Proof Gold Eagles Sold Out, Prices Reduced for Other Gold Coins

Yesterday, the US Mint ended sales of the remaining 2010 Proof Gold Eagles. The final remaining options were the individual one-quarter ounce and one-tenth ounce coins.

Following their one year cancellation, the Proof American Gold Eagles had opened with huge demand. Initial sales for each of the five product options were three to five times greater than the initial sales figures for the 2008 Proof Gold Eagles.

The individual one ounce coins were the first to sell out on November 1, 2010, after the full maximum product limit was sold. The following two options to sell out were the individual one-half ounce on December 1, 2010 and the 4 Coin Set on January 3, 2011. Both of these options as well as most recently sold out one-quarter ounce and one-tenth ounce options did not meet the maximum product limit.

The final sales levels for each option are indicated below in the first number column. The second number column displays the mintage for each coin, calculated by adding together the individual and set sales. This is the mintage calculated based on sales. The US Mint typically releases final audited mintage figures a year or more after the conclusion of sales.

2010 Proof Gold Eagles

	Product Sales	Mintage
1 oz	25,000	60,000
1/2 oz	10,000	45,000
1/4 oz	10,000	45,000
1/10 oz	20,000	55,000
4 Coin Set	35,000

Compared to previous year's mintages for each denomination, the one ounce and one-half ounce coins are near the higher end of the range, while the one-quarter ounce and one-tenth ounce are around the middle of the range.

This year's coins did have a shorter availability period than typical for Proof Gold Eagles, which usually go on sale around March and remain available throughout the year. The 2010 Proof Gold Eagles went on sale October 7.

Numismatic Gold Product Prices Decreased

Today, the US Mint reduced prices for available numismatic gold products. The price of the 2010 Proof Gold Buffalo was reduced from $1,660 to $1,610. The prices for First Spouse Gold Coins were reduced from $854 to $829 for proofs and from $841 to $816 for uncirculated coins.

This is actually the first pricing adjustment to take place since November 10, 2010. On that date, prices had been increased for the fourth consecutive time, following the steady march higher for the price of gold.

The reduced prices reflect an average gold price within the range of $1,300 to $1,349.99 range. Each week, the US Mint calculates the average London Fix price of gold from the prior Thursday AM to the current Wednesday AM. If the average moves into a different range and the Wednesday PM price agrees with the range, then prices are adjusted accordingly.

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Proof Gold Eagle Four Coin Set Sold Out

The 2010 American Gold Eagle Four Coin Proof Set has now sold out at the United States Mint. The last reported sales were 33,027 sets compared to a product limit of 39,000.

The 2010 Proof Gold Eagles first went on sale at the United States Mint on October 7, 2010. Right out of the gate, the pace of sales was swift, with opening sales figures for each product option 3 to 5 times greater than the debut figures for the last available Proof Gold Eagles.

The individual one ounce option was the first to sell out on November 1, after the US Mint recorded sales equal to the product limit of 25,000. The individual one-half ounce option sold out on December 22. The last reported sales were 10,166 compared to an announced product limit of 15,000 coins.

Although these two individual options were sold out, the coins continued to be available through the Four Coin Set. With the latest sell out, this is no longer the case.

The only two options remaining for sale are the individual one-quarter ounce and one-tenth ounce coins. Following the last two sell outs, it's likely that these were not produced to the full product limit, meaning a sell out could occur at any time.

If you haven't already, please take the Mint News Blog 2011 Survey.

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2010 One-Half Ounce Proof Gold Eagle Sold Out?

According to the US Mint's website, the 2010 Proof Gold Eagle individual one-half ounce option has sold out. The product has been moved to the "No Longer Available" section with the ordering buttons removed and "Sold Out" in their place.

This is a very surprising development since according to the latest US Mint sales report, the individual one-half ounce option had sold only 10,131 out of the 15,000 product limit. This suggests that nearly 5,000 coins were ordered in the past few days.

If the sell out did actually occur (in some cases US Mint products have been marked "sold out," only to later return later), perhaps the other available 2010 Proof Gold Eagles also experienced similar surges in sales during the past few days.

As of December 19, the individual one-quarter ounce coin had sold 7,930, leaving 8,070 of the product limit available. The one-tenth ounce coin had sold 17,871, leaving 9,129 available. The 4 Coin Set had sold 31,846, leaving 7,154 available.

The individual one ounce option had previously sold out on November 1, with the entire 25,000 product limit purchased in less than a month.

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2010 Proof Gold Eagle Sales Figures and Pricing

The latest US Mint sales report is now available. This report includes updated sales figures for the 2010 Proof Gold Eagles. After the strong opening numbers last week, some slow down was expected. Separately, based on the US Mint's numismatic gold product pricing policy, a pricing increase will likely not take place this week.

Before discussing the pricing, here are this week's sales figures. The first number column represents the number of units sold during the week ended October 17, 2010. The second column represents the total sales through the reporting date. The final column shows the percentage of the maximum product limit which has been sold.

2010 Proof Gold Eagle Sales
	Week	Total	Percent
1 ounce	5,215	19,195	76.78%
1/2 ounce	706	2,879	19.19%
1/4 ounce	669	3,449	21.56%
1/10 ounce	1,593	8,538	31.62%
4 coin set	2,840	9,987	25.61%

The most popular option continued to be the one ounce individual coin, which sold 5,215 in the last week. With the total now at 19,195, a sell out for this option seems possible within two or three weeks time. Of course, the one ounce coin would still remain available within the 4 Coin Set, which is not at risk of selling out any time soon.

The most significant slow down in sales occurred for the one-tenth ounce individual coin, which sold 1,593 units this week compared to 6,945 in the debut period. Priced at $180.50 each, these coins carry the highest premium above the value of the gold content.

On the subject of pricing, after an increase was narrowly missed last week, it had seemed highly probable that prices would be increasing this week. However, following gold's decline today, the possibility of a price increase is now seems unlikely.

Under current policy, the US Mint bases prices for numismatic gold products primarily on the average London Fix price from the prior Thursday AM to the current Wednesday AM. If the average price moves into a different $50 price tier, then a price change would generally take place. The price change can be overruled if the Wednesday PM price does not agree with the change directionally. This additional aspect of the policy was first noted in this Coin Update News article.

For the current period, the average gold price is solidly within a higher range ($1350 - $1399.99), but the price of gold has fallen back into the current range ($1300 - $1349.99). Therefore, as long as the Wednesday PM fix price comes in below $1350, a price change will not take place. PM Fix prices are set at 3:00 PM London time, or 11:00 AM NY time.

In the past, the supplemental aspect of the policy has been used to avoid a price decrease. I believe this will be the first time the policy will be used to avert a price increase.

Coin Update News: Full US Mint Sales Report

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Proof Gold Eagle Opening Sales Figures

Opening sales figures are available for the 2010 Proof Gold Eagles. The coins went on sale last week October 7, 2010 with four individual sizes and a four coin set available. As widely expected, the opening numbers were strong reflecting pent up demand for collectible Gold Eagle offerings.

2010 Proof Gold Eagles
	Product Sales
1 ounce	13,980
1/2 ounce	2,173
1/4 ounce	2,780
1/10 ounce	6,945
4 Coin Set	7,147

The heaviest seller was the one ounce proof coin, which out of all the production options represents the lowest premium compared to gold value. This was followed by the 4 Coin Set, which provides a better value than purchasing the four individual options and a logical choice for anyone who wants one example of each coin.

I managed to dig up the debut sales figures for the 2008 Proof Gold Eagle for comparison purposes. The numbers reflecting six days of sales were 3,120 (one ounce), 598 (one half ounce), 518 (one quarter ounce), 1,347 (one tenth ounce), and 1,691 (4 Coin Sets). This year's debut figures reflecting only three days of sales are between three and five times greater.

Another interesting point of comparison are the final audited sales numbers for the 2008 Proof Eagle. These numbers are 17,720 (one ounce), 10,085 (one half ounce), 6,360 (one quarter ounce), 15,599 (one tenth ounce), and 12,517 (4 Coin Sets). Sales of the individual one ounce proof coin are already approaching the final sales from 2008, while the other numbers are still far below.

The complete weekly US Mint sales report with some further observations about the opening sales levels can be found on Coin Update News.

For price watchers, there most likely will not be an increase for the 2010 Proof Gold Eagles this week. Due to the lower fix prices late last week, the weekly average is likely to remain within the $1,300 to $1,349.99 range.

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2010 American Gold Eagle Proof Coins

Today, October 7, 2010 at 12:00 Noon ET, The United States Mint will begin sales of the 2010 Proof Gold Eagles. This will mark the exciting return of the collector gold coins following a one year gap.

Elevated demand for gold bullion coins had resulted in the cancellation of the coins for 2009. By law, the US Mint is required to produce American Gold and Silver Eagles in quantities sufficient to meet public demand. Following their interpretation of the law, in times when bullion demand exceeded available planchet supplies, the Mint sourced all incoming planchets to the production of bullion coins. This resulted in the suspension and ultimate cancellation of some collector coins, which were not required by law.

Demand for the US Mint's Gold Eagle bullion coins eased a bit this year, allowing the US Mint to release fractional and 24 karat gold bullion coins earlier and end allocation programs. In early September, it was revealed that Proof Gold Eagles were being struck and would be available in October.

The 2010 Proof Gold Eagles are available in one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes. Each coin is sold individually or as part of a 4 Coin Set, containing one of each coin. Product limits have been set for individual and set sales, resulting in mintage limits for each coin. Although the mintage limits might seem high, they are only slightly above the levels that were established for the 2008 Proof Gold Eagles.

Pricing for the coins is determined based on the average price of gold via the US Mint's gold and platinum numismatic product pricing grid. The average gold price is calculated weekly and if it crosses tiers established at $50 increments, a pricing adjustment takes place. Initial pricing for the 2010 Proof Gold Eagles is based on the $1,300 to $1,349.99 tier.

The product limits, mintage limits and initial pricing for the coins is shown below. There are no household ordering limits in place.

2010 American Gold Eagle Proof Coins
	Product Limit	Mintage Limit	Initial Price
1 oz.	25,000	64,000	$ 1,585.00
1/2 oz.	15,000	54,000	$ 806.00
1/4 oz.	16,000	55,000	$ 415.50
1/10 oz.	27,000	66,000	$ 180.50
4 Coin Set	39,000	N/A	$ 2,938.00

It is a relief to see the US Mint's product offerings return to some semblance of normality. Although the 2010-W Uncirculated Gold and Silver Eagle coins were canceled, the release of the Proof Gold Eagles today and the 2010 Proof Silver Eagles in November will bring back some long running US Mint favorites and provide a greater variety of precious metals products.

While there is likely a great deal of pent up demand for the 2010 Proof Gold Eagles, with sizable mintage limits and no household ordering restriction, there should be more than enough to go around. Barring something unforeseen occurring, this year's offerings will most likely not turn out to be big secondary market successes like some of the 2008-dated numismatic gold products.

Someone asked if I would be purchasing the coins on the first day of release. Since mintage limits are high and continued availability seems relatively secure, I don't see a rush. In the past, I have purchased numismatic gold products the day before a pending price increase. On several occasions prices have dropped before they have risen, allowing my purchases to take place at a better price.

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2010 Proof Gold Eagles

An article from CoinWorld has broken the story that the United States Mint will be offering 2010 Proof American Gold Eagles. The popular collector coins will be available in mid-October, across the standard range of options.

As collectors are well aware, the 2009 Proof and Uncirculated Gold Eagles were canceled as a result of demand for bullion coins. By law, the US Mint must produce American Eagle gold and silver bullion coins in quantities sufficient to meet public demand. For an extended period, the US Mint fell short of meeting full demand and accordingly sourced all incoming blank supplies to the production of bullion coins. Collector versions of the Gold and Silver Eagle, which are not legally mandated, were not produced.

As explored in a previous post, throughout the current year, the US Mint had shown that they were catching up with demand for gold bullion coins. The US Mint ended the allocation program in effect for one ounce Gold Eagles in March. The following month, 2010 Gold Buffalo bullion coins were offered, followed by the proof versions of the coin. Fractional Gold Eagle bullion coins were also available by mid year. As the US Mint is now presumably satisfying full public demand for American Gold Eagle bullion coins across options, they are clear to produce collector versions of the coin.

According to the CoinWorld article, maximum mintages have been set at 64,000 one ounce coins, 54,000 one-half ounce coins, 55,000 one-quarter ounce coins, and 66,000 one-tenth ounce coins. This takes into account the separate maximums established for individual coins and 39,000 of each coin allocated to 4 Coin Sets.

Although the maximum mintages seem high, they are basically in line with the maximum limits established for the 2008 Proof Gold Eagles. However, for that year, final sales fell far short of the maximum levels established. The table below shows the combined maximum mintage for each of the 2008 Proof Gold Eagles, along with the final audited mintages.

2008 Proof Gold Eagles
	Max. Mintage	Final Mintage
1 ounce	60,000	30,237
1/2 ounce	50,000	22,602
1/4 ounce	51,000	18,877
1/10 ounce	65,000	28,116

It has not yet been confirmed whether household ordering limits will be imposed for the 2010 Proof Gold Eagles. Pricing will be determined based on the average London Fix price of gold during the week leading up to the release. Once these details are available, they will be explored in a future post.

The CoinWorld article also mentions that the 2010 Proof Silver Eagles are "still in limbo". While demand for gold bullion has abated, demand for silver bullion is still running at high levels. For the year to date, the US Mint has sold 23,600,500 of the one ounce silver bullion coins. If the current pace of sales continues, the annual total for 2010 will mark a fresh all time high.

Recently, it was revealed that the US Mint was hoping for legislative action to allow them to produce 2010 Proof Silver Eagles for collectors. Within testimony delivered during a House subcommittee meeting, Director Moy discussed a potential change in law that would allow production of Proof Silver Eagles even if full demand for bullion coins remained unmet. He mentioned specific mintage levels if production could begin in September. To date, I have not seen any progress on the legislative front and silver bullion demand remains stubbornly high.

In my opinion, without quick legislative action or a dramatic decline in silver bullion demand, the 2010 Proof and Uncirculated Silver Eagles still seem unlikely.

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US Mint Catching Up with Gold Offerings

In a short time frame, the United States Mint has caught up with many of their delayed 2010 gold offerings. This is encouraging news for collectors who are hoping that the Mint will issue collectible versions of the 2010 American Gold Eagle.

The collectible offerings had been canceled for 2009 Gold Eagle. By law, the US Mint is required to produce the bullion versions of the coin in quantities sufficient to meet public demand. Since full demand was not being met, the Mint allocated all available 22 karat gold blanks to the bullion coins and did not produce the collector versions, which are not legally mandated.

This year started on a low note, when the US Mint delayed the release of the one ounce 2010 Gold Eagle bullion coins. Usually, bullion coins bearing the following year's date can be ordered by authorized purchasers in December of the prior year for delivery in early January. This year, orders were not accepted until January 19, 2010. Initial demand for Gold and Silver Eagles was heavy and seemed to foretell a repeat of last year.

The first encouraging sign came in March 2010, when the US Mint ended the allocation program for American Gold Eagle bullion coins. This program rationed the number of available gold bullion coins amongst the authorized purchasers. With unrestricted ordering, it was a signal that the US Mint was able to meet full demand for one ounce Gold Eagle bullion coins.

In the following month, the Mint began accepting orders from authorized purchasers for bullion version of the 2010 Gold Buffalo coins on April 29, 2010. This initial offering date was more than five months ahead of the prior year, when coins were not available until October 15.

In recent news, the availability date for the 2010 Proof Gold Buffalo has now been announced as June 3, 2010. This is once again more than five months ahead of the sales start date for last year's coin, which was October 29. Since this is a collector coin, it will be available directly from the US Mint.

Additionally, Numismatic News reported that the Mint has begun striking fractional Gold Eagle bullion coins, although a sales start date is still unknown. Last year, the fractional weight gold bullion coins were not offered until December 3.

With the US Mint is now running several months ahead of last year's release schedule, all gold bullion products released or soon to be released, and gold bullion no longer subject to rationing, it seems more likely that collectible versions of the American Gold Eagle will be issued this year.

If collectible 2010 Gold Eagles are issued, the expected products would include one ounce 2010-W Uncirculated Gold Eagles; and one ounce, one-half ounce, one-quarter ounce, one-tenth ounce 2010-W Proof Gold Eagles and a four proof coin set.

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2010 Gold and Silver Eagle Bullion Coins

To follow the previous post on 2009 gold and silver bullion sales, I wanted to provide the known information about the upcoming 2010 Gold and Silver Eagle bullion coins, which will be released later this month.

Based on information released to their network of authorized purchasers (APs), the production of 2010 Gold and Silver Eagle bullion coins began in January 2010. The Mint will begin accepting orders from the APs on January 19, 2010.

The available coins will include the one ounce 2010 Silver Eagle and the one ounce 2010 Gold Eagle bullion coins. Orders for the coins will be placed under the US Mint's allocation procedures, which rations the available supply of coins amongst the APs. Until the US Mint starts accepting orders for the 2010-dated coins, authorized purchasers can continue to order 2009-dated coins under the allocation procedures.

There has been no information provided on the status of fractional 2010 Gold Eagles, 2010 Gold Buffalo bullion coins, or 2010 Platinum Eagle bullion coins. Last year, the fractional 2009 Gold Eagles were offered in December, the 2009 Gold Buffalo bullion coins were offered starting in October, and 2009 Platinum Eagle bullion coins were not produced.

Numerous dealers have begun accepting pre-orders for the 2010 Gold and Silver Eagles for delivery before the end of January. There are many pre-sales also listed on eBay.

This year's procedures for releasing the newly dated Gold and Silver Eagles are different than usual. Typically, production of bullion coins bearing the following year's date begins in late November or early December of the preceding year. The US Mint then begins accepting orders from APs in late December for delivery in the first week of January. The changes to traditional procedures were prompted by the ongoing heavy demand for bullion coins, which resulted in the US Mint continuing to strike 2009-dated coins until year end.


Separately, there has been no additional information provided for the America the Beautiful Silver Bullion Coins. These five ounce silver coins will feature designs which are exact duplicates of the America the Beautiful Quarters. The oversized bullion coins will be distributed through the US Mint's network of authorized purchasers and possibly through the National Park Service, which is authorized to purchase the coins for resale with possible repackaging.

Designs for the first five silver bullion coins are still unknown, since final designs for the 2010 America the Beautiful Quarters have not been selected by the Treasury Secretary. The design candidates were reviewed by the CFA and CCAC in September 2009. (Follow the links to read their recommendations and view the candidate designs.)

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US Mint 2009 Gold and Silver Bullion Sales

Last year high demand for precious metals helped push US Mint bullion coins sales to new heights and had some unfortunate implications for coin collectors. With the year behind us, I wanted to take a brief look at the annual sales totals for the Mint's bullion coins as well as recap the periods of availability.

During 2009, the US Mint sold 1,425,000 ounces of gold through the American Gold Eagle offerings. This consisted of 1,315,500 one ounce coins, 110,000 one-half ounce coins, 110,000 one-quarter ounce coins, and 270,000 one-tenth ounce coins. The one ounce coins were available throughout the year, interrupted by a suspension from November 25 to December 14. The Mint's allocation program was in effect from January 1 to June 15, and then from December 15 to year end. The fractional weight coins were available in two batches on December 3 and 14.

The Mint sold 28,766,500 one ounce Silver Eagle bullion coins during 2009. This represents a new all time record for annual sales, surpassing last year's record of 19,583,500 coins. The silver bullion coins were available throughout the year except for a suspension from November 24 to December 6. The coins were available under allocation from January 1 to June 15 and then from December 7 to year end.

For the remaining bullion coin offerings, the US Mint sold 200,000 of the 24 karat one ounce Gold Buffalo bullion coins. These were first on sale October 15, 2009 and sold out by December 4, 2009. The US Mint did not offer any Platinum Eagle bullion coins for 2009, although the proof version was produced for collectors.

To put this year's numbers in perspective, the table below shows the total annual sales for each bullion coin offering in ounces. Note that these are annual sales figures, which differ from mintage figures, since the US Mint may sell coins carrying dates other than the year of sale.

US Mint Bullion Coin Sales (ounces)

Year	Gold Eagle	Silver Eagle	Platinum Eagle	Gold Buffalo
1986	1,787,750	5,096,000
1987	1,253,000	9,420,000
1988	560,000	5,869,000
1989	503,500	6,166,000
1990	457,450	7,247,000
1991	253,000	6,952,000
1992	385,800	5,544,000
1993	514,000	5,890,000
1994	310,000	5,540,500
1995	297,750	4,590,000
1996	275,000	3,466,000
1997	771,250	3,636,000	73,350
1998	1,839,500	4,320,000	175,650
1999	2,055,500	9,008,500	71,050
2000	164,500	9,133,000	27,050
2001	325,000	8,827,500	35,750
2002	315,000	10,475,500	30,800
2003	484,500	9,153,500	24,050
2004	536,000	9,617,000	20,100
2005	449,000	8,405,000	20,000
2006	261,000	10,021,000	13,550	323,000
2007	198,500	9,887,000	9,050	167,500
2008	860,500	19,583,500	33,700	172,000
2009	1,425,000	28,766,500	-	200,000

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2009 Fractional Gold Eagle Mintages

Sales of the briefly offered 2009 fractional Gold Eagle bullion coins have now concluded. The mintages for the 1/2 oz, 1/4 oz, and 1/10 oz 2009 Gold Eagles have ended up on the high end, as measured by the total reported sales figures for each denomination.

Typically, the fractional weight Gold Eagles are available throughout the year. This year the situation was different, following a late 2008 announcement that the US Mint would focus production on one ounce Gold Eagles only and delay offering fractional weight versions until later in 2009. The first batch of fractional Gold Eagles was finally offered to authorized purchasers on December 3, 2009 with a second and final allocation available beginning on December 14, 2009.

After the December 3 debut, the US Mint had already recorded sales of 56,000 of the 1/2 ounce coins, 58,000 of the 1/4 ounce coins, and 260,000 of the 1/10 ounce coins. These numbers were already high enough to place each coin above the respective mintage lows for each bullion denomination.

The second batch of coins offered for sale have pushed the totals for the 1/2 and 1/4 ounce coins much higher, but only added slightly to the total for the 1/10 ounce coins. The final sales figures for the 2009 fractional Gold Eagles are shown below.

2009 Fractional Gold Eagle Sales
2009 1/2 oz. Gold Eagle	110,000
2009 1/4 oz. Gold Eagle	110,000
2009 1/10 oz. Gold Eagle	270,000

The total sales for the 1/2 oz coin actually place it as the fifth highest mintage for a 1/2 oz Gold Eagle bullion coin. The 1/4 oz. Gold Eagle ranks as the sixth highest for its denomination. Only the 1/10 oz coin ends up with a mintage which is below average.

For further comparison, in 2008, the US Mint had sold 50,000 1/2 oz coins, 58,000 1/4 oz coins, and 270,000 1/10 oz coins.

The rapid pace of sales for long suspended products that the US Mint briefly offered near the end of the year has been interesting to witness. Before I attributed this to pent up demand, but is the US Mint inadvertently creating greater demand by delaying products and then offering them for very limited time periods? This year's "flash offerings" of Gold Buffalo coins, fractional Gold Eagle bullion coins, and Platinum Eagle coins all generated greater sales than previous years when the products were available throughout the year.

On a final note, I wanted to say Merry Christmas and Happy Holidays to Mint News Blog readers! Thank you all for your readership and comments throughout the year.

Today on Coin Update News: 2010 Silver Eagle Availability

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Fractional 2009 American Gold Eagles

Yesterday, the US Mint began sales of fractional weight 2009 Gold Eagle bullion coins. The coins available include the 1/2 ounce, 1/4 ounce, and 1/10 ounce.

For more than one year, the production of Gold Eagle bullion coins has been restricted to one ounce coins. Towards the close of last year, the US Mint had announced the delayed launch of numerous 2009 dated bullion coins "until later in 2009." They had cited the limited quantity of blanks available from suppliers amidst the continuing high demand for bullion coins.

An update on the status of the delayed products finally came in October 2009 when the US Mint announced the cancellation of certain bullion and collectible coins and the availability dates for others. The fractional Gold Eagle bullion coins were set for release on December 3, 2009.

Even though the release was only yesterday, the first sales totals for the fractional 2009 American Gold Eagles are already available and presented below.

2009 Fractional Gold Eagle Sales
2009 1/2 oz. Gold Eagle	56,000
2009 1/4 oz. Gold Eagle	58,000
2009 1/10 oz. Gold Eagle	260,000

When the fractional Gold Eagles bullion coins were first announced, it seemed possible that they might end up with unusually low mintages since the coins would only be available for a single month. Based on the preliminary sales data, this will not be the case. These initial sales figures already place mintages well above the current mintage lows for each fractional Gold Eagle denomination.

Gold Eagle Bullion Mintage Lows
Weight	Year	Mintage
1 oz.	2007	140,016
1/2 oz.	1991	24,100
1/4 oz.	2007	34,004
1/10 oz.	1988	159,500

As with the 2009 Gold Buffalo bullion coin, strong sales for the fractional 2009 Gold Eagles seems to be driven by pent up demand from precious metals investors and possible additional demand from coin collectors. Despite the fact that the coins will only be produced and offered for one month, it seems like they will surpass last year's annual totals, which were achieved when the coins were available throughout most of the year.

Today on Coin Update News: US Mint Bullion Coin Sales for November 2009

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More Details on 2009 Gold and Silver Eagles

This continues the ongoing coverage of the US Mint's cancellation of the collectible 2009 Gold and Silver Eagles and simultaneous announcement regarding the 2009 Platinum Eagle and 2009 Gold Buffalo coins.

This post will provide more details on this year's 2009 Gold and Silver Eagle offerings and canceled products. Once again, I will stick mostly to the facts and details. Tomorrow's post will provide my overall thoughts and reactions to this week's announcement.

2009 American Silver Eagles

The genesis of the current situation traces back a few years. In late 2007, financial instability and uncertainty led many to rediscover precious metals investing. The United States Mint is responsible for producing the US government's only silver bullion coin, the American Silver Eagle.

The Mint was able to handle the additional demand for silver bullion coins until early 2008, when they were forced to temporarily suspend Silver Eagle bullion coin sales. Sales were resumed about a month later on a rationed basis. This did not seem to have immediate impact on the collector versions of the Silver Eagle.

The impact became apparent a few months later. Statements from the US Mint released in June 2008 indicated that they were not using incoming supplies of silver blanks to produce collector coins (proof and uncirculated), but instead directing all inventory to the production of bullion coins. In August 2008, ordering options for the 2008 Proof Silver Eagle disappeared and were replaced by the message "Product is not available." The coins never went back on sale.

The situation continued into 2009, when the US Mint officially announced that production of the collector versions of the Silver Eagle were suspended until "sufficient inventories of silver blanks could be acquired to meet market demand for all three American Silver Eagle Coin products."

Rationing of the bullion Silver Eagles ended in June 2009, providing some hope that a respite in demand for bullion coins would allow the US Mint to build their inventory of blanks to produce collector coins. After several months of apprehension, hopes were dashed with this week's announcement. The 2009 Proof Silver Eagle and 2009-W Uncirculated Silver Eagle were canceled.

The Proof Silver Eagle has been minted and offered to collectors every year since 1986. Sales for the regular proof coin have ranged from a low of 372,168 in 1994 to a high of more than one million coins in 2006, when the coins were sold individually and as part of a special 20th Anniversary Set. Collectors have expressed the most disappointment in the cancellation of the Proof Silver Eagle.

The Uncirculated Silver Eagle has been minted from 2006 to 2008, when the US Mint's line of collectible uncirculated American Eagle coins was introduced. These coins are struck on specially burnished blanks and carry the "W" mint mark. Sales have ranged from a low of approximately 470,000 coins in 2006 (across all ordering options) to a high of 653,878 coins in 2007. The 2008-W Uncirculated Silver Eagle is still available for sale at the US Mint as part of the 2008 Annual Uncricluated Dollar Coin Set.

As it stands, the only 2009 Silver Eagle offered will be the bullion version of the coin. The US Mint has sold 20,824,500 of the one ounce silver bullion coins to date. This amount already exceeds the previous record sales number recorded last year.

2009 American Gold Eagles

While collectors seem to have been most disappointed by the cancellation of the collectible Silver Eagle products, the collectible 2009 Gold Eagles will be missed as well.

The situation for the American Gold Eagle is similar to that described for the Silver Eagle. Gold Eagle bullion coins were first suspended in August 2008 and then resumed two weeks later on a rationed basis. Later that year, the US Mint announced that they would be restricting bullion production to one ounce coins only.

In early 2009, the US Mint officially announced the suspension of collectible proof and uncirculated Gold Eagles until sufficient inventories of gold blanks could be acquired. The rationing of bullion coins was lifted in June 2009.

This week, the US Mint announced that all 2009 Proof Gold Eagles were canceled. This includes 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and a 4 Coin Set. The previously planned collectible one ounce 2008-W Uncircualted Gold Eagle was also canceled. Fractional collectible uncirculated coins had previously been announced as discontinued in the prior year.

As part of this week's announcement, the US Mint did indicate that they would finally offer fractional weight Gold Eagle bullion coins. This comes after more than a year of producing only one ounce bullion. The fractional coins will be available starting on December 3. Since these are bullion coins, they will not be sold directly by the US Mint, but distributed through their network of authorized bullion dealers.

The 2009 Gold Eagle one ounce bullion coin, which has been on sale throughout the year, has sold 982,000 coins to date. This is still less than half of the record sales of 2,055,000 ounces of gold bullion sold by the US Mint in 1999.

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2009 Proof and Uncirculated Gold and Silver Eagles Canceled

Today at Noon, the United States Mint issued a press release with some shocking and disappointing news. The collectible 2009 Proof and Uncirculated Gold and Silver Eagles will not be offered this year. As partial consolation, the press release also announced plans to offer the 2009 Proof Gold Buffalo, the 2009 Proof Platinum Eagle, and fractional weight Gold Eagle bullion coins.

Additional Coverage on this announcement:
2009 Platinum Eagle and 2009 Gold Buffalo
2009 Gold Eagle and 2009 Silver Eagle
Final Thoughts on US Mint Product Cancellations

As it now stands, the following collector coins are now canceled:

- 2009 Proof Silver Eagle
- 2009-W Uncirculated Silver Eagle
- 2009 Annual Uncirculated Dollar Coin Set
- 2009 Proof $50 Gold Eagle (one ounce)
- 2009 Proof $25 Gold Eagle (one-half ounce)
- 2009 Proof $10 Gold Eagle (one-quarter ounce)
- 2009 Proof $5 Gold Eagle (one-tenth ounce)
- 2009 Proof Gold Eagle 4 Coin Set

This is in addition to many other collector gold and platinum coins that had previously been announced as discontinued.

On the bullion front, the US Mint has canceled all 2009 American Platinum Eagle bullion coins. These coins are typically available in one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes.

The following collector coins will be offered:

- 2009 Proof $50 Gold Buffalo (release date October 29)
- 2009 Proof $100 Platinum Eagle (release date December 3)

The reason cited for the canceled products is a familiar one: "the unprecedented demand for American Eagle Gold and Silver Bullion Coins." This reason has been cited on numerous occasions over the past two years to explain bullion coin rationing, bullion and collector coin suspensions, and bullion and collector coin cancellations.

Under law, the United States Mint is required to produce Gold and Silver Eagle bullion coins in quantities sufficient to meet public demand. Accordingly, the US Mint has been using all 22-karat gold and silver blanks to produce bullion coins, in lieu of collector coins, which they are not legally required to produce.

The status of this year's collectible Gold Eagles, Platinum Eagles, Silver Eagles, and Gold Buffaloes has been a topic of constant discussion and speculation. Way back in January, I had mentioned the possibility that these coins might not be issued in 2009. My reasoning was validated a few months later when the US Mint finally announced that the products were suspended (see posts here and here). In mid-June, there was a brief revival of hope for the collector coins when the US Mint finally ended bullion allocation programs, but apparently this was to no avail.

This is clearly an unhappy resolution to the situation for collectors. I will have further thoughts on this situation in the coming days.

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Gold and Silver Eagle Bullion Allocation Programs End

Yesterday, the US Mint announced the end of the long standing allocation programs for Gold and Silver American Eagle bullion coins. This should have implications for coin collectors who have been eagerly awaiting the collectible proof and uncirculated versions of the coins.

The news comes via a brief memorandum sent to authorized purchasers of US Mint bullion coins, which stated, "Effective immediately, the United States is lifting the allocation process. You may place your orders under the standard ordering procedures."

Gold and Silver Eagle Bullion Coin Shortage and Rationing

The US Mint sells gold and silver bullion coins through a network of authorized purchasers. Last year, heavy demand and a tight supply of precious metals blanks had forced the US Mint to temporarily suspend sales of bullion coins and eventually instate allocation programs. These programs limited the number of gold and silver bullion coins that authorized purchasers could order.

The US Mint would divide weekly bullion coin production into two pools. The first pool would be divided equally amongst authorized purchasers, and the second would be divided based on past sales performance. The silver allocation program had been in place since April 2008, and the gold allocation program had been in place since August 2008.

In recent months there had been signs that the heavy demand and tight supply, which necessitated the allocation programs, were easing. After reaching extreme levels during the shortage, premiums for bullion coins charged by precious metals dealers were finally dropping. At the height of the Silver Eagle shortage, bullion coins carried premiums as high as $4.50 per coin. Since last month, these premiums have declined back to their historical norms around $2.00 per coin.

Another sign had been a recent decline in monthly sales levels for the US Mint's gold and silver bullion coins. For 2009, sales had recorded month to month increases before peaking and finally declining. Sales of Silver Eagle bullion coins had risen to a peak of 3,132,000 ounces in March, before receding in April, and falling further in May to 1,904,500 ounces. Sales of Gold Eagle bullion coins had reached a peak of 147,500 ounces in April, before dropping to 65,000 in May. Notably, even the reduced sales figures from last month remain far above year over year and historical sales comparisons.

Gold and Silver Eagle Collector Coins on the Horizon?

The end of the allocation program should be welcome news for coin collectors. Because of the high demand for gold and silver bullion coins, the US Mint had suspended production of the collector versions of the coins. By law, the US Mint is required to provide bullion coins "in quantities sufficient to meet public demand." Because they were unable to meet full demand, they had been diverting their entire supply of blanks to the production of bullion coins in lieu of producing any collector coins.

At the time of this post, there still has not been any indication of when production of collector coins will begin, and when the coins will eventually go on sale for collectors. However, recent developments suggest that a window of opportunity has opened for the US Mint to produce the collector coins. The end of the allocation program can be interpreted to mean that the US Mint is reasonably confident that their supply of incoming precious metals blanks is sufficient to satisfy full bullion coin demand with a reasonable cushion. Presumably, some of these extra blanks can now be used to produce collector coins.

The collector versions of American Gold and Silver Eagles expected to be produced this year are the following:

2009 American Gold Eagle One Ounce Proof
2009 American Gold Eagle One-Half Ounce Proof
2009 American Gold Eagle One-Quarter Ounce Proof
2009 American Gold Eagle One-Tenth Ounce Proof
2009 American Gold Eagle Proof Four Coin Set
2009 American Gold Eagle One Ounce Uncirculated
2009 American Silver Eagle One Ounce Proof
2009 American Silver Eagle One Ounce Uncirculated

Note that this product line up is slightly reduced from last year. The fractional versions of the 2009-W Uncirculated Gold Eagles were previously announced as discontinued.

Even though the collector versions of Gold and Silver Eagles are now closer to becoming reality, there still has not been any additional news on the American Platinum Eagle coins and American Buffalo Gold Coins. For 2009 to date, the US Mint has not produced or sold any bullion or collector coins from these two programs.

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2009 Gold and Silver Eagle Bullion Coins

The US Mint has been posting high sales numbers for American Gold Eagle and American Silver Eagle bullion coins.

These bullion coins are not to be confused with the collectible versions of the coins that the US Mint typically sells directly to collectors. The bullion coins are distributed through a network of authorized purchasers and can be purchased by individuals from bullion dealers or coin dealers typically at a mark up above the price of the precious metal.

So far during 2009, the US Mint has only produced two bullion coin offerings, the 2009 American Silver Eagle and 1 oz. 2009 American Gold Eagle. At the end of 2008, the US Mint announced the delayed release of all other 2009 bullion coins. Typically, fractional Gold Eagles, 24 karat Gold Buffalo, and Platinum Eagle bullion coins would also be offered.

The monthly sales totals for the 2009 Silver Eagle and 1 oz. 2009 Gold Eagle bullion coins appears below.

2009 Silver Eagle Monthly Sales
January	1,900,000
February	2,125,000
March	3,132,000
April	2,518,000
Total	9,675,000
2009 Gold Eagle Monthly Sales
January	92,000
February	113,500
March	136,500
April	147,500
Total	489,500

If the current pace of sales continues for the rest of the year, Silver Eagle sales would reach about 30 million and Gold Eagle sales would reach 1.5 million. This would represent a new all time high for Silver Eagles. The previous all time high was set last year when 19,583,500 coins were sold. The all time high for 1 oz. Gold Eagle sales was reached in 1998 when 1,518,000 coins were sold.

While it might seem that increased demand is driving this year's potentially record breaking Gold and Silver Eagle bullion coin sales, I would offer a different interpretation.

The US Mint has been selling gold and silver bullion coins to its authorized purchasers on an allocated basis since March 2008 for Silver Eagles and August 2008 for Gold Eagles. These allocations are necessary because the US Mint has not been able to obtain sufficient supplies of precious metals blanks to meet full demand. The increased sales levels of recent months suggest that the US Mint has been able to obtain greater supplies of precious metals blanks. In other words, demand is not increasing, but rather a greater portion of existing demand can finally be satisfied. This is further supported by the fact that premiums charged by precious metals dealers for Gold and Silver Eagles have been falling over the past few weeks.

The possibility that the US Mint is fulfilling more demand, might mean good for coin collectors is on the horizon. Earlier this year, the US Mint had announced that the production of collectible versions of the 2009 Silver Eagle and 2009 Gold Eagle would be temporarily suspended. Under law, the US Mint is required to produce bullion coins in quantities sufficient to meet public demand. Therefore, until the demand for bullion coins could be met, collector versions of the coins (which are not required under law) would have to wait.

In some cases, the length of delay for the collector coins is already substantial. Last year, the proof Silver Eagle was released on January 3, 2008. The uncirculated version was released on March 17, 2008. The proof versions of the Gold Eagle had been releaesd on March 4, 2008 with the uncirculated versions released on April 1, 2008.

The collectible Silver Eagle coins expected to be released this year are the 2009 Proof Silver Eagle and 2009-W Uncirculated Silver Eagle. The collectible Gold Eagles expected for this year are the 2008-W Uncirculaed Gold Eagle (one ounce coin only) and a full range of 2009 Proof Gold Eagles including 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and the 4 coin set.

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2009-W Uncirculated & Proof Gold Eagles Suspended

Following a similar statement posted for the 2009-W Proof & Uncirculated Silver Eagles, the US Mint has "temporarily suspended" production of the collectible American Gold Eagle Coins.

The suspended coins would include the 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz 2009 Proof Gold Eagles and the 1 oz. 2009-W Uncirculated Gold Eagle. The remaining fractional denominations for the collectible uncirculated Gold Eagles had previously been announced as discontinued.

The following message is posted on the US Mint's website on the product pages where the collectible Gold Eagles would usually appear:

Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .”

The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.

Collectors or investors looking to purchase 2009 dated gold coins from the US Mint have extremely limited options at this point.

On the bullion coin front, the US Mint has only produced the basic 1 oz. American Gold Eagle coins. To date they have not produced any of the fractional Gold Eagle denominations or the 24 karat Gold Buffalo bullion coins. The 1 oz. 2009 Gold Eagle continues to be subject to rationing.

On the collectible coin front, the only 2009 dated gold coins available are the 2009 Anna Harrison First Spouse Gold Coin and the 2009 Ultra High Relief Double Eagle Gold Coin. Both of these coins arguably carry high premiums. They are currently priced at $629.00 (proof) or $616.00 (uncirculated) for the Anna Harrison coin and $1,289.00 for the UHR Double Eagle.

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The New Gold Eagle Key Dates

Based on last reported sales data, it seems that four 2008 Gold Eagles may have the lowest mintages ever for their respective denominations. This includes one coin which might have the lowest mintage for any American Gold Eagle ever.

Three of the new lows were reached for the so-called "collectible" uncirculated versions of the Gold Eagle. The US Mint first offered these coins in 2006. The coins are struck on specially burnished blanks and carry the "W" mint mark for the West Point Mint. Late in 2008, the US Mint announced that most of these collectible uncirculated versions would be discontinued for 2009.


The figures below are the last reported sales figures for the 2008 Gold Eagles. The sales figures for each coin reflect the totals from both individual sales plus four coin set sales. For the 2008-W $25 Unc Gold Eagle, the figures also include Double Prosperity Set sales. Final mintage figures for the 2008 Gold Eagles have not yet been released by the US Mint.

Gold Eagle Sales Figures
	1 oz.	1/2 oz.	1/4 oz.	1/10 oz.
Proof	29,399	27,864	28,301	29,155
Uncirculated (W)	12,387	16,126	9,200	13,376

2008-W Uncirculated $50 Gold Eagle - With last reported sales of 12,387, this coin would have the lowest mintage for any one ounce uncirculated Gold Eagle. The next lowest figure is more than double. This coin also has the lowest mintage for any one ounce Gold Eagle in any version. The only one ounce Gold Eagle with a lower mintage was the 2006-W Reverse Proof Gold Eagle at 10,000.

2008 Proof $5 Gold Eagle - With last reported sales of 29,155, this coin would have the lowest mintage for any one-tenth ounce Proof Gold Eagle. The next lowest figure of 34, 977 was reached in 1997.

2008-W Uncirculated $5 Gold Eagle - With last reported sales of 13,376, this coin would have hte lowest mintage for any one-tenth ounce Uncirculated Gold Eagle. The next lowest mintage is the 2007-W with 24,300. This coin would also have the lowest mintage for any one-tenth ounce Gold Eagle in any version.

2008-W Uncirculated $10 Gold Eagle - With last reported sales of 9,200, this coin would have the lowest mintage for any one-quarter ounce Uncirculated Gold Eagle. The next lowest mintage is the 2007-W with 14,615. Most notably, this coin would have the lowest mintage for Gold Eagle ever. This is across all denominations ($50, $25, $10, $5) and all versions (uncirculated, proof, bullion).

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