2010 Proof Silver Eagle Sold Out

The United States Mint's website is now showing the 2010 Proof Silver Eagle as sold out. This product joins the one-half ounce Proof Gold Eagle as another somewhat unexpected sell out.

The 2010 Proof Silver Eagle originally went on sale November 19, 2010 with no stated maximum mintage, and an initial household ordering limit of 100 coins. Collector interest was expected to be high, after the cancellation of the prior year release and against the backdrop of strong performance for the price of silver.

When the US Mint reported debut sales figures of 273,212 coins for the period November 19 to 21, I questioned the numbers as possibly being under reported. Later that week, it was revealed that approximately 2,200 orders had been deleted in error, accounting for some of the discrepancy. Two weeks later when the next report was available, the US Mint showed sales of 707,704.

This week's sales report showed total sales of 834,879, unchanged from the prior week. I asked the US Mint for clarification on the figure, but have not yet received a response. It now seems that the figure may not have been updated since the product was close to selling out.

If the final sales are around this level, the 2010 Proof Silver Eagle would rank as the fourth highest mintage of all proof coins for the series. However, products which sell out unexpectedly, as opposed to lingering into the following year, seem to experience a boost in premium on the secondary market. We'll have to wait and see if this develops.

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2010 Proof Silver Eagles at 707,704

The total reported sales for the 2010 Proof Silver Eagle have now reached 707,704. After less than three weeks of sales, this amount has already exceeded the final mintage of the last available issue of the series.

The US Mint did not provide sales data last week, so the latest report available on Coin Update News reflects two weeks worth of new sales data. The Proof Silver Eagle had debuted with sales of 273,212, so the latest total represents an increase of 434,492.

In most cases, the strongest sales for newly released US Mint products tend to occur within the opening days, with the pace of sales quickly diminishing in subsequent weeks. Based on the figures provided, either the 2010 Proof Silver Eagle has broken with this trend, or as I had suggested, the opening figures were possibly under reported.

Also potentially coming into play were the 2,200 orders from the first days of sales that were deleted in error by the US Mint. Likely most of these orders were reinstated in the following week. Also, the household ordering limit was removed late last week, creating the potential for large bulk orders to be placed.

As mentioned, the sales total for the current release already exceed the 2008 Proof Silver Eagle final mintage of 700,979. More broadly, the sales already represent the ninth highest mintage across all Proof Silver Eagles.

Proof Silver Eagle Mintages - Sorted High to Low

1986	1,446,778
2006	1,092,477
1987	904,732
2007	821,759
2005	816,663
2004	801,602
2003	747,831
2001	746,398
2010	707,704*
2008	700,979
1990	695,510
2002	647,342
1989	617,694
2000	600,743
1988	557,370
1999	549,330
1991	511,924
1992	498,543
1996	498,293
1998	450,728
1997	440,315
1995	407,822
1993	405,913
1994	372,168
1995-W	30,125

* still on sale.

Numismatic Gold Coin Pricing

Separately, there will possibly be another price increase for available US Mint numismatic gold coins. Under the current policy, prices may be adjusted weekly based on changes changes in the price of gold.

Price tiers are established at $50 increments for gold. If the average London Fix price of gold from the prior Thursday AM to the current Wednesday AM, moves into a higher tier, then product prices are adjusted accordingly. As an additional condition, the Wednesday PM price must also fall into the higher tier.

The average London Fix price for this week would fall into a higher tier as long as the tomorrow's London AM fix price comes in at $1,353 or higher. More key to the situation will be tomorrow's London PM fix price, established around 11:00 PM ET. If it comes in at $1,400 or high, a price increase will take place. If it comes in below $1,400, no price changes would occur.

A price increase would impact the available 2010 First Spouse Gold Coins, 2010 Proof American Gold Eagles, and 2010 Proof American Gold Buffalo.

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Ordering Limit Removed for Proof Silver Eagles

It appears that 2010 Proof Silver Eagles can now be order in unrestricted quantities. The US Mint has quietly removed the "Ordering Limits" section on the online product page.

When the Proof Silver Eagles went on sale November 19, 2010, the coins carried a household ordering limit of 100. The Mint indicated that this limit would remain in place for at least the first week of sales, after which point it would be re-evaluated and either extended, adjusted, or removed.

Now, two weeks after the start of sales, the limit has been lifted. This might be an indication that sales have slowed and/or the US Mint has sufficient coins available to handle anticipated sales levels through the end of the year and beyond.

From November 19 to 21, the US Mint had reported sales of 273,212 coins. Although this outpaced the prior year, it seemed relatively muted compared to the surge in sales experienced for the 2010 Proof Gold Eagles. Later that week, the US Mint discovered that approximately 2,200 orders for the 2010 Proof Silver Eagles had been deleted in error. They had been contacting impacted customers urging them to resubmit their orders.

Unfortunately, a new sales report has not been made available for the week ending November 28, 2010 to gauge how sales have fared more recently. The US Mint has indicated that they were encountering challenges getting the information and the report would be delayed.

For the time being, the focus of collectors seems to have shifted to the America the Beautiful Silver Bullion Coins, which will go on sale next week.

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Silver Eagle Bullion Sales Break Records

While collectors have recently focused on the collectible proof version of the coin, the American Silver Eagle bullion coins have been breaking records.

The annual sales total for the one ounce silver bullion coins has now reached 32,790,500 based on the latest figures posted on the US Mint's website. With another month of sales left to go, this will beat the previous record sales of 28,766,500 reached in 2009 by a comfortable margin.

This will be the third year in a row that a new annual record sales total has been set. The sales for 2008 had reached 19,583,500, which at the time beat the previous high of 10,475,500 set in 2002.

1986-2010 Silver Eagle Bullion Coin Sales

1986	5,096,000
1987	9,420,000
1988	5,869,000
1989	6,166,000
1990	7,247,000
1991	6,952,000
1992	5,544,000
1993	5,890,000
1994	5,540,500
1995	4,590,000
1996	3,466,000
1997	3,636,000
1998	4,320,000
1999	9,008,500
2000	9,133,000
2001	8,827,500
2002	10,475,500
2003	9,153,500
2004	9,617,000
2005	8,405,000
2006	10,021,000
2007	9,887,000
2008	19,583,500
2009	28,766,500
2010	32,790,500*

*through November 30, 2010

The Silver Eagles sales total for November 2010 will set a record for the highest monthly sales at 4,160,000 ounces. This breaks the previous high of 3,696,000 set all the way back in December 1986.

This monthly sales for November 2010 actually exceed the total annual sales for two years of the program. In 1996 and 1997, sales had reached only 3,466,000 and 3,636,000, respectively.

Silver Eagle 2010 Monthly Sales

January	3,592,500
February	2,050,000
March	3,381,000
April	2,507,500
May	3,636,500
June	3,001,000
July	2,981,000
August	2,451,000
September	1,880,000
October	3,150,000
November	4,160,000
December	-
Total	32,790,500

To the US Mint's credit, the recent surge in silver bullion sales has not yet resulted in a suspension or reimplementation of the allocation program (a.k.a.) rationing. American Silver Eagle bullion coins were last subject to allocation at the authorized purchaser level from December 2009 to mid-September 2010.

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Proof Silver Eagle Orders Deleted

What could have been an opportunity for the US Mint to win back their customer's favor and earn some much needed goodwill is turning into another disaster. Approximately 2,200 orders placed for the 2010 Proof Silver Eagle have been deleted in error.

The deleted orders were placed between Friday, November 19 at 12:00 Noon ET and Sunday, November 21 at 7:30 PM ET. In addition to the 2,200 orders deleted for Proof Silver Eagles, another 500 orders for other products may have been deleted.

The US Mint has been contacting the 2,700 customers who have been affected and asking them to resubmit their orders by phone. The resubmitted orders will receive priority processing and free expedited shipping.

According to a statement provided by the Mint, orders placed after November 21 at 7:30 PM are believed to have been processed correctly, and no telephone orders placed during the entire period were impacted. The orders were deleted because the computer system had become overloaded from a high volume of orders.

Earlier this week, I suggested that the opening sales figures provided by the Mint may have been understated. The latest news explains at least part of the discrepancy.

The constant problems with one of the US Mint's most high profile offerings have certainly been testing the patience of collectors.

Initially, the problems were due to the lack of sufficient silver planchet supplies to satisfy both bullion and collector coin demand. This resulted in the early conclusion of sales for the 2008 Proof Silver Eagle, the cancellation of the 2009 release, amidst sporadic suspensions and rationing of the bullion coins. More recently, the problems have involved communications and order processing for the 2010 Proof Silver Eagle with 100,000 email notifications sent in error and 2,700 orders deleted in error.

Beyond the Proof Silver Eagle, there have been several other areas of dissatisfaction. Product prices were increased virtually across the board this year, even for annual sets which saw the number of coins reduced. America the Beautiful Quarters have been extremely difficult to collect from circulation, and production has been restarted for issues with previously low mintages. The creation of "new products" has simply involved remixing previously available coins and pricing them at a higher mark up. And, there is still no information on the release of the America the Beautiful Silver bullion coins.

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Proof Silver Eagle Opening Sales Figures

Opening sales figures are available for the 2010 Proof Silver Eagle through the US Mint's latest numismatic sales report. According to the numbers provided by the US Mint, through November 21 sales have reached 273,212.

As stated in the sales report, this represents a relatively underwhelming start for the long awaited offering. Based on irregularities with some of the other numbers in this week's report, I think it is possible that the figures for the proof Silver Eagle have been under-reported.

For some points of comparison, this year's silver commemorative coins debuted with sales of 214,673 for the Boy Scouts coins and 98,358 for the American Veterans Disabled for Life coins. The last proof Silver Eagle issued in 2008, debuted with sales figures of 185,232. These coins were released under normal circumstances before the price of silver began its ascent, bullion sales surged, and collector coins were interrupted.

The 2010 Proof Silver Eagle figures top each of these amounts, but not as dramatically as seen for the 2010 Proof Gold Eagles. Opening sales figures for the gold coins came in 300% to 500% above the corresponding levels for the 2008 releases, for each product option. There was every reason to expect the Silver Eagles to experience a similar surge in orders for the opening.

Of course it is possible that the higher pricing, frustration over the incorrect email notifications, and curtailed speculative buying may have kept sales from running too high, but there are other numbers in the sales report that seem suspect.

The Mount Hood National Forest Quarter bags and rolls figures are down about two-thirds from the corresponding numbers for the other releases of the America the Beautiful Quarters Program. The table below shows the opening sales figures for each release so far.

	P 100 Bag	D 100 Bag	Two Roll Set
Hot Springs	5,268	4,915	25,983
Yellowstone	4,447	4,392	23,273
Yosemite	4,275	4,187	23,416
Grand Canyon	4,015	3,900	23,172
Mount Hood	1,543	1,465	7,495

The 100,000 email notifications that were incorrectly sent last week were "primarily for Mount Hood quarters bags and rolls and the 2010 American Eagle Silver Proof Coin." Both of these products have reported sales figures much lower than expected. I suspect that somehow subscription orders were not reflected in the weekly sales report. I will provide any updates as I receive them.

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2010 Proof American Silver Eagle

Sales of the 2010 Proof Silver Eagle will begin tomorrow, November 19, 2010 at 12:00 Noon ET. Recent events have added even more drama to what was already the United States Mint's most anticipated product of the year.
Proof Silver Eagles represent a collectible version of the one ounce silver bullion coin from the US Mint. The proof coins have been sold directly to the public each year from 1986 to 2008. Last year, increased demand for bullion coins and the limited silver planchets available from foreign suppliers resulted in the cancellation of the popular offering, to the dismay of many collectors. This year the offering was confirmed on October 4, 2010, resuming the series after a one year gap.

A little over a month ago, the US Mint began sales of Proof Gold Eagles, which had also been canceled in the previous year. Sales levels have been higher than normal due to pent up demand and increased interest from precious metals investors. The one ounce version of the coin has already sold out. The four coin set, which represents the next most popular option, has sold 22,657 units, which is already 10,000 above the 2008 sales level.

The 2010 Proof Silver Eagle should likewise experience a surge in interest compared to prior years. The US Mint has stood by their pricing of $45.95 per coin and household order limit of 100, which were established when the market price of silver was lower.

Earlier this week collectors who had placed subscription orders for the coins received an unpleasant surprise when an email notification from the US Mint indicated that the coins were sold out and the subscription order canceled. This email impacted about 100,000 customers who had predominantly ordered the 2010 Proof Silver Eagle through the subscription program. The emails had been sent in error and were reinstated over the weekend, with an apology issued by the US Mint.

Meanwhile, the demand for Silver Eagle bullion coins has been at record levels. For the year to date, sales have reached 31,805,500, representing a new record annual high. The current monthly sales total also seems poised to break a record. For the month to date, sales have already reached 3,1750,000. If the current pace continues, a new monthly sales record will be achieved by a wide margin. The current record for monthly sales is 3,636,500, set in May 2010.

The surge in bullion demand could serve to prevent the further production of 2010 Proof Silver Eagles, if the US Mint had been planning on striking more through year end. There has been no indication of how many of the coins have already been struck or will be available. Since the US Mint has stood by their household limit of 100, there is likely a significant quantity already available, but will it be enough?

As an additional consideration, the US Mint has still not provided any information on the series of America the Beautiful 5 ounce Silver Bullion Coins. By law these coins can only be sold during the same year of issue as the corresponding quarter, giving the US Mint an increasingly small window of opportunity to issue the coins. Production reportedly started back in September 2010, but no updates have been provided since then.

Finally, the same old problem of the US Mint's slow/crashing website will almost certainly be an issue tomorrow. One would think they would have managed to fix this problem by now, but instead they have provided this message on the product page.

We anticipate unusually high demand for the American Eagle Silver Proof Coins. Because of the high number of customers that we expect to be placing orders during the first few hours of sales, you may experience delays when attempting to order online or through the call center during this period. We apologize for any inconvenience this may cause and appreciate your patience.

Tomorrow should be an interesting day indeed. For those placing orders at the start of sales tomorrow, here is a direct link to the US Mint's product page.

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US Mint Statement on 2010 Proof Silver Eagle Cancellation Email

Yesterday, many readers reported receiving an email notification from the United States Mint indicating that the 2010 Proof Silver Eagle was "sold out." Anyone checking the status of their subscription order found that it had been changed to "canceled." This was particularly distressing since the product has not even been released yet.

Calls to the US Mint's customer service phone number indicated that the email notification was sent in error, and that orders would be reinstated. Late in the evening, a second email notification was sent to impacted customers confirming the same.

This article on Coin Update News includes the wording from both emails, as well as some information about the volume of distressed customers that called the US Mint yesterday.

Just now, the US Mint has released the following statement regarding yesterday's situation:

On November 10, 2010, email notifications were sent out to United States Mint customers notifying them that some backordered and subscription items were canceled. Approximately 100,000 orders were impacted, primarily for Mount Hood quarters bags and rolls and the 2010 American Eagle Silver Proof Coin. We are in the process of reinstating these orders and expect corrections to be completed by noon on Saturday, November 13, 2010. All impacted customers have been notified that the original cancellation was in error. The United States Mint is looking into the cause of this error and deeply regrets any inconvenience it has caused.

Let's hope things go more smoothly when the product officially goes on sale November 19, 2010 at 12:00 Noon ET.

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As Silver Rises, Proof Silver Eagle Premium Drops

For the year to date, silver is now up over $10 per ounce with a percentage increase of more than 60%. Much of the gain has come over the course of the last three months, leading up to the release of the eagerly awaited 2010 Proof Silver Eagle.

When the US Mint first announced the availability of the 2010 Proof Silver Eagle, they specified a price of $45.95. The recent rise in the price of silver works out well for collectors planning to buy the coins, as the premium above metal value has dropped.

Back when the announcement was made on October 4, the market price of silver was $22.03 per ounce. With the product price established at $45.95, this resulted in a premium of $23.92 or 108.58% above silver value.

Today, the price of silver rose to $27.76 per ounce. This makes for a premium of $18.19 per coin, or 65.53% above silver value.

For comparison, the 2008 Proof Silver Eagle went on sale priced at $31.95 when silver was $15.38 per ounce. This calculates to a premium of $16.57 or 107.74%. Therefore, on an absolute basis the premium for this year's offering is still higher, however, on a percentage basis, the premium is much lower.

Between now and the start of sales for the Proof Silver Eagle on November 19, the price of silver will continue to fluctuate, perhaps shrinking the premium even further.

This is all provided that the product price remains $45.95 when sales begin. This is the price currently listed on the US Mint's preliminary product page as well as the original press release. Pricing for US Mint products is officially established through publication within the Federal Register. I haven't seen any pricing notification for the 2010 Proof Silver Eagle yet. Let's hope we're not in for any surprises.

Coin Update News: American Silver Eagles in Record Territory

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2010 Proof Silver Eagles

The United States Mint has confirmed that 2010 Proof American Silver Eagle will be available. According to a press release posted yesterday, orders will be accepting starting on November 19, with fulfillment beginning December 1.

The coins will be priced at $45.95 each and carry a household order limit of 100. When the Proof Silver Eagle was last available in 2008, the coins had been priced at $31.95 and did not carry a limit.

The price increase for this year's offering is in excess of the rise in the price of silver. When the 2008 Proof Silver Eagle went on sale January 3, 2008, silver was $15.38 per ounce. Today, silver is just about $7.00 higher at $22.34 per ounce.

At the very end of the US Mint's press release, they also announced that the 2010-W Uncirculated Silver Eagle and 2010-W Uncirculated Gold Eagle were canceled. Additionally, the 2010 Annual Uncirculated Dollar Coin Set, which would have contained the Uncirculated Silver Eagle was canceled.

The collectible uncirculated or "burnished" versions of the coins have not been available since 2008.

The Mint has not indicated what the maximum production of 2010 Proof Silver Eagles might be. According to statements provided by the US Mint to Dave Harper of Numismatic News, "It's all dependent upon the current situation of being off allocation for a while longer."

His statement refers to the fact that the US Mint ended their allocation program, which rationed the available supply of Silver Eagle bullion coins to their authorized purchasers. This is an indication that the US Mint is currently meeting full public demand for bullion coins.

While pent up demand for the 2010 Proof Silver Eagle is bound to be huge, I would speculate that the US Mint does have an adequate supply of silver planchets available to satisfy this demand. Here are some factors leading to this conclusion:

- Demand for Silver Eagle bullion coins has declined from the peaks reached earlier in the year and is far below average for the most recent month. The highest monthly sales occurred in May 2010 when 3,636,500 coins sold. The average number of Silver Eagle bullion coins sold each month from January to August was 2,950,062. During September, the US Mint sold only 1,880,000 Silver Eagle bullion coins. Assuming the US Mint has been able to maintain the same silver planchet supply as earlier in the year, in September alone, there should be around one million excess planchets available for proof coins.

- Last year, the US Mint had released statements effectively stating that they could have produced a small number of 2009 Proof Silver Eagles, but since they could not produce enough to satisfy the anticipated full collector demand, the offering was canceled. Assuming the Mint is still following the same logic, by offering the 2010 Proof Silver Eagle, they must be relatively confident that they can meet full collector demand.

- The household ordering limit has been set at 100 coins. If the supply was expected to be limited, the limit would have been set much lower. (Although the US Mint always reserves the right to limit or cancel orders after the fact.)

- The lack of Proof Gold and Silver Eagles has gained political attention. It would be a major embarrassment if the US Mint announced the product and then was forced to cut off the offering early or not fulfill some collector orders.

These factors aside, the demand for physical precious metals has been prone to enormous swings during the past two years. It is not outside the realm of possibility that another rush of demand for silver bullion could occur. Under current law, the US Mint would still be required to source all incoming blanks to the production of bullion coins and cease production of collector proof coins.

When the time comes, I will be placing my order on the first day of availability, just to be on the safe side.

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2010 Proof Silver Eagle Update

Update: Latest information on 2010 Proof Silver Eagle

Testimony recently delivered by US Mint Director Edmund Moy to a Senate Subcommittee on Domestic Monetary Policy and Technology includes new developments for the 2010 Proof Silver Eagle. The fate of this coin has remained unknown due to the continued high demand for the bullion version of the coin.

Under current law, the United States Mint is legally obligated to produce American Gold Eagle and American Silver Eagle bullion coins in quantities sufficient to meet the public demand. The recent heightened demand for physical bullion coins has left the US Mint unable to keep up. For nearly two years, the US Mint has been sourcing all precious metals blanks to the production of bullion coins, resulting rather than collector coins. This led to the premature end of production for the 2008 Proof Silver Eagle and the cancellation of the 2009 Proof Silver Eagle.

Director Moy provided testimony on July 20, 2010 during a hearing of the House of Representatives Subcommittee on Domestic Monetary Policy and Technology on "The State of U.S. Coins and Currency." In his statement he acknowledged the disappointment of collectors and expressed his encouragement that the Subcommittee was considering an amendment to the law that would allow issuance of collectible versions of the American Silver Eagle even if the full public demand for bullion coins is not met. The US Mint has already provided technical drafting assistance for the change in law. Until this hearing, the possible amendment to the law had been unrevealed.

If such a change is enacted, the Director explained that the US Mint could produce 200,000 coins per month. If production began in September, total production of about 830,000 coins could be accomplished by the end of 2010.

Planned collectible versions of the coin would include the 2010-W Uncirculated Silver Eagle and 2010-W Proof Silver Eagle.

Moy's statement did not include any mention of collectible versions of the 2010 Gold Eagle, but this might suggest that the prospects for these coins is more likely. This year, the US Mint has managed to catch up with gold bullion offerings faster, and even quietly ended their allocation program for the one ounce coins. With the gold bullion coins apparently being minted in quantities sufficient to meet public demand, this should clear the way for production of uncirculated and proof 2010-W Gold Eagles, even without amendment to the law.

Coin Update News: Inefficiencies Cited in US Mint's Bullion Coin Programs

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2009 Silver Eagle Final Mintage

The US Mint recently provided the final mintage for the 2009 American Silver Eagle bullion coin. Figures had previously been available for the number of coins sold during the year. This amount differs from the mintage, since annual sales totals usually include coins minted across multiple years.

The final 2009 Silver Eagle mintage came in at 30,459,000.

This figure represents a new record high, surpassing the previous record of 20,583,000 for 2008 Silver Eagles. The lowest mintage for a Silver Eagle bullion coin occurred for the 1996 Silver Eagle at 3,603,386 coins. Mintage figures for all years are included below.

American Silver Eagle Bullion Coin Mintages

1986	5,393,005
1987	11,442,335
1988	5,004,646
1989	5,203,327
1990	5,840,210
1991	7,191,066
1992	5,540,068
1993	6,763,762
1994	4,227,319
1995	4,672,051
1996	3,603,386
1997	4,295,004
1998	4,847,549
1999	7,408,640
2000	9,239,132
2001	9,001,711
2002	10,539,026
2003	8,495,008
2004	8,882,754
2005	8,891,025
2006	10,676,522
2007	9,028,036
2008	20,583,000
2009	30,459,000

So far during 2010, the US Mint has sold 6,067,500 Silver Eagle bullion coins. This includes the final inventory of 367,500 coins dated 2009, with the remainder representing 2010 coins.

The final mintage for one ounce 2009 Gold Eagle bullion coins has not yet been finalized. In fact, the US Mint is still continuing to sell the remaining inventory of 2009 coins. When the 2010-dated coins first went on sale, the US Mint had 51,000 of the prior year coins still within inventory.

Since most people prefer the newly dated coins, the Mint has been requiring authorized purchasers to buy one 2009-dated coin for every three 2010-dated coins ordered. There should be around 5,000 of the one ounce 2009 Gold Eagles left to go.

The final mintages for the fractional 2009 Gold Eagles were previously available, as these coins sold out in December. The mintages are 110,000 for the one-half ounce, 110,000 for the one-quarter ounce, and 270,000 for the one-tenth ounce.

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2008 United States Mint Annual Uncirculated Dollar Set Sold Out

Yesterday the 2008 Annual Uncirculated Dollar Set sold out at the US Mint.

The set contains the 2008-W Uncirculated Silver Eagle, satin finish 2008-D Sacagawea Dollar, and the five satin finish 2008-P Presidential Dollars. The product was first available for sale on August 7, 2008 and has been priced at $37.95 for the duration.

I have written about this set on a number of occasions, in part because it has been available for so long, but also because it was a reasonably priced, well presented product. My most recent post about the Annual Uncirculated Dollar Set was written at the beginning of January, when I mentioned that a sell out might be a few weeks away.

The last available sales figures indicate that 98,896 of the sets had been sold as of January 25, 2010. This suggests that the total production run may have been 100,000 units.

The sell out of this set means that the 2008-W Silver Eagle is (finally) no longer available directly form the US Mint and a final mintage can be established. The individual product option sold out on January 23, 2009 with final adjusted sales of 436,702. With the estimated 100,000 coins included in the Annual Dollar Set, this makes the final estimated mintage 536,702 coins. This number falls in the middle of the three years that the collectible uncirculated silver eagles have been produced.

The mintages for each of the three years are shown below. In each case, the figure represents the combined sales total across all product options that included the coin. The 2008 figure is an estimate, the other years represent the final adjusted sales totals.

Collectible Uncircualted Silver Eagle Mintages

2006-W Uncirculated Silver Eagle	466,573
2007-W Uncircualted Silver Eagle	621,333
2008-W Uncirculated Silver Eagle	536,702

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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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Revisiting the 2008 Annual Uncirculated Dollar Coin Set

I wanted to take a post to revisit a 2008 product still on sale at the United States Mint- The 2008 Annual Uncirculated Dollar Coin Set. This set contains an uncircualted version of each of the dollar coins issued for the year.

It's worth mentioning that this product contains the only collectible Silver Eagle that has been available directly from the United States Mint since August 2008.

The set contains the following coins:

2008-W Uncircualted American Silver Eagle
2008-D Satin Finish Sacagawea Dollar
2008-P Satin Finish James Monroe Dollar
2008-P Satin Finish Andrew Jackson Dollar
2008-P Satin Finish John Quincy Adams Dollar
2008-P Satin Finish Martin Van Buren Dollar

The set originally went on sale August 7, 2008 priced at $37.95. The product has remained on sale throughout the ensuing tumultuous course events related to collectible Silver Eagles. This included the early sell out of the 2008 Proof Silver Eagle, the later sell out of the individual 2008-W Uncirculated Silver Eagle, the delayed launch of the following year's collectible issues, and finally the cancellation of the 2009 Proof and Uncirculated Silver Eagles.

As of January 3, 2010, the US Mint has sold 95,786 of the 2008 Annual Uncirculated Dollar Coin Sets, with recent sales of approximately 1,200-1,300 sets per week. I would venture a guess that the US Mint may have produced an even 100,000 sets, making a potential sell out a few weeks away.

The set is priced at a slight bargain to the cost of the individual components. The 2008-W Silver Eagle seems to sell for about $28-$30 and the individual satin finish coins can sell for a few dollars each.

The US Mint's product page can be found here.

Today on Coin Update News: The latest US Mint Sales Report

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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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