EVERYTHING WRITTEN HERE IS THE SOLE OPINION OF THE AUTHOR.

2010

What a year it was. We saw gold hit a new record and the stock market made a semi come back. The coin market had what I would call a turbulent but productive year. Prices did not go up as much as good coins weren’t being drowned by dreck anymore. There actually has been a small influx of new collectors.

It was also great year in the sense of we dragged certain taboo subjects (like gradeflation, coin doctoring, etc) through the mud and brought them out in the publics eye in the nick of time. While the bad guys all have been pissed off, it unquestionably has given the collecting public a better feeling and renewed sense we can self police ourselves and that some of the “leadership” of the hobby does indeed care. Consumer confidence is critical to having coins rise in value and maintaining a healthy marketplace.

I do NOT regret saying or doing what I did to help make coins and the coin market a better place.

COIN DOCTORING

Exposing how bad the coin doctoring issue had become, was by far the MOST important POSITIVE thing to have happened. Had everyone just kept their heads turned and let these criminals rape coins and the coin market, it would have killed the hobbies future.

PCGS took a heroic lead in firing off a lawsuit with absolute hard evidence against a small crew. Other coin small to mid size docs took notice and are running scared. Now, PCGS is coming out with even more sophisticated technology to catch these guys and hopefully make them stop forever. I knew this was a critical problem when the Kutasi Collection of $10’s and $20’s was sold a few years ago and the putty was so thick on many coins sometimes you could not see all the details! I do not regret standing up and speaking out about this subject when it was really taboo to do so. Just passing on a coin certainly was not stopping the doctors fromtheir reign of destruction. In my opinion, destroying a coin should be considered a full criminal act. These low lifes are taking away the few pieces of original history we have and are slowly ruining our enjoyment of collecting. They deserve to be harshly punished and shamed.

The grading services are definately doing their share to work on the problem, however I am disgusted with so many retail dealers who will not speak out. No, its not just the lame PNG (next topic), but the dealers who want to be your friends, the ones who can’t grade for crap, or have huge web sites. They are greedy cowards in my book, worth no more than the bad slabs they sell. There needs to be a shake out of these people.

I know there is still a long, long way to go in this fight. A few major firms who still employee doctors are still quietly practicing thinking they are just too big to tackle. I believe in 2011 they will be exposed and will fall. Its a matter of compiling more evidence. They certainly have been frustrasted at the very least in 2010. At least this issue is moving forward and not backwards. I hope this year to get more people speaking out. EVERY voice is important-no matter what size collector you are! (more…)

By Laura Sperber – Legend Numismatics – Below is a portion of the most recent Legend Market Report

GOLD

This is hard for us to believe that gold spot went up, yet ALL Generic $20’s came down! That is the most ridiculous thing we have ever seen. We have been told that the market makers here are flooded with coins. Plus, there seems to be a huge flood of gold coming from Europe. We have even heard some grumblings that the quality of these new arrivals have been poor (more gradeflation?). So no one wants to step out and make bids.

At one point last week, the LARGEST market maker in MS65 Saints quoted us $2,000.00 as his “buy” on a day when gold went up $20.00 (MS65 BID did end the week at $2,200.00). In the meantime, we know dealers who badly need CAC MS 65 Saints and have open BIDS of $2,300.00-$2,400.00 per coin and are buying very few.The demand for NON CAC generics is obviously thin.

The demand for CAC coins is huge with many MAJOR Funds or financial advisers selling the coins easily. We know they cannot get enough, because we supply them and we haven’t bought squat. We will still buy ALL the PCGS /NGC W/M MS66 CAC we can get at $3,475.00 sight UNSEEN. We will pay $2,675.00 for NON CAC PCGS coins only on a SIGHT seen basis. BTW, for anyone who wants to cat call, the CAC market is NOT artificial, its as real and powerful as you get.

The CAC coins sell by demand, not dealers creating phony bids and trying to pump the market. With gold (especially generics) right now for sure there is a two tier market, and quality is what people want.

You know there is something seriously wrong when graded MS61 $20 Libs are priced at $100.00 OVER melt!

With $20’s, it also seems to us that the market feels they are too high (along with the price of gold). We doubt at the lower grade levels quality is the issue. Something has to give in that market. We believe there will be a correction in the price of gold sometime soon. But, its really the hedges who control the price of gold and it seems they want to take it up a little further.

Its totally bewildering to us why there are not stronger premiums since gold is climbing daily into record territory. Something is just not right with this picture.

Right now the BEST buys are $10 Indians and $5 Indians (no 09D) in MS64 and higher. You can not find them emass, and the grading seems to be OK. If you insist on playing the $20 generic market we still believe MS66’s are too cheap or, you can buy NICE MS61/62 $20 (if you can find them) for little over melt and hope one day the premiums expand. We still recommend building a Gold Type set. You can include ANY coin you want then.

SILVER

People are finally waking up to the fact silver is at its all time high. Here too, things like MS65 Morgans and Walkers have come down. That’s insane! How can such a huge market as coins show little demand for simple $100-$200.00 items that actually were popular? Where are all the collectors? (more…)

By Laura Sperber – Hot Topics

MY HOW THINGS HAVE CHANGED!

NOT! I can not believe how lethargic and pathetic the leadership of the coin business has become. PCGS launched their lawsuit back in May. Other than scaring the greedy bastards into slowing their dirty deeds-NOT MUCH ELSE HAS HAPPENED. No hobby groups have stood up what so ever and done anything about the situation. The attitude among dealers still seems to that the grading services are there to be abused.

I think its a crime that the best the PNG could do is announce they have a definition of coin doctoring. Whuppie! Did they do anything? Apparently not a damn thing. They are hiding behind the lamest of lame excuses (they are a reactionary, not proactive group). The perpetrators named in the suit got caught (by their own stupidity) still trying to ruin coins yet again recently (the evidence was even posted in Coin World). Even better, at the ANA Show this past summer one of the parties in the suit set up and proudly displayed his PNG banner at his table! What a slap in the face to those of us who do care. I know the PNG’s time has come and gone. They do nothing and are nothing for this coin biz-in MY opinion. Their PNG Days prior to major shows not only have become a show case for the parts of their membership they refuse to punish, they are a complete joke anyway (one must be invited for admission-how arrogant and stupid). I hope the PNG tries to prove me wrong about their total waste and ineffectiveness.

My head hurts from shaking so much after seeing what they are NOT doing! Besides, we all know its not the entire group of PNG dealers who are bad-so where are the innocent ones? You telling me they have little to no powers on these critical issues? Just more of a point about the bad dudes who apparently control that organization. if they wanted too, they could chase after and maybe even prevent coin doctoring-btye clearly choose not too. Looks like I will never have to pay $1,000.00 I promised for anyone the PNG catches and expels for coin doctoring. Yeah PNG, I am grandstanding for attention (NOT)! -at least I am not sitting on the sidelines with rose colored glasses doing nothing about all this!

Its not just them. I have only seen a handful of smaller dealers-the ones who get screwed by the coin docs perpetually stand up and make statements. Where are all the other big shot retailers? Why I am the lone wolf speaking out? But then I guess when you have a coin doc who sits behind your table and who sells you a lot of coins cheap your not going to complain about them. This doesn’t rock the boat culture has to change. Its for the good of the hobby for the long term.

READ THIS AND WEEP

Many people ask me why I do not like so many other dealers. It has nothing to do with them being competition. It has to do with them not caring or worse, they are phonies. One of the problems in today’s coin market place-many of the “newer” dealers just can not grade. That’s right, give them a raw coin out of the holder and they are clueless. Sadly, they have the best web sites and act like they are kings and hook the public. They are just one more means keep to the coin doctors longevity going. These unqualified dealers certainly are not going to be involved in stopping the coin docs. But we can make them change since they are too dumb to know what to do. Yet again, I call for more public scrutiny of dealers. (more…)