Editor's Message: Red Book Quarterly Winter 2026

Welcome to the fifth issue of Red Book Quarterly! As we enter 2026, the rare coin collector market is on stable footing, although there is some uncertainty on the horizon. This is mostly down to macroeconomic conditions, as the outlook for growth is not as robust as prior years, and there is an overall more cautious tone to the forecasts going into the new year. I should contrast this with the fact that recently the collectibles market has bucked the trend, showing strength and setting record prices even when there is wider economic anxiety. As a seasoned observer and participant in not just the rare coin market but multiple other collectible genres, I still sometimes get astounded by certain prices, the most recent being the very fresh world-record result of $9.12 million for the finest known copy of Superman #1 (1939.)

Long-term, 2025 will be remembered as the year that gold and silver truly broke into new territory, not only from a price perspective but a psychological one as well. With gold breaking through the $4,000 per ounce mark and silver eclipsing $50 per ounce, physical precious metals have entered the global consciousness. No longer it is just “gold bugs” and Austrian economic school diehards that understand gold and silver ownership. The massive gains have attracted interest from casual investors and there are more and more people wishing to learn about the various aspects of physical precious metal ownership. Of course, this will proportionally draw out the bad actors, and the trade must be vigilant in preventing and eliminating fraud and deceptive practices that revolve around the selling of gold and silver.

As I write this just before Thanksgiving, we do have one more important market event to look forward to in 2025, this being the sale of the first part of the James A. Stack Collection. By the time this issue is distributed, Stack’s Bowers Galleries (no relation) will have sold the sixteenth known 1804 dollar. While only one well-resourced and lucky collector will be the steward of this coin, its rediscovery has sparked intense and lively conversation and research. As the catalog succinctly states, “No full-time numismatist working today has ever had the experience of hearing about a ‘new 1804 dollar’ and having the discovery be anything other than a fake.” As the King of American Coins, the emergence of an additional example beyond the 15 that have been known for many years was extremely unlikely in the year 2025. But to me, the discovery and subsequent research and debate highlight what numismatics is all about. Genuine study, curiosity, passion, and a desire to learn and understand the truth—along with great commercial value—all are a part of what makes collecting such a worthwhile pursuit. I highly encourage all collectors of United States coins to read the catalog description of the Stack 1804 dollar.

At Whitman Publishing 2025 was a busy year as we strive to create more and more resources for the hobby. I personally have been most excited about our new Prestige line of coin albums; while many coins are understandably ensconced in third-party slabs, there is something special about a raw, original vintage coin and these high-quality albums are the perfect place for them to rest, yet still be preserved and able to be looked at and enjoyed. We have numerous books in our Red Book Series that will be released in early 2026; look for updated guides on Lincoln Cents, Double Eagles, and Three Dollar Gold soon!

Sincerely,

Patrick Ian Perez, patrickp@whitmanbrands.com