Bowers on collecting: Numismatics in the time of coronavirus

By Q. David Bowers

Turn on the television or check the news on the Internet and 90% of the coverage seems to be about the coronavirus pandemic. Events, including coin shows, have been canceled left and right. Self-isolation is being practiced across the land.

Meanwhile, coin auctions and other commerce is continuing without problems, thanks to the Internet. The Stack’s Bowers Galleries sale of a few days ago was very strong as people were able to participate online. I have not heard of any problems with coins in holders or with books, and feel that it is easy enough to wipe the surface of anything you get from an outside source.

As of this writing, the four mints in the United States are still open. History tells us that over 200 years ago yellow fever epidemics in Philadelphia forced the closing of the Mint on occasion. Yellow fever was rampant in the late summer of 1793, and Joseph Wright, a distinguished engraver who prepared certain pattern coins in 1792 and the Liberty Cap cent of 1793, was among those taken by it. In 1797 the fever struck again, forcing many people in Philadelphia to go to the countryside. The Mint closed in late August and did not reopen until the end of November. In 1798, and again in 1799, the dreaded yellow fever epidemic struck the Philadelphia area in all its fury. People fled for their lives, but even though the Mint was closed for several months in each of these years, coinage resumed soon after reopening with a minimum of trouble. In 1803, the fever struck again and the Mint was closed for six weeks. Indeed, a lengthy essay could be written on the fever and coinage.

If you wish to contact me or send any inquiries, you may direct them to my e-mail qdbarchive@metrocast.net.

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Comments

  1. IJTR says

    Looking for reprice of mint’s palladium coin pretty quickly. Market is back above retail.

  2. cagcrisp says

    The United States Mint has moved the date of the 2020 Proof Gold Buffalo Up to April 9 From May 7.

    Trying to capture sales of Gold during peak demand.

    Smart move on the Mint’s part.

    The U.S. government owns Gold vs. leasing Platinum and Palladium…

  3. IJTR says

    April 9 was originally the date for Connecticut quarters before the mint started farting around with on and off again basketballs 🏀

  4. HarryB says

    Received an email notification from Modern Coin Mart has 2020 ASEs in stock, followed the link and saw their price, $549 a roll. I would hate to see their price if silver spot recovers to around $18 oz. must be a demand driven market,

  5. Buddy says

    Highly doubt moving the PR Buffalo up to an early date will help sales. They are not even going to fool the neophytes with this. There are cheaper back dated PR and burnished gold eagles and PR Buffalos on ebay and at major dealers.

  6. says

    The latest email from the mint.

    A Message to Our Valued Customers
    As the global impacts of COVID-19 continue to evolve, the U.S. Mint has had to modify its product availability to ensure the health and safety of its employees across the nation. Below you will find the status of products currently still scheduled for release:

    • The 2020 America the Beautiful Quarters Uncirculated Coin Set (20AA) went on sale yesterday, Tuesday, March 24.

    • The on-sale date for the 2020 American Buffalo One Ounce Gold Proof Coin (20EL) has been moved up from May 7 to April 9.

    • The Silver Proof Set (20RH), with the 2020 “W” reverse proof Jefferson Nickel, will go on sale as scheduled April 17 with initial limited availability of 190,000 units.

    • All other numismatic product on sale dates are to be determined (TBD).

    Please continue to refer to the Mint’s Product Schedule on our website for any updates.

    During these difficult times, the Mint will continue to fulfill its mission to protect our nation’s strategic assets and produce trusted coinage (circulating and bullion) while, at the same time, taking appropriate precautions given current public health risks.

    Thank you for your patronage and continued dedication to the United States Mint. We apologize for any inconvenience this may have caused to you.

  7. Barry says

    If the US mint did shut down the price for PM’s would go even higher. Buyers would panic and dealers are already low on stock. They would have to scramble even more to find products to sell. I’d bet this is why they are still open.

  8. Foxman69 says

    Yeah, Harry…MCM offering lot of 10 ASE’s for$279! Say they have sold 263 lots thus far.Those buyers will be crying in their beer in a little while…

  9. Foxman69 says

    Interesting…Mint revealing silver proof set having an initial mintages of 190,000 units…wonder what that is about…limited availability of silver blanks? brace customers for a price increase?

  10. Sith says

    @cagcrisp

    “The Fed has SO MANY levers to pull. – Name one that they haven’t already pulled”

    1. Purchase equities

    I said new, this is just more QE, which is not working by the way.

    “The President has SO MANY levers to pull. – Name one besides trying to get people to get back to work”

    1. Drop tariffs

    Just so I’m clear here. Are you saying the trade war that Trump started is bad for American jobs?

    “The President/Fed will do what they need to do when it’s Politically Expedient” – The president has already indicated he is willing to let you die to save the economy. What else is left?”

    1. Economic Stabilization Act of 2020

    Damn I did not know you needed a civics lesson, have you heard of Congress.,You do realize Congress is passing that bill?

  11. Sith says

    @IJTR ,

    2020 5 oz Silver ATB Weir Farm National Historic Site, CT have an expected ship date of April 09, 2020. from APMEX

  12. cagcrisp says

    @ Sith,”Damn I did not know you needed a civics lesson, have you heard of Congress.,You do realize Congress is passing that bill?”

    Do you need a civics lesson to understand that the President has to sign the bill for it to become law?..

  13. says

    MCM offering lot of 10 ASE’s for$279! Say they have sold 263 lots thus far.Those buyers will be crying in their beer in a little while…
    Yeah? Why’s that?

  14. cagcrisp says

    @ Sith say”“The Fed has SO MANY levers to pull. – Name one that they haven’t already pulled”

    1. Purchase equities

    I said new, this is just more QE, which is not working by the way.“

    Purchase equities is new. The Fed has never purchased equities before…

  15. cagcrisp says

    @ Sith says,”“The President has SO MANY levers to pull. – Name one besides trying to get people to get back to work”

    1. Drop tariffs

    “Just so I’m clear here. Are you saying the trade war that Trump started is bad for American jobs?”

    I didn’t make an observation one way or the other. Dropping tariffs would be Applauded by the stock market and that was my Original Statement….

  16. just another dave in pa says

    I like to speculate about the “real” story that isn’t heard on the media like bio-terrorism and the billionaire boys………..Bezos, Bloomberg, Biden.

    cui bono?

    Bezos is the richest guy on the planet and online orders and home delivery services just got a big boost.
    Also owns WAPO so has media control.

    Bloomberg is a big media guy and vowed to spend billions to defeat Trump.

    Biden? – is just a bad joke of a politician but he also stands to gain from the bio-terrorism being waged.

    This is just the beginning but it’s a pivotal moment…. the robots have taken control. Social engineering on this scale requires fear and panic and control of the media….. a dread-inducing pandemic works better than a nebulous climate disaster and is far more widespread than the threat of Islamic terrorists. All these things together create a culture of fear and the Home of the Brave becomes the padded cell of the Neurotic cowering in the fetal position.

    It’s ironic because we live in the best of times.

    Things have never been better for humans and yet we fear the worst will happen. We believe the worst will happen and a fearful populace is easy to control. The worst case scenario strategy may be a good wartime strategy but it’s not a good life strategy.

    Keep Calm and don’t take no wooden nickels…

  17. Sith says

    @cagcrisp –
    Purchase equities is new. The Fed has never purchased equities before…Grasping at straws here, and they have never purchased municipal bonds, and ETFs before this crisis., can we agree it is sill Quantitative Easing (QE)…SMH

    Yes the president could drop tarries, and undo his trade war, you never answered my question which is to admit the only thing the president had power to dd is reverse his own boneheaded decision ,. And yes that would help the stock market but not economy, have we moved the goal posts or did you think the stock market and economy are synonymous

    No I don’t need a civics lesson but you do…do you know Congress does not need Trumps signature to pass a bill?

  18. cagcrisp says

    @ Sith says,@cagcrisp –Purchase equities is new. The Fed has never purchased equities before…Grasping at straws here, and they have never purchased municipal bonds, and ETFs before this crisis., can we agree it is sill Quantitative Easing (QE)…SMH”

    No we can’t agree. It’s Not grasping at straws. It’s a fact. Buying Treasurys and mortgage back securities is QE. Buying ETFs and stocks by the Fed has Never been done before so it’s not under and definition of QE. You act like Everything the Fed does is QE. It’s Not.

    “Yes the president could drop tarries, and undo his trade war, you never answered my question which is to admit the only thing the president had power to dd is reverse his own boneheaded decision ,. And yes that would help the stock market but not economy, have we moved the goal posts or did you think the stock market and economy are synonymous”

    I didn’t comment on whether it helps the economy or not. I only commented that it helps the stock market. That’s All my Original statement was about. Helping the stock market.

    “No I don’t need a civics lesson but you do…do you know Congress does not need Trumps signature to pass a bill?”

    Congress can pass all the bills they like. I bet there’s a hundred bills passed by the House that will Never be acted upon by the Senate…

  19. cagcrisp says

    From Investopedia:

    What Is Quantitative Easing (QE)?

    “Quantitative easing (QE) is a form of unconventional monetary policy in which a central bank purchases longer-term securities from the open market in order to increase the money supply and encourage lending and investment. Buying these securities adds new money to the economy, and also serves to lower interest rates by bidding up fixed-income securities. It also greatly expands the central bank’s balance sheet”

    “Purchase Equities” does Not fall in the Above definition of QE…

  20. HarryB says

    @cag: re purchasing equities. The FED may not have purchased equities before, but the Govt has, the Chrysler bailout in the 70s, the US government ended up with an equity position in Chrysler in exchange for a bailout negotiated by Lee Iacocca, I recall a TV report showing Iacocca complaining the Govt made a billion $ as a result of the deal…..

  21. cagcrisp says

    @ HarryB says’l@cag: re purchasing equities. The FED may not have purchased equities before, but the Govt has, the Chrysler bailout in the 70s, the US government ended up with an equity position in Chrysler in exchange for a bailout negotiated by Lee Iacocca, I recall a TV report showing Iacocca complaining the Govt made a billion $ as a result of the deal…..”

    Agree 100%

    The Treasury did that during TARP. Congress passed the legislation and it was signed by the President,

    I Want the Fed to do the same Without authorization of Congress or the President…

  22. IJTR says

    If Memphis turns into a hot spot that is more likely to disrupt mint sales for the average collector. Seems like the fulfillment center is still on the state line near the airport if I recall. But there have been so many contractor changes over The Years?

    Big AP’s and dealers can send a truck to the government docks, but we are hostage to fed ex and the other shipping contractors in Memphis area.

  23. Old Big Bird says

    Gee it must take a massive amount of training in order to get sales figures from the US Mint.
    They stopped on 11/03/19 and then reluctantly came out with some numbers on 01/12/20.
    BUT NOTHING since then. They stated that they had to train several new people going back to November 2019.
    Some learning curve .

  24. says

    Allrighty,, just checked my tracking and I have gold being delivered today. Only took them a month, I was thinking about grabbing a monster box of the 2020 ASE’s but that doesn’t look possible now, I’m already getting calls from my tenants saying they ain’t gonna be paying their rent in April. Oh well, it’s was a good run while it lasted.

  25. Sith says

    @cagcrisp – We are beating a dead horse. QE not QE whatever you want to call it is not going to create jobs. It’s not going to work this time. Sure Trump may lower of tariffs may help the stock market but it will not create jobs, so ultimately it also will not work. You know this because you tip toe around the subject like a master,and refuse to answer direct questions. Just curious if the Fed does buy stocks what will it be called? I would call it illegal, as the Fed would you know need to ask Congress permission to do so as ” the Fed is legally limited to government-backed debt, like mortgage-backed securities and Treasury notes.”

    Anyway I won this argument by your own admittance you state “I Want the Fed to do the same Without authorization of Congress or the President…” Thank you so much for conceding my point everything is up to Congress your precious Fed is powerless, well unless they usurp Congressional powers. Game, set, and match!

  26. cagcrisp says

    @Sith says,” the Fed is legally limited to government-backed debt, like mortgage-backed securities and Treasury notes.”

    Nope. Wrong Again.

    One of the Major announcements out of the Fed on Monday was that they will now be buying Investment Grade Bonds from United States Companies.

    Another First for the Fed…

  27. Foxman69 says

    Longarm… 18 bids on 1oz. Sil maple leaf….current bid $29 + $3.90 shipping! Seriously? Sil spot around $14+ oz…$20 oz. over spot? What am I missing? I know many of you bloggers are very knowledgeable about precious metals, so please help me understand the truth about prices being paid…thanks

  28. says

    @Foxman69I hope you already have a stack, but the ones who don’t are going to be in a mad scramble to get some while they still can. Don’t let the spot/paper price fool you, as it gets more and more irrelevant the real, physical price will keep going up. So don’t knock the ones late to the party, all they’re trying to do is protect their wealth which we all need to do. Just sit back and watch as the spot/paper price wallows around $15 while the real price people will have to pay just keeps going up. And the real fireworks will began when the big boys join the party, the hedge funds and the institutional money, what a party that’s gonna be.

  29. ips_stuff says

    Anyone have any idea on production figures of last two 5 oz bullion version ATB.
    Is the only way to get update is when Mint posts the figures on the website?

    25k on River of no return a final number?
    is the 2020 bat done ?

    Thank you

  30. Sith says

    @cagcrisp – Yawn, oh you’re still writing. As I said I already beat you with your own words, but I see you switched the subject again. So let’s go back to your first point, and go back to the Fed buying stocks. Is it currently legal or illegal for the fed to buy stocks? Let me save you the suspense, it is not legal, so you were wrong,. Anyway, I’m just curious now to see if you can be intellectually honest and admit that you were wrong when you said The Fed can buy stocks (legally without Congressional approval)?

  31. Sith says

    @ips_stuff – I asked that question over a week ago and got crickets. I have search the Internet, and nobody has them

  32. Sith says

    @longarm – Sorry to disagree but the real fireworks will start when people demand physical from the CME\COMEX at spot, and the bullion dealers have to go to the market, and buy. They use to be able to go to the refiners, but as they are shutting down…” “He who sells what isn’t his’n, must buy it back or go to prison.” As I said earlier can anyone say force majeure…

  33. cagcrisp says

    @ Sith says,”@cagcrisp – Yawn, oh you’re still writing. As I said I already beat you with your own words, but I see you switched the subject again. So let’s go back to your first point, and go back to the Fed buying stocks. Is it currently legal or illegal for the fed to buy stocks? Let me save you the suspense, it is not legal, so you were wrong,. Anyway, I’m just curious now to see if you can be intellectually honest and admit that you were wrong when you said The Fed can buy stocks (legally without Congressional approval)?“

    They have authority given to them Indirectly by Gold Reserve Act of 1934…

    …So far…they have chosen not to purchase equities because the Treasury has done it, however, they have the power to do so…

    …IF…the Fed so chooses…

    Same authority that until Friday of last week they’ve Never used to purchase Investment Grade Bonds…

  34. Newbie Collector says

    I’m a long time lurker first time poster.

    I think the point that Sith is trying to make is that the exchange stabilization fund is a tool used by the Treasury to backstop Fed losses if needed and not a tool of Fed.

    It would be nice to return the conversation back to the hobby.

  35. says

    Sith I hope you’re right, but I think that will just show the little guy how much they’ve been played. Anyone paying attention has to realize we’ve been deceived, silver is not worthless or is it worth what they say it is, when every time it starts to go up the big boys dump billions of fake paper silver contracts (silver iou’s that only pay out in cash) on the market to hammer the price back down. Why? ?? So they can scarf it up for cheap while the little guy is left wondering “WTF”. I’ve had 2 people come by this week and I can’t even count the phone calls I had of folks I know asking about silver, usually I’m the only one who talks about it. They all wanted to know what I thought about the big drop in the spot price and I told them all don’t worry it’s just the people in the fake silver market selling off what they can because it’s all fake and they need cash so they can buy the real thing. Make no mistake, the big boys know silver’s true value and when that cat is let out of the bag, watch out.

  36. Foxman69 says

    Why won ‘t the Mint release any sales figures? Or am I just not looking in the right place?

  37. Sith says

    @cagcrisp – Oh I under stand it perfectly that is the problem.. You are intellectually dishonest, so please stop posting your opinions based on false premises on this blog

  38. Sith says

    @longarm – Hear, hear! You know I’m in the same boat. Everybody is suddenly coming out of the wood work asking where they can get gold

  39. says

    Foxman69 Did you ever consider, maybe they don’t want us to know? So the question we should be asking is why??? Like Sith said, they be selling what they don’t have trying to pacify the public. Don’t fall for it, do whatever it takes to protect yourselves now. And when the price goes up, and it will, don’t sell every thing and leave yourselves with nothing all for a big pile of funny money.

  40. says

    Sith Yeah, isn’t it funny. Remember all those “WE buy Gold” scams that popped up back in 2011? I expect to see that again soon, only this time folks aren’t sitting on all that scrap anymore, so who knows what they’ll try this time. Just hang on cause this ride’s about to get real.

  41. Sith says

    @cagcrisp – Your behavior is worst than a troll like because you are attempting to calm people from reacting to market conditions, based on false premises.The Fed can’t print cash, something they say with pride, when anyone asks if their operations will generate inflation. All I said was the Fed and the President can’t print money and only a massive infusions of cash “can save the economy”.

    1. You in your own words actually proved my point.
    2.. When called out on it you obfuscate.

    I’m not here to start WWIII. Their is simply no point arguing with an intellectual dishonest person. But as long as I still check this blog I’m now going to simply call you intellectually dishonest, or more simply a liar. I know a little knowledge is a dangerous thing, but how can you ignore the contradictions in your own statements? SMH. I never understood your agenda coming on the blog to disseminate your stocks first, stocks second, and stocks third agenda, and discourage the accumulation of PMs. Now it it pretty clear you are at best intellectually dishonest, and at worst a shrill . Enough said.

  42. Sith says

    @longarm- Believe it or not I noticed the jewelers in my city had the “we buy gold” signs out again . Its not going to help them this time. Jewelry stores are not essential services, and we are shelter in place. As such we can add recycled jewellery to the list of gold physical sources that is in the process of drying up. Yes I agree its going to get real

  43. cagcrisp says

    @Sith…

    I ran a Major manufacturing plant for a Major corporation for Several years.

    I’ve been called a LOT Worse in my life…

  44. Sith says

    @just another dave in pa – LOL that is true. Which is why I’m attempting to bow out, but cagcrisp is such an easy mark…

  45. Tom says

    Well, precious metals are once again doing the dance. It does appear they may have run out of steam as the steps appear to be somewhat shorter. Where it stops, nobody knows. Or do they?

  46. Sith says

    Just venting now, but I never understood why people get a sense of accomplishment by not getting along with people, being intellectual dishonest, and obstinate. Self-righteousness is not a virtue. cagcrisp post are not meant to help you, he has an agenda, and it is not to your benefit. I guess he gets a sense of pride acting like he knows what he is talking about, and being called names. Oh well let me shut up, sorry “just another dave” and sorry to the board I forgot why I stopped reading\posting here, let me try to go back to incognito mode.

  47. Sith says

    @Tom -We are in uncharted territory. Some Austrian economists might know, but their are too many variable going on right now, but IMHO all of them lead to a (at least temporarily) higher price for PMs. Everything depends on Congress, and how the governors react. We still don’t even know the most basic decision. Are we going to call the 1 to 15 million deaths, and 90 million hospitalizations (a lot with permanent lung damage) triage, or are we going to stay locked up to save lives?

  48. SteveW says

    I have a question about the price and availability of silver in about 6 months. In light of all that is going on in the silver market, do you think that once the US MINT starts making deliveries of silver eagles, refiners are open again, people selling their excess silver accumulations, etc, do you think the spot price of silver/physical silver will settle back to where it was prior to COVID 19, or will it continue to be a stronger market due to all the money government is sloshing around the economy?

  49. cagcrisp says

    From the United States Mint..

    The Silver Proof Set (20RH), with the 2020 “W” reverse proof Jefferson Nickel, will go on sale as scheduled April 17 with initial limited availability of 190,000 units.

    “initial limited availability of 190,000 units”

    Here is Launch Week price, sales and Last Known Sales for the previous 5 years…

    2020 $63.25 initial limited availability of 190,000

    2019 Silver Proof Set $54.95 191,670 383,590
    2018 Silver Proof Set $49.95 161,518 332,274
    2017 Silver Proof Set $47.95 174,724 358,085
    2016 Silver Proof Set $52.95 176,733 369,849
    2015 Silver Proof Set $53.95 184,613 387,310

    The Mint’s website still has the following:

    Mintage Limit: None
    Product Limit: None
    Household Order Limit: None

  50. says

    Yeah, I think Ill see if I can get one or two of the silver proof sets. I bought a bunch last year off ebay and I’m hoping to do the same this year.

  51. Qui Transtulit Sustinet says

    @IJTR,

    My brother-in- law’s car broke down on the local interstate about a week ago, during the evening as he was coming home from work after risking his life working at a large grocery store.

    He hitched a ride home and left the car on the side of the interstate overnight.

    When he returned the next day the catalytic converter had been ripped out.

  52. art says

    Sith, you’re entitled to your opinions just like the rest of us. But the name calling is crossing the line. I’ve been reading cagcrisp posts for quite a while find him to be very knowledgeable and interesting on a variety of topics. Thanks for all of your posts cagcrisp.

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