Legend Report on the Chicago ANA SHow
Laura Sperber
WITHIN THE MARKETPLACE THAT LEGEND NUMISMATICS DEALS IN-THE TOP 5% OF
QUALITY AND RARITY. OTHER DEALERS WILL HAVE DIFFERENT COMMENTS.
A BLOCKBUSTER SHOW?
We think it was pretty close. So far we have only heard ONE single complaint
about someone not doing well biz wise at the show from any dealer we know.
From our point of view, the activity was super strong and we know we did
extremely well. In fact, this may very well have been our ALL Time busiest
ANA Show EVER. We were able to score big BOTH buying and selling. That combo
is something we have not done in the past 5 years! It will take us at least
two days to add everything up.
We're not discussing the pre show or its auction here. However, we MUST add
the pre show certainly helped momentum. It was our strong opinion the ANA
Show could have been in some trouble with out the pre show this time on a
WHOLESALE basis ONLY. There definately was an immediate "buzz" on the floor
vs having to wait a day. No other show has attendance like the ANA Summer
Show.
Legend sold well over $1 million dollars and spent over $1 million in the
Stacks auction. Buying from collectors turned out to be surprisingly strong
and we were thrilled with our acquisitions.
In our opinion, after we add up everything we did, this could possibly be
called a blockbuster show. We might be too tired to make the declaration.
SET UP
Since the PNG had its show prior, set up was very short. Activity was strong
and had what we call a strong rythm. As you can imagine GOLD was nuclear hot
and was easy to sell. Most dealers came in with good attitudes and wanted to
do business. Want Lists are still long and better coins to fill them are
still scarce. It was definately one of the more active SET UPS we have seen.
We started our ANA Show doing a six figure transaction (this is after the
PRE show where we started by selling a $450,000.00 coin)! Activity never
slowed from then on. In fact we did substantial selling at SET UP. The only
negative: we could not find the coins we wanted to buy anywhere on the
floor.
Many coins that were "old friends" to us, were sold either at the PRE SHOW
or at SET UP of ANA. Some even sold for profits! Thats when you know a
market is really strong.
THE ANA SHOW
We were thrilled so many collectors stopped by our table and the exhibits we
sponsored that the ANA displayed. We thank you (espeically our good friend
from Malaysia who took a special trip to see us and the show-and our friend
from SF who brought us wonderful gifts)! Sorry though if you saw us Thursday
or later, we were totally wiped out. Take our word on this, we were running
around hard for 7 days straight from 7 AM until midnight doing business. It
was both physical and mental hell from Thursday on for all of us. Its so
nice to be home!
As we mentioned, we had very little "down time" at the show. The collecting
public definately turned out strong. 10 foot wide isles may have made the
show seem a little slower, however, we can assure you, it was not.
Unlike last years Boston ANA, there was no mad rush by collectors. The crowd
was constant and only once (on Wed) did we have too many people at our
table. Collectors wanted coins for sure! They came with long lists and open
check books. Surprisngly, what we bought from collectors was great
stuff-none of it was the result of anyone dumping. In fact, people seemed
more focused on buying rare coins (especially gold coins of any kind) than
what was happening with the stock market.
Unlike past ANA Shows, going table to table searching for neat coins was
boring. There just was not many great coins for sale on the bourse floor. In
fact the new trend (which we are guilty of) was to display a customers best
that is NOT for sale (we had multiple serious offers on our cusrtomers 1832
Eliasberg 50C NGC PR68).
THE STACKS SALE
We told you so! Records were smashed at this this gigantic $25 million plus
auction! If it was fresh and of high quality, it brought record money. You
didn't think we were hinting about the 1975 NO S 10C that brought a record
shattering $304,000.00 HAMMER, or the FINESTgraded $10 1875 PCGS AU53+ that
sold for $345,000.00!!!! No question, GREAT FRESH COINS BROUGHT RECORD
MONEY.
In our PRE ANA Show report, we told you there would be a coin that would
sell for extreme multiples. We were grossly wrong,. There were several!
The coin we intially were refering too was the Alabama PCGS MS65 Commem that
had INCREDIBLE color. In our entire career, we have NEVER seen one so
spectacular. Sadly, we were the underbidders. The coin sold for $28,750.00.
Not bad for a coin that has a BID of $1,650.00. We promise you, the new
owner (a dealer) will NOT lose money on that coin nor will the collector who
buys it! Legend was very aggressive on the other colored Commems and did buy
several for inventory. On coins like these, we know we have only one shot to
buy them and paying record prices does not scare us.
Another coin we lost out on, was the gorgeous 1851 Humbert Slug. It sold for
a jaw dropping $250,000.00+. The coin was a stunning PCGS AU55+ CAC. These
generally are worth $150,000.00 or so.
We spent at least $1 million dollars buying some of the best coins from the
sale. Of course we bought almost all the Amazonian Patterns. We also bought
the 25C 1804 PCGS MS63 (the best we had ever seen) for $184,000.00 and the
25C 1815 PCGS MS65 $46,000.00, also the BEST colored Bust Quarter we had
ever seen. Natch both coins were CAC stickered.
ALL the pent up unsatisfied demand for great coins the market had
experienced for the past 2-3 years was able to be released at the Heritage
and Stacks sales. The results speak clear cut volume about how healthy and
strong the rare coin market is. The Stacks auction was beyond packed for the
first several hundred lots and bidding was furious at times. We suspect that
strength will grow as people start to seek out hard assets again for
stablity in their portfolios (not a bad thing). We also believe there will
be a huge amount of new collectors into the coin market-many of them also
seeking financial shelter, but many who become involved now because of gold.
GOLD
ALL THAT GLITTERS IS GOLD! You better believe it! Every kind of gold coin
were and are hot. It did not matter whether it was a low grade widget or a
high grade classic rarity.
The big wholesalers who supply the telemarketers had massive orders to fill
(we are taking thousands of coins per order). They just could not buy
enough. At this show, there was no such thing as being "buried" in a gold
coin (or really over paying). After SET UP, we looked at our gold inventory
and saw we had only 5 coins left! It took a mighty effort to hit the floor
and buy gold coins at the "right" levels.
No one can predict how much higher gold will go. It certainly is running. We
did sit down withone of the biggest wholesalers of gold who believes there
will be some sort of serious correction within the next month-but that is
all speculation (which to us does seem sensible).
There are practically NO better gold coins to buy on the bourse floor. And
of course the prices for gold coins in BOTH auctions was super strong. We
think if gold does NOT crash or correct within the next 2 weeks, you will
see substantial price increases in rare gold coins (many generics are
regaining their premiums rapidly).
Our recommendation for gold buying is still the same: build a spectacular
Type set. Then YOU are in control. There are a few series that are
affordable still: $2.5 Indians in MS64 or $3 1880-1889 in GEM AU to name
two.
NEWPS
WOW do we have some wild coins. We'll start our ANA NEWPS with a killer 1C
1886 PCGS PR67RB and end with a remarkable $20 1897 PCGS MS65. With in the
next 30 days, we guarantee our web site will chocked full of some of the
BEST and WILDEST coins available for purchase that you will see anywhere!
You WILL see in excess of $1 million dollars of incredible coins. No other
dealer has in inventory what we do!
WHAT HOT AND WHAT IS NOT
We were too busy to say anything was not hot! ALL areas seemed to sell well.
Of course gold is nuclear and is the exception to mention as such (that it
is beyond hot).
One other are we do know that is RED HOT: coins OVER $250,000.00. We just
did a transaction on a SINGLE coin worth over $1 million. As you witnessed
inthe Heritage PRE ANA Auction, the $3 1855S NGC PR64 sold for $1,322,000.00
with three bidders over $1 million. There was an amazing $2,800,000.00 coin
that sold TWICE at the show (we got sleezed out of it). The more rarer and
expensive the coin, the easier it seems to sell right now. There are boat
loads of cash that want to buy only the rarest and best pieces. Three coins
selling do not make the market hot. Its all the real Want Lists we are aware
of that do!
Bremick
successful the show was with all the five and six-figure coins changing
hands. Records being smashed! How "boring" it was to go from table to
table looking for neat coins. So sorry you were aced out on those
six-figure coins, as well as that $2,800,000 one. But then coins over
$250,000 are HOT!! You seem to be living in your own world, one where the
average collector is an outsider and those with deep pockets are "making the
hobby".
How about the new collector with a couple hundred dollar budget looking to
fill holes in a Lincoln or Mercury album? How welcome would he or she feel
at this show in the future after reading your account, which comes off more
like an pompous ad for yourself. How wonderful you must be.
"Laura Sperber" <lspe...@hotmail.com> wrote in message
news:j2qkon$c1s$1...@speranza.aioe.org...
Some Guy
> at SET UP of ANA. Some even sold for profits! Thats when you know a market is
> really strong.
Some sold for profits, eh?
Isn't a professional coin dealer SUPPOSED to make a profit?
Sorry I didn't have a $100,000 or more to buy your precious coins.
Ken Barr
wrote:
> The detailed account below sounds pretty "elitist" to me. How wonderful and
> successful the show was with all the five and six-figure coins changing
> hands. Records being smashed! How "boring" it was to go from table to
> table looking for neat coins. So sorry you were aced out on those
> six-figure coins, as well as that $2,800,000 one. But then coins over
> $250,000 are HOT!! You seem to be living in your own world, one where the
> average collector is an outsider and those with deep pockets are "making the
> hobby".
>
> How about the new collector with a couple hundred dollar budget looking to
> fill holes in a Lincoln or Mercury album? How welcome would he or she feel
> at this show in the future after reading your account, which comes off more
> like an pompous ad for yourself. How wonderful you must be.
FWIW, Laura posted this report on her company website, with the clear
disclaimer as reproduced in the r.c.c article:
>
> "Laura Sperber" <lspe...@hotmail.com> wrote in message
> news:j2qkon$c1s$1...@speranza.aioe.org...
> > WHAT IS WRITTEN IN THIS REPORT IS BASED ON THE OBSERVATIONS AND ACTIONS
> > WITHIN THE MARKETPLACE THAT LEGEND NUMISMATICS DEALS IN-THE TOP 5% OF
> > QUALITY AND RARITY. OTHER DEALERS WILL HAVE DIFFERENT COMMENTS.
[snip]
I'm certain that Laura did NOT post this to r.c.c herself -- it
was posted from the public aioe.org server that someone is using to
republish Coin Universe forum postings, often for trollish purposes.
[DISCLAIMER: I use aioe.org myself, but IANAT ...]
I'd love it if one or more of the "meat and potatoes" deelers who
sell to the couple-hundred-buck-budget fill-in-the-hole collectors
would post a show report on their website (or here in r.c.c)
detailing their show results. Sadly, none appear to do so ...
--
Ken Barr Numismatics email: k...@kenbarr.com
P. O. Box 32541 website: http://www.kenbarr.com
San Jose, CA 95152 Coins, currency, exonumia, souvenir cards, etc.
408-272-3247 NEXT SHOW: Fairfield Coin Club show August 14
Bremick
"Ken Barr" <k...@kenbarr.com> wrote in message
news:ken-A91821.1...@nntp.aioe.org...
I don't go to the big shows, but I would enjoy reading about good/bad show
experiences of those "meat and potatoes" dealers and of the collectors who
shop with them. Would any of those dealers be apt to bring a VF 1911-S
Lincoln, or are coins like that too "pedestrian" at a major show? We read
enough about the latest record setters on the front pages in the hobby pubs,
along with how the megamillion auction results show that our hobby is going
strong. Whoever posted this Legends article here was surely patting the
firm on the back as a "big player" in the business. Good for them.
Ken Barr
wrote:
[snip]
> I don't go to the big shows, but I would enjoy reading about good/bad show
> experiences of those "meat and potatoes" dealers and of the collectors who
> shop with them. Would any of those dealers be apt to bring a VF 1911-S
> Lincoln, or are coins like that too "pedestrian" at a major show? We read
> enough about the latest record setters on the front pages in the hobby pubs,
> along with how the megamillion auction results show that our hobby is going
> strong. Whoever posted this Legends article here was surely patting the
> firm on the back as a "big player" in the business. Good for them.
Being a "meat and potatoe" deeler myself (some speeling courtesy of
a former U. S. Vice Prezident ...), I'll be happy to post such a show
report after my next show (Livermore Valley Coin Club, September 18
-- any r.c.c'ers in the Tri-Valley area are welcome to stop by and
say HOWDY!). It ain't a big show, but it's a show ...
I've shared a table at the ANA for a long time (almost every year
since 1984), mainly to help a deeler friend get through the busy
periods and allow him to wander the floor on periodic buying trips,
usually in exchange for a case on his bourse table. I generally
take my "higher end" stuff, but a VF 11-S Lincoln would fit into
that category if I had one in stock. It's just not worth lugging
massive amounts of under-$20 coins to big shows unless you can
drive and have a lot of space ...
I also usta share a large bourse space with the late numismatic
literature deeler John Bergman at Long Beach (in exchange for killing
my back helping him load, unload and set up several tons of books ...).
But since I drove and had plenty of space, I took As Much As I Could
Fit Into My Car to that show ...
Whoever reposted the Legend market report may have been patting
them on the back, but was also hoping to stir up some scheiss here
in r.c.c. Almost all of the Collectors Universe forum articles
reposted here are complaints about eBay, complaints about Teletrade,
complaints about specific deelers policies, etc. Some of the threads
die without comment, but others take on a life of their own, almost
never with any followup from the "original poster", who of course
never posted the article here in the first place ...
Jan
article with some plain surprise. As a teenager I started collecting coins.
About just seven years ago I could buy some nice crownsize coins of the 19th
hundreds for "normal" prizes at eBay. Even sold some coins. Since a couple
of years my hobby's been lying flat because of the sky rocketing prizes and
the numerous fakes popping up. I just don't want to pay lots of money for
coins I bought much, much cheaper a couple of years ago. Maybe my own coins
are worth much more but what do I care? I don't want to sell 'm.
The story about the MS high number coins selling for a whopping 250.000 or
more makes me smile. As an "old" romantic collector I like the idea of
having coins which have been in circulation for the fact that people from
centuries ago really used the coins, played with them, cried about their
loss maybe. A rainbow coloured Morgan in MS-67 is a nice coin but has not
the history as an old VF Philipsdaalder of 1557 of king Philip II struck at
the dutch Nijmegen mint (last coin I bought). Why pay so much money for a
MS-67 rainbow Morgan while you can buy the same coin in XF-45 for $50? Of
the latter you can imagine that some bloke really used it to pay his whiskey
in a saloon somewhere in the desert..
The world described in the article stands far away from the world where I'm
living in. And I don't mind ;-)
Cheers,
Jan
"Laura Sperber" <lspe...@hotmail.com> schreef in bericht
news:j2qkon$c1s$1...@speranza.aioe.org...
Steve Spradlin
>
> I'm certain that Laura did NOT post this to r.c.c herself -- it
> was posted from the public aioe.org server that someone is using to
> republish Coin Universe forum postings, often for trollish purposes.
> [DISCLAIMER: I use aioe.org myself, but IANAT ...]
>
There is a guy named Justacommeman (MJ) on the PCGS board who reposts
these
Laura Sperber posts knowing they create chaos, and delighting in it.
I asked if it
was appropriate for all the free publicity to be given to one
dealer...who at one
time said David Hall should fire all the graders because PCGS is so
incompetant.
I got a reaming via PM from Trade Dollar Nut telling me to keep my
mouth shut. I bet
he is an alt for Laura.