Coin business called big or small
In some respects, the market for collectible coins was big business during 2017, yet in other respects it remained a small market when compared to other businesses. Only five domestic and an additional five foreign businesses were identified as having publicly traded stock during the year, which is the same as one year earlier.
According to the Numismatic Stock Index, the domestic companies were trading at 89.96 percent of their 52-week average in December 2016, but at only 77.22 percent during December 2017. Foreign businesses traded at 55.23 of the average during December 2017, down from 61.63 percent one year earlier.
At the same time, the Professional Numismatists Guild identified four U.S. coins that each traded for $1 million or more during 2017. In the art world, this is a modest figure, with a single painting having realized in excess of $450 million. PNG estimated the overall U.S. rare coin market at between $3.4 billion and $3.8 billion dollars for the year. This does not include recently offered U.S. Mint products. Silver American Eagle sales for 2017 were about 52 percent lower than one year earlier. PNG reported $306,199,305 realized at major U.S. coin public auctions during the year. The statistic includes buyer premiums.
Heritage Auctions and Stack’s Bowers Galleries dominated the auction scene.
Bullion gold was at about $1,150 an ounce at the beginning of the year and was over $1,300 as the year ended. Silver increased over 7 percent during 2017, a paltry number when compared to the stock markets.
My assessment – the coin market remains at consumer friendly values.
This article was originally printed in Numismatic News. >> Subscribe today.
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