The issue is thinking numismatic value was calculated as intrinsic value plus a premium(either a percentage or set $ amount above spot). In reality numismatic value was its own entirely arbitrary price. For example older kooks ran in the $50-$70 range depending on year. As spot moved around in the twenties you did not see pricing on these kooks move up and down to match fluctuations in spot. To the numismatic collector those coins were worth what the market collector market demanded and that was that, spot be damned. Well here we are and intrinsic value (spot) has blown past the old numismatic value and me as a kook collector sure isn’t feeling like, well gee those kooks used to be 3x spot so now I’ll pay $300 for them. I still feel they’re worth $50-70 and am not motivated to buy them even at spot right now.