IMPORTANT UPDATE: Rare Coins and the Economy, Special April 2020 Edition
To My Valued Customers
Let’s face reality: The Corona Virus caught us all flat footed.
Government at all levels is working to cope – as it should. But government can’t do it all, nor should we expect it to, nor should we believe for one minute that the governmental response will be enough.
Americans are resilient. It is in our DNA. We are the ultimate “Do it Yourselfers” who are willing to take responsibility for ourselves, our families, our friends, and sometimes even for strangers. And when circumstances pop up that hinder our freedom of movement and action, Americans do not sit passively and lament their victimhood: We employ our ingenuity, creativity and ability to think outside the box to adapt and take the initiative.
As devastating as the Corona virus and the governmental response may be – and there still are a lot of unknowns out there – there is no reason whatever to give up or give in to powerlessness. All of us can take steps to deal with the uncertainty and adapt to the inevitable day to day changes in life style.
Here is impact in the rare coin market:
Coin shows have been completely shut down, and many coins stores now closed are likely to remain so for at least couple of months, perhaps more. Despite that, I am happy to report that the rare coin business has found many mechanisms to cope with these changes. Business is still being done, albeit a bit slower than usual. The dealer network is active. And while the volume is down for the moment, our creativity, ingenuity, and entrepreneurial spirit is soaring upward.
Therefore, I am delighted to report that CNP is open for business – almost like usual!
The only major difference is that we are not doing business in person. Instead, we are doing business by mail, phone, email, Zoom, and literally every method that does not involve person to person meeting.
Also, we are providing FREE Fed Ex insured shipping for up to $50,000 per package. For example, if you have coins to sell (and this includes gold or silver like American Gold and Silver Eagles, and Canadian Gold and Silver Maple Leafs as well as all collector coins and rarities) simply call me on the phone at 800-334-3325 Ext. 2 (it’s likely I’ll be in the office), or email me at Lawrence@cnpcoins.com and I will give you all the information you need to conduct a safe and desirable transaction at the best price possible. For example, we are now paying well above spot price for American Gold and Silver Eagles.
This is also a golden opportunity for coin buying: Overall sales volume is down for the time being, resulting in attractive (sometimes exceptionally attractive) buys for many collector coins, including some bona fide rarities.
One essential point: The future is unpredictable. For those of you who have been receiving my Rare Coin Report over the last 20 years, you will recognize this as a common theme in my writings. It is no different now. That said, the rate of Federal Spending and the printing of new money to facilitate economic stimulus by the Federal Reserve into the Trillions of dollars is extremely likely to create a strong upward surge in monetary inflation, which suggests that rare coins and gold and silver bullion prices will escalate, perhaps dramatically, in the long term.
Additionally – and this should be taken very seriously – the closure of coin shows and coin shops coupled with the natural tendency of caution in buying among parts of the population means almost certainly that significant pent up demand is developing and will continue to grow as time goes on. Once we finally get our heads and hands around the Corona Virus situation, that pent up demand will likely give way to fears about the inflationary result of perhaps as much as $10 Trillion or more in new dollars flooding the economy. When that happens, a tsunami of demand with the potential of driving rare coin prices to new heights is probable.
Everyone’s situation, needs and desires are different. My goal has always been to focus on helping my customers achieve their objectives. Let me know how I can help you achieve yours.
Best Wishes,
Lawrence
800-334-3325 Ext. 2