No retreat for medal winners

‘One of my American clients recently lamented: “If only I’d put as much money into military medals over the last year as I’d put into the stock market,”’ says Peter Dangerfield, owner of online medals dealership www.medal-medaille.com.

The markets for military medals and ephemera are strong, with new buyers venturing into the militaria world in search of shelter from the global financial storm. The top end of the medals market is particularly buoyant, says Mark Quayle, head of the medals department at Spink, which has been buying and selling military medals since they first appeared after the Napoleonic wars. ‘The finer material — such as scarce gallantry groups — continues to do very well, and I think it will continue to go up and up, though the slightly more common medals are tailing off a little.’

Last year, Spink sold 2,967 lots at its three medals auctions, for a combined total of £2,436,480. Perennial favourites include medals awarded after the Charge of the Light Brigade and the Battle of Rorke’s Drift, as well as Victoria Crosses. But can you really make serious money out of medals? ‘Historically, medals, like gold, have tended to make a good investment — though obviously it’s better if you can get some enjoyment out of your collection as well,’ says Quayle. ‘If you can combine an interest in history with an eye for an investment, then you’re on to a bit of a winner.’

This may be truer now than ever. ‘If the government starts to print money, medals, like jewellery and other intrinsically valuable items, are a hedge against inflation,’ says Dangerfield. ‘However, people collecting medals for purely financial reasons will almost certainly make significantly less than those who are genuinely passionate about them.’