People often wonder why certain coins are so expensive and others are worth very little at all. Is there any rhyme or reason for this and can coin collectors in Grand Rapids and elsewhere predict at what prices specific coins will sell or auction for?
The answer is yes - and no. Like most everything in our economy, price is determined by supply and demand. This is a basic principle of economics. If there is an oversupply of bananas at the store, the store will lower the price in order to get rid of its inventory. In the case of bananas, the price will lower faster because of the short shelf life of the produce, but price can drop (or rise) suddenly for non-perishable goods like coins as well.