Collectors’ Biggest Challenge is Other Collectors

Numismatic sales continue to soar. This includes internet, auction and over-the-counter transactions. Attendance at coin club meetings continues to grow as well, another indication that this market has legs.

The May 3-5 Heritage auction held during the Central States Numismatic Society convention realized more than $46 million. The auction was highlighted by an individual hammer price of $2.88 million for a gold 1829 Large Date $5 Half Eagle. The price may be impressive, but so is the underlying statistic that there were 56 bids received for the coin, this once more demonstrating just how seriously some buyers are treating truly rare coins (There are only two known proofs of this coin.) More is on the way. On May 20, Kagin’s will begin a two-part 375-lot auction of colonial bank notes pedigreed to the late famed dealer and collector John J. Ford.

While these coins and notes may be out of reach of the average collector, buyers shouldn’t overlook that the U.S. Mint is releasing a limited number of 6,000 1-ounce uncirculated 2023-W palladium American Eagle (PAE) coins. No further PAE bullion coins are at this moment planned to be issued this year.

What all this means is that there is something for everyone regardless of the “level” at which you collect and no matter how shallow or deep your pockets may be. The challenge for all collectors has become other collectors. Demand for collectible as well as for bullion-impacted coins continues to outstrip supply, leaving dealers challenged to keep fresh inventory on hand. Think about it: if all other merchants had the same problem, our economy would be doing as well as is the business (and hobby) of coins!