David A. Maslar, Khaled Obaid, Kuntara Pukthuanthong
Jan 24, 2020
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Journal
Econometric Modeling: Capital Markets - Asset Pricing eJournal
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.