Interview with Wayne Miller Jaime Hernandez
- April 28, 2008
PCGS: What is a regular day like in your coin shop?
WM: Its all or nothing. Either its a slow
day or its a crazy day. In March 2008 alone we sold
over $2,400,000 worth of coins. April is looking like it will
be 80% less. This market is mainly being driven by the bullion
price adjustments and the weakness of the dollar. Most of
our business has consisted of buying coins from all over Montana
and from dealers on CCE and supplying big companies with product.
However, my son John recently moved back to Montana. With
his expertise on the Internet working for 8 years for David
Hall Rare Coins and PCGS, waynemillercoins now has a strong
presence on Ebay and is submitting coins for auction almost
daily. Wayne Miller Coins will be reaching out to investors
and collectors directly for the first time since the early
How do you feel about the current metal price fluctuations?
WM: The prices of bullion are unprecedented and the
premiums over spot are the highest I have ever seen. Silver
rounds are in extremely short supply. I am currently paying
.70 to .80 cents above spot. There is currently a huge physical
demand for bullion. This is mainly due to the weakness of
the dollar. In May the government will begin to distribute
to taxpayers $150 billion to stimulate buying, in a misguided
attempt to avoid a recession. This will add to our budget
and trade deficits, and further weaken the dollar. The wars
in Iraq and Afghanistan cost the government billions of dollars
a week. All this makes the dollar devaluate and smart people
turn to tangibles. This is why most commodities today are
at record levels.
PCGS: Where do you see the bullion metals in the near
WM: Metals will move up with the weakness of the dollar.
For the past 60 years the dollars strength has been
unquestioned. Soon we will see whether it will survive these
huge deficits. Vladimir Lenin said 80 years ago the easiest
way to destroy a capitalist country is to debauch (make worthless)
its currency. This is exactly what the leaders of this country
Are more people buying or selling bullion coins right now?
WM: In March people were selling 20/1 but today, its
the opposite as more people are buying than selling. Right
now, I have to put up front money to buy silver and it might
be 30 days before it is even shipped.
PCGS: Which metal do you like the best?
WM: Silver because it is more volatile and it has
the widest price swings, and central banks do not stockpile
silver as they do gold.
PCGS: Which coins do you feel are great buys?
WM: Certified gold coins are a great buy at todays
levels, specifically $20 Liberty and $20 Saint Gaudens. In
the past year, most of these coins were heavily promoted by
marketers until people grew tired of them. Marketers then
moved on to other gold and silver coins, and prices dropped
making $20.00 gold coins a good buy right now. I would also
recommend generic dollars graded MS63 and MS64 but specifically,
I feel 63s are the best value. These coins are currently
selling at about $50.
PCGS: How is the Morgan and Peace Dollar market currently
WM: Morgan and Peace Dollars are due for a move up.
For the past two years they have been fairly quiet. They usually
arent quiet for long. In a long-ago survey, thirty-seven
percent of serious collectors said their favorite series
were Morgan and Peace Dollars. Dollars are the most popular
coin series. So look for dollars to continue to be strong.
More collectors are calling us for better dates. Customers
who made profits on the metals run up are now buying dollars
and $20 gold coins.
PCGS: What hobbies do you have outside of numismatics?
WM: Outside of numismatics I spend my leisure time
reading, doing jigsaw puzzles, crosswords (especially the
tough ones in the New York Times), and watching chick flicks
with my wife and guy movies with my sons.
PCGS: What advice do you have for collectors in this current
WM: Watch coin cycles. Buy when nobody wants $20.00
Gold and Morgan and Peace Dollars and sell when everyone is
screaming for them.