Mint News Blog

News, Information, and Commentary on US Mint Products

Tuesday, November 24, 2009

US Mint Gold Coin Sales Steady Despite Higher Prices

Despite continually rising prices, US Mint gold coin sales have remained surprisingly steady over the past several weeks.

This year, the United States Mint adopted a new pricing policy which allows them to update prices as frequently as once per week. Recently, coin prices have been increased every two weeks or so, as the price of gold has continued to rise. Another price increase will almost certainly take place tomorrow, bringing US Mint gold coins to another set of record high prices.

The latest weekly sales report available on Coin Update News show weekly sales of 1,091 UHR Double Eagles, 3,017 Proof Gold Buffalo coins, and 457 First Spouse Gold Coins. Except for the Gold Buffalo which was recently released, these sales levels are roughly the same or higher than other recent weekly sales levels which occurred when coin prices were lower.

The tables below show the number of coins sold for the past five weekly sales periods for the 2009 Ultra High Relief Double Eagle and combined First Spouse Gold Coins. The prices in effect at the end of the weekly period are provided in the last column.
2009 Ultra High Relief Double Eagle Sales
Week Ending Coins Sold Coin Price
Oct 25 562 $1,389
Nov 1 1045 $1,439
Nov 8 1453 $1,439
Nov 15 1098 $1,489
Nov 22 1091 $1,489

First Spouse Gold Coin Sales
Week Ending Coins Sold Coin Prices
Oct 25 213 $679 (proof), $666 (unc)
Nov 1 414 $704 (proof), $691 (unc)
Nov 8 334 $704 (proof), $691 (unc)
Nov 15 412 $729 (proof), $716 (unc)
Nov 22 457 $729 (proof), $716 (unc)

The anticipated increase tomorrow will bring the price of the 2009 Ultra High Relief Double Eagle to $1,539. The price of the 2009 Proof Gold Buffalo will rise to $1,460. Prices for First Spouse Gold Coins would rise to $754 and $741. This will actually be the final pricing tier in the US Mint's published grid.

A reader had an interesting question regarding whether the US Mint would publish new pricing grids, possibly recalculating coin premiums. The current tables were computed based on lower general precious metals prices and different sales volumes. I have an inquiry in with the US Mint and will report any response.

New Sections on Coin Update

In closing, I wanted to mention some of the new features added to another coin related website that I maintain called Coin Update. The site has traditionally provided a round up of coin collecting news from various sites across the internet. This ranges from articles on other dedicated coin websites to mainstream media's coverage of coins. The updates are published two or three times per week.

You can subscribe to receive the updates delivered to by email by signing up here or you can visit the site periodically to find the latest updates.

The expanded section of the site at Coin Update News has been providing additional coverage of US coins, world coins, and precious metals by a variety of authors. This is a new section of the site, but the articles are also incorporated into the main Coin Update home page.

For the past few months, the site has been publishing weekly US Mint sales reports, as referenced above. These reports are available every Tuesday with the latest sales figures for current US Mint products. More recent additions to the site include daily commentary on gold prices and a new column on third party coin grading by Michael Bugeja.

You can subscribe to receive all of the Coin Update News articles delivered to your email address by signing up here. Otherwise, you can visit the site daily for the latest news and articles.



At November 24, 2009 at 11:12 AM , Anonymous Anonymous said...

" Despite continually rising prices..."

Rising prices may actually be a reason that sales are rising. Not entirely mind you, but I suspect collectors don't want to be left standing at the station after the train has left.

Who knows when the next train will come?

Casey Jones

At November 24, 2009 at 12:18 PM , Anonymous Anonymous said...

Boy, I'm glad I read alot of money/economy headlines. I saw these rises coming a mile away and bought all of the gold coins I wanted 2 price hikes ago. I wish the rise would crash. I collect for the long haul and have several coins I want to get next year. It's interesting to see that sales for several of the coins were quite low prior to the 1st price hike in Oct. Now with the price of gold rising with authority and, that fact living in the headlines, people are accepting of getting what they can now so they won't miss it later. I wish I could get a Platinum coin. It's contraversy is interesting and it's production #s will be low, even if it sells out. Will the mint sell the coin past 2009 if inventory exists?

BTW, nice site Michael; how long have you had it?

At November 24, 2009 at 12:29 PM , Anonymous Anonymous said...

Anyone who is paying attention to gold futures contracts, etf's, and such already knows that gold will be priced at $1,300 an ounce by February... so you might as well purchase the gold coins you want or risk paying more later or the Mint changing them to sold out because 2010 will be here way before lower gold prices get here.

At November 24, 2009 at 12:40 PM , Blogger Michael said...

"BTW, nice site Michael; how long have you had it?"

Thanks! Coin Update started with just the coin collecting link round ups in January 2008. This year I expanded the site quite a bit and have been adding new authors and recurring columns.

At November 24, 2009 at 12:43 PM , Anonymous Anonymous said...

In the short term it should rise. I believe the IMF still has 200 tonnes of the stuff to dispose according to their schedule. What a load!

At November 24, 2009 at 1:17 PM , Anonymous Anonymous said...

Yeah 1243 blogger. Maybe they could loan some to the mint so the mint could make some proof AGE, LOL!!

At November 24, 2009 at 2:59 PM , Anonymous John said...

Michael - Did you see this article at Numismatic News (see link below)? What are your thoughts on the mintages of the proof 2008 W Buffaloes?

At November 24, 2009 at 3:16 PM , Anonymous John said...

Michael - According to the NGC Census numbers, there were 3,293 graded 2008 W $10 Proof Buffs and 3,670 graded 2008 W $25 Proof Buffs. My numbers include both early releases and regular graded coins. My numbers do NOT include PCGS numbers or numbers from other grading companies.

The new mintages state that a total of 15,767 2008 W $10 Proof Buffs were minted and 16,620 2008 W $25 Proof Buffs were minted (including four-coin sets).

It seems like either a large percentage of coins have been graded or the numbers are low. Any thoughts?

At November 24, 2009 at 3:48 PM , Blogger Michael said...

Thanks for spotting this. These changes are even more drastic than the adjustments for the Gold and Platinum Eagles, and the adjustments to the individual numbers seemed very strange.

I will put these new numbers up in a separate post tonight or tomorrow.

At November 24, 2009 at 4:52 PM , Anonymous John said...

Michael - I just grabbed my numbers off the Numismatic News link at Click Coins. You probably have access to many more details than I do (you might want to recheck my math too). These are the 2008 proof buffalo numbers that were not included in the discussions on your previous post regarding the updated 2008 mintages of gold, silver and platinum coins.

Very, very odd! The four-coin sets do look high and the individual coins look low as the article states (to me anyway).

Thanks again!


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