Coin collecting continues to thrive despite the summer season! In general, summer is a slower time of year. Coin collecting is put on hold while time and money are spent on vacations and other outdoor activities. Dealers have reported some slowdown in sales, but nothing too dramatic compared to what was expected for this time of year. Similarly, gold, silver, and platinum have all seen their spot prices soften over the past two months.
However, demand for bullion and coins with intrinsic value remains high. The demand for newly released U.S. Mint products is high, but the secondary market for these items is weak. This holds only partially true even in this case. The availability of non-circulating legal tender commemoratives varies widely. According to data from the United States Mint that was available when this commentary was written, 219,181 2023 clad proof sets were purchased in the first six days after release, making them the best-selling product at the Mint that week.
What sells and what doesn’t continues to be heavily influenced by factors like quality and scarcity. Although bullion buyers aren’t as active as a few weeks ago, the interest in rare coins as an asset class hasn’t wavered. There are several upcoming auctions of significance, and bidding is expected to be robust.
As in years past, the fall shopping season will likely get underway after the American Numismatic Association convention in August draws large crowds. The hobby of coin collecting is still going strong, with many sought-after items being in short supply due to high demand!