Interest in Circulation Coins Wanes
Adobe Stock
Collectors' and the public's interest in coins used in circulation appears to be declining, but interest in rare collector coins is up.
It now costs the U.S. Mint a ridiculous 3.07 cents to produce a 1-cent coin. Despite this, the Federal Reserve Bank continues ordering more cents than any other denomination. Cents accounted for 34.9 percent of all circulation strike coins produced in July. Kennedy half dollars are being created exclusively for collectors for the fourth straight year. Native American dollar coins are no longer being ordered for use in circulation by the Fed. Overall, business strike coin production was down 79.4 percent in July from the same month one year earlier.
On the other end of the spectrum, Heritage received 118 bids for an 1876-CC 20-cent coin in its Aug. 12-18 auction. There were 36 bids received for a 1794 Head of 1794 cent. A 1931-D $20 double eagle outpaced another example sold in 2008 by $107,000, selling for $360,000.
A recent poll indicated that gold is now outpacing savings accounts, certificates of deposit, bonds, and even cryptocurrencies as an investment option. Much of this may be due to the recent surge in the spot price of gold. Radio financial advisor talk show host Dave Ramsey has called gold "a rock" and a lousy long-term investment. Right now, it appears the jury is out on this statement. In the short run, money can be made, especially through gold in coin format. Even common date double eagles and gold American Eagle coins are getting to be pricey due to gold’s appreciation.
You may also like:
Nearly All Indicators Point to a Healthy Market
