2010 Platinum Eagle Proof Coins Open Strong
The opening sales figures for the 2010 Proof Platinum Eagle are now available. From the start of sales on August 12 to the sales reporting date August 15, the US Mint has recorded sales of 8,268 coins out of the 10,000 coin maximum authorized mintage.
The strong initial sales for the coin are somewhat surprising. Personally, I had been expecting a much slower start. This is one of only a few 2010 US Mint products that have outsold the comparable 2009 product.
The 2009 Proof Platinum Eagle had opened with sales of 7,207 out of the maximum authorized mintage of 8,000 coins. A sell out occurred after approximately one week.
With more than 80% of the maximum authorized mintage for the 2010 Proof Platinum Eagle sold as of Sunday, another sell out is almost certainly forthcoming.
For anyone still contemplating the 2010 Proof Platinum Eagle, an interesting situation is setting up this week with regards to pricing. The US Mint adjusts prices of numismatic gold and platinum prices in response to changes in the weekly average price of the metals. Coins are currently priced based on an average platinum price in the $1,550 to $1,649.99 range.
For the current period so far, the average price of platinum is $1,531.50, with only one London Fix price remaining for the calculation. It seems likely that the average price will be one increment lower than the current range, suggesting a price decrease this Wednesday. However, under recently revealed additional pricing criteria, the lower average price could be overruled if the Wednesday PM platinum price falls within the higher range.
Platinum is currently $1,541. If it rises to at least $1,550 for the Wednesday London PM Fix, then prices will not be reduced for the 2010 Proof Platinum Eagle, despite the lower weekly average. At the same time, collectors will have to consider how long it will take for the remaining 1,732 coins to sell out.
Coin Update News: Complete US Mint Sales Report
Labels: Platinum Eagles