Silver’s Historic Surge Is Reshaping Numismatics
Jeff Garrett and other industry experts weigh in on the historic rise of silver prices and its growing impact on the numismatic marketplace.
Silver’s Run Looks Different This Time
Over the past few weeks, silver has behaved more like a “meme stock” than a traditional store of value. Price action has been fast and aggressive. In Asian trading, silver briefly surged above $84 per ounce.
Silver is now up roughly 150% in 2026. That makes it one of the best-performing assets of the year. It is also one of the largest single-year advances for silver in decades.
Record Prices Bring Record Activity
The rapid rise in silver prices is rippling through the numismatic hobby. Anyone who deals in precious metals is seeing elevated activity. That includes small coin shops and major bullion firms alike.
The amount of capital required to conduct routine bullion transactions has grown dramatically. For many dealers, the numbers are unprecedented.
Payment Delays Are Squeezing the System
In recent weeks, many smaller dealers have faced extended payment delays. Bullion is moving slowly through the refining pipeline. Cash is arriving later than usual.
Even some large bullion wholesalers have been forced to delay payments. These are firms that normally pay quickly. The strain on liquidity is real.
Premiums Collapse as Melt Prices Climb
Payment delays have led directly to premium compression. Many forms of silver are now trading below melt value.
Wholesale 90% silver coins are currently priced $5 to $7 under melt. Circulated Morgan and Peace dollars are also selling below intrinsic value. Sterling silver, which takes the longest to refine, is trading at discounts near 20%.
Melting Pressure Is Back
Some well-capitalized dealers are avoiding steep discounts. Instead, they are sending material directly to refiners and waiting.
One large shop owner recently told me he sent 10,000 Morgan and Peace dollars in for melting. For most collectors, that kind of story is painful to hear. Unfortunately, it is becoming more common.
Rising Silver Resets Collector Prices
Collectors are feeling the impact as base values rise. Common Mint State Morgan dollars have nearly doubled in a short time.
Last year, Silver Eagles dated 1986 through 2025 sold for $35 to $40. Today, prices closer to $100 are becoming the norm.
Higher Prices Mean Fewer Buyers
One basic rule of numismatic economics still applies. When prices rise, buyers fall away.
It is far easier to sell one-ounce silver coins under $50 than above $100. That reality is forcing changes across the industry.
Pressure on Modern Coin Programs
For years, many mass-market firms produced one-ounce silver coins under $50. They sold them near $100 and supported heavy advertising.
With silver near $80, production costs have exploded. Many world mint issues now exceed $100 before marketing. Retail prices closer to $200 are likely. Sales resistance should be expected.
The U.S. Mint is facing similar challenges. Licensed issues tied to DC Comics have struggled. Half-ounce gold coins priced near $3,500 have sold slowly. Even popular themes face limits when budgets tighten.
Bullion Profits Are Moving Into Rare Coins
There are bright spots for the rare coin market. Many collectors are trading bullion for long-desired numismatic pieces.
One retail client recently traded a Krugerrand bought for under $1,000. He received a high-quality 1918/7-S Standing Liberty Quarter. Trades like this still make sense.
For bullion holders, this may be an ideal moment to trade up. Many rare coins have seen only modest increases in recent years.
Media Attention Is Fueling New Interest
Another positive is media exposure. Gold and silver prices dominate financial news. They also dominate casual conversation.
New buyers are entering the market at record levels. Some will move beyond bullion. Many will discover numismatics for the first time.
Adjusting to a Higher Price World
If precious metals hold near current levels, buyers will adapt. Premiums should stabilize over time. One-ounce silver coins priced near $100 will feel normal.
Real estate offers a useful comparison. Prices surged, then stayed elevated. Anyone waiting for a major correction was disappointed. Inflationary pressures suggest asset prices may remain high.
A Familiar Historical Pattern
The last major silver boom occurred in 1980. Dealers used bullion profits to buy rare coins. Prices exploded soon after.
A similar pattern could emerge in 2026. Compared to gold and silver, many rare coins now look undervalued.
Other Views from Industry Experts
Chang Bullock (Minted Assets)
Due to the sharp rise in metal prices, we have noticed several changes in the type of business we are getting right now. It is clear to us that there has been a greater inflow of customers buying items that are priced closer to metal, especially in what we would consider premium bullion pieces. These are coins that have some collectible aspects to them, like a specific theme and set mintage, but are missing the more elite collectible attributes such as High Relief or Proof finishes.
We have also noticed a very strong trend towards fractional gold sizes. We are selling fractional gold all the way down to 1/1000th of an ounce, as demand for affordable gold has risen sharply. We have also seen a diversification into alternative metals such as copper. Overall, business has been lifted, and we are seeing more first-time buyers purchasing from us. The only downside has been that staying on top of current market pricing has become more intense and what used to be a daily task has now become at least an hourly task.
John Brush (David Lawrence Rare Coins)
The rise in bullion prices has put a huge strain on the larger bullion companies, as payments have been delayed to wholesalers as the processing times have increased dramatically due to the rise in shipments and business. While this rise in the price of gold and silver excites many retail sellers, as it is an excellent opportunity for them to take some profits, the premiums have dropped dramatically causing some market confusion for the occasional seller. As far as the rare coin side of things, in which we operate mostly, we’ve seen a lot of added excitement with some folks trading their bullion holdings for rare coins.
There are also some excellent places in the rare coin market where the price of some $20 gold coins has not risen with the market adjustment, creating some great buying opportunities if things remain stable. Overall, the higher prices will cause some issues for smaller dealers who have to move quickly with their over-the-counter bullion purchases, but in the big picture, I think that it creates a lot of new attention and activity within the numismatic hobby!
Ted Anchor (APMEX)
Historically, for APMEX, runs on precious metals always bring in new collectors to numismatics. We saw this in 2011, we experienced it in 2020 as metals rose during Covid and we are seeing it again in late 2025 and early 2026, as metals are now at all-time highs. We have found that precious metals can sometimes be the gateway into numismatics as art, history and supply and demand from numismatics collide.
APMEX is very bullish when it comes to numismatics in 2026, especially on series that are tied to precious metals like pre-1933 gold and pre-1965 silver coinage. With the rise in precious metals, we are seeing a massive decrease in premiums, making it more palatable for some to enter into the hobby. Since the Covid-19 pandemic, APMEX has enjoyed consistent year-over-year growth in numismatics, and the high visibility of precious metals is what is driving people to the site, who then discover that APMEX also offers rare coins and paper money for sale, as well.
Don Rinkor (Rinkor Business Group)
The biggest impact to coin shops is managing the cash flow issues with the extremely high volume, and the sizes of the trades. Currently there is a 15 to 30-day lag time from shipping precious metals to large marketers, and getting paid for those trades. This is tough on smaller shops and dealers.
The high volume will continue while there is volatility in the market. I would expect the volume to decline if metal prices level out for a period of a couple of months. Bullion is getting the lion’s share of attention, so collectibles seem to be taking a back seat to some collectors. I would expect this trend to correct if metals cool off.
Andrew Adamo (Bullion Shark)
This historical rally has had a significant impact on both the buy and the sell side of the market. As a retailer of rare coins, Bullion Shark has seen the effects of the rising metal prices firsthand. We are seeing a large influx of sellers who are either looking to take profits or simply feel it’s time that they liquidate their coin collection.
On the other hand, the excitement around the market has brought in a massive influx of new interest in the market. The market saw a very similar sentiment in 2020 and 2021. However, the demand on the buy and the sell side seems to be stronger than ever.
Greg Allen (Greg Allen Rare Coin)
We submit 1,000-plus coins a month for grading. Most are 90% silver and are generally in the $25 to $1,000 price range. With the substantial increase in silver spot, we are reevaluating which coins to send for grading. In doing so, we are looking at the current cost of the raw coins and the current market pricing for selling the graded coins to our customers. Most of our sales are in quantity to retail dealers. In many cases, the market pricing for the graded coins has not caught up to make it economical to grade certain coins.
With regard to the latter, we are also talking to our customers about the market pricing necessary to justify grading certain coins. That is, if they wish to continue buying certain coins in certain grades, will the market support the price increases for certain graded coins necessitated by the substantial increase in silver spot? For example, prior to the recent rise in silver, we had been selling a PF 67 graded Half at $30, with our cost after grading being $28. Our cost now to buy and grade the same coin is significantly more leading to a significantly higher price to make the same.
For those that believe higher silver spot are here to stay, or may go even higher in the near future, look at the spread in pricing between various MS and PF grades, and consider purchasing coins in the higher grade where there has historically been a significant spread in the pricing between the various grades, but there currently is not. When the market eventually absorbs the significant increase in silver spot, you may benefit from significant premium differences for the higher graded coins. The same goes for gold.
Final Thoughts
Like most dealers and collectors, the hobby is adjusting to higher prices. Silver above $70 and gold near $4,000 require a new mindset.
This week’s Florida United Numismatists (FUN) Convention should offer early clues. Bullion prices will dominate conversations. Their long-term impact on numismatics is just beginning to unfold.