Market Matters: Opportunity Strikes

While we live in 2025, many will acknowledge that 2024 was an amazing year for the hobby. We had record price levels for gold bullion, robust numbers for silver, and many U.S. coins brought record prices during the last year. Bullion-related material continues to be a major focus of the numismatic market, but the appearance of many rare U.S. coins and the very special U.S. Mint Privy Mark 230th Anniversary Flowing Hair High Relief Gold Coins heightened interest in both the numismatic and bullion arenas of the rare coin market near the close of the year.

Demand for special items continues to amaze even seasoned dealers and investors, especially when an amazing product with a fabulous pedigree makes a once-in-a-lifetime appearance. The U.S. Mint recently hit one out of the park. These coins are gorgeous, and collectors agreed!

The sale of the Privy Mark 230th Anniversary Flowing Hair High Relief Gold Coins in 2024 was genius. In a special collaboration with the U.S. Mint, Stack’s Bowers Galleries held a special auction of these West Point Mint special issues in order of their striking from 1 through 230. Even better? They were encapsulated by PCGS!

In the exclusive December 12 auction, a total of $8.23 million was realized for the 230 pieces with an average price of $35,783 per coin. Of course earlier numbered strikes brought more. The intense demand generated for this modern mint product is truly amazing. Collectors and investors recognized this incredible opportunity and took advantage.

Condition census coin rarities continue to bring strong and often record prices. Most often, the record prices for these low-population coins is a product of their small supply and infrequent sale or auction appearances. There are always buyers for these coins.

Record prices for Carson City gold coins aren’t surprising. Whether driven by the history of the Comstock Lode and the Carson City Mint or as an investor looking at the strong demand and limited supply of Carson City gold, recent auction prices realized continue to highlight the intense demand for virtually any Carson City-minted gold coin.

For example, recent auction appearances of two different 1870-CC Liberty Head Double Eagles are quite unusual. But the results of these sales illustrate the focus collectors place on these special rarities when they do become available.

As a collector, my thought would have been that this would be the best opportunity I would have to own a condition census example of this date for some time. That being said, just because some were on the market (in a relatively short period of time) didn’t mean any one of them would be “cheap!”

Changing bullion prices often tweak numismatic markets. Indeed, all U.S. gold coins and many 90% silver coins are inextricably linked to the bullion value of the coin itself. Dealers are fixated on bullion price levels currently. You may want to pay attention, too.

When the underlying bullion value reaches a certain price point, the argument can be made that some coins are worth more for their melt value than their numismatic value. I’m not making any recommendation but merely pointing out a situation I have personally confronted hundreds of times in my career as a dealer and collector.

What are you going to put on the chopping block, so to speak? While a circulated Liberty Head Double Eagle is certainly unusual, many are thought of as little more than bullion items by some folks. At this time, many U.S. gold types (unless considering rare or high-grade examples) trade as a function of their bullion value and any perceived numismatic premium. Heavily circulated U.S. silver coins, especially those from the 20th century, also see market pricing based on bullion values.

On a practical basis, few dealers are likely to pay you a premium over melt for average-circulated, common-date Barber coins, Mercury Dimes, Standing Liberty Quarters, and Walking Liberty Half Dollars. Many U.S. gold coins, especially if circulated, do NOT carry any
numismatic premium.

My take on the situation is that, sometimes, rising bullion prices offer the best opportunity in terms of price we will ever have for some marginal numismatic items.

You have to ask yourself both what you are holding given coins for and what you can get for the dough if you sell. During several rising bullion markets I’ve encountered since 1979, I have sold coins like these. Despite attempts to sell them for more, their melt value exceeded any market value I hoped to achieve.

Who isn’t fascinated by gold mining stories?

Recently, a major gold discovery was made in a far eastern Russian province. A reported find of more than 100 tons of gold at the Sovinoye Gold Mine in Chukotka promises to be the largest discovery since the collapse of the Soviet Union in 1991. The discovery is in the Chutokta Autonomous Okrug, Russia, which is near the Chukchi Sea, northeast of Chukotka, and west-northwest from the Bering Straight. Reports indicated the Sovinoye mine is expected to produce up to three tons of gold per year by 2029.

As our mining technology advances, especially with the application of AI, how will bullion price levels for all precious and industrial metals be affected in terms of price and availability? Indeed, how will space exploration involving the Moon and Mars shape our needs and potential supply of minerals in the future?

The U.S. Mint started 2025 with the issuance of the 250th Anniversary of the U.S. Marine Corps on January 2, with proof and Mint State half dollar, dollar, and $5 gold commemorative issues in single coin and three-piece sets. The half dollar issues were minted in San Francisco, the silver dollar issues were produced in Philadelphia, and the gold issues were struck at West Point. The proof 2025 American Silver Eagle arrived early in the year, too, and always highly anticipated are the annual releases of both the American Eagle Gold and American Buffalo Gold in the spring of 2025.

While we have no control over markets themselves, we can take advantage of the opportunities that we either encounter or might encounter. Regardless, I realized as a young man that the success of any endeavor is directly proportional to the effort expended. I would also argue that the reward of numismatics is the journey!