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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. (more…)

David Hall Featured on CNBC Rare Coins Report

An informative video news report about the rare coin market has been posted by CNBC on its web site. PCGS Co-Founder David Hall is prominently featured in the story.

null“The market’s very active and very strong, though prices are down a little. The exception, of course, being the gold coins,” Hall told CNBC during the video taping at the September Long Beach Coin, Stamp & Collectibles Expo.

“There’s no question that there’s a huge financial component to this marketplace.”

The report mentions the PCGS3000TM Index that collectors, investors and dealers use to track the historical price trends of the rare coin marketplace and 3,000 specific U.S. coins.

The four-minute news segment prominently features well-known early American coppers collector Walter J. Husak of California whose astounding collection of large cents – nearly every one of them certified by PCGS – shattered records in a $10 million auction conducted by Heritage Auctions in Long Beach in February 2008. Husak explains that he re-purchased some of his previous coins, as well as made new acquisitions for his collection, at the recent auction of the Dan Holmes and Ted Naftzger collections conducted by Ira & Larry Goldberg Coins & Collectibles. Those coins also were certified by PCGS and many set record prices.

PCGS and the Long Beach Expo are divisions of Collectors Universe, Inc. (NASDAQ: CLCT).