11 April 2020
The Numismatic Guaranty Corporation (NGC) have issued a statement heralding the coin market's resilience and explaining that 'coins and banknotes represent one of the rare pockets of stability'.
Posted at the start of April, the statement confirms that all NGC and PMG locations remain open to serve collectors and dealers "by providing liquidity and confidence to the global collectibles markets at a time when those qualities are more important than ever."
The statement continues:
As the world faces an unprecedented economic and public health crisis brought on by the coronavirus COVID-19, the numismatic markets have demonstrated incredible resiliency. Indeed, coins and banknotes represent one of the rare pockets of stability, safety and even strength during this period of fear and uncertainty.
Significant volatility of the stock market is often a harbinger of increased investment in collectibles, and that has proven to be the case yet again since the coronavirus became a pandemic.
…The strong prices paid for NGC-certified coins and PMG-certified notes in recent sales have given consignors the confidence to offer a number of valuable collectibles for sale despite the uncertainty facing other markets.
…With many shows cancelled and auctions moved to the internet, the certification services offered by NGC and PMG have become even more essential. Dealers cannot survive if they cannot sell their inventory, and third-party certification makes it possible for coins and banknotes to be bought and sold online, even sight-unseen, from the safety and comfort of one’s home.
NGC and PMG are committed to doing everything they can to support the markets they serve.
All of NGC and PMG’s global offices remain open but with enhanced cleaning procedures and strict safety precautions. By staying open, the companies are providing liquidity and confidence to the global collectibles markets at a time when those qualities are more important than ever.
Not surprisingly, third-party authentication, grading and encapsulation must be done inside of a secure environment with advanced equipment. At NGC and PMG headquarters in Sarasota, Florida, USA, employees whose jobs allow them to work from home have been equipped to do so, and the space made available has enabled other workers to spread out to safe distances. Frequent cleaning and other safety protocols provide additional protection.
In China, where NGC and PMG have a large presence, the companies’ comprehensive response to COVID-19 allowed their Shanghai and Hong Kong offices to remain fully operational for the last six weeks. Those offices continue to be open and submission levels are now nearly as high, if not higher, as before the pandemic.
Steven Eichenbaum, CEO of NGC and PMG added:
"This pandemic affects us all, and our thoughts are with our friends and clients throughout the global numismatic community. Every day the news is overwhelmingly negative, but the activity we are seeing in numismatics is one of the few bright spots. We are heartened that, even in these tumultuous times, the passion for numismatics remains strong."
Read the full statement at: ngccoin.com
Image: Stack’s Bowers sold a 1913 Saint-Gaudens Double Eagle graded PF 66 by Numismatic Guaranty Corporation® (NGC®) for an impressive $162,000.
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