Spot Prices Decline, Create Buying Opportunities

The spot price of silver has gone down a bit in recent days.

It has gone much lower than the record highs of the beginning of the year. The spot price has slid to around $67/toz. If one bought over the higher spot price at the beginning of the year, just hang on to your silver. 

However, since the spot price is much lower now, it could be a great opportunity to buy more.

According to Numismatic News:

The spot price of gold and silver has not made many headlines recently, but they have been slowly declining from their record values several months earlier. If you are interested in coins composed of either of these metals as a long-term investment or for a coin collection you are unlikely to resell. This price decline is of little consequence to you. It may even be a buying opportunity. 

To read more, go here. 

Metal Prices May Lead To Melting of Common Silver Coins

Above, a 2022 American Silver Eagle. Photo by Armand Vaquer.

Currently, the silver spot price per troy ounce at Comex is around $82.00.

With silver garnering such high prices (it was over $100 last month), the possibility of silver coins being melted for industrial uses is looming. 

Numismatic News posted an article taking a look at how metal prices may lead to melting of common silver coins.

They begin with:

For the last few decades, silver stackers and gold bugs have been preaching the imminent breakout of their respective metals, suggesting that gold could top $2,000, then $2,500, and so on, for an ounce. Those who took a shine to silver have suggested that $50 and even $100 an ounce was possible. A select few have even proclaimed higher benchmarks. For all the times those passionate defenders wound up crying wolf, but now the wolves are at the door.

But the effect this has on world coin pricing, aside from pushing the underlying base value higher, remains unclear. The high prices may already have priced some collectors out of the market. And some folks are cashing in their newfound wealth by sending common coins to be melted, though they aren’t reaping the full rewards of the increased melt value. The only thing slowing down the mass melting of common world coins is the massive backlog at refineries. The demand that started in the fall, as silver breached the $50 high-water marks of 2011 and 1979–1980, has not abated.

To read more, go here. 

Coins: What Do You Think Is The Biggest Challenge Facing New Collectors Today?

Above, the 2023 National Money Show in Phoenix. Photo by Armand Vaquer.

Since silver has risen to $36/toz over the past several weeks, my buying of silver coins have tapered off. It appears that I am not the only one doing so.

I have a sizable enough collection thanks to my buying over the past few years. New collectors seem to be not so lucky.

Numismatic News posted a poll question on June 20:

Poll Question: What do you think is the biggest challenge facing new collectors today?

From the June 20, 2025, Numismatic News e-Newsletter, readers shared their thoughts on the biggest challenges new collectors face today.

To read what the responses were, go here. 

Silver Follows Gold's All-Time Highs

Above, a 1928 Peace silver dollar. Photo by Armand Vaquer.

As this blog post is being written, silver's spot price is at $36.255/toz according to COMEX.

But, as a new article by Numismatic News states, it did reach $37. Will silver hit $50?

Numismatic News begins with:

Up, up, and away is not really an appropriate description for the bullion coin market, but due to significant appreciation in not only the spot price of gold but also silver, the dynamics of much of the market are positive. Gold has been on a tear for some time, the spot price reaching new all-time records and then backing off only modestly.

This has kept the price of Gold American Eagles, gold commemoratives, and common-date and common-condition pre-1933 circulation strike gold coins at levels not previously seen. Dealers report this to be an excellent buying opportunity for them, but retail sales have not kept pace, as many institutional buyers and individuals who normally buy on a regular level are challenged to continue at these price levels.

Silver did not perform as well until recently.

Now Kitco’s Jim Wyckoff’s recent comment that “silver appears to be a value buying opportunity” appears to be prophetic. As this market commentary is being written, silver is above the $37 an ounce level and appears to be ready to challenge the $40 resistance level soon. The record price of $50.36 set in January 1980 is still a far reach, or is it?

To read more, go here. 

Kennedy Half Dollar Sparked Interest In Numismatics

Above, Franklin and Kennedy silver half dollars. Photo by Armand Vaquer.

Back in the early 1960s, my dad got me interested in coin collecting.

Those were the days when they contained silver (except the Lincoln penny) and were worth saving. 

When the Kennedy half dollar came out, we, like so many others, collected as many as we could. I have quite a number of them. They were in a strongbox that I had for years but had no key. I had a locksmith open it (and make a key) and the treasure trove of 1964 Kennedy half dollars were inside.

According to Numismatic News, Kennedy silver half dollars sparked interest in numismatics for many people. This is the topic of an article they posted.

They begin it with:

Public reaction to the assassination of President John F. Kennedy on Nov. 22, 1963, led to a massive surge in the number of coin collectors. One of the ways that the nation commemorated his death was the replacement of the Benjamin Franklin half dollar with a new one featuring Kennedy.

Within a month of Kennedy’s death, Congress passed, and President Johnson signed a bill into law for the new half dollar. Mint sculptors Gilroy Robers and Frank Gasparro had already done work on designs, which led to the quick preparation of master dies. The first coins were offered to the public on March 24, 1964. This may be a record for the shortest time, at least in recent decades, between the introduction of legislation in Congress and the resulting coins being released to the public.

To read more, go here. 

Numismatic News: Holding History In Your Hands

Above, the Lawrence and Smith Saloon on Main Street in Boise, Idaho,
circa 1890. How many Morgan silver dollars are in each gent's pockets?

Whenever I get some Morgan silver dollars (minted 1878 - 1904, 1921), I often think about where each coin has been and who held it, particularly when I see late 19th Century photos of western towns and people. When I see photos of men in saloons, one has to wonder how many Morgan silver dollars are in their pockets or in the saloon keeper's cash box.

Numismatic News has posted an article on how coin collecting is "holding history in your hands."

They begin it with:

A fun part of numismatics is holding a coin or note in your hands and being able to dream about who might have touched it at one time. That is not something you can experience by looking at pictures in books or online.

An even better part of being able to hold history in your own hands is that you don’t necessarily have to put out funds to own it. I have had the privilege of holding in my hands multiple coins that have sold or are insured for more than a million dollars, including the 1787 Brasher doubloon with “EB” stamped on the eagle’s breast, an 1804 Bust dollar and the unique 1844-O proof $10 Liberty. Some of these coins are so notorious you can view pictures of them in reference catalogs. I also now own some distinctive West African Kissi pennies that my father received in change when he worked in Liberia in the 1960s (as I wrote last year).

To read the full article, go here.

Do You Know Your State’s Sales Tax Exemption Status?

Above, the National Money Show in Phoenix this year. Photo by Armand Vaquer.

One of the things that irritate coin and precious metals collectors and investors is that some states levy sales taxes on those purchases.

A handful of states have enacted exemptions. Unfortunately, my state of New Mexico is not one of them. 

Do you know your state's sale tax exemption status?

That question is posed in an article from Numismatic News.

It begins with:

This past week, a new major coin show debuted in Nashville, Tenn. – the International Money Expo. The impetus to create this convention was the state’s adoption last year of a sales and use tax exemption on retail sales of precious metals, bullion, coins, and currency.

The show was well promoted within the numismatic industry. It included a dealer and early bird-only trading day on Thursday, a public convention on Friday and Saturday, and then another dealer and early bird trading day on Sunday.

The dealer trading room last Thursday (Oct. 26) was crowded and active, although many of the dealers with tables were only set up to buy and not to sell inventory. Dealer set-up in the convention hall began late Thursday, which continued to be busy.

Decent activity on the convention floor continued for much of Friday (Oct. 27). But, as is common at major shows, some dealers began to depart as the day went on. There were even more empty dealer tables on Saturday.

While dealer-to-dealer trading was active, there was relatively limited public attendance at this show. For most of the day Saturday, activity at dealer booths was minimal. In my mind, part of the reason for relatively light public attendance was that a high percentage of Tennessee residents do not yet realize that the state has adopted the sales and use tax exemption for precious metals, bullion, coins, and currency.

Next year, public attendance could be much larger if more promotional efforts make sure to mention the existence of the sales and use tax exemption. 

Earlier this year, I attended the National Money Show in Phoenix, Arizona. Fortunately, I knew ahead of time that Arizona has a tax exemption on coins. 

To read more, go here.

Books For Your Numismatic Library

Above, my copy of the 1976 "Red Book". Photo by Armand Vaquer.

Since I have re-entered the world of coin collecting, I currently subscribe to two coin-related magazines, COINage and Numismatist (through my membership in the American Numismatic Association).

I do have a vintage 1976 Bicentennial edition of A Guide Book of United States Coins (known as the Red Book). Note its price in the image above. I should get the current edition, I suppose. It is around $19.95 today.

Numismatic News has posted an article on "Books for Your Numismatic Library" with recommendations on which ones that should be included.

They begin it with:

Do you have a numismatic library? For the purpose of this article, I’ll assume that you don’t. What books would make good additions to a budding numismatic library?

The initial purchase should probably be a book that combines an overview of coin collecting with coin values. A good example of this is the current Guide Book of United States Coins, a.k.a. the Red Book, because of the color of its cover.

 To read more, go here.

What To Do With an Inherited Coin Collection

Above, Franklin and Kennedy silver half dollars I inherited from my father. Photo by Armand Vaquer.

Many coin collectors/investors of the baby-boomer generation are now seniors. Some have heirs and some don't. In any case, the question arises by heirs, What to with an inherited coin collection?

Numismatic News has posted an article by Mike Thorne with some good suggestions.

They begin it with:

Let’s assume that you know little about U.S. coins other than that you can spend them for small purchases, and you inherit a relative’s coin collection. Congratulations! Now what?

Let’s further assume that you don’t want to become a coin collector, and you want to convert the collection to spendable money. How will you go about it?

I live in a small town and have often been asked to look at inherited collections. These collections have ranged from minuscule, with only a handful of coins, to quite large. Values have ranged from less than $100 to more than $2,000,000.

To read more, go here. 

Silver and Gold Encourage Collectors, Investors

Above, a 2023 American Silver Eagle Proof set. Photo by Armand Vaquer.

Silver's spot price may be down a bit, but that only encourages some of us to buy more of it.

Apparently, I am not the only one who see buying opportunities. The gold and silver prices are encouraging others.

According to Numismatic News:

The market for truly rare coins appears to continue to be on a roll, a roll that will likely reach a new height during the upcoming annual American Numismatic Association convention in August in Pittsburgh. Strong attendance has been reported at two recent regional coin shows despite each having been held in July. Others from whom I haven’t heard likely are experiencing similar attendance.

The stable (and attractive) spot prices of both gold and silver are encouraging collectors as well as investors to buy American Eagle coins. Gold will likely to perform well as long as the dollar continues to demonstrate weakness in world currency markets.

To read more, go here. 

Sealed Bag of Franklin Half Dollars May Be Worth $100,000

Above, Franklin silver half dollars. Photo by Armand Vaquer.

Generally, from different articles I have read, Franklin silver half dollars aren't that popular within the numismatic world for varying reasons.

But a sealed canvas bag of 2,000 Franklin silver half dollars set to go up for auction is a big exception. The bag of coins may fetch $100,000 at auction according to Numismatic News.

They wrote:

A canvas bag containing 2,000 silver half dollars struck in 1963 at the Denver Mint and sewn shut there 60 years ago will bring a pretty penny for an elderly northeast Oklahoma woman who received the coins as a gift from her father a half-century ago.

“This original, mint-sealed bag contains $1,000 face value of 50-cent denomination coins, but each 1963 half dollar depicting Benjamin Franklin contains about $9 worth of silver. Also, mint condition 1963 Denver Mint half dollars usually sell today for about $50 each, so I would not be surprised if this bag sold for $100,000 or more,” stated Rick Tomaska, co-founder of Rare Collectibles TV of Los Angeles, Calif.

To read more, go here. 

Numismatic News: Base Metal Coins Stay Hot

Above, Morgan silver dollars continue to sell well. Photo by Armand Vaquer.

The spot price on COMEX dropped yesterday after reaching over $25.00/toz the day before. The current price (at this writing) is $24.44/toz.

However, base metal coins are staying hot according to Numismatic News.

They wrote:

The value of many collectible yet generally available, intrinsic value impacted, or bullion coins remains strong as the spot price of gold, silver and platinum remain in a tight trading range. A weakened U.S. dollar on world markets is the main reason the metals remain in their current range, but with economic uncertainties and inflationary pressures remaining ahead, it is likely this scenario will continue for some time.

The demand for coins comprised of these metals ensures most such coins will sell for a reasonable markup above the spot price of their precious metal content. Since the metals have not declined significantly from their recent highs despite the challenge from a bullish equities market, many investors as well as collectors continue to buy and hold rather than to sell. My comments aren’t meant to oversell such coins within the market for collector or investment grade coins.

To read more, go here. 

Replies To Numismatic News On Counterfeit Coins

Above, the counterfeit coins I bought last year. Photo  by Armand Vaquer.

Recently, Numismatic News asked this question:

Have you encountered or unknowingly acquired ma counterfeit coin? If so, what did you do?

They received a number of responses and all are interesting.

As readers of this blog know, last year I bought two counterfeit coins. It turned out that they originated from China and were sold through an ad on Facebook. I had my suspicions, but I took a chance anyway.

When they arrived, I gave them the magnet test. Sure enough, both coins stuck to the magnet. Silver is not magnetic, by the way.

My bank reversed the charges, so I didn't lose anything. I turned the coins over to the New Mexico McKinley County Sheriff.

To read the responses to Numismatic News's question, go here.

Franklin Half Dollar Often Overlooked

Above, some of the Franklin half dollars in my collection. Photo by Armand Vaquer.

Last year, when I had a locksmith open a strongbox that had been sitting in my closet for years, among the contents were a bunch of Franklin silver half dollars. 

I still remember when the Franklins were common in pocket change. 

There is one in particular, the 1960 Franklin, that has prompted an article in Numismatic News. Unfortunately, although the ones I have date back from the 1940s to 1963 (before it was replaced by the Kennedy half dollar in 1964), none were from 1960. 

Still, the article is interesting.

It begins with:

If potential sleeper coins to be listed, the 1960 Franklin half dollar might be overlooked because it is so much a sleeper that even people looking for under-priced coins would likely miss it.

The 1960 half suffers in terms of recognition from a host of problems. First, it is indeed simply one of the Franklin halves that are more or less routinely overlooked. It is not old by numismatic standards. First produced in 1948, it was discontinued after 1963 in favor of the Kennedy half dollar before it had lasted even 25 years. By modern standards, it is a short-lived coin.

Basically, the Franklin half is considered common. It was produced when there were perhaps more truly active coin collectors than at any other time in American history. Franklin half dollars were readily available at virtually any bank for those collectors who wanted them. Few did because there were many more interesting and potentially more valuable options available.

 To read more, go here.

What Is U.S. Legal Tender?

Above, a 1945 Walking Liberty half dollar. Photo by Armand Vaquer.

With more states (about ten of them) passing laws allowing gold and silver to be used as legal tender, the question arises, "What exactly is legal tender?"

Numismatic News has posted an article on the history of U.S. legal tender that starts from the days of the founding of the country to present time.

It begins with:

The issue of what is legal tender in the U.S. has confronted America right from 1776 to today. Over the centuries, what was considered legal tender in the U.S. has changed.

In order to look at this history, it is necessary to define what is meant by legal tender. Most definitions refer to a form of money recognized by laws or courts as a means to settle public or private debt.

When the U.S. declared independence in 1776, there did not exist any circulating U.S. coins. The Continental Congress and the various colonies/states issued their own scrip, many of which referred to their redeemability for “Spanish milled dollars or the value thereof in gold or silver.”

When the U.S. Constitution was adopted in 1789, there were still not yet any circulating U.S. coins. But a significant provision in Article One, Section 10 reads, “No state shall ... make any Thing but gold and silver Coin a Tender in Payment of Debts.”

To read more, go here. 

Get Physical With Precious Metal Ownership

Above, a 2023 American Silver Eagle. Photo by Armand Vaquer.

 "If you can't hold it, you don't own it!"

The above saying among gold (and silver) investors is one I subscribe to.

More people are buying precious metals as a wealth insurance against a meltdown in the economy. There are several ways to buy gold and silver. Numismatic News reviews each of them and they include the pluses and minuses of each method.

They begin with:

More people every day are growing concerned enough about national and global financial and economic conditions that they decide they need to own gold and silver as a form of “wealth insurance.”

However, once that decision is made, the person then has to consider a number of options available where they think of themselves as purchasing precious metals. Among the choices, in my educated but biased opinion, the best option is to get physical.

None of the alternative ways to consider for purchasing gold and silver are free of any negatives. So, let’s look at the pluses and minuses of the various options.

To read more, go here. 

U.S. Mint Issuing Lincoln Silver Presidential Medal May 1

 

Above, the Lincoln Silver Presidential Medal. Image by the U.S. Mint.

President Abraham Lincoln will be honored with a presidential silver medal issued by the U.S. Mint.

It will be issued on May 1. 

According to the Numismatic News:

The medal contains one troy ounce of 99.9 percent fine silver. It measures 1.598 inches in diameter.

To be honest, I am not impressed with the image of Lincoln on the coin. It just doesn't look right to me. The Lincoln penny has a far better image of the 16th president.

With the current spot price of silver at around $25.11/toz, The medal's price tag of $75.00 is a bit too pricey.

The Scorned 1965 Washington Quarter

Above, a 1944 Washington quarter. Photo by Armand Vaquer.

Back in 1965, the U.S. Mint stopped minting dimes and quarters out of silver. My dad and I were collecting coins at the time and we both groused about the copper clad coins that were minted. As far as we were concerned, those 1965 quarters and dimes were nothing but pot metal.

We weren't alone in that sentiment. 

To this day, I have not focused on quarter or dime collecting, silver or not. I focus on silver dollars and half dollars. But I do have a few dimes and quarters that are pre-1965. I have bought some Barber quarters as they are over 100 years old. They were minted from 1892 to 1916. The above 1944 Washington quarter may be worn, but at least it's silver.

Numismatic News has posted an article on the "scorned" 1965 Washington quarter.

The begin it with:

Some coins are made beautiful and others are made rare. The 1965 Washington quarter stands as the classic two-time loser. That may never change, but it just may be that with the 50 state quarter program and those that follow, we all should take a second look at the 1965 Washington quarter.

Something many viewed as absolutely terrible happened in 1965. The Washington quarter and the Roosevelt dime were struck without silver. The Kennedy half dollar had only 40 percent silver. It was no accident. The price of silver had simply risen too high for use in circulating coins. The Coinage Act of 1965 guaranteed that 1964 Washingtons were to be the last circulating quarters to contain silver.

When the first 1965 quarters emerged very late that year, they were greeted with something close to scorn. The scorn was over their lack of silver.

To read more, go here. 

National Money Show Attendance Numbers

Above, the main entrance to the National Money Show. Photo by Armand Vaquer.

It is hard to believe that the National Money Show in Phoenix was almost four weeks ago.

Mitch Geriminsky and I attended on Saturday, March 4 and had a good time looking around and purchasing some coins.

Numismatic News posted the attendance numbers for the show. 

They wrote:

The recent American Numismatic Association’s 2023 National Money Show in Phoenix, Ariz., was attended by 4,306, 1,900 of whom were not ANA members. According to ANA statistics, the number of non-members attending the event was greater than the number of members who live in Arizona. The March 4-5 “Ship of Gold” auction conducted by Holabird Western Americana Collections included about 7,000 online bidders including people from Canada, Europe and South America. It’s statistics such as these that demonstrate just how intense the interest in collectible coins has become.

I joined the ANA while at the show.

Next year's show will be held in Colorado Springs, Colorado.

To read more, go here. 

Mints To Hold Conference In Canada

Above, yours truly and Mitch Geriminsky with U.S. Mint Director Ventris
 C. Gibson at the National Money Show earlier this month in Phoenix.

With things going haywire in the financial world lately, delegates representing the world's mints (including the U.S. Mint) will be holding a conference in Canada in October. One would think they would meet sooner given the situation the financial markets are in.

Numismatic News reported:

Readily accessible cash is critical to the ability of societies to go about their daily lives, according to the International Mint Directors Association.

The IMDA and the International Mint Directors Network will gather more than 300 delegates from the minting and related industries to discuss the future of circulation coins, collector coins and bullion on October 15-18 in Canada. It is the first time in five years the Mint Directors Conference will be held.

Looking ahead a Foundation of International Mint Industry Association statement reads, “2022 closes with a world economy struggling to deal with heightened geopolitical uncertainty and with growth rates for 2023 at best challenged and potentially in decline. The inflation ‘genie’, generally under control over the past decade or so, is now out of the bottle and as central banks attempt to reign it in, the impact of a rapidly increasing interest rate response is placing households and consumers under serious strain.” The FIMIA was established as the successor to the Mint Directors Conference in June 2022, the former organization having been founded in 1962.

To read more, go here.