U.S. Coins Market: Historical Performance and Anomalies

61 Pages Posted: 12 Dec 2019 Last revised: 27 Jan 2020

See all articles by David A. Maslar

David A. Maslar

University of Tennessee, Knoxville - Department of Finance; University of Tennessee, Knoxville - College of Business Administration

Khaled Obaid

California State University-East Bay

Kuntara Pukthuanthong

University of Missouri, Columbia

Date Written: January 24, 2020

Abstract

In this paper, we document the historical performance of collectable coins from 1967 to 2015. Collectable coins have a 9.7% annualized nominal return and a 5.5% real return over this period. We show collectable coins provide large diversification benefits based on their Sharpe ratios and are effective at countering both anticipated and unanticipated inflation. Lastly, we document cross-sectional and time series momentum and newly issued coin underpricing, anomalies in the market for collectable coins that are typically associated with stocks.

Keywords: Alternative investments, Long-term returns, Numismatics, Coins, Anomalies, Information diffusion

JEL Classification: G11, G12, Z11

Suggested Citation

Maslar, David A. and Obaid, Khaled and Pukthuanthong, Kuntara, U.S. Coins Market: Historical Performance and Anomalies (January 24, 2020). Available at SSRN: https://ssrn.com/abstract=3492347 or http://dx.doi.org/10.2139/ssrn.3492347

David A. Maslar

University of Tennessee, Knoxville - Department of Finance ( email )

Knoxville, TN 37996
United States

University of Tennessee, Knoxville - College of Business Administration ( email )

453 Haslam Business Building
Knoxville, TN 37996
United States

Khaled Obaid (Contact Author)

California State University-East Bay ( email )

435 Valley Business and Technology Center
College of Business and Economics
Hayward, CA 94621
United States

HOME PAGE: http://sites.google.com/alumni.wfu.edu/khaledobaid/

Kuntara Pukthuanthong

University of Missouri, Columbia ( email )

Robert J. Trulaske, Sr. College of Business
403 Cornell Hall
Columbia, MO 65211
United States
6198076124 (Phone)

HOME PAGE: https://www.kuntara.net/

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