Coin circulation demand weakens, but not for coin collectors! There were 4,306 coin collectors and other people at the 2023 National Money Show hosted by the American Numismatic Association (ANA) in Phoenix, Arizona. Of these, 1,900 were not even ANA members. According to official records, the number of non-members who attended the event exceeded the number of ANA members who call Arizona home. On March 4 and 5, Holabird Western Americana Collections hosted a “Ship of Gold” auction, which attracted about 7,000 online bidders from as far away as Canada, Europe, and South America.
Coin Circulation Demand Weakens, why?
These numbers highlight how popular the hobby of collecting rare coins has become.
Uncertainty in the international banking community has led to a recent increase in the spot price of gold and silver, which has fueled a similar rise in the bullion and intrinsically valued coin markets. The timing of this was ironic, as February statistics from the United States Mint showed a decrease in the total number of cents, nickels, dimes, and quarters struck for circulation compared to the previous month.
The Federal Reserve no longer accepts orders for Native American dollar coins, but collectors can still purchase them. The mint now sells 2023 Native American dollar coins in rolls, bags, and boxes. The 2023 Kennedy half dollars affected by the circulation strike are expected to be available to collectors in rolls and bags around May. While the general public’s interest in coins may have waned, collector interest appears to have remained stable.
As this commentary is being written, Wall Street is experiencing difficulties, but it would appear that collectors aren’t on the same page. Despite the state of the economy, interest in coin collecting remains robust.