Gold and Silver Coins Showing Weakness

Intrinsic-valued or price-impacted gold and silver coins are showing some weakness as this commentary is being written. Gold is the better of the two metals in regards to performance, remaining in a tight yet somewhat volatile trading range. Silver is continuing what appears to be a slow but steady downturn. Ironically, this has not impacted demand among those who collect exonumia silver art bars, silver rounds or collectible yet reasonably available circulation strike late-19th and -20th century silver coins. 

There is also some weakness in the collectible minor denominations through five cents, the exception being in keen interest in quality small cents. The value of silver-content modern proof sets has been likewise following the spot price of the metal, while prices for most other proof material remains steady. Several collectors with whom I spoke recently are questioning the potential demand for 2022 commemoratives, but those released during 2021 that were certified to be Mint State or PF-70 continue to command high premiums. 

Morgan silver dollars, always a bellwether for the overall coin market, have not necessarily grabbed headlines recently, but sales are brisk with the better dates and grades continuing to perform well. 

The scarce to rare sector of the overall market continues to show potential for more upside appreciation. Encouraged by the recent performance of rare coins offered at auction, even more rarities that have been salted away for years are now being consigned or being sold privately over-the-counter. A spectacular collection of Hawaiian coins to be auctioned during December will likely demonstrate the demand for a combination for coins of both quality and scarcity.