Coin Market Buoyant in Troubled Waters

The spot price of bullion gold and silver, new coin issues and some key date coins recently sold are all grabbing headlines almost at once as this commentary is being written. The war in Ukraine, inflation everywhere and the logistical aftermath of the coronavirus pandemic are the chief reasons. 

Digesting all this from a numismatic viewpoint, the business and hobby of coins is doing very well. The interest in coins was on an upswing even before the proverbial sky began to fall. Even more people have joined that interest as they seek shelter from the economic and political storm rocking their boat. Some are looking to move investment money to what they hope will be a more stable or safe place, while others are continuing to be bitten by the coin collecting bug (a better bug than coronavirus!). 

Online precious metal dealer Kitco recently asked the uncomfortable question: “What will happen to silver price[s] when there isn’t enough metal to meet demand?” This could impact the already appreciating value of silver American Eagles. 

The U.S. Mint recently offered 11 products in a single week representing their National Purple Heart Hall of Honor commemoratives and Rhode Island American Innovation dollar. Each product immediately became among the mint’s top sellers. This encourages commemorative coin collecting and might spill over into proof and mint sets as well. 

The recent Long Beach (Calif.) Expo auction conducted by Heritage Auctions realized in excess of $16.5 million; however, take note that there was a perfect sell-through rate by value and lots sold, and even more important – there were 3,560 bidders! The world around us isn’t as healthy as we wish, but the world of coins continues to do very well.