When surfers paddle out in the ocean to catch waves, they wait and anticipate the highest and most powerful wave before they set out to ride it to shore. While of course it takes a certain level of skill to surf, it is not the individual's power that propels them forward, but the power of the wave underneath occurring like the natural phenomena it is. To ride the wave means to go with something that is already happening and to hold on for as long as it will let you.
“From the beginning of the pandemic in early 2020 through the end of 2021 and even into 2022 possibly, it was the highest wave I’ve seen in my entire lifetime,” said Andy Abel, television host of The Coin Vault and third generation numismatist. “For us and the hobby, it was a great time for us business wise. The biggest thing the collecting hobby in general gained from that whole experience was that it brought more people in. We are still seeing residuals from that.”
Since our brief update on the business and The Coin Vault from Andy back in 2021, a lot has happened in the hobby. From United States Mint releases becoming increasingly exciting, to the constant market changes, to the demand for silver finally dropping off after record highs in 2022, it goes without saying that collectors are entering a different space than they did pre-pandemic.
“Back in 2021, the Mint had a huge hand in driving interest in what we do in numismatics,” Andy stated. “Not only were they thinking outside of the box when it came to new releases, but they were also in the middle of updating and changing the biggest bullion coin in the world, the American Silver Eagle. I can confidently say that since that time, they have been upholding that standard even with the change in leadership.”
In the last half of 2021, the Mint would release the 2021 Morgan and Peace Dollars as part of the 100th anniversary of the transition between the two. After six different products were made available, the hunger for the program would drive its continuation in 2022. However, the world would make other plans as it can only be assumed that the unruly demand for silver would seal the fate of the program and shut down the releases for the following year.
“Bringing back the Morgan and Peace dollars in 2023 after skipping 2022 was gigantic for the hobby,” Andy claimed. “With the addition of the Proof and Reverse Proof options, the success and excitement continue to burn and the promise for 2024 looks good.”
Along with the Morgan and Peace dollars, one of the biggest releases to come out of 2024 is a collaboration from one of the largest mints in the world, The Royal Mint. Collaborating for the second time since their 2020 venture for the 400th Anniversary of the Mayflower Voyage, they are now coming together for the first time ever on one coin.
“The Royal Mint collaboration is a completely different ballgame,” Andy said. “Taking the two Chief Engravers of each mint (Gordon Summers and Joseph Menna) and making one design featuring both initials and using our symbols (Liberty and Britannia), this is a whole other level of new and exciting from the Mint.”
While the United States Mint continues in their path of releasing diverse products, for The Coin Vault specifically, the “usual suspects” of coins are still the driving force behind its success. “The Silver Eagle market is still very much a staple of our business,” said Andy. “Every product in the program from the Mint State releases to the Proof coins to the Congratulations coins and more, customers are still making room for those standard releases within their collections.”
As mentioned before, the demand for silver has dropped off quite a bit since 2022, but the election year will most likely change that a bit.
“People are going to get amped up and the need or want for more precious metals like gold and silver is going to increase,” said Andy. “When it comes to the show, I don’t think it will necessarily change that much.”
Moving forward despite the role politics may or may not have in the hobby in 2024, Andy looks ahead with more hope than ever before due to a few “test runs” that were deemed successful in 2023.
“We got to dip our toes into the infomercial world last year and it was very promising for us,” he said. “We were able to generate new customers and expand into a different market a little bit, and really that’s all we were hoping to do. We have a few more infomercials in the works for this year and we think they are going to be great for us, which, in the larger sense, is great for the hobby.”