Crypto Mania Takes Its Toll

FTX and other cryptocurrencies are headlining the news for all the wrong reasons just as both specie and fiat currency once more are proving they are the real thing—particularly being demonstrated recently through gold coins being dropped anonymously into holiday season Salvation Army kettles. The tulip mania surrounding cryptocurrencies appears to have taken its toll. At about the same time, the Federal Reserve Bank recently announced it will require 4.5 billion to 8.6 billion new bank notes during 2023, these notes being valued at $166.5 billion to $190.5 billion.

The U.S. Mint continues to produce at capacity as well. Collectible coins, be they newly made-for-collector Mint products or circulation-strike coins meant to be used as money, remain in high demand. The Mint is anticipated to release as many as 86 numismatic products during 2023. Release dates have already been set for 18 of these. 

Collectors should be aware that there are areas of weakness in some lower-interest series including several extinct denominations, but this weakness appears to be minimal.

It will be interesting to see how the new NGCX grading service, planned to use a 10-point scale to evaluate coins issued since 1982, will be accepted. Should this scale become accepted, it will place modern coins on equal footing with comic books, sports cards, videotapes and similar asset class collectibles. There is risk since using different grading systems for older and newer coins could confuse uninitiated collectors, but it is a bold step that hopefully will do well. Should the 10-point system gain wide acceptance, coins issued since 1982 may become an important market segment of their own.