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Is this double-talk on Legendcoin web site coin inventory wherein....

Started by carson city,

70 posts in this topic

bsshog40

bsshog40

Posted
Posted

I think there are going to be those that need that extra reassurance of thier coins. I think the Sticker will be most popular with those who are not confident with thier coins. I think if you need a sticker to say your coin is good, why did you buy it with the doubt in the first place??

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DC Dawg

DC Dawg

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If CC talks and nobody answers, did he really ever say a thing???
My opinion of CC and his talk of the CAC: :blahblah:

 

Now we sit back and wait for his pithy one line, yet irrelevant quotes. :baiting:

 

Scott :hi:

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Doogy

Doogy

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Try to stay focused people-----Why did Legends sticker a coin that "really did not need a CAC sticker" ?

 

 

You forget, that there are also "investors" out there that want the added assurance. There are also really talented collectors, that like having the added assurance of one more set of expert eyes on the coin; or finally, you have clueless newbies with deep pockets that want a sure thing.

 

Pick one, its really not that hard to see why.

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braddick

braddick

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Try to stay focused people-----Why did Legends sticker a coin that "really did not need a CAC sticker" ?
Why are you so confident it was Legend that had the dollar stickered?
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MikeInFL

MikeInFL

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What "added assurance" do they receive ? What is the buy-back price for this 1934-S Peace Dollar ? 30% less than what it is being sold for ?

 

Do you have any experience in selling coins back to Legend?

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DC Dawg

DC Dawg

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a 1934-S MS65 Peace Dollar is described as "You really did not need CAC's sticker of approval to confirm this coin as an outstanding GEM".

 

Indeed, so it begs the question----why was it stickered ?

It was stickered because Laura Sperber, who I believe is president of the company and a supporter of the CAC, more than likely has a policy to have Legend's inventory stickered. Sperber and Legend Numismatics made a business decision for whatever competitive advantage they believe they gain by having this and other coins stickered.

 

Does it change the fact that it is probably a beautiful coin? No. But that's their business decision regardless of your feelings.

 

I think the flippant answers to your question is showing the fatigue we are having with your barrage of attacks on the CAC. For someone who likes quotes, let's remember the fate of Howard Beale who got so stuck on an idealogical issue that it eventually lead to his demise--literally!

 

Scott :whatev:

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Revenant

Revenant

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If that is the case why only a select few stickered ? Were the remaining coins in inventory Rejected by CAC ?

 

Wow, you're like a pinball. You just bounce off things and inevitably come back for more from a different angle.

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Doogy

Doogy

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If that is the case why only a select few stickered ? Were the remaining coins in inventory Rejected by CAC ?

 

how 'bout all those billions of coins out there in circulation, and in collector's hands? Were these all rejected by TPGs?

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Doogy

Doogy

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CAC, to my knowledge, only stickers NGC & PCGS certified coins, not"coins out there in circulation " !

 

 

I was using your logic. They only stickered certain coins, as perhaps they felt they were worthy of the sticker. Just like coins out there in circulation and in private collections; a person has to make a judgement call on whether or not to have a TPG grade them.

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carson city

carson city

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Depends on what you consider, expensive. Check them out. However, the $8950.00 Peace Dollar according to their website "did not need CAC sticker of approval to confirm this coin as an outstanding GEM "

 

However, in spite of their own comments they proceeded to guild the lilly, which is OK by me. But how does this unnecessary sticker relate to a buy-back price and to whom does the owner go to sell such a coin ?

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Houston Investor

Houston Investor

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I went to their website and looked at the coin as I sold a 1934-S ICG VF 20 for $49 on ebay not too long ago. Certainly their coin in MS 65 is a much nicer coin any way you slice it. That it has a CAC sticker does not impress me - I do not like the dark toning spot on the reverse on the R in dollar. While the overall appearance of the coin is somewhat nice and the cheek is clean I still would only call it average quality for the grade, certainly not PQ in my opinion. I have been grading rare coins for over 30 years. In addition, there are some light chatter marks in the obverse field and brow - technically it is a MS 65 but not something I would pay its asking price of $8,950 for which is approximately 37% above the CDN Bid of $6,550. But for a key date I think this is a fair asking price, not that much above my calculated industry average of CDN Bid plus 30% (my excel analysis). She mentions it has not been dipped and I agree, but frankly I think it would look nicer if it had been lightly dipped and the dark area worked with a Q Tip (soaked with dip) - just my preference. I think a nice brilliant, white, spot free MS 63, in the $3500 range would be a saner buy. I am not knocking her coin, it simply does not float my boat. Legend has a very impressive inventory and just about any of them would be the dream coin for a nice collection. I think without the reverse spot, it would very easily be a $10,000 coin or more.

 

Take a look at the premium above bid on the stickered coins vs non stickered coins and you will get a feel for the profit potential of CAC for dealers trading in this kind of esoteric material. She certainly has a lot of CAC stickered coins - CAC stickered coins + plus big spenders = bigger profit. The only use I ever had for Legend was their auctions (discontinued?) and I enjoyed winning many coins below bid because I felt I was bidding against some of the rabid guys from ATS. I found out about the Legend Auctions from the PCGS forum. In addition, I found her comments about "wannabees" and calling coins below $1000 "widgets" offensive even hence adding more fuel to the fire of satisfaction I felt in winning some of their lots and then making money off them when I sold them to some of my clients.

 

The fellow who bought my ICG VF off ebay for $49 (CDN Bid is $65) saved himself $8900 vs the MS 65. Perhaps I gave mine away letting it rip below bid like that. Did I get ripped?

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Houston Investor

Houston Investor

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Depends on what you consider, expensive. Check them out. However, the $8950.00 Peace Dollar according to their website "did not need CAC sticker of approval to confirm this coin as an outstanding GEM "

 

However, in spite of their own comments they proceeded to guild the lilly, which is OK by me. But how does this unnecessary sticker relate to a buy-back price and to whom does the owner go to sell such a coin ?

 

Most dealers at shows, including myself, use the blue sheet as a buying tool when offering money for certified coins. Blue Sheet bid for a 1934-S PCGS MS 65 Peace Dollar is $4,500 (50.3 % of the $8,950 asking price). Many dealers call such a markup Double Bubble. So if you walk this coin up to a shop or show dealer I would say a decent offer is $4,500 but someone may want it enough to pay more and more power to them. They are going to need to find a buyer with a lot of pocket that really wants that coin.

 

You have a good point CC about the sticker vs buy back price - I wonder the same thing myself. I would offer no more than $4,500 for it if it were brought to my table and even then (after looking at the scan) I still may have qualms about buying it. If it were a $200 coin I would buy it at bluesheet, then dip it in a heartbeat. That coin (the 1934-S PCGS 65), I would back off - disgression is the better part of valor.

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