2009-W Proof & Uncirculated Silver Eagle Availability
The US Mint recently posted a statement regarding the missing 2009-W Proof and Uncirculated Silver Eagles on the product category pages. The statement explains that production of the coins has been "temporarily suspended."
The message appears to have been posted yesterday. Members of Coin Network noticed the message and several readers emailed me about it.
The statement posted is as follows:
Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .”In late January, I had written a post on the missing 2009 Silver, Gold, and Platinum Eagles. At the time, the products were simply missing from the product scheduled with no explanation provided. More or less, I had surmised the situation described above.
The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products.
Now that we know the reason for the products absence, can we expect the situation to be resolved soon?
Maybe not. There's no indication that the "unprecedented demand" for Silver Eagle bullion coins is abating. Following a sales halt in February 2008, the US Mint began rationing Silver Eagle bullion coin sales to its network of Authorized Purchasers. The rationing has continued into 2009. The rationing implies continued unmet demand for the 2009 Silver Eagle bullion coins. As long as this persists, the US Mint will be legally unable to use incoming silver blanks to strike coins for collectors.
As an aside, it's great to see the US Mint communicating with their customers better. Last year, the 2008 Proof Silver Eagles became unavailable in August 2008. The product page simply stated "Product is not available" leaving customers guessing about whether the coins would return. I wrote a post exploring what might have happened with the 2008 Proof Silver Eagles. Looking back, it seems that I put the pieces together correctly.
At least for 2009, we all know what's happening. Now collectors interested in purchasing the 2009-W Proof or Uncirculated Silver Eagles will just have to wait and see if the situation changes.
Labels: Silver Eagles
posted by Mint News Blog @ 1:15 PM
10 Comments:
Aaarrrggggghhhh!!!!! Bastards...
Yep, that about surmises my feelings when I read that today on the Mint's website after checking out that someone on the Kitco blog mentioned that there were no eagles available.
Hmmm, wonder if that subscription for my order of 2009 Burnished West Point coins will ever be met? Well, I had a feeling the W's may be a limited and key coin.
But then again, my 2006 - 2008 collection of W's may end of being a good thing after all...
Glad I read this blog and took note when you posted the number of 2008 W's minted compared to the proof editions. Thanks for doing a good job Mike!
Still though, doesn't seem that many have picked up on it, being that on e-Bay the 2008 Proof is outrageous, and the 2008 W can still be had for a decent price close to what the mint was selling them at last year.
Can also thank MS Live for paying 33% back on all the PCGS 2008 W First Strike's I bought. Pretty much got a 20 case stack of them for the same cost of uncertified from the mint. Yohoo! Guess I better get some more while the getting is good.
Did I just type that aloud?... ;)
Stack 'em high!
I'm picking up NGC MS 70's ASE W's for between $49 and $59. Looks like the new auctions are going to be higher.
That's horrible. O, well, hopfully they'll make a few (enough for those that really want at least one) later in the year.
Just out of curiosity, how many of you are buying the 2008 Silver Eagles? ...it seems like many think they might be the last of the series, so they're buying as many as possible, even at prices of $50-$200 on Ebay.
Mike
I really enjoy your blog! and have to thank you for the tip on the 2008 Eagles months ago. As you recall you talked about the possible low mintage. I was lucky enough to get two sets, PF and MS I'm looking to buy a couple 1/4 oz MS70s. Where is the best place to look for them other than Ebay??
What I don't get is why is there a shortage of Silver Blanks? Gold and Platinum I can understand, but silver? I mean if there is supposed to be shortage of silver blanks, wouldn't the price of Silver and the Silver bullion coins be much higher than they are right now?
Can't the US Mint just buy the silver on the open market at market rates for its needs. I understand the selling price of the coins will have to follow the silver price. But its just supply and demand. When the mint comes up saying we don't have the silver to make the coins or cut off the making of the proof silver eagles like last year early. It sounds like someone at the mint has a hidden agenda.
I also find it odd that more silver cannot be acquired.
To play devil's advocate, there are a couple of factors which may be limiting the amount of silver the US Mint can acquire:
They need to acquire silver from domestic sources mined within the prior one year period.
There is a requirement to pay "the average world price." This might prevent acquiring more silver by paying slightly above market prices.
The sourcing of blanks comes from a very small number of suppliers. The US Mint has issued RFPs to try to get new suppliers.
the 2009 proof and w mint silver eagles are comming out in september.
if this coin comes out buy as many as you can.
if it comes out this year get as many as you can.
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