Effect of Economic Policy Uncertainty on the investment in numismatic assets: Evidence for the Walking Liberty Half Dollar

Abstract

This study proposes to analyse the numismatic assets investment under Economic Policy Uncertainty (EPU). By applying a panel data approach to a sample of 25 different coins minted between 1916 and 1947 and valued annually from 2000 to 2019, it is shown that investing in the Walking Liberty Half Dollar can be considered a safe-haven asset when faced with EPU. However, of all the coins, only those minted during the Great Crash of 1929 and Second World War fulfil this characteristic. These findings have significant implications for investors, providing them with an attractive alternative investment in times of high EPU.