In times of economic downturn and especially in crisis periods, investors tend to seek safe havens - currencies and various financial tools, the least susceptible to price fluctuations. Antiques became one of such assets recognized by the world a long time ago, but in Russia this phenomenon is accepted with difficulty. The reasons for this, the role of old and rare coins as an ideal asset were discussed in NBJ interview with Sergei YUNIN, chairman of the board in Trade City Bank OJSC, the founder of the East European Antique House.

NBJ: Sergei Kimovich, you've repeatedly told on the pages of our publication about antiques as a profitable investment tool, but we have not discussed the various types of antiques from this point of view. What do you say about numismatics? Is it a really perspective business trend?

S. YUNIN: World experience shows that old and rare coins are one of the most attractive assets in terms of investment. This is due to many factors: first of all, the amount of such coins does not increase over the years, they are rarely met. Thus the value of each coin is increased. Secondly, coins are less susceptible to all sorts of negative environmental impact. They are stored easily and moved if necessary. In general, the advantages are obvious even for people who are not engaged in such assets investment and collecting.

NBJ: However, as you said, the cost of old and rare coins is constantly increasing. Although it is difficult to believe, in times of crisis such assets are also probably becoming the victims of devaluation as dollar, euro or any other world currency.

S. YUNIN: On the contrary, when the world economy is in crisis, investors try to find an asset that would be perceived as an eternal value. Antiques perform this function perfectly, especially old and rare coins, because they are psychologically perceived as real money. Their value increases due to the increasing demand for antiques.

NBJ: There is a strange impression that numismatics in Russia is first of all a trend in collection hobby, and not the line of business.

S. YUNIN: You're right, but let's think about why this is happening? First of all it happens due to a lack of financial know­ledge: people do not realize that the same thing may be of collection and investment value - and it has much higher value than an average deposit. This situation causes an enormous gap between the antiques turnover rates in the world and in Russia. I have often cited these figures: in the first case, this figure rises to one hundred billion dollars per year, in the second case it makes only two billion dollars. And this is on the condition that Russia is a vast country with a lot of wealthy people, where population has innumerable items of antiques, including rare coins and banknotes.

Secondly, a definite role plays the following fact: until now our country experienced sustained economic growth, there was a lot of easy money. This had a relaxing effect for wealthy people: why looking for new investment tools, if there are the usual ones, more or less profitable, bringing good income from their point of view? Now, as we see, the economy trends have changed, and I can safely predict that the interest for antiques in general and numismatics in particular will grow.

NBJ: I'm almost sure that there is a third reason: the fear of purchasing costly and at the same time fake items.

S. YUNIN: Of course, it's a very serious restraining factor. But we should not delude ourselves: the market of antiques is not completely fair in any country of the world, there will always be dishonest sellers and intermediaries. But this fact does not mean that the market may not be regulated.

NBJ: What measures can be taken to white­wash the market?

S. YUNIN: A complex of measures shall be implemented, one of which we have already taken by establishing the National Union of Numismatists in the mid November 2013. Our task is to unite scientists, experts, collectors and investors, as they are often on different sides of the barricades. Collectors and investors often buy fakes from unscrupulous dealers and they are concerned, of course, that their items were recognized as authentic. Scientists do not always realize that numismatics is not only the field of purely historical or aes­thetic interest and that old and rare coins are a very liquid asset. In the framework of the Union people will have the opportunity to exchange views and knowledge. It is very important that the participation in the Union will be a kind of quality mark for potential purchasers of antique coins: if a person buys a coin from the collector being a member of this association, he will be entirely sure of this item authenticity. You must admit that these risks will not be comparable to those which a buyer may expose himself to by acquiring a coin from a non-official dealer.

NBJ: Will the National Union of Numismatists cooperate with the East European Antique House and the National Institute of Independent Examination?

S. YUNIN: Absolutely. Indeed, as I have already said, we consider antiques not only as historical or aesthetic values, but also as a very attractive asset for the owners of these objects, and for the banks and for the state. If you make a fair assessment and if there is an expert opinion antiques may be used as collateral for loans. Banks accepting such collaterals, take virtually no risk, especially when Trade City Bank is ready to provide its warranty in such cases.