Legend Rare Coin Auctions’ Market Report—2/3/17

The February Premier Session Internet Only Auction is nearing completion. We had such a strong response to the new, larger format for our Sessions Auctions, more coins came in than we anticipated, and we cut consignments off a little early. A full list of what is being offered is posted online, and has been mailed out to our catalog mailing list. You will certainly find that Legend Rare Coin Auctions’ internet sales are completely unlike any other internet auction offered by anyone else in the business. If you have not participated in any of our Sessions Auctions in 2016, we welcome you in 2017.

Some highlights:

3CS 1853 PCGS MS67 CAC
H10C 1795 PCGS AU55
25C 1932-D PCGS MS64+ CAC
50C 1861 CSA RESTRIKE. PCGS AU55
50C 1919-S PCGS MS65 CAC
G$1 1882 PCGS MS67+ CAC
$5 1855-S PCGS AU55 CAC
$1 1879 GOLOID METRIC DOLLAR. J-1631. PCGS PR64 CAC

 The sale will post online for bidding on Thursday, February 16 and closes live on the evening of Thursday, February 23. Every lot will be at the Long Beach convention at the LRCA table, 601 for viewing.

 Benefits of consigning to a boutique auction.  Recently an estate approached us with a small collection of interesting type coins, key dates, etc. We made them a proposal to offer the coins in one of our upcoming Regency Auctions. We were amazed at how the folks with the coins fell for the “bigger must be better” trap. Remember, unless you have a multimillion dollar consignment, your coins just “feed the machine.” The group of coins would get lost in a large sized auction sale. The coins that were offered were solid collector oriented coins, valued at $750-$35,000. In a large auction, these would be broken up into possibly three different sessions, live and online (and some of those live sessions would be running while the affiliated bourse floor was being operated, limiting potential participation), and there likely would have been multiples of the same date and grade.

Bigger does not just refer to the number of lots. It also applies to other “selling points” that auction firms mention in their sales pitch to potential consignors. Just because a firm claims to have a huge number of clients, huge mailing list, etc, does not automatically mean they will get higher prices. As a consignor, at the end of the day, what really matters is the bottom line. Legend Rare Coin Auctions’ mailing list has the proven buyers, who have paid record prices for coins. These are the people you want bidding on your coins. And, 90% of the coins sold in LRCA sales go to collectors or their dealer agents, not dealers buying crack-outs, upgrades, or “on spec.”

We just witnessed that great coins can and do fall through the cracks at these larger auctions, and it is the consignor that feels the pinch. Because of how large some of the auctions can be, coins do not get processed properly (crossed over, regraded, submitted to CAC). A coin recently sold in a major sale that sold for $10,000. The buyer sent the coin to CAC where it stickered, and subsequently sold the coin for $20,000. Who loses out the most? The consignor.

Consigning to Legend Rare Coin Auctions, our team of world class numismatists vet all the consignments. You will not see a run of 20 of the same date/grade coin in any of our sales. In fact, very rarely will we have duplication at all. As part of our vetting process, we work with you, the consignor to ensure that the right coins are submitted for grading/CAC. Our auctions DO NOT take place during bourse hours, nor are there multiple sessions for bidders to keep track of. We do this to protect our consignors, resulting in higher APRs for you.  Not only do we do all that to protect the bidder, but we also can give you great terms on commissions and cash advances. Our motto is “a happy buyer makes a happy seller.”

To consign your coins to one of our upcoming sales contact us today! Let Julie Abrams or Greg Cohen work with you to help you maximize the value of your consignment. After 20 Regency Auctions and 7 Internet Only Sessions sales, we have proven, beyond any doubt, Legend Rare Coin Auctions has proven that small boutique auctions can bring as big (or bigger) results than the larger firms. Let us WOW you today with what we can do for you!

 

Upcoming events:

February 15-18 Long Beach Expo

February 16-23 February Premier Session Internet Only Auction

March 8-11 ANA National Money Show, Orlando, FL

March 9-16 March Premier Session Internet Only Auction

March 29-April 1 Baltimore Whitman Expo.