Looking Back on the 2022 Coin Market and Where it Leads

Overall, the coin market began the year on a steady note with few areas of exception. From modern coins and circulated vintage coins through the highest-grade Mint State coins, collectors are exhibiting market strength through their competitive bids at auction. Circulated coins are frequently selling at premium prices if they have above average eye-appeal, while competition at auction remains fierce for “top-pop” coins that are obviously being snapped up by well-heeled Set Registry collectors, driving prices higher, often setting records.

Attractively toned coins remain in strong demand as demonstrated by prices realized at auction. However, we frequently see some coins bringing premium prices just because they are toned, even if the toning is dull, blotchy, or otherwise lacking in attractiveness.

A year ago, the coin market was “red hot.” While we can’t say that today, the market remains strong. One fundamental difference, though, from a year ago is that prices for precious metals entered 2023 on an uptrend, whereas they slid lower during most of 2022. While the bullion market does not directly affect prices of rare coins, there has been an historical correlation. Rising bullion prices bring enthusiasm to the coin market, and they can be an indicator that investment money is flowing into hard assets, like rare coins.

The United States Mint had an issue procuring enough silver planchets to strike 2022-dated Morgan and Peace Dollars, resurrected by the U.S. Mint in 2021 to mark the 100th anniversary of the last Morgan Dollar and first Peace Dollar in 1921. Meanwhile, American Silver Eagle production has continued despite the supply-chain shortages affecting silver planchets. Courtesy of the United States Mint.

Modern coins are more affected by bullion prices than vintage coins, but another influence has come into play regarding bullion. During recent months, the U.S. Mint has had great difficulty in obtaining silver planchets from which to strike silver eagles and other modern coins.

Government restrictions limit the kind of silver, the price, and from whom the planchets can be purchased. This shortage has caused higher prices for American Silver Eagles compared to bullion coins produced by many foreign mints. In addition, the U.S. Mint has had to forego striking 2022 Morgan and Peace dollars because of the shortage of silver planchets. The Mint plans to resume issuing them this year.

Despite inflationary limitations and down bullion markets through most of 2022, rare coins continue to represent great value when the buyer focuses on value – not hype. Even amid concerns about a looming recession, there are reasons to be optimistic about the rare coin market in 2023.

Just citing some of the more important auctions, sales, and private transactions clearly illustrates the unprecedented demand for coins, especially for condition-census U.S. rare coins. In fact, the scarcer the coin, the larger the premium versus past sales figures. The PCGS Price Guide has reflected these price increases with most areas of the market being in the green throughout 2022.

The sale of the 1870-S $3, a unique and highly coveted gold coin, garnered $5,520,000 when it sold at a Heritage Auctions event in January 2023. Courtesy of PCGS TrueView.

Lots of great coins are auctioned each and every week by a bevy of highly qualified auction houses, including Stack’s Bowers Galleries, Heritage Auctions, and GreatCollections. Because of unprecedented demand and rising prices, the U.S. rare coins available for sale recently have been quite impressive.

Among some great coins sold recently was the acquisition and placement of Tom Koessl’s Hall of Fame matte proof gold collection. The collection perfectly illustrates both the availability of capital available to buy rare coins and how a collection like this might not be available again for decades to come.

The matte proof gold coin collection is just one of many noteworthy numismatic highlights GreatCollections either sold at auction or placed privately recently. In addition to the matte proof gold collection, GreatCollections sold – in 2022 alone – two 1794 Flowing Hair Dollars, two 1804 Draped Bust Dollars, a 1907 Extremely High Relief Saint-Gaudens Double Eagle, and the finest-known 1913 Liberty Nickel.

Heritage Auctions continues to liquidate the fabulous Harry W. Bass, Jr. Collection of rare gold coins. The Bass Collection, housed at the American Numismatic Association Money Museum for 20 years, is being sold by Heritage Auctions with the first session of 106 lots selling for a combined $20.5 million in September 2022. The next group of Bass coins was sold in January 2023 for $24,022,741. Among the highlights was the sale of the unique 1870-S $3, which realized $5,520,000.

Stack’s Bowers Galleries is offering the amazing (and unequaled) Sydney F. Martin collection of Colonial and U.S. coinage. Just two parts of the ongoing Sydney F. Martin collection were sold in 2022. In the conclusion of their 2022 Stack’s Bowers Galleries Showcase auction season, their November auction realized $23 million, including coins and banknotes. The second part of the Martin collection included in this Stack’s Bowers Galleries auction brought an additional $4.2 million. Stack’s Bowers Galleries auction schedule for 2023 includes many more items from the Martin collection as well as many other U.S. rarities.

Ultimately, many of the market factors that influence rare coin prices are out of our control. Using the knowledge these factors give us aids in our decisions regarding our rare coin purchases. Fundamentally, we should focus on those factors we can control. We as numismatists can study our subject, do our homework, and then – once we have some knowledge –make a decision!

Vic Bozarth is a familiar face on the bourse floor to many who have attended coin shows over the last five decades. He’s a self-described “coin weenie” who has attended more than 1,000 shows and vast experience both buying and selling many of the finest PCGS coins. His numismatic knowledge as a dealer and collector provides a unique perspective on our industry.

Mark Ferguson began buying and selling coins in 1969. He graded coins for PCGS between 1986 and 1990 and currently serves as the company's senior price guide consultant. He’s a numismatic researcher, writer, appraiser, and advisor, and he authored The Dollar of 1804: The U.S. Mint’s Hidden Secret.