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All Posts Tagged With: "Whales"

Legend Numismatics Mid May Coin Market Report

By Laura Sperber – Legend Numismatics

We figured not many people would miss us not posting NEWPS after CSNS, but we must have had fifty emails asking us what happened. Fortunately our reason for no NEWPS was all good. Soon we will have a major announcement about another big deal Legend Numismatics completed. This one just had to completed immediately after CSNS ended. So hence we had no time to go through our purchases. We’re back in the office and are up to full steam. Activity at our level of the market is as strong as ever!

WE FIGURED OUT WHERE ALL THE COINS ARE!

We’ve been crying for months that the supply of neat, fresh, and accurately graded coins is virtually non existent. Except for auctions, prices are virtually “stuck in mud” due to a fair level of dreck still floating around and the fact most cool coins are in VERY strong hands (which means no trading).

IT MUST BE THE DRINKING WATER

We started to thinking as to what hoards exist or how big some collections are. We scared ourselves when we realized that in the Dallas/Fort Worth area alone there are TWO (yes, just TWO) collections that are highly active and if combined would be worth in excess of $500,000,000.00! Anyone who knows either collection would not dispute that number. As caretaker of one of the collections, we know it has at least 15 coins valued in excess of $1 million dollars! We wouldn’t even know where to begin counting with the collection on the other side of town (they probably have 25+ coin over $1 million each)!

Its not just the glamour or money that attracts us to these huge collections. If you think about it, for anyone to put that kind of money into a coin collection today, not only are they rich, but they have extreme confidence in the market. Rich people do not throw their money away. BOTH collections contain some of the VERY BEST coins ever minted. Both owners will pay extreme premiums to obtain the classic rarities that fit. We highly doubt any significant pieces from these collections will be on the market again in our lifetime. However if either of these monster collections are ever sold in years to come, the returns would be staggering-even on their short term holdings!

Thinking about other ares in the country, we could not find a pocket anywhere near the size of those two collections. NYC has a few collections we know worth over $25,000,000.00 each (we know of at least $100 million total in NYC), the Midwest we know of one collection worth at least $50,000,000.00, and surprisingly, we do not know of any mega collections worth more than $10,000,000.00 on the West Coast. However, all across the US we know of dozens plus collections worth $1 million to $10 million. That is just amazing that without much effort we can figure where ONE BILLION DOLLARS worth of rare coins are. (more…)