Numismatic Booms & Busts 1945 - 1960 ... what caused them?
291fifth
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The 1945-1960 period precedes my involvement in numismatics.
It is my understanding that the coin market boomed during the 1940's until 1948 or 49, then declined significantly. The bump was significant enough to cause the Red Book to skip publication of the 1950 edition.
The boom apparently resumed in the mid-1950's (perhaps caused by the 1955 double die cent, though proof set sales rose significantly in 1954, so something else may have been involved) but then faltered again in about 1958 when proof set sales showed a significant decline.
Boom times began again in either 1959 (introduction of the Lincoln Memorial cent) or 1960 (the Small Date cents, which were red hot when I started collecting in 1961.)
Who can remember what actually happened during this period? The numismatic participants from this era are fading away so it would be a good idea to document what it was like.
It is my understanding that the coin market boomed during the 1940's until 1948 or 49, then declined significantly. The bump was significant enough to cause the Red Book to skip publication of the 1950 edition.
The boom apparently resumed in the mid-1950's (perhaps caused by the 1955 double die cent, though proof set sales rose significantly in 1954, so something else may have been involved) but then faltered again in about 1958 when proof set sales showed a significant decline.
Boom times began again in either 1959 (introduction of the Lincoln Memorial cent) or 1960 (the Small Date cents, which were red hot when I started collecting in 1961.)
Who can remember what actually happened during this period? The numismatic participants from this era are fading away so it would be a good idea to document what it was like.
All glory is fleeting.
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<< <i>The 1945-1960 period precedes my involvement in numismatics.
It is my understanding that the coin market boomed during the 1940's until 1948 or 49, then declined significantly. The bump was significant enough to cause the Red Book to skip publication of the 1950 edition.
The boom apparently resumed in the mid-1950's (perhaps caused by the 1955 double die cent, though proof set sales rose significantly in 1954, so something else may have been involved) but then faltered again in about 1958 when proof set sales showed a significant decline.
Boom times began again in either 1959 (introduction of the Lincoln Memorial cent) or 1960 (the Small Date cents, which were red hot when I started collecting in 1961.)
Who can remember what actually happened during this period? The numismatic participants from this era are fading away so it would be a good idea to document what it was like. >>
There was a general economic downturn in 1948-49 that affected many things, including coin production.
Proof set sales rose dramatically in 1954 because the new Mint Director and new Philadelphia Mint Superintendent installed by Eisenhower in 1953 actively promoted proof set sales.
Proof set sales fell in 1958 because a large insurance company bought a huge quantity of 1957 sets as part of a promotion. The overall trend continued upwards except for that one blip.
The 1955 doubled die cent helped goose the market, but so did the closing of the San Francisco Mint in 1955. People started hoarding the "rare" 1955-S cents and dimes, and that helped promote the roll and bag market.
The 1960 SD cent really set things off.
TD
<< <i>Proof set sales fell in 1958 because a large insurance company bought a huge quantity of 1957 sets as part of a promotion. The overall trend continued upwards except for that one blip. >>
There was actually a minor recession in '58 as well.
60 years into this hobby and I'm still working on my Lincoln set!