 MS68 pop 1 coins. If you see a 1892S 50C MS64 you need, make sure it is all there quality wise. Dealers have a little rule: cheap is never cheap enough when it comes to marginal or ugly coins.

“DO NOT BE AFRAID OF PAYING AN EXTRA 20-40% TODAY. YOU ARE BUYING COINS TO HOLD FOR THE LONG TERM. THE RESULTS YOU SHOULD GET WILL BE MULTIPLES OF PAYING ANY PREMIUM” A perfect example is the 1C 1909 VDB NGC PR68* that we recently sold for OVER $200,000.00. Our customer stepped up and paid a crazy $38,500.00 for it in 1999! As You can see, he did quite well. We believe the new owner, so long as he holds the coin, will also do well.

“EYE APPEAL IS EVERYTHING” The first thing you notice about a coin-its eye appeal. If it looks really pretty (vs dark or ugly), you will always have an easier time selling it.

Those 3 lines can help you make a lot of money down the road. It really can be that simple.

CONGRATULATIONS TO PCGS!

Their new Secure Plus system is a hit! Well sort of. It is unquestionably HATED by the “crack out” dealers and coin doctors! They now see clear proof that their days are over. Most are running around like chickens with out heads trying to figure out how to make a living! The good thing, they are not messing with coins as badly as they once did. This is huge gain for the long term stability of the coin market.

WE WILL BE ATTENDING THE PCGS INVITATIONAL. LEGEND WILL NOT BE ATTENDING THE NEW NASHVILLE SHOW.

WHATS HOT?

Better+rare gold. Generic gold is starting to awaken. Bust coins. DMPL Morgans+colored Dollars. Commems have become too cheap and are on Wants Lists again. Walkers.

WHATS NOT?

MS Indian and Lincoln Cents. MS Seated and Barber material (MS66’s BELOW $1,000.00-come on!). Mercury Dimes.

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