Pennies on the Million

– coins from a century ago

The Traveler Collection – which is also the slogan for the mysterious collection described above – is said to be worth at least $100 million. But this is only a fraction of the vast global numismatic market. In its April report, "Global Coin Collection Market Industry Analysis and Forecast (2025-2032)," Maximize Market Research estimates that last year the global numismatic market was worth $10.74 billion. And the coming years will be even more profitable: by 2032, the market is expected to grow at a rate of 10.5% annually, ultimately reaching $23 billion.

"The driving forces behind this market are a passion for history and art, as well as a desire to acquire and possess rare and valuable coins. They are collected for their aesthetic beauty, historical significance, and potential investment value. The market encompasses a wide range of coins, from ancient pieces, commemorative pieces, and investment items, to rare numismatic specimens," the analysts explain. The historical circumstances surrounding the creation of a given batch of coins or specific specimens, the condition of a given specimen, expert assessment of authenticity, and—as is often the case—changing and capricious market trends are all important factors. Furthermore, as one might imagine, collectors are particularly drawn to their native coins, which may not evoke such excitement in collectors from other countries. Of course, banknotes are also a separate market segment—with their own specific characteristics—and collecting them requires a completely different set of knowledge, although the market mechanisms are similar. Private collectors are active on the market, but also, increasingly, dealers looking for investment opportunities, museum institutions, numismatic organizations, and auction houses.

Greysheet, an American company that has been primarily engaged in numismatic market analysis and consulting since the 1960s, estimates that recent years have seen a steady stream of new impulses for this market. Successive economic crises in the early 20th century, the inflation we've experienced, especially in recent years in developed countries, the continuing interest in gold as an investment metal, and the search for ever-new areas that could be given this investment character have significantly expanded the market's reach.

The results of Heritage's recent auctions are a case in point. One of the "stars" of these events was the 1835 Proof Half Eagle, a gold five-dollar coin with nearly two centuries of history and in near-perfect condition. This coin could be considered a symbol in itself – in 1834, US authorities concluded that the gold in five-dollar coins was already worth more than their face value, and from that year onwards, coins of this type were slightly smaller and lighter. Only now are they gaining a certain weight and size: Heritage sold its copy for $1.8 million. This is noteworthy not only because of the high price but also because the previous copy, which appeared at auction in 2016, found a buyer for "only" $822,500.

This illustrates the pace at which highly sought-after coins (which, by the way, don't have a history stretching back thousands of years) are gaining value—or at which the market is developing. And yet, this is only a relatively distant "tail" of the world's best. A record-breaking price was achieved at auction by a 1933 gold $20 "double eagle" coin from the collection of the former King Farouk of Egypt, for which the buyer had to fork out an astronomical $18.9 million in 2021. It surpassed the previous record set in 2013, when a "Flowing Hair Dollar" from 1794 sold for $12 million. Another exceptional coin joined the podium: the 1787 Brasher Doubloon, a coin worth 8 escudos, privately minted by New York blacksmith Ephraim Brasher.