Based on a survey of auction houses conducted by the Professional Numismatists Guild, they reported the total sales at auction to be over $419 million. With COVID-19 causing the cancellation of every major show, the auction moved online with success.
A consistent comment is that the auctions provided a means for collectors to liquidate all or parts of their collections to raise money during the pandemic. But for this type of sale to be effective, there have to be bidders to buy the coins. The buyers came.
HiBid, an online auction platform that supports many auction houses, has consistently reported weekly sales on the tens-of-millions of dollars. This year, HiBid reports that traffic to coins.hibid.com was their fastest growing platform.
Finally, with the stock markets soaring with the economic uncertainty growing because of the COVID-19 pandemic, the U.S. Mint saw the sale of American Eagle gold and silver coins increase dramatically. In 2020, the U.S. Mint sold 884,000 ounces of American Gold Eagle coins, increasing 455% from the 152,000 ounces sold in 2019.
The sale of American Silver Eagle coins doubled from last year by selling 30.01 million ounces of silver.
Since the U.S. Mint reports bullion coins more regularly than collector coin sales, those coins’ impact is not reflected in these numbers.
There are collectors out there. Unfortunately, they are not members of the American Numismatic Association or other numismatic organizations. Maybe the numismatic community should use this as a lesson to try to grow the hobby.
And now the news…