Hobby Remains Strong, Steady, and Popular
Gold continues to hold above $2,300 per ounce, and silver in the mid-$20s.
The spot price of gold and silver continues to deliver strong prices even as the overall domestic economy and the dollar have both been strengthening. It is because gold continues to hold above $2,300 per ounce and silver in the mid-$20s that speculators and collectors are taking such an interest in these metals.
Much attention appears to be focused on bullion and bullion-impacted coins for that reason. Don’t be blindsided. The balance of the coins that are collected shouldn’t be ignored. Truly rare coins haven’t been delivering many record prices recently, but the prices they are realizing continue to be what I would term “strong and steady.” Simply put, there are no bargains to be had, although should rarities once more begin to appreciate today’s prices may appear to be a bargain when viewed from some future date.
It shouldn’t be overlooked that not all scarce to rare coins are composed of precious metals. The market for half and large cents continues to fire on all cylinders. Likewise, Indian and early Lincoln cents continue to be in solid demand. New coin issues, specially made for collectors, including proof and mint sets, sell out once offered, with a stronger than might-be-expected secondary market for such material.
Since overall prices appear to be steady but not necessarily appreciating, the question to be asked is if the upcoming American Numismatic Association convention in August might pump some adrenaline into values. Regardless, coin collecting is not all about making money—it is a hobby. The most important thing about it continues, and that is the hobby’s popularity.
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