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All Posts Tagged With: "Laura Sperber"

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…)

Market Report: The March Baltimore Coin Show

By Laura Sperber – Legend Numismatics

THE SHOW

We can never stop telling all our friends who read this what a terrific job Mary Counts, David Chrenshaw and team do. Every show there is something new and improved. If you can’t make an ANA or FUN, the Baltimore Shows are a must attend!

We’d also like to thank everyone who stopped by to see the display of a few treats from the amazing Brian Sonnier Collection of colored dollars.

ACTIVITY

This is tricky. Legend did extremely well, but we set no records (although we did sell a big coin for a record price, see below). One thing we never felt was a true “flow”. We spoke to other dealers who had great shows, and some dealers who did miserable. So we will term the overall show as “hit or miss”.

Activity prior to the show in the hotels was extremely strong. Gold was up and the crack out genius’ and others were hot to buy the cheaper gold. However, unlike previous runs, they were not purchasing bigger gold coins (they would however call their customers and easily pre-sell many bigger coins). They just wanted generics. Our sales were a little sluggish prior to the show opening. It stunned us as we had just come from record sales back in our office.

When the show actually started (dealer set up), there was little to no buzz. Its not that dealers weren’t sure of the levels, it was more like everyone was too cautious for one reason or another. But, dealers did want to do business. Probably the biggest problem (something which is usually not recognized until later) was little there was to buy on the floor and the auctions. The services weren’t making much either. So anything really nice and fresh, sold immediately for a big premium while everything else sat around.

The public attendance was strong, but they did not seem to be buying heavy. Most just wanted to look around and collect information.

Through out the entire show, we were busy selling many McClaren coins. On the floor, our stealth sales team (lead by a dealer we will call the Energizer Bunny because he keeps going and going….) did very well. Of course the cheaper the prices, the more sales the crew did. We were VERY surprised to see the amount of mid range Type ($4,000-$10,000.00) they sold. Even though at the hotels Gold was in demand, our stealth team sold more silver Type, with Walkers being next on the list.

Each day we walked the entire bourse floor to see if anything new surfaced. On Friday, we only spent $8,000.00! There was NOTHING for us! This Baltimore show was Legends WORST buying show EVER!!! We’re not going to change our standards to fill our cases or put inferior dreck on our web site. (more…)

20th Century Gold Club Holds Fascinating Meeting During FUN Convention

By Greg Reynolds for CoinLink

I. Introduction to the Club and this Meeting

On Wednesday, Jan. 6, 2010, the 20th Century Gold Club conducted their fifth meeting at a hotel near the Orange County Convention Center in Orlando where the January FUN Convention was held. In the field of choice and rare U.S. coins, the annual Winter FUN Convention is one of the leading events of the year.

This club is private, small, exclusive, and sophisticated. I am honored to have been invited to attend. Moreover, I feel privileged to have the cooperation of the founders for the purpose of writing about the proceedings and communicating the educational and other purposes of this club to coin enthusiasts at large. Some of the presentations and discussions at the event were truly fascinating and the enthusiasm of the members for coins filled the atmosphere. The event was stimulating and fun.

The current president, Jay Brahin, directed the meeting. The speakers were David Hall, John Albanese and John Dannreuther. David Hall is the primary founder of the PCGS and he is currently the CEO of its parent company. Hall is an expert in early 20th century U.S. gold coins.

Hall spoke about the new PCGS program of identifying coins that each have a market value of $1 million or more, the “Million Dollar Club.” I asked if coins in museums are included, and I was surprised that they are with rather specific estimated values. I also asked why the two unique 1797 Half Eagles in the Smithsonian are not on the list. Reportedly, these two 1797s are the only known survivors of two different, readily apparent varieties. Additionally, Hall voiced intriguing comments regarding PCGS estimates of the values of 1933 Double Eagles.

In the second part of David Hall’s presentation, he introduced the results of research at the PCGS regarding the market values in 1970 of Saint Gaudens Double Eagles. The tricky part of such research is determining how specific coins in 1970 have or would be later graded by the PCGS, so price appreciation of specific dates in specific grades can be tracked and analyzed. Though David Akers voiced a critical remark or two regarding such values, most of the members of the club were impressed by the data and astonished by how low the prices were for such terrific coins in 1970. As an aside, note that Dr. Duckor has long argued that gem quality, better-date early 20th century gold coins were not really appreciated until the 1980s. One of the purposes of the club is to bring about a greater appreciation of early 20th century gold coins. (more…)

The Size and Scope of Today’s Rare Coin Market

By laura Sperber – Legend Numismatics

The following is a portion of Legend Numismatics Market Report………

“Its drives us nuts when we read the misinformation from a bunch of “know it alls” on chat rooms who think they have collective power in the marketplace. Here is why they are aren’t even a pimple:

Heritage Rare Coin Auctions (the worlds largest) and Blanchard and Co (the worlds largest telemarketer of coins) combined we believe have OVER 250,000 UNIQUE active collectors on their lists. Both of them do heavy marketing to the outside world. Both of them are helping to continually expand the rare coin market. There are several other huge telemarketers who do substantial business-but we just wanted to point out how big these two in particular are.

There is also a little thing that Al Gore created: the Internet. That has to be good for over 1 million plus people buying rare coins in some fashion. There are hundreds of coin companies they can go to. There are several places they can now find to help them learn about coins. Even though it is a dangerous pit, Ebay is probably still one of the largest entry points to the coin market.

When Legend comes home from a major show, we know that between 10,000 and 25,000 UNIQUE visitors check out our web site the first week. We have been steadily gaining new customers-and lately we have seen a small wave of people brand new to coins who want to spend big (like the collector who bought the Eliasberg $20 1927D PCGS MS66 from us in December). These people have money and they want to put it in something solid. For many reasons, coins fit the bill. Our customer base numbers in the THOUSANDS. We are not out to be the biggest retailer. The way we operate, supply would inhibit us anyway.

We chatted with a real billionaire at FUN about the market. He had been seriously thinking about putting $50,000,000.00 million in. In the end, he knew he could not buy the coins he wanted. A number I like that would have driven prices up dramatically overnight-just by word of mouth that someone is trying to spend a huge amount. We have been telling everyone how we know of a few seriously big monied players who are slinking around today looking to buy “big game” rarities. The collector who we purchased the other $20 1927D PCGS MS66 (FUN Auction) for $1,495,000.00 did so because he thinks its cheap. After he bought it he asked us: “got anything else?”. If we could find the coins we could sell $10,000,000.00+ instantly and easily. (more…)

Platinum Night was Golden; Bellwether Sale Sparks Markets for U.S. Coin Rarities

By Greg Reynolds for CoinLink

I. Introduction & Overview

In 2010, the annual FUN Platinum Night event was held on Thursday, Jan. 7. It is just one session in Heritage’s annual auction extravaganza, which is conducted in association with the Florida United Numismatists (FUN) Convention in Orlando. During this one night, however, an incredible selection of U.S. gold coins was offered. The total prices realized for Platinum Night alone was more than $25 million. The most famous coin in the sale is the Olsen-Hawn 1913 Liberty Nickel, which realized about $3.74 million.

olsen_1913_liberty_nickelAlthough Heritage conducts two to four Platinum Night events per year, the January FUN Platinum Night event is usually the most newsworthy. On, Jan. 7, three different items sold for more than one million dollars each, and there was an excellent offering of Brilliant Proof gold coins.

One of the most interesting coins in the sale is a Proof 1839 Half Eagle ($5 gold coin). It is NGC certified as Proof-61. This coin is, indisputably, a Proof. Many pre-1840 coins that are regarded as, or even certified as, Proofs, are questionable. Matt Kleinsteuber agrees, “it is definitely 100% Proof, other coins of the era are ambiguous” in regard to Proof status. Moreover, it is one of only two known Proof Half Eagles of this date. It was formerly in the collection of King Farouk. It brought $181,000.

Several past Platinum Night events have featured dazzling collections of U.S. silver coins and/or individual silver coins of tremendous importance. The Jan. 2010 event will be remembered primarily for business strike Saint Gaudens Double Eagles ($20 gold coins), Brilliant Proof gold coins, a Bickford $10 gold pattern, a few exceptional gold type coins, a neat run of 19th century quarters, some popular Mint Errors, and a 1913 Liberty Nickel. Please click here to read the article that I devoted to this 1913 Liberty Nickel. Therein, I cover the coin, its importance, and the auction action, in detail.

Since then, David Hall has told me that he “thought the 1913 Liberty nickel brought a good price. [$3,737,500] wasn’t a moon price, but it’s a $3 million dollar coin so an extra 25% is a lot of money.” Hall is the primary founder of the Professional Coin Grading Service (PCGS), and remains a force behind the PCGS and its parent company.

Adam Crum of Monaco Rare Coins agrees that the $3.74 million result is “a really strong price” for this nickel. Moreover, Crum remarks that, “for weeks, buyers of expensive gold coins were sitting on their hands waiting for the Platinum sale. The success of Platinum Night ignited a fire. On Friday, there was a mad rush nationwide for rare gold coins.” (more…)

Legend Numismatics Market Report: The Fun Show

By Laura Sperber – Legend Numismatics

legend_market_report_logoTHE 2010 FUN SHOW

First, congratulations to the FUN people. Yet again they show that hard work and listening to what we all want can make for a great show. There are only three “MUST ATTEND SHOWS”, FUN, ANA Summer, and of course our own COINFEST. Attendance was as strong as we have ever seen it. The overall activity was healthy too.

LEGEND PAID $1,495,000.00 FOR THE $20 1927-D PCGS MS66!

We had our eyes on this coin since Heritage announced they had it in auction. But a funny thing happened in Decemeber.

Legend is proud to announce in December 2009 it bought and sold the Eliasberg $20 1927-D PCGS MS66. The purchase and sale were by private treaty. The buyer, a real collector happens to be new to coins. The Eliasberg coin is believed to be the FINEST 27-D in MS66.

The reason why we purchased the Heritage coin is 100% proof of what we have been saying. Really wealthy people are trolling for great value. The collector who bought the coin from us did it on our say so. We knew that by placing the Eliasberg coin, there was one less buyer for a 27-D. Thus, we took a “shot” on the coin in the sale and it worked. There is no question we got the “rip” of the auction. 27-D $20’s in MS66 are pretty much a $2 million dollar coin (although this coin is clearly not equal to the Eliasberg coin)! The last time we stalked a big coin like this, was about 4 years ago and we purchased a Ultra High Relief PCGS MS68 for $1.8 million out of a FUN Sale (of which we were immediately offered $2 million). Sometimes people are so confident a coin will bring x, they simply do not follow it.

Legend has now bought and placed THREE MS66 27D $20’s-The Dallas Bank coin (which mirrors the Eliasberg coin), The Eliasberg coin, and the Connecticut State Bank coin (this purchase). We do not think any other dealer comes close to having handled as many.

Also, with this sale, Legend has now placed million dollar coins with SIX DIFFERENT collectors! NO OTHER DEALER (not counting auctions) has come close to that either. Again, its not just bragging, its POWERUL proof as to the strength and more importantly confidence of the participants in today’s market. (more…)

PCGS Million Dollar Coin Club™ Launched

Although most collectors and dealers may never personally own a seven-figure numismatic rarity, enjoying and learning about them now is easy and fun with the launch of the PCGS Million Dollar Coin Club™ (www.PCGS.com/Million-Dollar-Coin-Club), a free reference guide available from the Professional Coin Grading Service (www.PCGS.com).

The “club” presently consists of 210 United States rare coins that have sold at auction for $1 million or more, or would sell for that much if offered, according to the expert opinions of five well-known professional numismatists. The list will be updated four times a year.

“Our estimate for the total current value of these 210 United States coin rarities is $475,515,000,” said David Hall, PCGS Co-Founder and President of Collectors Universe, Inc. (NASDAQ: CLCT) who is among the pricing consultants who prepared the list. The other four experts in the group are Ron Guth, President of PCGS CoinFacts; Kevin Lipton, President of Kevin Lipton Rare Coins of Beverly Hills, California; Greg Rohan, President of Heritage Auctions of Dallas, Texas; and Laura Sperber, Co-President of Legend Numismatics of Lincroft, New Jersey.

Rankings and information in the PCGS Million Dollar Coin Club will be updated every three months online at www.PCGS.com/Million-Dollar-Coin-Club and in a printed, full-color educational booklet when more coins reach that mark and others already in the “club” bring new prices at upcoming auctions. The first edition of the booklet will be available from PCGS at the 2010 Florida United Numismatists convention in Orlando, Florida, January 7 – 10.

“The first U.S. coin to reach the million dollar mark was the Eliasberg specimen 1913 Liberty Head nickel 14 years ago. It sold at auction for $1,485,000 on May 21, 1996. Today, there are 210 coins that would bring $1 million or more if offered in the marketplace,” said Hall. (more…)

Legend Numismatics Sells The Sunnywood Toned Morgan Dollar Coin Collection

Legend Numismatics, a coin dealer specializing in high-quality, rare U.S. coinage, announced the sale of the entire Sunnywood “Somewhere Over the Rainbow” Toned Morgan Dollar Collection to a private collector who wishes to remain anonymous. Financial details were not released, but Legend spokesperson Laura Sperber acknowledged that it was a “multi-million dollar transaction” and that the collection was sold intact.

DouglasKurz_120909The Sunnywood Collection (Circulation Strikes from 1878-1921 including three important varieties) was painstakingly assembled over a period of several years by Douglas Kurz, a long-time collector who is a successful businessman and former concert pianist. Bucking the market trend of preference for “white” Morgan Dollars, he decided to put together a complete set of Morgans with “attractive, original color, at least on the obverse.”

Prominently featured in the PCGS Set RegistrySM (www.PCGS.com/SetRegistry), the Sunnywood Collection, consisting exclusively of PCGS-graded coins, gained additional notoriety at the January 2009 FUN Show, the February and May 2009 Long Beach Expos, and in advertisements in Coin World and other numismatic publications.

One interesting point is that the most attractive pieces in terms of color and eye appeal are not necessarily the highest-graded pieces. Sunnywood strikes a balance between color and technical grade, so Set Registry ranking has sometimes been sacrificed for the sake of overall eye appeal.

Many collectors consider the Sunnywood Collection to be the finest set of toned Morgans ever assembled.

The collection includes many early common dates (between 1878 and 1888) and some later dates (such as 1896, 1899-O and 1904-O) that can be found with dramatic and vibrant multi-colored mint-bag toning. There are many dates, however, that simply do not exist with colorful toning. Those dates were sought instead with attractive original patination (the 1900-S and 1901-S are good examples).

Laura Sperber Comments:

In my mind, this is one collection that should not even exist. When Doug originally approached me about building the set with him, I did not think an all-colored Morgan set that nice was even possible to build. Point blank, I told him not to do it.

As time went on, I watched Doug work on the project. He was gracious enough to let Legend help him add a coin or two to this magnificent set. (more…)

A Father and Son Coin Collecting Team

By Laura Sperber – Legend Numismatics Hot Topics

BACKGROUND: Legend Numismatics recently purchased the Boyd 1870-S Seated Dollar Graded PCGS Genuine for this dynamic father/son duo from the Bowers and Merena Sale in Baltimore. Thay had just about finished with their AU/MS Seated Dollar Collection and dreamed about owning a 70-S. Here is a portion of Laura’s Hot Topics Post:

1870-s_dollar_bm_111409In all my years of dealing I have seen all types of collectors. Since the registry craze started I have seen more ego maniacs then true collectors. Seeing this father/son team work is not only refreshing, but its a heart warming story of interaction as well.

Today, I only know of one other true “team” building a collection (I am not talking about daddy just forking over money-I am talking about a true working pair). They travel to some shows, they look at their coins when ever they can, they both love coins.

One thing that impresses me the most, they are all about the coins. They couldn’t give a hoot about the registry. Their whole take on coins and collecting them is fabulous! I hope this Hot Topics can inspire more familys to collect as a unit.

Here is the story (as written by the teenage son) about their collecting endevors of Seated Dollars:

The MNS Joint Venture Seated dollar set is being put together by my father and I. We started collecting in 2002 or 2003 with liberty nickels and within 3 years we had a whole set, and up to 4-5 of some dates with a nearly complete second set. Time to look for a new series.

The Seated dollar set was our second set we set out to tackle. It presented a challenge at a reasonable cost in the XF grade range that we started to look at. A few XF’s in and a tough decision had to be made. Take the plunge or not. I was able to locate a choice XF 1873-cc in a dealers website and it was an easy decision. The coin was in our possession and quickly followed by an 1871-cc in XF. Some of the keys were down and there was no turning back from here.
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Legend Numismatics Baltimore Coin Show Market Report

By Laura Sperber

We can debate everyone’s different market reports. This report is written solely on how the principals of Legend Numismatics witnessed the show to be. We primarily deal in higher grade rarities and gold, so those are the areas we are reporting on. From our point of view, the Baltimore Show was definitely an “on” show.

1870-s_dollar_bm_111409About a week ago (when dealers like to call each other because of nervous energy about how a show will be) we predicted Baltimore would be great. THE BALTIMORE SHOW WAS GREAT FOR US! And we are not just talking about the usual awesome job Mary Counts and David Chrenshaw and staff do. The overall activity was strong.

Keep in mind that there had not been a true major show (even we don’t count COINFEST as major) in 45 days. That’s a lifetime numismatic drought! Gold has been steadily rising. Collectors are paying attention to coins again. It was a mini perfect storm.

The Stacks sale started off activity prior to the show. It clearly was much stronger than had been anticipated. Can’t say there was a major collection in it, but anything that was fresh and nice sold for strong money.

Dealer to dealer activity in the hotel rooms before set up was crazy. It was like seeing cockroaches scatter when the lights turned on only its coin dealers running around to buy gold or get first shot.

We like to say: “if you had gold, you sold”. ALL gold, was selling briskly. The demand reminded us of 1980. MS66 Saints started the show at a WHOLESALE sight-UNSEEN BID of $2,900.00 and when we left Saturday, buyers were paying $3,200.00 and seeking quantities. CAC MS66 Saints are now $3,600.00 WHOLESALE sight-UNSEEN BID! Replacing CAC gold was nearly impossible.

The B+M auction was VERY strong. We bought the 1870S $1 for $126,500.00 [Shown Above] on behalf of a family (we’ll be posting a story about them shortly on our Hot Topics) to cap off a AU/Unc MS seated Dollar Collection. Congrats to them!
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The Pre Baltimore Coin Show Market Report

By Laura Sperber of Legend Numismatics

For the record, we expect Baltimore to be a VERY strong show. Why?

ms67_Seated_Quarter_haThere have not been any major shows since Long Beach-which has been a forever 45 days ago. Gold has been on a tear lately. And there have been no major additions to the ever shrinking supply of nice coins.

We fully expect to see the usual suspects running wild looking to buy gold coins before the show begins. Sadly, they will still be cracking out and messing with the coins, but at least they are much more reserved in what they buy. We used to see guys buy coins for “crackout” if they felt they had even a 20% chance. Plus, some upgrades are not worth doing thanks to the new market order (inferior coins selling for so much less).

Still, many dealers who do deal in gold have sold a lot of gold all of the sudden (amazing, only a month ago the big firms wouldn’t even look at generics) and rare gold coins are now selling as strong as ever. Without a major show, it has been impossible to replace them. We’re not so sure the supply of anything at Baltimore will be sizeable.

The price of gold generally does NOT effect the rare coin market. However since there is just so little of anything out there, cash rich dealers will seize the opportunity and buy cool coins to put away because they seem cheap. The rise in gold is definately giving rare coins a bounce up right now.

A SUGGESTION OF WHAT TO BUY

Every day we get asked what should I be buying? As much as we hate making public recommendations, we are going to do so only because we can’t believe how some areas are simply lacking real demand and are selling way too cheap.
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Legend Numismatics Mid October Rare Coin Market Report

By Laura Sperber – Legend Numismatics

The coin market seems to be doing just fine-and maybe even gaining a little strength.

legend_market_report_logoLast week we were knocked down pretty much by illness in the office. It was a bigger deal for us to lift our heads than any coins. So we did not do much in sales, nor did we attend any shows. Can’t even say we did much on the phone either. However, we did have numerous sales off our web site (click and buy) and we did send our coins with a stealth selling team to the Silver Dollar Show in Saint Louis. Unfortunately we’re still a bit under the weather and this week we will be at half strength at best.

Off the web we sold coins ranging from a McClaren coin for $295.00 to a $9,000.00 coin. An FYI about the McClaren deal: in the three months we have been working on it, we have SOLD coins to SEVERAL HUNDRED different collectors. The actual number astonished us. Our guess is we will sell about 11,000 coins direct to collectors. Two weeks ago, we did sell 25,100 BU Morgans to a dealer in a substantial transaction. We are saving only the BEST coins for offering to our customers!

A lot of people ask why we need stealthy sales people at shows. Dealers are a wacky bunch. If you look at some the wrong way they get spooked. There is one bigger dealer who once said to us, “if you can’t sell it how can I”. Well he has since bought many coins from us via our sellers. Plus, the team can canvas the floor with more time and energy then we could since our main object is to buy. It surprises many people when they find out Legend actually one of the bigger WHOLESALERS around. We feel WHOLESALE is a critical function for our business-but retail is ALWAYS our #1 operation. Legend has also stopped consigning its coins to auctions as we have seen little in terms of good results. Old fashioned face to face selling is much cleaner and better. Do note, that we do NOT give out consignors coins to our team without disclosing so.

Each one of our sellers sold a single coin for at least $10,000.00. ALL reported VERY good shows-which is important information to us and our customers. We don’t know much else until Tuesday when we get the checks and paperwork! They said some generic gold was being bought (a week before the big gold houses weren’t even buying because their inventories were so bloated). We did not hear of any big Type selling-it sounds like that are is still a little weak. Morgans had some life and we know Walkers are still selling strong!
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Coinfest Coin Show Report

By Laura Sperber – Legend Numismatics

legend_market_report_logoFirst, we’d like to congratulate and thank Jon Lerner (Scarsdale Coins) putting on one of the BEST shows there is! Jon fought a nasty cold and made sure everything was “just right” for everyone. We also would like to offer a huge thank you to John Albanese and his team over at CAC for donating their time and effort to offer free submissions for the collectors who attended. The Q+A session that John held was heavily attended with many good questions being answered. Legends principle, Laura Sperber is a partner with Jon Lerner (in the show) and is  shareholder in CAC.  It is our goal to make Coinfest into a premier specialty show that is a ‘must attend” for collectors. We are not looking to fill a convention center. We want dealers and collectors to be able to transact in a smaller, beautiful, safe, secure, and intimate setting. Also, we have a huge preference of offering tables at our show to dealers who will attend and want to deal with the public. The big wholesalers who do nothing but “crackouts”, they can stay at the bigger shows.

Things started off very strong when all day Thursday dealers arrived and seemed eager to do business. Wholesale activity in the rooms was moderate to strong (it really depended on what you had). We came in early to see only one dealer. Biz was good, and back home we went.

Friday was true test. The dealers were allowed in at 10. Wholesale in the room again was decent to strong. The real test came at 2:00 when the public was allowed in. Collector traffic in the room was low to moderate. However, the make up of who was there certainly rivaled any major auction with a special collection! A common comment from several dealers was that the show brought in much better educated collectors then a Baltimore or a Long Beach. Of course many collectors were just mulling around until the big event-when CAC starts accepting coins at 10AM on Saturday. We saw several collectors we knew who had flown in just to attend the show. All of these collectors did shop, and many even bought coins. Many new collectors to dealer contacts were made at the show. Our sales to collectors on Friday were very good. In fact on Friday alone, we sold more McClaren coins than we did in Philadelphia (yes, we sold only 4 in Philly-but Coinfest blew that number away in the first hour)! Of course we sold a few coins from our regular inventory as well.
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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.
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The Perfect Auctions-The Holmes And Nafzger Large Cent Sales

By Laura Sperber – Legend Numismatics

“The perfect auctions” we are talking about are the Dan Holmes and Ted Nazfger Large Cent auctions that just took place in Beverly Hills. Ira and Larry Goldberg (and staffs) did a spectacular job of organizing and auctioning these once in a life time sales.

ln_market_090909The results from these two sales let no one down-they were phenomenal and totally mind blowing! Prices realized and collector participation more than proved the coin market is starved for quality and has very strong and deep legs.

Last time we wrote about the middle date Nafzger Sale, we named it “the perfect storm”. We knew the coin that auction had sold ridiculously cheap and time would prove it out. The reasons why that sale had weaker results: the sale was held the same day (during) the Super bowl, the Goldberg’s Internet site crashed, the economy was seriously more uncertain than it is today, and a few new collectors to the series had just started. Its totally amazing how all these factors did a total reversal to yield some of the most amazing results ever and produce two greatly historical auctions.

THE DAN HOLMES SALE

The crowd was standing room only and was comprised mostly of serious collectors. There wasn’t just a buzz before the sale began, you could feel and jolt of electricity when you walked in the room. From our point of view we did not see the typical “crack out and coin docs” we run into at every show. Thank goodness they do not know how to work on anything than other than a white dollar or a gold coin. In fact, very few “main line” dealers like us attended.

It was a battle every lot to buy anything. The room was littered with deep pocketed individuals who came to buy. In the end, we witnessed at least FOUR collectors who spent OVER $1,000,000.00 each and several under bidders who had tried to do the same. Legend spent a lowly $300,000.00 for ourselves, and teamed up with a another dealer to buy another $600,000.00 worth of treasures. There were many “unknown” faces who came out of hiding for this sale and they were as aggressive as someone you’d see who attends every show and auction. (more…)