I would really like to know how the coin industry was affected by the recession. I wasn’t collecting until 2010 so I really have no idea. How was the coin industry before the recession? Was there a rush to PM’s following 2008? Was there a series that did well or above others? Was there a rush to sell coins following the recession which lead to a price decrease? Thank You
I believe metals tanked with the Dow at that time. You can get historical metal charts from kitco. IMO, the biggest drag on the coin market is counterfeit slabs rather than the economy.
Ive been collecting since 2006, and I didnt see any significant change. The only difference would be a slight drop off in attendance at shows, but it wasnt significant enough in my opinion. Then again, I was not set up selling at that time. The biggest difference when the Dow dropped and precious metals went up was there were always people looking to buy. Of course when silver jumped over $40, there were many sellers. Keep in mind, these were not coin collectors, but just the average every day person. In regards to rare coins, id say more came out of the woodwork then compared to now. Today it seems many people are saving these coins as a hedge. I know I am.
It depends on what coins that we're talking about. As we went into recession, the price of gold and silver began to rise significantly. The collectors with lots of silver and gold coins in their collection saw a substantial increase in the value of their collection.
True, but it was pretty much limited to those coins that were only worth the value of their gold or silver content to begin with. For example, if a given Morgan was worth $550, or if a given double eagle or eagle was worth $2300, those coins actually dropped in value along with the rest of coin market while the price of gold and silver went up.
Dollar value. The PCGS 3000 is made up of a group of 3000 coins chosen to indicate o rrepresent the movement in value of the coin market as a whole. The graph shows how the dollar value of that entire group of coins moves up and down over periods of time.
I used the higher bullion prices to further my collecting by selling off a lot of junk silver that a few years before wasn't even worth my time to haul off to a coin shop. Thanks to people's belief the bullion market would make them rich, I was able to buy quite a few pieces that enriched my collection and collecting experience. Guy
It helped me because I had a lot of common date Morgans, Peace, ASE's, Franklin's, Walkers, and various silver quarters and dimes. I tend to collect quantity over quantity with quality mattering more on common date coins. Thus, the recession was good for the value of my collection. It really only hurt me with my cent and nickel collection. Silver is by far the biggest value item of my collection.
