Gold Eagle Sales Surged in March

Gold American Eagle bullion coin sales at the U.S. Mint rose to 215,000 troy ounces in March, reflecting the recent increases in precious metal spot prices and the subsequent decline in the U.S. dollar’s exchange value on world markets. Since there is no way to differentiate how many of the buyers were investors with no interest in coin collecting, we can only hope some of these buyers will later take up the hobby rather than continue to treat coins strictly as an asset class object. No matter who the buyers are, this is an increase of 277.2 percent from sales of one month earlier. Sales for the first quarter of 2023 amount to a 2.1 percent increase from ounces sold during the first quarter of 2022. Silver American Eagle sales also increased for the second consecutive month but lag when compared to sales one year earlier. Overall, the U.S. Mint produced 3.4 billion coins, which is disappointing when compared to 3.96 billion pieces from one year earlier.

Activity in collector markets continues to stay on track, with the pattern continuing that quality rules. There are increases in the value of some collectible yet generally available coins; however, most of the price increases are being realized in the scarce to rare category, and especially when the coins are some of the best examples known. Over-the-counter sales are strong, but auction prices – at least on the surface – appear to be stronger. Unfortunately, there are no statistics from which this can be proven. What can be proven is that attendance at shows is strong, and dealers continue to report strong sales. Coin collecting as well as coin investing remains healthy.