I Love this Market! Am I Crazy???

Posted by John Feigenbaum at 22 January, 2009, 9:54 pm. 1,122 views
Categories: DLRC (David Lawrence Rare Coins), DLRC Auctions, John Feigenbaum's Ramblings

Ok, ok, I know it’s an unpopular stance to strike a positive note on anything right now that doesn’t relate to Barack Obama, but I’ve always been a contrarian and this (coin) market is right up my alley. I specify the coin market in particular because that’s the world where I eat, breathe and sleep. I know nothing of Wall Street, the restaurant business, or anything else, but I do know coins and coin markets.

Enough of that. “Why do you like this market???,” you ask… it’s easy. For the first time in nearly 10 years, I can buy coins again. Seriously. Prices have risen steadily in many areas for the better part of a decade and, frankly, we’ve been a little uncomfortable with some of the values.

I’m a collector at heart, like the rest of you, and I want good value.

We are really starting to see some great values in the coin business. We’re also starting to see some nice collections pop onto the market and the action on our website is a good as ever. “Whoa! What’s that you say? As good as ever???? Hasn’t he heard the economy is in a tailspin???”

The silver lining on the whole economy is that there are some great bargains out there. Whether you are shopping for a new couch, flying to Europe, or adding to your coin collection, there are opportunities to be had.

Our auctions been been surprisingly strong this month thanks to the influx of very cool coins that we’ve been able to buy this past month. The coins have been flowing in steadily for the past 6-8 weeks and momentum is building. But, the best part is, collectors are trading duplicates for upgrades, Buffalos for Barbers, Barbers for Buffalos, etc. And we’ve built DLRC to help folks on both sides of any deal, so we love the action.

Strong DLRC Auction Results are the highlight of the week. Monday Night’s Auction #324 realized an astounding $324,000 including the sale of a lovely Proof 63 Stella for $143,750 to a new DLRC client! I had the pleasure of speaking with the client this afternoon, who commented to me that he thought this was a really good deal. I couldn’t agree more! Just three months ago this same coin would have cost $20,000 more. And I don’t think this window of opportunity will be open forever. I’ve got two clients that are taking advantage of the recent availability of two Barber quarter sets and we were fortunate to get a number of great dates that seldom appear in gem condition. The same can be said of Red Lincoln cents. Recent auctions have freed up some great coins and we’ve stocked up because we know how hard these are to find.

So…if you are like the rest of us out there in this uncertain economy, come on in and have fun with us. We’ll buy, sell, auction and trade with you becuase we love the action…and this market!

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