October 5, 2018 Legend Rare Coin Auctions Market Report
Welcome to October. Thinking about the market this week, we can use early fall weather as a great metaphor. Now having a week to digest the results of the September Regency Auction, we have made some observations about the state of the rare coin market. Some trends that we have been noticing have set in.
The market definitely has stratified. There is a lot of talk in the chat boards and other market reports about a “two tier” market. We are seeing this for sure, but we think there are some more layers than just two. Clearly, PCGS/CAC coins see the most demand. Just look at the results in the collections we sold in the Regency Auction. The coins in the Konstantine and Hallett Collections that performed the best were the ones that were CAC approved. Collectors demand the quality that the PCGS/CAC combination offers. The coins that did not reach estimates or perform as well were the non-CAC coins from these collections.
One thing you know about Legend Auctions by now though is we provide another layer of screening. So even if a coin is NOT PCGS/CAC it has been screened and approved by our world class numismatists. If we do not like a coin, it will not appear in our sale. However, the market, like the early fall weather can be hot and cold in the same week. It really depends on the individual coins.
From the feedback we have been getting from consignors to the Regency Auction, everyone was very happy with the results. Record prices were shattered on many coins, blasting through their estimates. This brings us to another topic that we have been trying to address—our estimates. We do our best to provide an accurate estimate range for the coins in our sales. These, to the best of our ability, give them a hammer price estimate, that with the 17.5% buyers premium will bring it to a high wholesale, low retail range. Now, in today’s market, in many areas the lines of wholesale/retail are somewhat blurred, but we do try our hardest to provide accurate pricing data and our interpretation of that data in the form of our estimates.
Legend Rare Coin Auctions strives to make the experience for both buyers and sellers as streamlined, efficient, and pleasant as possible. Being that our numismatic experts, both Laura Sperber and Greg Cohen are both collectors at heart, we strive to make this as great an experience for everyone involved. To that end, we are always making small tweaks to our systems and operations. You some of these changes you will see, others you will not, but it is all geared to make sure that you always get the best possible service, and best possible coins for your collection!
Regency Auction 29. Our final Regency Auction of 2018 is being finalized. All coins are now in house and being cataloged and photographed. While there are no anchor collections like Hallett or Konstatine, we have nearly 500 hand selected lots from numismatists around the country. One of the things we noticed as the coins came into the office is the freshness of so many consignments. There is a group of first generation PCGS slabbed coins that have not appeared in auction that we can tell. There are selections of gold from the S.S. Central America, both from the first recovery and the most recent second group that came out. Type coins in all series and price points from $1,000 to over $250,000 are included—really something for every collector and every budget. A preview has been posted, but please note: THE DESCRIPTIONS AND ESTIMATES HAVE NOT BEEN EDITED. Changes may be made in the content and estimations before the sale is posted for bidding. So please feel free to make your watch lists, but note that some descriptions may be edited in the coming days.
Here is a list of some highlights:
1C 1856 FLYING EAGLE PCGS PR64 CAC
5C 1912-D PCGS MS67
H10C 1800 PCGS MS63 CAC
25C 1835 PCGS PR63
$1 1840 PCGS MS63+ CAC
$1 1880 PCGS PR67+ CAC
$1 1921 CHAPMAN PCGS PR67
$2.50 1848 CAL. PCGS MS62+ CAC
$2.50 1876 PCGS PR67 DCAM
$2.50 1910 PCGS PR66+ CAC
$5 1811 SMALL 5 PCGS MS64 CAC
$5 1914 PCGS PR67 CAC
$20 1872 PCGS PR63 DCAM
$20 1924-S PCGS MS64+ CAC
50C 1935 SPANISH TRAIL PCGS MS67+
G$1 1852 J-145 PCGS PR66 CAC
We expect to have the Regency Auction posted for bidding around October 19.
October Premier Session. Consignments are now closed for this sale. We have nearly 200 lots, one of our largest offerings yet. We have collector groups of GEM Lincoln cents and a neat group of early Walkers. There are lots of coins again that will fit any collecting budget and area. The sale goes live October 18 and closes on the Sunday October 28. Lots will be available to view at our table at the upcoming Baltimore Expo.
Have a great weekend and start to think about consigning to our 2019 Regency Auctions. We already have some great things lining up which we will discuss when we can! Feel free to email Greg, Julie, or Jessica ([email protected]; [email protected]; [email protected]).