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THE BOSTON ANA SHOW – Market Report by Legend Numismatics

First, we would like to congratulate the ANA and its entire staff for putting on a great show. Unlike so many previous years, this show was more open to everyone. We heard no real complaints about the show itself.

Legend Numismatics also wishes to thank all of our friends who stopped by our table to do biz or say hi.

We also wish to thank the ANA for displaying the Simpson Bickford Pattern Collection and for NGC for displaying the Simpson $10 1804 Gold J-33 and silver $10 1804 J-34 (worth $6 million combined)!

HOW WAS THE SHOW?

We were wrong. This was NOT the incredible “blockbuster” we had expected. However, we will declare it was the next best thing: a GREAT SHOW! From the time we set up (within the first 15 minutes we had a serious crowd of buyers at our table) until the very last coin we sold Saturday afternoon (a six figure coins too), activity was pretty much non stop. It was interesting the lulls came Wednesday morning and Thursday morning. You could easily tell when a new wave of collectors arrived in town. We have not heard about the attendance, but we’d bet anything it was far more than last years ANA in LA.

Legend had our BEST show EVER. BUT, we will only categorize it as great because our big customers stepped up (which we do not really count). We ended up spending nearly $8,000,000.00! Our sales were OVER $6,000,000.00. Needless to say, we have a blizzard of paperwork that will keep us working 23 hour days for the next week or so. Still, we sold more McClaren coins than ever and we sold dozens of coins from our cases. Our average invoice from the show to collectors was about $7-14,000.00. That’s rare these days, but that was the least we expect from an ANA Show.

You WILL LOVE our NEWPS. We searched hard and bought only the “best” of the “best”!

So far this August, business for Legend has been staggering. We see little let up in the strong demand for quality coins. We doubt this will change anytime soon (however in late August there is small summer lull).

THE TALE OF TWO DEALERS

We find this true story interesting. Dealer #1 is a long time wholesaler who basically is a “sheet”/CCE buyer. He does not sell great quality but does sell a lot of generic gold and other less expensive items (and yeah a lot of dreck). Dealer #2 is an up and coming retail dealer who sells real quality.

On Saturday we chatted with both. Dealer #1 was devastated he had a horrible show. But then we looked in his case and he just drecky stuff left to sell. Dealer #2 grabbed us and complimented us on saying how strong the show would be,. Dealer #2 had his best show ever.

The fact that one is wholesaler and the other retail is NOT the difference. Both have coins on display, both will do business with anyone who walks up to the table.

It was an issue of QUALITY. We have been telling you dreck is become totally undesirable. Which case would you buy from? A case with a few beautiful coins, or one with many ugly looking ones? Quality does rule. We cannot stress enough that if a coin is not 100% all there, its worth MUCH less-if wanted at all.

LEGEND NUMISMATICS ANNOUNCES THE PLACEMENT OF THE 1794 $1 PCGS MS63+ AND THE Norweb 1797 50C PCGS MS65+

Yes, the 1794 $1 was the same coin from the pre ANA B+M Sale. We were the under bidders in that sale. We have missed owning this coin for the last 25 years! We once turned it down for $115,000.00! This time around we paid over $1,300,000.00 for it. The coin is spectacular. It has amazing luster for a 1794.

The 1797 50C was purchased by private treaty. The price was well in excess of $1 million dollars. This coin is just incredible. The strike, the surfaces, the eye appeal are everything you’d want a coin like this to have.

Both coins are now in the Legend Type Collection being formed by our partner Bruce Morelan (yes, he still has his Trade Dollars)! We have built some of the finest collections ever together, and this Type set will be no exception.

LEGEND PURCHASED THE 1905 50C PCGS MS68+

This coin was out of the Heritage Auction. We paid $132,250.00 for it without thinking twice. Every major collector and dealer in the world agrees this coin is the most amazing MS Barber Half EVER. Believe it or not, we bought it for inventory on spec. We NEVER have ANY fear about buying MONSTER coins like this. Immediately after the sale we had an inquiry about selling it, but we passed. On Friday we actually had three dealers who were interested in it. Then on Saturday, a dealer asked us if we bought anything cool? The coin was sold to him in five minutes!

This is a perfect example of why you should NEVER be afraid to pay for a MONSTER coin. The new owner WILL make huge money on this coin in years to come. Its been over 100 years and there are no similar coins that exist.

Legend also was the under bidder on the 1944 50C PCGS MS68 that sold for $109,000.00. That was a very real price realized (and the collector paid another % on top of that to his dealer).

This just proves, great coins are not out there-but money is. With supplies so tight, you better think twice before you pass up a coin you may not see again for many years. When we saw this coin for the first time at lot viewing, we knew we were going to buy it. Even though we paid a record price, we really believed the coin is worth quite a bit more. We were right.

PATTERN LOVERS BEWARE-THE DENALI SET WILL BE PRESENTED SHORTLY

Now that we are back from the ANA, we can finish inventorying and imaging the Denali Collection of patterns. We expect to begin posting them in either ROUND II or ROUND III of the ANA NEWPS. The Denali coins consist of 3CN set, 20C set, and a nearly complete several hundred coin set of all the patterns from 1870! The quality is amazing! The majority of these coins have been off the market for at least a decade. Each coin is pedigreed and imaged. Stay tuned!

WHAT IS HOT?

Better gold. Does anyone have ANY $10 Indians (better dates) PCGS MS65 and higher CAC? Bust material. Morgan Dollars are back in GEM! Liberty Seated Type in MS. And yes, MS Barber halves were hot.

WHAT IS NOT?

DRECK-even if it is in a hot series. MS Indians (too much dreck), Commems seemed to have softened. C+D Mont gold seems to have quieted.

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