10th Anniversary Platinum Eagle Set Back on Sale
After a long suspension, the 10th Anniversary Platinum Eagle Set is back on sale at the US Mint, but the resumption of sales comes with a hefty price increase. The set is now being offered at $2,649.95. The Mint has also removed the previously imposed ordering limit of one per household.
The set contains two one-half ounce Platinum Eagles, one proof version and one reverse proof version. The set was released following the success of the 20th Anniversary Gold and Silver Eagle Sets, which also contained reverse proof coins.
While the revised pricing seems shocking at first glance, it actually re-establishes the Mint's initial premium on the sets over the spot price of platinum. The following table takes a look at the the price of the set compared to the spot price of platinum on three key dates.
| Mint Price | Spot Platinum | Premium | % | |
| Dec 13 2007 | $1,949.95 | $1,474.00 | $475.95 | 24.41% |
| Feb 12 2008 | $1,949.95 | $1,911.00 | $38.95 | 2.00% |
| Apr 10 2008 | $2,649.95 | $2,015.00 | $634.95 | 23.96% |
- December 13, 2007 - the day when the sets first went on sale at the Mint
- February 12, 2008 - the day before sales were suspended
- April 10, 2008 - today, after the resumption of sales at the new price
Based on stats from Numismaster, so far the Mint has sold 17,681 of the 10th Anniversary Platinum Eagle Sets out of the maximum 30,000.
Labels: Platinum Eagles
posted by Mint News Blog @ 9:05 AM
4 Comments:
How long can the mint continue to sell the 2007 Platinum Anniversary set? Can they keep them on sale until they sell the complete 30,000 or is there a time limit like other mint products?
Coins or sets that are produced annually usually go off sale once the next year becomes available, but this was a special set.
I believe the Mint had a limit on the time period during which they could produce the coins, but not a limit on when they could sell the coins.
Word is that the Mint produced the full authorized mintage of 30,000 sets during 2007. So they're likely going to keep them on sale until the full production run is sold.
There have been some "lingering products" like this in the past. Examples are 1999 Susan B. Anthony Dollars, 2001 Kennedy Halves (still on sale today).
One thing Michael fails to mention is that the Mint produced all 30,000 planned sets when platinum's cost reflected the initial $1,950 retail price. That cost was fixed and the price increase applied by the Mint merely increased their earnings for each set sold. Increased it rather dramatically, I might add. The Mint has since reduced the retail price for the set to less than $1,300, creating a considerable loss to the customers who bought at $1,950 and a worse one for the buyers at $2,600. The Mint would have served the customer better by destroying the remaining unsold sets and using the metal for other platinum coins. Their loss would have been the same, but the original buyers would not have been punished as they were.
Thanks for your comments. I did write some similar information in subsequent posts. This post was written back in April.
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