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All Posts Tagged With: "ANA show"

Legend Market Report – The Mid Winter ANA Coin Show

By Laura Sperber – Legend Numismatics

THE ANA SHOW

More collectors turned out than we thought would come. Dealers wise the attendance was weak. For the dealers who buy and sell coins similar to Legend, said they had weak shows. We heard the dealers who sold cheaper “collector coins” did very well.

Legend had a huge show, but we are not going to count it as normal.

Luckily we bought TWO coins for OVER $500,000.00 each that were on Want Lists. Take away those transactions, we did VERY little selling at our table (although we did sell EVERY Sonnier colored Morgan we brought).

Our stealth selling team did ok, not the usual robust sales they had been doing, but acceptable. And buying, forgettaboutit! The majority of our NEWPS are from deals we purchased at the office.

THERE ARE FEW IF ANY HIGH END COINS TO BE BOUGHT

Yes, you can buy dreck (low end, UGLY, problem coins) easily at this show. One of our friends was saying he had possibly his worst show EVER, but looking in his case, it was easy to see why. This show was the driest we have EVER seen ANY show in our career. Other dealers of our calibre told us the same thing. THERE WERE NO FRESH AND NICE COINS TO BE FOUND. If you had given us $100,000.00 to buy nice Type, we could NOT have filled the order at this show. We also got out bid often in the Heritage sale. Nice coins easily brought strong money.

Our predictions about BUYING NICE COINS NOW, is finally coming to a head. There is nothing out there. PRICES HAVE TO GO UP.

Like many other dealers, we had a “paralyzed” show because we could not find the right coins to trade in. You also had the “wait and see” factor from many WHOLESALE dealers because of PCGS announcement.

It is our strong opinion the UNDERLYING rare coin market is extremely healthy. We know our Want Lists are substantial (again, we bought TWO coins for OVER $500,000.00 EACH for WL’s) and we can not find the coins. However for the next 30-60 days it will seem volatile with minimal action due to the changes by the grading services and the severe lack of coins. The only major show in April is Central States at the very end of the month.

After people have paid their taxes and everyone is more comfortable with the grading changes, watch for prices to start drastically moving up on “better” coins. The prices guides totally are going to miss it. Your best way to track prices, follow as many MAJOR auctions as possible. (more…)