Numismatic News column says rising silver prices could make common U.S. silver coins scarce

This article is based on a column published by Numismatic News on January 22, 2026. It presents the writer's view of what could happen, not a confirmed trend.

The column suggests that U.S. coin collecting may be entering a new phase, one in which even commonly collected coins such as a 1964 dime or a 1921 Morgan dollar could become expensive and rare.

The silver situation

What the two coins have in common is that both are made of silver. According to the column, the spot price of silver has risen sharply recently. The U.S. Mint and other producers of silver coins and medals are re-pricing what they sell. Industrial users are buying bulk amounts of silver at prices far above spot. The column also mentions rumors that China is stockpiling silver for political reasons, and describes those rumors as unverified.

Refiner backlogs and melted dollars

The column says refiners are overloaded. A dealer who buys junk silver coins to melt them is likely to be put on a waiting list that could be as long as three months.

To move silver coinage along, the column says, silver coins are being priced below melt value at wholesale. It also cites recent reports of bulk quantities of Morgan and Peace silver dollars dated between 1878 and 1935 being shipped to refiners to be melted as junk silver.

The writer's outlook

The writer says that if this continues, even the most commonly encountered silver coins could become scarce. A set of nicely circulated silver Washington quarters could become a rarity, and modern issues such as Silver American Eagle coins could be affected.

The writer says they do not want to appear alarmist, and that when common silver coins begin to disappear, collectors may need to rethink their collecting strategies and dealers will need to rethink what to stock and what to scrap.

Source: Numismatic News, "Is Silver Reshaping the Future of U.S. Coin Collecting?" (January 22, 2026).