Skip to Content
Back to Blog
2023 Gold American Eagle PF70

2023 Gold American Eagle Proof 70 Set

April 25, 20234299 view(s)

One of the most anticipated opportunities of 2023 is almost here. Investors and collectors rush for the annual release of the Gold American Eagle 4-Coin Proof 70 sets, hoping to be one of the lucky few that secure sets at the introductory price. Recession fears are growing, and the demand for precious metals is rising. The day can't come quickly enough for many people, and supplies will be limited. The 2023 Gold American Eagle 4-Coin PF70 Set could be one for the history books. Sign up here to be notified of updates. 

The history of the Gold American Eagles is the story of America and started its long road in 1792. On April 2, 1792, the Mint Act established gold and silver as the basis of American coinage. It was called the bimetallic standard. The U.S. Mint produced gold coins from 1795-1933. In 1933, Executive Order 6102 made gold ownership illegal. Gold ownership became legal again in 1970 under the authority of Public Law 93-373, revoking the 1933 ban. The U.S. Mint would not produce another gold coin until the Gold American Eagle emerged in 1986. The Gold American Eagle has an exciting story to tell.

The 1970s were a problematic economic decade. The Yom Kippur War in 1973 and the Iranian Revolution in 1979 pushed oil prices very high and led to multiple shortages. The 1970s and early 1980s saw record inflation and interest rates climb to 20%. The word “stagflation" entered the common vocabulary. The economic backdrop set the stage for gold to shine brilliantly.

The 1970s changed the gold world forever. In 1971, President Richard Nixon closed the gold window, effectively removing the Dollar from the gold standard. The price of gold skyrocketed 2,300% before 1980 after President Nixon's actions. Everyone wanted a piece of gold’s meteoric rise, but securing gold was not an easy task.

Although Americans could own gold again, there were few options. South Africa began making Krugerrands in 1967, but there was a trade embargo in place due to South Africa’s apartheid. In 1979, Canada recognized the American-sized hole in the gold market and began production of the Canadian Maple Leaf. After watching the overwhelming success of Maple Leaf, several nations decided gold was the game to win. China and Mexico released gold coins in the early 1980s.

President Ronald Reagan was enthusiastic to see America produce a gold coin to compete on the world stage. Still, it would be a protracted political fight to make it happen. Texas Congressman Ron Paul (R) also wanted to see an American gold coin. Congressman Paul submitted three bills to develop a gold bullion program. Congressman Paul's bills were as much about returning the U.S. to the gold standard as creating a gold bullion program. He wanted to do both. His first bill, the Monetary Freedom Act, called for a full repeal of the Gold Reserve Act of 1934 and that it would be illegal for the government ever to seize gold from its citizens again. His second bill, the American Gold Eagle Act of 1983, laid out specifics for two Gold American Eagle coins to be produced by the Secretary of the Treasury that could be used to settle private debts. His third bill, the Coinage Act of 1983, made provisions that capital gains on gold and silver should be prohibited and that gold and silver should be accepted as legal tender. Congressional committees killed all three bills.

At different times, politicians put other proposals forth as well. Two Senators proposed multiple bills to create a gold bullion program as well. Senator Jake Garn (R- Utah) and Senator J. James Exon (D-Nebraska) submitted bills to amend Title 31 of the United States Code and authorize a one-ounce, one-half ounce, one-quarter ounce, and a one-tenth ounce gold bullion coin. Each successive bill was squashed in the Banking, Housing, and Urban Affairs Committee. However, persistence pays off. A later version of the bill passed the committees and floor votes. It made it to President Reagan's desk to sign, which he excitedly did. We know that version of the bill as the Gold Bullion Act of 1985, one of the most monumental pieces of legislation ever passed. Read the legislation here.

Treasury Secretary James Baker had the final say about the design. Secretary Baker choose the iconic 1907 Augustus Saint-Gaudens depiction of Lady Liberty. From 1986-1991, the date on the Gold American Eagles was in Roman numerals. Since 1992, the date has been the Arabic numbers most people are used to seeing. 

Other than moving to Arabic numbers in 1992, the only change of design happened in 2021. In 2021, the U.S. Mint changed the reverse of the coin to a striking close-up portrait of an American Eagle and kept Saint-Gauden's depiction of Lady Liberty. The U.S. Mint released both designs in 2021, to the delight of the global numismatic community. The U.S. Mint released both designs in 2021, to the delight of the global numismatic community. Gold American Eagles released before and in early 2021 are called Type 1. Gold American Eagles with the new design are referred to as Type 2.

Incredibly, Congress took so many years to approve the Gold American Eagle. Can you imagine if the bills never became law? Wow! Where would America be without the Gold American Eagle? America may not have been first to the table, but it claimed the best seat. The Gold American Eagle became the most popular gold investment coin in the entire world. 

The popularity of the coins wildly exceeded expectations. The first year, the U.S. Mint made a one-ounce bullion and proof version. The demand was so great that in the second year, the U.S. Mint decided to make a two-coin set. Again, it made a one-ounce coin but added a one-half-ounce coin. There needed to be more than a two-coin set for the hungry market. In the third year, 1988, the U.S. Mint began producing the four-coin sets, containing a one-ounce, one-half ounce, one-quarter ounce, and one-tenth ounce 22k gold coin with monetary denominations of $50, $25, $10, and $5. The three years are so popular among investors and collectors that they are called the Golden Triangle. The Golden Triangle is so famous that it is rarely in stock for long. If you ever see it in stock, don’t wait until tomorrow. It can move that fast. 

Clients of the U.S. Gold Bureau invest with total confidence. Every Gold American Eagle 4-Coin Set PF70 sold by the U.S. Gold Bureau is authenticated and graded in a perfect PF70 by the NGC, the largest and most trusted coin grading service. Also, former U.S. Mint Director Ed Moy hand signs each certified PF70 exclusively for U.S. Gold Bureau clients. Every 2023 Gold American Eagle 4-Coin Set PF70 qualifies for our industry-best buy-back guarantee. 

Whether you are thinking about leaving a legacy for heirs, protecting money from an economic downturn, making a few bucks, or even being surrounded by something beautiful, the 2023 Gold American Eagle 4-Coin Set is perfect. Don't miss this opportunity. Sign up to be notified or call your rep at (800) 775-3504. 

Free gold and silver investment kit

Get Our Free
Investor's Guide

Posting in:
United States Gold BureaubyUnited States Gold Bureau
This site uses cookies to improve your experience. By clicking, you agree to our Privacy Policy.