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Market Thrives Despite 2020 Challenges

Market

The coronavirus coupled with political uncertainty and its accompanying theater didn’t make 2020 a particularly good year for most people. There was economic turmoil as many businesses had to shutter. The pandemic shut down coin clubs, coin conventions and even brick-and-mortar coin stores. 

The hobby continued, even surged, throughout the year. People sheltering in place at home turned to the internet for collecting, be it participating in auctions or buying coins at fixed prices. Virtual coin shows replaced in-person participation. Coin clubs likewise turned to virtual contact where possible. It all worked. 

The economy surged ahead despite high unemployment in specific industries. Many collectors and investors found themselves with discretionary money. That discretionary money has fueled the scarce to rare coin market as well as the market for anything bullion related, be it American Eagles in gold or silver or be it intrinsic value business strike coins that no longer circulate. 

Even the often left behind commemorative coin market, both for current and past issues, gained strength. Likewise, interest in proof and mint sets in the secondary market showed more strength than there has been in years. 

The hobby and business of coins are both still moving up rather than down. Ultra rare coins are being offered as their owners feel comfortable the market can absorb them at a fair price. 

Perhaps 2020 will be a year most people will want to forget, but for coin enthusiasts and businesses, it may be a year to remember.