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Once Leading Way, Morgans Now Mixed Market

Bullion and bullion-impacted coins continue to struggle as both gold and silver continue their slow yet modest decline. Generally available, yet collectible coins appear to be distancing themselves from bullion-impacted coins in value. There are weak spots in this area of the market, notably in nickels and half dimes.

While at one time Morgan silver dollars were the bellwether of the numismatic market, they now appear to be a mixed market. There are some plus signs, but there are almost as many minus signs. It is difficult to suggest a direction in which the silver dollar market may be heading.

1878-S Morgan dollar (Image courtesy Heritage Auctions.)

1878-S Morgan dollar (Image courtesy Heritage Auctions.)

There is surprising strength to the secondary market for recently released non-circulating legal tender U.S. Mint products, commemoratives and even some annual proof sets. The scarce to rare market continues on its upward climb, uninhibited by concerns over coronavirus, the value of the stock market or what calamities may be befalling American politics. This market sector is being fueled not only by strong demand, but also by supply coming from collections put away years ago whose owners feel this is the moment at which liquidation opportunities appear to be the strongest.

The rare coin market is now fueling itself off its own momentum. This is also a market of opportunities since not everything is increasing in price. Some of the laggards are sleepers, simply being overlooked for coins with flashier stories.