Ok I am going to ask. All the years I've read Legend Market Reports---Ive never really understood what is a "super secret stealth seller"?
They have someone that rolls through the bourse wholesaling coins that don't make the cases. You've probably seen him. Anyway that's what I always assumed
I hope they don't put out a Jersey hit on me
m
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......
Ok I am going to ask. All the years I've read Legend Market Reports---Ive never really understood what is a "super secret stealth seller"?
They have someone that rolls through the bourse wholesaling coins that don't make the cases. You've probably seen him. Anyway that's what I always assumed
m
So they are coins Legend owns but lack the "quality" for Legend to retail them to customers?
Ok I am going to ask. All the years I've read Legend Market Reports---Ive never really understood what is a "super secret stealth seller"?
They have someone that rolls through the bourse wholesaling coins that don't make the cases. You've probably seen him. Anyway that's what I always assumed
m
So they are coins Legend owns but lack the "quality" for Legend to retail them to customers?
Perhaps they are coins taken in trade or they don't have space for and or excess inventory
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......
Ok I am going to ask. All the years I've read Legend Market Reports---Ive never really understood what is a "super secret stealth seller"?
They have someone that rolls through the bourse wholesaling coins that don't make the cases. You've probably seen him. Anyway that's what I always assumed
m
So they are coins Legend owns but lack the "quality" for Legend to retail them to customers?
Perhaps they are coins taken in trade or they don't have space for and or excess inventory
Every auction company or retail outfit wholesales coins that don't fit in their inventory. Estates aren't all gems.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Ok I am going to ask. All the years I've read Legend Market Reports---Ive never really understood what is a "super secret stealth seller"?
They have someone that rolls through the bourse wholesaling coins that don't make the cases. You've probably seen him. Anyway that's what I always assumed
m
So they are coins Legend owns but lack the "quality" for Legend to retail them to customers?
Perhaps they are coins taken in trade or they don't have space for and or excess inventory
Every auction company or retail outfit wholesales coins that don't fit in their inventory. Estates aren't all gems.
There are dealers who will take coins "on memo" at a price and literally walk the show floor and let other dealers go through the inventory and buy coins. Why is this done this way? A few reasons. If you have a table, it is impossible for every dealer to view your inventory. Most are too busy to get away from their tables. Another reason is relationships and personalities of all these dealers. Some dealers don't get along with each other or have biases when buying coins from specific dealers. By having a "neutral dealer" show these coins, the buyer does not have any idea whose particular coin they are buying, and will buy the coin on it's own merits. Seems silly, but it is the truth. The seller/dealer that Legend refers to is well know to the dealer community. He works from 6am to 10pm showing as many people as possible. He and his wife are some of the nicest people on the show floor and everyone will look at his inventory. He knows ALL the dealers (large and small) and makes a small markup on each coin. Even if he makes only 2%, and sells $1,000,000 at a show, he still makes $20,000.
Not a bad week with no inventory risk. There are other dealers that also do this, but this is particular one that Gazes is referring to.
@logger7 said:
I always found the "on memo" proposition to be a losing one. Why trust a dealer with your coins when you could just as easily find a higher buyer?
@logger7 said:
I always found the "on memo" proposition to be a losing one. Why trust a dealer with your coins when you could just as easily find a higher buyer?
@logger7 said:
I always found the "on memo" proposition to be a losing one. Why trust a dealer with your coins when you could just as easily find a higher buyer?
Because you can't just as easily find a higher buyer.
Probably someone else could with less ego and greed rather than a dealer who is so full of themselves to think they can find top market.
Everyone has different contacts. And people have different job functions. I've taken things on memo and given things on memo. Why? Because either I had a customer or they had a customer. Or sometimes because they were walking the bourse and I wasn't free to do so.
All comments reflect the opinion of the author, evn when irrefutably accurate.
@logger7 said:
I always found the "on memo" proposition to be a losing one. Why trust a dealer with your coins when you could just as easily find a higher buyer?
Because you can't just as easily find a higher buyer.
Probably someone else could with less ego and greed rather than a dealer who is so full of themselves to think they can find top market.
Everyone has different contacts. And people have different job functions. I've taken things on memo and given things on memo. Why? Because either I had a customer or they had a customer. Or sometimes because they were walking the bourse and I wasn't free to do so.
I've seen cases of dealers take coins "on memo" and a month or so later return what they could not sell. In many cases the financial advantage is not sufficient for the long wait.
@logger7 said:
I always found the "on memo" proposition to be a losing one. Why trust a dealer with your coins when you could just as easily find a higher buyer?
Because you can't just as easily find a higher buyer.
Probably someone else could with less ego and greed rather than a dealer who is so full of themselves to think they can find top market.
Everyone has different contacts. And people have different job functions. I've taken things on memo and given things on memo. Why? Because either I had a customer or they had a customer. Or sometimes because they were walking the bourse and I wasn't free to do so.
I've seen cases of dealers take coins "on memo" and a month or so later return what they could not sell. In many cases the financial advantage is not sufficient for the long wait.
We do it because it works. We wouldn't do it if it didn't.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Ok I am going to ask. All the years I've read Legend Market Reports---Ive never really understood what is a "super secret stealth seller"?
They have someone that rolls through the bourse wholesaling coins that don't make the cases. You've probably seen him. Anyway that's what I always assumed
m
So they are coins Legend owns but lack the "quality" for Legend to retail them to customers?
Last things first. I've seen recognizable top-quality Legend coins in these boxes. They, as do many others, have top-notch coins that aren't used as retail "bait" in a showcase but will sell before the next retail ad is posted.
@cnncoins and many other dealers, including myself, use the same seller. He and his wife are not Legend's "super-secret stealth sales team". For years, I've been hoping this is a insider joke from Laurie; It's easy to form the impression of a solely Legend operation, but it's false. It's not, by any stretch of the imagination. The ultimate "floor salesman"'s gross sales that day were $750K, including mine and many others.
That aside, I've heard echoes of what she reported from several other dealers. This is not a "COVID bounce".
What price levels, genres and niches will be affected? The upper-income half of the coin-buying public got richer, not poorer, this past year. Twenty gazillionaires don't really matter, but another couple of thousand new millionaires will.
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." - Geo. Orwell
I always understood/assumed that "the secret stealth seller" was not exclusive for Legend but I find Laura's reporting on his activity to be a valuable gauge of the market. I like the Legend Market Reports and never have a problem sifting through any promotional verbiage. If you only worked with dealers that didn't hype their coins and business, you would end up with a very small group of dealers. Especially now that Mark Feld works at Heritage.
I do like the CRO reports as well. John has a great wit.
"Look up, old boy, and see what you get." -William Bonney.
@logger7 said:
I always found the "on memo" proposition to be a losing one. Why trust a dealer with your coins when you could just as easily find a higher buyer?
Because you can't just as easily find a higher buyer.
Probably someone else could with less ego and greed rather than a dealer who is so full of themselves to think they can find top market.
Everyone has different contacts. And people have different job functions. I've taken things on memo and given things on memo. Why? Because either I had a customer or they had a customer. Or sometimes because they were walking the bourse and I wasn't free to do so.
I've seen cases of dealers take coins "on memo" and a month or so later return what they could not sell. In many cases the financial advantage is not sufficient for the long wait.
No one else is talking about a long wait. It is intra-show activity. Sunday thru Saturday for a "show week" like this past one.
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." - Geo. Orwell
@cnncoins said:
The seller/dealer that Legend refers to is well know to the dealer community. He works from 6am to 10pm showing as many people as possible. He and his wife are some of the nicest people on the show floor and everyone will look at his inventory. He knows ALL the dealers (large and small) and makes a small markup on each coin. Even if he makes only 2%, and sells $1,000,000 at a show, he still makes $20,000.
Not a bad week with no inventory risk.
I agree with all of this, but I would only add that they sure do earn it as they are also among the hardest working people in our business. Just hauling that many coins around can't be easy, and they do it literally all day long.
@cnncoins said:
The seller/dealer that Legend refers to is well know to the dealer community. He works from 6am to 10pm showing as many people as possible. He and his wife are some of the nicest people on the show floor and everyone will look at his inventory. He knows ALL the dealers (large and small) and makes a small markup on each coin. Even if he makes only 2%, and sells $1,000,000 at a show, he still makes $20,000.
Not a bad week with no inventory risk.
I agree with all of this, but I would only add that they sure do earn it as they are also among the hardest working people in our business. Just hauling that many coins around can't be easy, and they do it literally all day long.
Not to mention the security risk around hauling all those coins, and keeping track of them.
Comments
Good report, thanks for the heads up. Seems like it was a well-run show, with the auctions not running too late and distracting from the bourse.
Thanks for posting the link. I often forget to check out Legends site for reports.
Sounds like it was a good dealer to dealer show. I will be interested to see what shows up on dealer websites over the next few weeks.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
@tradedollarnut Can someone post the results of the Legends sponsored toned showcase competition?
I have no idea what you’re talking about
He is talking about this:
https://www.pcgs.com/showcaseawards
Uhm - so we paid a fee to attach our name to a Pcgs program and you’re asking me? Never heard of it til now. Shrug.
Ok I am going to ask. All the years I've read Legend Market Reports---Ive never really understood what is a "super secret stealth seller"?
They could tell you, but then they'd have to kill you.
They have someone that rolls through the bourse wholesaling coins that don't make the cases. You've probably seen him. Anyway that's what I always assumed
I hope they don't put out a Jersey hit on me
m
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......
So they are coins Legend owns but lack the "quality" for Legend to retail them to customers?
Perhaps they are coins taken in trade or they don't have space for and or excess inventory
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......
I've seen the dude at FUN and ANA - kinda obvious who he is after being introduced in their market report..................
Every auction company or retail outfit wholesales coins that don't fit in their inventory. Estates aren't all gems.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Heritage has an army!
Sounds like a good show. Sold $1 million, bought $100,000!
So who's part of the Legend Zoo Crew
There are dealers who will take coins "on memo" at a price and literally walk the show floor and let other dealers go through the inventory and buy coins. Why is this done this way? A few reasons. If you have a table, it is impossible for every dealer to view your inventory. Most are too busy to get away from their tables. Another reason is relationships and personalities of all these dealers. Some dealers don't get along with each other or have biases when buying coins from specific dealers. By having a "neutral dealer" show these coins, the buyer does not have any idea whose particular coin they are buying, and will buy the coin on it's own merits. Seems silly, but it is the truth. The seller/dealer that Legend refers to is well know to the dealer community. He works from 6am to 10pm showing as many people as possible. He and his wife are some of the nicest people on the show floor and everyone will look at his inventory. He knows ALL the dealers (large and small) and makes a small markup on each coin. Even if he makes only 2%, and sells $1,000,000 at a show, he still makes $20,000.
Not a bad week with no inventory risk. There are other dealers that also do this, but this is particular one that Gazes is referring to.
I always found the "on memo" proposition to be a losing one. Why trust a dealer with your coins when you could just as easily find a higher buyer?
It looks like CRO has a good report, which I have found more balanced and less ego centered than some: https://www.coinraritiesonline.com/road-report/
Ok so honestly I normally love their reports but the writing style seemed too staccato this time
Because you can't just as easily find a higher buyer.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Probably someone else could with less ego and greed rather than a dealer who is so full of themselves to think they can find top market.
Everyone has different contacts. And people have different job functions. I've taken things on memo and given things on memo. Why? Because either I had a customer or they had a customer. Or sometimes because they were walking the bourse and I wasn't free to do so.
All comments reflect the opinion of the author, evn when irrefutably accurate.
I've seen cases of dealers take coins "on memo" and a month or so later return what they could not sell. In many cases the financial advantage is not sufficient for the long wait.
We do it because it works. We wouldn't do it if it didn't.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Last things first. I've seen recognizable top-quality Legend coins in these boxes. They, as do many others, have top-notch coins that aren't used as retail "bait" in a showcase but will sell before the next retail ad is posted.
@cnncoins and many other dealers, including myself, use the same seller. He and his wife are not Legend's "super-secret stealth sales team". For years, I've been hoping this is a insider joke from Laurie; It's easy to form the impression of a solely Legend operation, but it's false. It's not, by any stretch of the imagination. The ultimate "floor salesman"'s gross sales that day were $750K, including mine and many others.
That aside, I've heard echoes of what she reported from several other dealers. This is not a "COVID bounce".
What price levels, genres and niches will be affected? The upper-income half of the coin-buying public got richer, not poorer, this past year. Twenty gazillionaires don't really matter, but another couple of thousand new millionaires will.
I always understood/assumed that "the secret stealth seller" was not exclusive for Legend but I find Laura's reporting on his activity to be a valuable gauge of the market. I like the Legend Market Reports and never have a problem sifting through any promotional verbiage. If you only worked with dealers that didn't hype their coins and business, you would end up with a very small group of dealers. Especially now that Mark Feld works at Heritage.
I do like the CRO reports as well. John has a great wit.
"Look up, old boy, and see what you get." -William Bonney.
No one else is talking about a long wait. It is intra-show activity. Sunday thru Saturday for a "show week" like this past one.
I'd trust you with any valuable Col. Jessup, on memo with you is a win/win professional transaction. You have to know the dealer you are dealing with.
I agree with all of this, but I would only add that they sure do earn it as they are also among the hardest working people in our business. Just hauling that many coins around can't be easy, and they do it literally all day long.
Coin Rarities Online
Not to mention the security risk around hauling all those coins, and keeping track of them.
+1
``https://ebay.us/m/KxolR5