Numismatic Industry Local and Afar Rocked by Pending U.S. Tariffs
New Tariff Policies Causes Uncertainty Worldwide
Since the Trump administration released the "International Emergency Economic Powers Act" on April 2, which is now mostly paused as instructed by President Trump during an April 9 announcement, numismatists in the United States and abroad have been anxiously trying to understand better how it will impact the industry. If put into effect, the act seeks to, among its priorities, "investigate, regulate, or prohibit any transactions in foreign exchange" through two tariff policies that were announced on April 5, 2025.
As such, a 10% baseline tariff will be placed on imports from all countries. Depending on the country selling the product, an additional tariff is set to be placed on the price. Countries such as China have initiated retaliatory tariffs, further increasing the cost for consumers. Those most affected will be U.S.-based buyers purchasing from companies abroad as the tariffs do not exclude numismatic products (government, commemorative, and ancient currency). The United States is a major spender in the international numismatic community.
However, not every numismatic product will be impacted by the reciprocal tariffs. The White House announced exemptions from both tariffs via an April 2, 2025, fact sheet that included bullion on its exemption list. Including only the word bullion, no further information on whether commemorative goods, such as coins, bars, or ingots, or what makeup of bullion (gold, silver, platinum, or palladium) was included. Eighty percent of the U.S. silver grain bullion comes from abroad, particularly Mexico, a country that was initially a main target of these tariffs. The products exempted from this new tariff policy are considered "critical goods" to be used for natural emergencies.
This came as a relief for the National Coin & Bullion Association (NCBA), which announced the exemption in an April 4, 2025, press release, calling the decision a "significant victory for the numismatic and bullion community." The release explains that NCBA and other industry experts are interpreting the government's "bullion" listing to explicitly refer to gold, and possibly the inclusion of silver, platinum, and palladium. Also, in the press release, the NCBA notes that the organization is "actively engaging with administration officials to lock in explicit confirmation for silver, platinum, and palladium, though current signals—bolstered by market trends and industry consensus—would indicate a tariff-free future for all four metals."
Responses to the new tariff policies have already been released by those active in the numismatic industry. The Switzerland-based auction house Nomos 35 postponed their upcoming June 15 and June 16 auction due to the uncertainty of how the import tariffs will apply to the numismatic industry. Classical Numismatic Group (CMG), located in England, released a press release on April 4 explaining how the tariffs will impact future and already-planned auctions. "One thing is certain at the moment: if coins are sent from the U.S. to other countries, they are subject to U.S. tariffs if they are returned or sold back into the U.S.," Managing Director of CMG Mike Gasvoda explains in the press release. "U.S. collectors will need to think carefully before sending coins abroad, whether on consignment or for any other reason. And U.S. collectors buying from foreign auctions will need to factor in the tariff costs when deciding how to bid. For the moment, coins sold in the U.S. face no additional costs for U.S. buyers, but coins sold outside the U.S. will incur tariffs if they are imported into the U.S."
Spink's Olivier D. Stocker also wrote a press release about the pending tariffs. Similar to CMG, the letter explains how customers and Spink, in turn, will be impacted. "There is no doubt that in the immediate future, the collectors based in the USA will be at a disadvantage when bidding as they will have to factor in the tariff in calculating the maximum price, they are ready to pay for an item."
Although Stocker's news is stressful to many, he ended on a light note: "And never forget, as collectors, we have a distinct advantage over every other human being. In these turbulent times, we can find remarkable solace in our collections."
Will your coin collection be affected if the United States implements these tariffs? Tell us at numismatics@aimmedia.com.
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