Since Queen Elizabeth II’s passing, demand for silver and gold bullion coins has surged, further constraining an already limited supply.
Following the queen’s death, interest in both silver and gold bullion coins carrying her likeness skyrocketed. Australian news outlet News.com.au reports that “Collectors are hurrying to get their paws on coins bearing Queen Elizabeth’s face as prices spike following her death.”
The interest in coins featuring the queen has been described as “crazy” by the proprietor of a coin store in Melbourne.
It was five times as busy in the hours after the queen’s death, he claimed, and “collectors are crazy,” with prices skyrocketing after the market.
This past Sunday, there was a line of people waiting to go into the British Royal Treasury website. A notice apologized for a very high number of traffic welcomed visitors.
The proprietor of a coin store in Melbourne told News.com.au that although he couldn’t predict the precise future worth of coins bearing the Queen’s portrait, he did know that the first and final releases under any specific monarch would always be in high demand. For example, “yesterday my site was completely sold out of the 2022 certified set of coins,” he stated.
The increased demand may cause spot prices to climb in the larger bullion market, which is experiencing supply constraints.
In particular, the precious metals market has been impacted by shortages. The United States Mint stopped manufacturing Morgan as well as Peace Silver Dollars in March and will not resume until next year. The “planned halt is directly tied to the effect of the worldwide pandemic upon the supply of sterling blanks from the Mint’s suppliers,” as stated in a news statement.
The manufacturing of coins including the Canadas Maple Leaf, the Brittania, and also the Australian Kangaroo showing the queen’s effigy will be phased out and replaced with coins containing the face of King Charles III by the Treasury, the Perth Mint of Australia, or the Royal Canadian Mint. Although no imminent halt in coin manufacturing seems to be planned, the specifics of this changeover have not been published.
The Royal Mint noted on its website, “As we respect this moment of respectful sorrow, we continued to produce coins as normal.”
Royal Canadian Mint issued a more in-depth explanation about the change.
The Royal Canadian Mint wants to reassure customers and businesses that there will be no change to coins already in circulation as a result of the recent royal succession. Changing the reigning monarch does not need minting new currency. As a result, all coins now in circulation in Canada may be used normally by both individuals and companies. A proposal is in the works to mint a series of coins honoring Her Majesty the Queen II for her many years of service to Canada as monarch. For future Canadian coins, the Mint will also assist the Canadian government in selecting a new front (heads) design.
There is no telling whether the switch to new coins showing King Charles III would cause manufacturing delays or reduce supply, even if coinage proceeds as usual for the time being. “Nobody is entirely sure what that is going to appear like yet,” a SchiffGold supplier said, “but it looks to be driving markets higher on all coins featuring the queen’s image.”
We would be grateful if you could donate a few $$ to help us keep operating. https://gogetfunding.com/realnewscast/