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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.

A contrarian usually does very well in coins.  NOW is the time to be buying MS and PR 64 and higher MS Seated and Barber coins. Of all the rare coins out there, for whatever reason, these have temporarily fallen out of favor in a big way.  True GEMs are NOT abundant.  Did you know you can buy a GEM MS66 PCGS Barber Dime for just UNDER $1,000.00?  Or, how about a PR66 Barber Dime for UNDER $2,000.00.  Seated material has great value all over.  A GEM MS65 common Seated Quarter is only about $2,000.00.  We really think MS67’s are steal at $6,000.00, again-if you can find them.

Other areas as well hold incredible potential: Three Cent Nickels and Shield Nickels. In GEM, these series have been overlooked. Most people do not realize, you can build complete sets!

Last, we only recommend MS64 and higher gold. Leave the MS61’s or hacked up 63’s to the people who think they are too smart. You can get some great deals in areas like $2.5 Indians in MS65, $2.5 Libs in MS66-67, $5 Libs MS65-66, $5 Indians MS64-65, $20 Saints MS66-67 (the world loves a perfect Saint-just like they do an MS68 Morgan)! The quality and color MUST be all there. We have noticed that recently CAC has been NOT stickering a whole lot of higher grade gold. We assume they just are not seeing anything they like.

These suggestions are only OUR opinions. We have been full time coin dealers since 1979 and have been thru 3 booms and busts now. We know all the series and know who the players are, where prices have been, whats available, and what is going on overall.

Interested parties can visit Legend Numismatics at their usual Table #555 at the Baltimore Show

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