I anxiously waited almost three years for the online auction to take place that included the coins not claimed from a horrible event that many families were victims from what I would call fraud.  No need to go into details.  Justice finally prevailed once through the court system and again as these coins were auctioned and the prices realized were very strong. 

I was not the only person waiting, there were many as the world awaited the sale of these coins.  No one knew for sure what coins would be auctioned.  The sale took place over a fourteen day period.  This allowed time for everyone to view, ask questions and gather money needed to purchase.  All items had to be paid in four business days.  This changes the characteristics of the people who could bid.  You had to have real money and pay on time.  There was no grace period. 

Even with tough restrictions, there were many lots that sold in excess of $100,000.  Not bad for an internet auction not highly publicized.  I will guess that this simple auction was so affective that it generated over $5,000,000 in sales for only about 120 lots of coins.     

As expected, the price for Great/Low mintage coins was very strong.  What was not expected was the very high prices paid for many of the Generic/Common coins.  This took me by surprise.  Let me explain.

When one or two Common coins are offered in one lot, I expect strong prices.  When 200 - 300 coins are offered in one lot, I expect the price to decrease substantially.  Why?  Because the collector is not a factor.  The normal collecor will not bid on these lots.  These are dealer or investor oriented lots.  No one is going to chase these large lots.  Well, in this case, people chased and prices realized were strong.  What this tells me is the upward movement for Generic coins is so strong that this segment is poised to realize huge gains in the coming months. 

Majestic Rarities was by far the leading purchaser in this auction.  Majestic Rarities purchased about 40% of the sales for this auction.  Not 40% of the lots but an estimated 40% of the total dollars sold.  We maintain a very strong cash position so we can purchase coins and wire payment.  This is what has allowed us to acquire more Great coins than anyone else.  This is why we will pay over market pricing to purchase the coins we want.  I mention the amount we purchased because one of the coin forums estimated the amount we purchased and they were incorrect (too low) by over $400,000.   

I have mentioned this so many times but it is worth mentioning again and again.  The biggest mistake people make in a bull market is not purchasing enough.  Everyone wants a deal.  My definition of a deal is being able (offered) to purchase a Great coin at a fair price.  Today I am paying over market pricing.  In three months, the coins I just over paid are now a bargain. 

It is important to align yourself with the correct people.  Many sellers of these Modern Chinese coins are so new to this segment, they have no knowledge or experience yet they want to act like an expert.  Make sure the people you choose to work with know this market and own the coins they are trying to sell to you. 

If you have questions, please do not hesitate to email or call us.

                                           COLLECT - INVEST - HAVE FUN............