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Legend Dallas Market Report
Justacommeman
Posts: 22,852 ✭✭✭✭✭
Walker Proof Digital Album
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
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I liked the "Hot Topics" better. Laura is not somebody to trifle with.
It was a quality piece, great color and mirrors, peacefully residing in a OGH, with recent CAC approval.
A really wonderful coin.
If you're looking to build a type set, these coins are available (except nice Barber Halves in MS 65 have always been scarce). However, keep in mind that imo, they aren't going up in price anytime soon.
I enjoy the Legend reports, even though the bulk of them aren't intended for the likes of 99% of us. That said, occasionally Legend does acquire nice coins that are affordable by the likes of me, and on one occasion, I made a purchase from them about which I am very happy.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>We desperately tried to buy nice coins priced from $750.00-$2,500.00 and found almost none. What we call nice and what many other dealers do (especially the wannabe crowd) are NOT the same. >>
MS65 seated dimes out there. Maybe not real nice ones, but too many in total. And the pops can only keep on growing, even if it's at a slower pace. The real
key is the pop growth vs. collector/investor base growth. MS65 works fine for a seated dollar but no so good for a seated quarter or dime. I also feel that MS65
seated dimes will probably always be "too cheap" from here.
There will be some GREAT Seated coins in the upcoming Stacks/Bowers sale in a few weeks that have been off the market for a long time (e.g. the finest known PCGS Proof 1839 Half Dime, a PCGS-MS68 Seated Half Dollar CAC, etc). It should be interesting to see what these very cool Seated coins fetch at auction. There is also an 1876 Seated Quarter in PCGS-MS67+ CAC in the sale. Pop 1/0. What is amazing (and ties into Laura's comment) is the fact that a coin such as this 1876 Quarter now sells for LESS than a number of MS67 or MS67+ Washington Quarters from the 1950's and 1960's. It's generally about "supply and demand", but surely there should be equal demand for the nicest graded PCGS MS quarter from 1876 compared to the nicest PCGS MS quarter from 1959, 1961 or 1963?
But, at present an MS67 1959-P or 1961-D or 1963-D quarter is worth quite a bit more than an MS67 1876 Quarter (source - PCGS Price Guide).
Wondercoin
<< <i>It's generally about "supply and demand", surely there should be equal demand for the nicest graded PCGS MS quarter from 1876 compared to the nicest PCGS MS quarter from 1959, 1961 or 1963?
But, at present an MS67 1959-P or 1961-D or 1963-D quarter is worth quite a bit more than an MS67 1876 Quarter (source - PCGS Price Guide). >>
What are some possible reasons for this?
<< <i>That proof walker was very nice. I am surprised at the money it brought.
It was a quality piece, great color and mirrors, peacefully residing in a OGH, with recent CAC approval.
A really wonderful coin. >>
I wanted this coin and need a 38 for my set. I was woefully outbid.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
No real surprise as most of the demand for w/m MS67 seated quarters are for type. There might be a couple people at most who care about finding the best 1876
quarter for their set. And with a dozen or so graded MS67 that's plenty to go around for all the superb gem seated quarter sets. If you want type then you have plenty to
choose from in the 1879-1890 date run plus the 1877. And frankly there aren't that many people looking for a MS67/68 seated quarter for type either. The flip side of this
is that there is little interest in the MS65 or even average MS66 grades for those Washingtons listed above. Not the case for the seated quarters as their demand is probably the
strongest in the MS63-MS66 range. The Washington price spread from 65 to 67 is often huge (100x-1000x?). While on the seated quarter it's often around a factor of 4.
The number of MS67 1876 seated quarters might be double or triple the number of collectors building sets that would need a MS67. Bottom line, it's all about Registry sets.
There is strong demand for the very finest of the MS67's graded. But it's also the case that unlike the Washingtons, those seated guys typically won't pay through the nose for that l
last tenth of a point or two. Many of those with top REG sets would be just as happy to have a killer 66+ 1876 quarter with crazy toning. TDN made that same statement when he
wouldn't pay through the nose for the finest graded 1878-s trade dollar (a MS68). His very nice MS67 at that time was fine for the set.
Interesting. I had my eye on a coin in the auction that went for strong money. I'll bid on coins based on images, but this one I wanted to see in person. So I didn't contest it.
I always read these reports and I find Legend's take on the market to be interesting and I can honestly say that it's useful to read it. I appreciate that they take the time to do a consistent report which is something that very few dealers are doing. I enjoy talking to the people at Legend's booth at shows and it is always fun to look through their inventory.
Still, there is something about the tone of these reports that puts me off a bit. I don't know if it's the sarcasm, the endless pessimistic whining about no nice coins being available, or just what, but I always come away feeling a little less enthusiastic about the hobby. It's almost like they truly believe that 95% of the material out there should just be melted as scrap. Top-end rare coins are supposed to be hard to find! Maybe the report isn't intended for general consumption. They have a certain subset of clientele and I probably wouldn't fit that demographic very well.
I enjoy reading their market (marketing letter) reports but most people walking into a coin show probably don't even have $300 in their pocket. Everyone has their own subjective idea of what is a nice coin. I don't believe at all a coin has to be over $750 - $1000 to be nice (quite the contrary), heck there are tons of nice MS64 and MS65 classic commems under $300 and these are certainly not junk or drek nor the dealers who do them wannabes! If someone has the budget to buy big ticket coins over $1000 on a consistent basis and they feel comfy spending that on coins well kudos to them but I don't believe that's what collecting has to be all about.
It's gotten so bad that I'm buying foreign coins.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i>Alas, there is indeed very little nice available these days that's not in auction and going for too much money.
It's gotten so bad that I'm buying foreign coins.
I've heard that you may have commissioned Laura to chase Andy's C.A.R. collection !
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Got there before the doors opened at 10:00 and missed lunch still walking the floor.
I managed to pick up a total of 4 coins for my effort and very happy with my purchases.
Laura was correct on many points but nailed it when she said...
"If you were at the show and did not go to look at the exhibits, you wasted your time being there."
All the great coins that she listed plus many more and even a 1913 nickel. What a group of coins to view in one location.
Mike
I visited the exhibits, which were great, but left with a big pile of cash that I was going to spend.
I also did not know the price of silver bulk had dropped so low. I saw a dealer buy over 1000 Roosevets and Mercury dimes for $1 each.
<< <i>But, at present an MS67 1959-P or 1961-D or 1963-D quarter is worth quite a bit more than an MS67 1876 Quarter (source - PCGS Price Guide).
No real surprise as most of the demand for w/m MS67 seated quarters are for type. There might be a couple people at most who care about finding the best 1876
quarter for their set. And with a dozen or so graded MS67 that's plenty to go around for all the superb gem seated quarter sets. If you want type then you have plenty to
choose from in the 1879-1890 date run plus the 1877. And frankly there aren't that many people looking for a MS67/68 seated quarter for type either. The flip side of this
is that there is little interest in the MS65 or even average MS66 grades for those Washingtons listed above. Not the case for the seated quarters as their demand is probably the
strongest in the MS63-MS66 range. The Washington price spread from 65 to 67 is often huge (100x-1000x?). While on the seated quarter it's often around a factor of 4.
The number of MS67 1876 seated quarters might be double or triple the number of collectors building sets that would need a MS67. Bottom line, it's all about Registry sets.
There is strong demand for the very finest of the MS67's graded. But it's also the case that unlike the Washingtons, those seated guys typically won't pay through the nose for that l
last tenth of a point or two. Many of those with top REG sets would be just as happy to have a killer 66+ 1876 quarter with crazy toning. TDN made that same statement when he
wouldn't pay through the nose for the finest graded 1878-s trade dollar (a MS68). His very nice MS67 at that time was fine for the set. >>
I brokered that '78-S T$1 PCGS MS68 after TDN passed and it went through auction. His was better. He knew it. Case closed.
<< <i>"We found only ONE table with real coins-and you better believe we spent real money there (on another whopping 5 coins total)!" >>
So, I looked through the list of dealers at the show that I know just about always have good material, many of whom I visited during the show.
I am wondering, of the 33 dealers I listed below, which ONE dealer had the "real coins"?
Angel Dee's Coins & Collectibles
Carter Numismatics
Certified Assets Management International
Coin Rarities Online
David J. Weygant Rare Coins
David Lawrence Rare Coins
Delaware Valley Rare Coin
Don Rinkor Rare Coins
Douglas Winter Numismatics
Dr. Eugene Bruder Numismatist
Eagle Eye Rare Coins
Eye Appealing Coins
Fred Weinberg & Co.
Gary Adkins Associates, Inc
Hamrick, John B., & Co.
HLRC
J. J. Teaparty, Inc.
John Kraljevich Americana
Jonathan K. Kern Co
Julian M. Leidman/Bonanza Coins
Kagin's
Kevin Lipton Rare Coins
Larry Shapiro Rare Coins
Northern Nevada Coin
Numismatic Americana Inc.
O'Connor Numismatics
Park Avenue Numismatics
The Penny Lady
Pinnacle Rarities
Rare Coin Wholesalers
Rich Uhrich Rare US Coins
Spectrum Numismatics
Yellow River Rare Coins
My inventory includes an 1853-O No Arrows half in PCGS VG-8 (4 known), an 1873 Open 3 half in PCGS AU-58, an 1870-CC half in PCGS AU-50, an 1804 dime in PCGS VF-20, an 1827 JR-10 dime (R-7 variety) in PCGS XF-40, an 1877 3c nickel in PCGS PR-65, an 1829 Curl Base 2 dime in PCGS VG-8, an 1853 No Arrows quarter in NGC VF-30, several business strike 1866 and 1867 quarters in PCGS holders, an 1838 J-79a Pattern half in PCGS PR-64, and an 1866 Seated dollar in NGC PR-64 Cameo.
Speaking as just one of the other 32 dealers, I guess these coins listed above don't qualify as "real coins".
And, by the way, I had a great show, both selling and buying. As did many of the dealers listed above that I talked with.
Just my 2c.
An authorized PCGS dealer, and a contributor to the Red Book.
I am very turned off by the tone of their articles. I fully understand that they have a specific target market, but marketing to them does not have to include slamming a ton of their potential suppliers or customers. To me these articles reek of the attitude of a cliquey, bratty, eighth grade girl.
What I love about this place is that there are ultra high end collectors encouraging ultra low end collectors. I see folks with million dollar collections assisting and complementing folks about $50 coins. I think Legend could learn a listen in this regard for the betterment of their company and the hobby in general.
<< <i>What I love about this place is that there are ultra high end collectors encouraging ultra low end collectors. I see folks with million dollar collections assisting and complementing folks about $50 coins. >>
Well said, and I completely agree. This is the best part of this forum community.
<< <i>I am very turned off by the tone of their articles. I fully understand that they have a specific target market, but marketing to them does not have to include slamming a ton of their potential suppliers or customers. To me these articles reek of the attitude of a cliquey, bratty, eighth grade girl.
What I love about this place is that there are ultra high end collectors encouraging ultra low end collectors. I see folks with million dollar collections assisting and complementing folks about $50 coins. I think Legend could learn a listen in this regard for the betterment of their company and the hobby in general. >>
+2
<< <i>Alas, there is indeed very little nice available these days that's not in auction and going for too much money.
It's gotten so bad that I'm buying foreign coins.
Now that's what I call "Shock and Awe"
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CoinsAreFun Toned Silver Eagle Proof Album
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Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
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More CoinsAreFun Pictorials NGC
<< <i>Alas, there is indeed very little nice available these days that's not in auction and going for too much money.
It's gotten so bad that I'm buying foreign coins.
I love hearing that!
I give away money. I collect money.
I don’t love money . I do love the Lord God.