ІНВЕСТИЦІЙНІ МОНЕТИ ЯК ІНСТРУМЕНТ ФІНАНСОВОЇ БЕЗПЕКИ: ПОРІВНЯЛЬНИЙ АНАЛІЗ УКРАЇНСЬКОГО ТА СВІТОВОГО ДОСВІДУ
INVESTMENT COINS AS A TOOL OF FINANCIAL SECURITY: A COMPARATIVE ANALYSIS OF UKRAINE AND LEADING COUNTRIES

Summary/Abstract: The article is devoted to a comprehensive study of the investment coin market in Ukraine in comparison with the world’s leading bullion coins (Canadian Maple Leaf, American Gold Eagle, South African Krugerrand). Particular attention is paid to the analysis of the “Archangel Michael” series, which represents the first national investment coin program. The study assesses the quality of coins (fineness, weight, design), their liquidity, transaction costs, and investment attractiveness. Based on comparative analysis, the role of Ukrainian investment coins in the global financial context is substantiated, as well as their function as a tool of financial security under wartime economic conditions. The purpose of the research paper is to systematize theoretical and empirical aspects of the functioning of Ukrainian investment coins, to identify their advantages and limitations compared with international analogues, and to determine their potential in ensuring financial resilience in the face of modern crisis challenges. The theoretical and methodological basis of the study. The methodological basis includes general scientific methods of analysis and synthesis, induction and deduction, as well as specialized economic research methods: comparative analysis, statistical modeling, evaluation of the bid-ask spread as an indicator of transaction costs, and analysis of market price dynamics. The theoretical foundation is formed by modern investment theory, market microstructure approaches, and numismatic studies. The scientific novelty. For the first time in domestic scientific literature, a comprehensive comparison of Ukrainian investment coins with leading world analogues has been carried out on the basis of unified criteria of quality, standardization, liquidity, and transaction costs. It is proved that the gold coins of the “Archangel Michael” series, by their metal fineness, fully comply with international standards and can serve as an alternative to global bullion coins. An analytical approach to assessing the investment attractiveness of coins through the indicator of the relative bid-ask spread is proposed. It has been established that Ukrainian investment coins are not inferior to their global counterparts in terms of quality and standardized characteristics (fineness 999.9, weight categories in troy ounces). It has been shown that the relative level of transaction costs (BAS) decreases with the growth of weight and denomination: from 13 % for small denominations to 8 % for the 20-Hryvnia coin; for silver coins, this figure reaches 74 %. The role of emission characteristics (mintage, years of issue) in shaping investment and numismatic attractiveness has been determined. It has been substantiated that under wartime conditions, Ukrainian bullion coins perform not only the function of an investment asset but also serve as a strategic tool of financial security for households and businesses. Ukrainian investment coins, particularly the “Archangel Michael” series, are capable of integration into the global financial market due to their high quality and standardization. They have the potential to become an effective mechanism of capital preservation, an inflation hedge, and a tool of financial resilience in crisis conditions. To enhance their investment attractiveness, the development of the secondary market and the formation of a state policy to promote investment coins as a tool of personal and corporate savings are advisable.

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