Pittsburgh ANA Shows Strong Market

Summer vacations are winding down just as coin collecting is winding up. The collecting season that will likely run throughout the balance of the year was kicked off by a strong American Numismatic Association convention in Pittsburgh, Pa. More than 1,200 dealers had tables. The greatest challenge was to find inventory to resell. Bourse inventory appeared to be heavy on common date $20 double eagles, but it should be understood that some outstanding rarities were present and changed hands as well.

Dealers heavy in generic and bullion gold coin inventory may have been anxious to sell some off considering the strong dollar and high interest rates that are continuing to drive down the spot price of the yellow metal on world markets. Good news, however, for the gold coin market: a recent Gallup report indicated the percentage of Americans who believe gold is the best long-term investment jumped from 15 percent in 2022 to 26 percent in 2023. Individuals who prefer to purchase stocks dropped to 18 percent this year from 24 percent in 2022. Those who favor bonds as an investment increased from 4 percent one year ago to 7 percent now.

Since March 2020, when we entered the pandemic, the U.S. Mint has sold 5.56 million troy ounces of gold coins, this being an increase from the 3.26 million sold in the four-year period prior to that date. The Mint reports the 2023-P uncirculated clad Morgan and Peace dollars have sold out; however, the Mint also recently reported sales of 2023 proof sets were lagging behind sales for the same period one year earlier for their first six weeks of being offered. Coin collecting still appears to be healthy.