Noble Investments, the only listed UK coin dealer and auctioneer, is enjoying a renaissance in collecting as investors who have had their fingers burned in traditional markets seek out a cycle-resistant alternative.

"We've never seen business as strong as it has been this year," said Ian Goldbart, managing director of Noble Investments today, after announcing the £1.25 million acquisition of Surrey stamp trader Apex Philatelics.

Mr Goldbart's bullish assessment of the sedate world of collecting fits with statements last week from Britain's biggest stamps and memorabilia trader Stanley Gibbons, which said the "all-consuming passion" of collectors would insulate the sector from the wider economic slump.

Stanley Gibbons said the price of rare stamps showed no correlation with other assets and increased during downturns.

Apex auctions stamps for up to £5,000 a piece, while Noble offers ancient Greek, Roman, Indian and British coins among others at prices up to £11,000.

Mr Goldbart added that high-value stamps are increasingly considered a worthy investment opportunity.

"If it's an investment, then customers want something rare, not something that they could find again next week or next month," he said.

Following the acquisition of Apex, London-based Noble, whose chairman is Nicholas Bonham, former deputy chairman of Bonhams Auctioneers, will look to expand into bank notes and military decorations to gain more exposure to an expanding market.

"It only takes a very small percentage of money from the dominant markets of stocks, property and bonds to be channelled into alternative investments to make a big difference to our business," Mr Goldbart said. "What's going on in the economy globally is having a positive effect on us.

"When you look at a business like ours that turns over about £12 million a year and compare that to Christie's and Sotheby's, which can do between £400 and £500 million in one auction of paintings, you begin to understand why we think there's significant upside in this space."

Meanwhile, the economic turmoil has also proved a boon for Britains's biggest pawnbroker. H&T Group yesterday reported first-half profits rose by £1 million as it cashed in on soaring gold prices.

The pawnbroker, which smelts about a fifth of its stock, made £2.4 million gross profits in the period, up from £700,000, a rise it attributed to the increase in bullion prices.

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