The Business of Numismatics: June 2025 Greysheet Editor's Letter

The story that continues to capture the imagination is gold. Dramatic swings both ways, but mostly in the upward direction, have commanded the headlines. As of this writing, the yellow metal is up 25.4% year-to-date, and in April briefly touched the historic $3,500 per ounce price. Some insight into the action is called for to understand the mechanics of such price movements, which reverberate across the world. On April 22, the spot price spiked as traders in China bought 1.2 million ounces in futures contracts, primarily via the Shanghai Gold Exchange. The following week, April 30, 1 million ounces were sold, creating a yoyo effect in the spot price. Gold bullion traders in this country must especially pay attention to the Asia open (6:30 PM Pacific Standard Time) each day, as most price swings lately have been taking place at this time. Silver has been safely positioned well above the $30 per ounce level for some time now, and there is no telling where either metal will go from here.

As for the numismatic market, it is proving resilient as ever. The Central States show, while quiet from a retail attendance point of view, dealers I spoke with reported wholesale trading activity as being “just fine.” The post-show Heritage U.S. coin auction did $31.7 million, led by four seven-figure lots. One of these, the 1835 Proof Half Eagle, PCGS/CAC PR67+ DCAM, brought $1,800,000. This is significant not only because it last sold publicly in 2016 for $822,500, but also because at that time it was coming out of the Pogue Collection. At the time, many of us marveled at the prices being paid during the Pogue Collection auction sessions, with many records set. I believe that the performance of the Pogue coins, when they reappear for sale, is an important barometer on how the market for exceptional U.S. coins has evolved. Another noteworthy piece in the sale achieving a record price was a 1798 Small Eagle, 15 Stars Draped Bust dollar, PCGS MS62 that sold for an even $360,000. This curious and important variety is always sought after, and the price realized beat this coin’s last public appearance in 2005 by a whopping 248%, when it sold for $103,500. The Newman example of this variety, a beautifully toned MS61, last sold for $216,000. It is clear that once again rare coins have the dual benefits of a tangible investment asset and safe haven store of value.

A Call For Writers

Lastly, I’d like to take this opportunity to publicly invite numismatic writers to collaborate with us here at Whitman Brands, specifically for the Monthly Greysheet. The Greysheet has a very rich tradition of feature articles that stretches back more than 50 years with the creation of the old Monthly Supplement, and we have strived to maintain and honor that tradition. Numismatic writers come from varied backgrounds: dealers, advanced collectors, researchers. Whether you are a specialist in a specific U.S. coin series, a dealer with insight to a particular area of the market or have a new research opinion to share with the coin collecting community, I encourage you to consider contacting us. I especially want to mention young numismatist writers to take a shot if they have an article idea. For those interested, please contact me directly at patrickp@whitmanbrands.com and I can share specific requirements and parameters to make your article idea a reality.

Sincerely,

Patrick Ian Perez, patrick@whitmanbrands.com

Cover Image By Leslie-Judge Company – Leslie's Photographic Review of the Great War, Public Domain, https://commons.wikimedia.org/w/index.php?curid=98939186