Ultra High Relief Double Eagle Gold Coin Ordering Limits to Rise
More than six months after the initial launch, the US Mint will finally raise the ordering limits for the 2009 Ultra High Relief Double Eagle Gold Coin. Starting on July 27, the ordering limit will be increased from one coin per household to ten coins per household.
The one per household ordering limit has been in place since the coins first went on sale with the continual message that the limit would be "re-evaluated on a weekly basis."
The UHR Double Eagle had gone on sale on January 22, 2009 with much fanfare. The coins were priced at $1,189.00 with an ordering limit of one coin per household. In the first few days of sales, more than 40,000 coins were sold.
In the ensuing months, the pace of sales slowed considerably. As of July 15, 2009, the US Mint has sold 69,517 Ultra High Relief Double Eagle Gold Coins. For the past several months, the US Mint has typically sold fewer than 1,000 coins per week.
During the six months of sales, the price of the coin has fluctuated. Under the US Mint's pricing policy for numismatic gold coins, prices can be adjusted weekly if the average price of gold moves across cerain threshholds. The price of the UHR Double Eagle has ranged from the initial offering price of $1,189 to a high of $1,339.
The secondary market has continued to support premium prices for UHR Double Eagles available in hand. These premiums are at least partially attributable to the low ordering limit and the potential for shipping delays. Recently completed eBay auctions still show uncertified coins selling for $1,400 to $1,500 each ($100 to $200 above the current US Mint price) with graded examples selling for even more. View current eBay auctions.
Lifting the ordering limit will no doubt have some interesting impacts. Prices on the secondary market may finally decline, particularly for uncertified coins. Collectors will be able to purchase coins directly from the US Mint in larger quantities. This will satisfy some of the demand for coins and also create a more accessible source for resellers.
Weekly sales will likely see a boost, although the effect might be tapered by the current price of gold. The coins are currently priced at $1,289, which is at the high end of the price range for the coins during the six month offering period.
One final thing worth mentioning- raising the household limit is another sign that the US Mint is finally getting a handle on their precious metals blank supply. Long awaited collector coins and some of the hold out bullion coins will hopefully be appearing soon.
Labels: Ultra High Relief