Last updated on May 2nd, 2024 at 03:33 pm
Last Updated on May 2, 2024 Posted by Colonial Acres Coins
COVID-19 has changed the world and the way people go through their daily lives. The impact of the pandemic has also made its presence in the hobby world and coin collecting. Coin collectors have had to adapt to the new normal and change the way they enjoy their hobby. Despite the challenges of the global health crisis, coin collectors still can find new, rare and valuable Canadian coins and other treasures online.
Unprecedented Coin Shortages
One of the first signs that things were very different during the pandemic in the coin world was the unprecedented shortages of coins across the world. Millions of people were tasked to stay home, so online shopping became the norm. For in-person shopping, customers and businesses focused more on electronic payment methods to reduce chances of contact.
Some shoppers were worried about the chances of spreading the virus through cash and coins and ended up avoiding using currency for payment. The increase in online shopping, the preference of some shoppers to use electronic payments and the fears of catching the virus through cash payments all contributed to a serious shortage of coins.
Some retailers even asked shoppers to use certain coins or paper money in different denominations to help stock their cash registers. The coin shortages also have led to some of the most common coins in circulation suddenly becoming more valuable to collectors.
Fewer In-Person Coin Collecting Events
Another way the hobby has been impacted by the virus is with widespread cancellations of events and in-person gatherings related to collecting. With many local governments putting limits on public gatherings, many events have been canceled or postponed.
Coin collectors looking to buy, trade or sell coins at shows and other events have had to make other plans. Additionally, coin auctions and coin collecting shops have also had to limit their operations. Some businesses devoted to the hobby have taken a financial hit.
Luckily, the internet offers collectors a few alternatives for connecting with other people in the hobby. Message boards, forums, Facebook groups and other online sites have helped collectors keep in touch with others in the hobby. Some coin shows have opted to go virtual and switched their buying and trading systems to online only.
Coin Release Delays
The hobby is also reeling from the impact of the pandemic for new collectible coin releases from the mint. Government mint organizations have had to deal with closures and shut-downs during the worst stages of the pandemic. Because of these shutdowns, coin shortages and budget constraints during the health crisis, there have been some delays in commemorative coin releases from the mint.
With staff shortages, challenges navigating different government shut-downs and changes in the hobby, some government mints have scaled down their new coin releases. Coins scheduled to be released in 2020 and 2021 may have been postponed or canceled due to the financial or logistical effects of the virus.
Rising Gold and Silver Prices
Gold and silver prices have also shot up in value due to concerns about the pandemic. In the early days of the health crisis, when there was a lot of uncertainty, investors turned to gold and silver and values went up seemingly overnight. Now, the value of gold and silver continues to be much higher than the same time last year before the pandemic.
Nervous investors are looking for alternative investment strategies due to worries about the global economy. Collectors may have an opportunity to unload parts of their collection, such as gold or silver coins, to take advantage of the high prices.
The coin collecting hobby has been transformed by the virus. Now, collectors can still enjoy the love of coins by shopping for Royal Canadian Mint coin sets online at places like Colonial Acres.
