Record-breaking sales.
Continued growth.
Stability and success in a grim financial climate.
Last year the rare coin market delivered on all three counts.
A new report shows the U.K auction market for rare coins flourished in 2022.
Numismatic business is booming.
And it's all down to the passion and financial savvy of collectors.
So if you're thinking of entering the rare coin market, you're in good company.
Many of my clients have a nice combination of autographs, rare stamps and coins in their collection.
There's always been a strong crossover for collectors in these categories. Together they bring a good balance to a diversified portfolio.
And to meet the growing demand, I'll be greatly increasing my stock of rare coins in the coming months.
There are some very exciting opportunities heading your way.
So to whet your appetite and get you up to speed, here are three great reasons why you should consider collecting rare coins in 2023:
- A strong buoyant market
- Financially uncertain times
- The chance to take up a new richly rewarding hobby
This Henry III gold penny, dated circa 1257 and discovered by a metal detectorist in Devon, sold at Spink in 2022 for a record £648,000. (Image: Spink)
The market grows stronger than ever
This week's report makes convincing reading for anyone interested in rare collectibles.
Because in 2022 London coin auctioneers achieved record sales totals for the fourth year in a row.
Numismatic auction sales in the U.K rose to £62.2 million, an increase of 12% on the previous year.
Pierce Noonan, Chairman of Noonans, told the Antiques Trade Gazette:
“Following the unparalleled increase in demand that came about as a result of the lockdowns of 2020 and 2021 it was heartening to see no let-up in the appetite for coins and medals throughout 2022.
"We are very optimistic about the year ahead.”
Individual auctioneers also posted record results, including Spink with sales of £16.9 million in 2022.
That's an impressive 23% increase on results in 2021.
And ancient coin specialist Roma reported £16.4 million in sales. An increase of 22% from the previous year.
The figures from the U.S market tell a similar story.
More than $560 million in rare U.S coins were sold at auction in 2022, marking a third consecutive year of growth.
Hundreds of new records were achieved. And for the first time ever, 16 individual coins sold for over $1 million.
People have stored their wealth in rare gold coins for centuries - particularly in times of uncertainty
Uncertain Times
So what's fuelling this consistent growth?
It's the perfect combination of new collectors entering the hobby;
Investors looking for a reliable and enjoyable alternative;
And an economic environment that increases demand for tangible assets.
Traditionally, people have stored their wealth in gold and silver coins for centuries.
They are portable, easy to store, and made of inherently valuable precious metals.
And importantly, the value of rare coins isn't linked to the stock market.
That's particularly appealing when financial markets are volatile, caused by global crisis, war or political instability. Sounds familiar?
“2023 looms as an economic wildcard, with unpredictable and perhaps even more volatile inflation and interest rates than 2022,” says Heritage Auctions Co-Chairman Jim Halperin.
“In such an environment a broad basket of assets, including rare collectibles, could be safer — almost a form of financial insurance against an economic ‘black swan,’ above and beyond the many joys and psychological benefits of collecting.”
The numbers suggest a lot of collectors agree with him.
Because in 2022 Heritage Auctions sold more than $310 million in rare U.S coins. That's a 21% increase above the results in 2021.
Rare coins give you a window into history - like this 1658 Silver Half Crown produced during the brief reign of Oliver Cromwell.
The Joy of Ownership
The first two points are enough to make you sit up and take notice.
But it's the third reason that resonates with me the most.
As someone who has spent their life surrounded by historic memorabilia, the appeal of owning rare coins is clear.
If you're passionate about the past, coins can transport you even further.
Put it like this:
The oldest signature in my store is this incredibly rare document signed by King Henry VII in 1499, more than 500 years ago.
But the oldest coin I have in stock is this Attica Athens Silver Drachm from Ancient Greece, dated circa 454 B.C.
Almost 2,500 years ago.
This rare Attica Athens Silver Drachm coin from Ancient Greece dates back almost 2,500 years.
Each coin is a time capsule.
You can visit the Ancient world. The dawn of civilisations.
Their history and designs carry stories of of war and peace. Royalty and rebellion. Power, politics and murder.
But they were also used by people in their everyday lives, hundreds or thousands of years ago.
And that gives you a very personal, human connection to the past.
At the end of the day, joy of ownership is the main reason we collect historic objects.
And if they help you grow your wealth along the way, so much the better.
I firmly believe rare historic coins can give you all that and more.
So you'll be certainly be hearing more about coins from me in 2023.
I'll be sharing the finest new items with you as they arrive in stock.
And I'll be on hand to help you build a collection you can be proud of.Until next time,
Thanks for reading,
Paul.
