Silver Proofs Spike, Quality is the Watchword
2024 Morgan and Peace Dollar Silver Proof Coins.
The U.S. Mint
It doesn’t look like there is any ceiling price for gold. However, it appears there may be a ceiling price for gold coins. Several dealers I’ve spoken with are now buying more gold in coin, bullion, and jewelry form than they are selling. Costco “slabbed” gold ingots are among their buys—some discount what they will pay if the gold is purchased in ingot format from Costco. The dramatic increase in the spot price of the yellow metal can be attributed to the weakness of the U.S. dollar in world currency markets, coupled with a noticeable increase in purchases made by several central banks.
The price of silver still has a long way to go before setting a new record. Still, the positive spot price of this metal has also impacted silver composition coinage regardless of whether the coins are bullion, circulation issues, or collector coins. Some low-grade common date Morgan dollars have been recently selling at melt prices. The price of silver proofs has spiked. Here, collectors do not show any signs of being priced out of the market, with retail and U.S. Mint sales continuing at a strong pace.
Not to be lost in this shuffle are the collectible coins that, by specie values, have no precious metal content. This isn’t true in today’s fiat money economy, but the market for these coins gains little headlines. Older collectible coins, as well as post-1964 dimes, quarters, and half dollars, are of interest to a sector of the market that takes these coins seriously, some of the coins commanding strong prices when graded unusually high by third-party certification services. Here, quality is the watchword.
Overall, the word for the market is “strong.”
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