Curious news came out last week. In the past few decades, the gauge of what’s considered a successful annual salary jumped from $100,000 to, I’m not making this up, $270,000. That must be sobering news to anyone in the once-respectable $50,000 a year range.
The primary reason for the jump is inflation. Since COVID hit in 2020, the buying power of $100,000 has had to grow to $125,000 – an increase of 25 percent, and climbing.
Salaries aside, collectors and/or anyone of reasonably modest means were stunned last week by news on the website of the US Mint. For the first time, the cost for a set of four US gold Eagle coins including the one-, and fractional one-half, one-quarter and one-tenth ounce pieces exceeded $10,000. Harkening back to 2020, that’s a 300 percent increase. It also represents a price that’s surely out-of-reach for most of us....
In fairness, the Mint can’t be blamed directly. In 2020, the price of gold averaged about $1,750. After hitting a high of $5,300 this past January, it has now slipped to a bit over $4,000. Where it’s headed or will settle may depend on the fluctuating price of oil, conflicts in the Middle East, general inflation rates and the general outlook of investors. In other words, who knows?
Historically, overly-serious coin, stamp or currency collectors have contended true hobbyists shouldn’t follow the price of their precious collectible or care about profits. Those purists argue one should care only about the historic, rarity or distinctiveness level of a collectible. That’s fine for J.J. Gottrocks and the ultra-rich, but is absurd. Proof would be asking those same folks if they would be willing to sell their rarities for only what they originally paid. Obviously, not.
Insofar as today’s collector items, as gold and silver prices have risen, so too have the many numismatic options available from the US Mint as well as every other mint around the world. Pricey as metals have become, there seems to be no shortage of new gold, silver and also platinum coins offered for sale.
Just a few of the gold coins currently on the Mint’s website include familiar American Eagle issues sold individually or in sets in both uncirculated and the pricier, highly-polished proof condition. Then there are those on sale or in the works celebrating the country’s 250th anniversary. Add the Buffalo gold one-ounce coins and more coins saluting the upcoming FIFA soccer matches being held in the US. Pandering to an unknown crowd are half-ounce gold coins with images of Superman, Batman and Wonder Woman. Naturally, with the value of gold still high, all carry price tags with substantial premiums.
Of course, any admiration of designs on coins is subjective. Everyone has their own tastes. That being said, looking at the design-types of coins that collectors have long sought out and will pay dearly for, lean toward the more traditional.
Last year, the Mint did a survey asking collectors for their top 25 coin designs. The top five vote-getters were chosen to create a sequential release for our Semiquincentennial reproducing the best-of-the-best in solid 24k gold. Each has a “250” privy mark inside of a Liberty Bell image and is sold accompanied by a one-ounce silver dollar companion coin.
The first coin out of the chute was a gold restrike of the 1916 Mercury Dime. It was released earlier this month. Weighing 1/10th ounce and limited to a mintage of just 30,000 it was a quick sellout at $800 per coin set. The next will be a gold restrike of the 1916 Standing Liberty quarter on July 10. That’s followed by the 1916 Walking Liberty half dollar design to be sold on August 6.
On August 27, a gold replica of the very rare 1804 silver dollar will debut. Finishing up the series on September 24 will be the 24k reproduction of the amazing 1907 High Relief Saint Gauden’s $20 gold piece.
Again, each of the gold coins is paired with a special commemorative silver dollar with modernistic designs modeled after the era and style of the companion gold coins.
The size of each of the new gold coins will mirror that of the original coin it replicates. However, each will naturally be slightly adjusted in size to accommodate the four current fractional gold coin types. Each gold and silver coin set comes in a special presentation case with an informational booklet and Certificate of Authenticity.
With gold and silver near record levels, it’s hard to say what will be charged for each of the precious metal coin sets over the next few months. The Mint does adjust prices based on metals pricing. Whatever it is, it’s fair to say those in the newly revised “successful salary” bracket will be first in line to buy them.
For more collecting stories and advice, log on to: http://prexford.com/.