2008 Proof Platinum Eagles Are Back

Despite some rumors to the contrary, the 2008 Proof Platinum Eagles are back on sale at the US Mint. The pricing is quite ridiculous.

Sales were suspended on June 30, 2008 when platinum was $1,921 per ounce. Since that time, platinum has dropped to $1,700 per ounce. Despite the 10% drop, the Mint has repriced the coins higher than pre-suspension prices.

For most ordering options, the premium above the value of the metal is now over 50%.

Here's a look at the new prices and the resulting premiums based on $1,700 per ounce platinum:

2008 Proof Platinum Eagle Pricing

	Price	Premium	Percent
1 oz.	2,509.95	$809.95	47.64%
1/2 oz.	1,279.95	$429.95	50.58%
1/4 oz.	664.95	$239.95	56.46%
1/10 oz.	279.95	$109.95	64.68%
4 Coin Set	4,589.95	$1,444.95	45.94%

In all likelihood, the Mint probably came up with these prices shortly after the suspension. They basically adjust the prices of the proof versions in line with the Uncirculated versions that went on sale right after the suspension. But the market moved faster than the Mint reacted, rendering the adjustment ridiculous.