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
posted by Mint News Blog @ 8:08 AM
13 Comments:
Pricing ought to work BOTH ways regarding the Wed PM price vs the weekly average.
i.e. Last weeks Wed PM price was $1540, so by the Mint's logic, the price should of been $1792....but, noooo, the Mint iqnored that and went with the higher weekly price.
The Mint will do as they see fit.
The Wed PM price can overrule the weekly average- only if the weekly average is different than the previous range.
When the coins went on sale the weekly average was the same as the previous weekly average, so the Wednesday PM price had no effect.
It is unnecessarily convoluted, but it does follow their 35 box pricing criteria grid.
Well, ebay sure doesn't have much love for the presales of the 2010 plat eagles. The 09 has done really well...even after all of the fees on ebay. I wonder if the 2010 will start its rise on ebay on the news of a probable 1 week sellout.
Hope the flippers get burned on this one.
Gold is much prettier than platinum.
Silver and platinum look similar to me on a coin. I'd rather have 10 proof silver eagles than a plat proof that costs more than 30x a proof silver eagle.
It's GOTTA be the speculators!
Man, the Mint had better hope and PRAY that the Wednesday pm price fix does indeed come in at $1,550 or above, because the weekly average sure won't. With only one fix to go in the calculation, the average so far this week is $1,531.50. In order to avoid what could be a MASSIVE "cancellation/return and re-order at the lower price" scenario, for their sake the price had better not go down $100 tomorrow!
If it does, I might even order some myself. I honestly didn't see a fast sellout on those coins, but now it might happen.
Good luck to the flippers. Not a pretty coin. Better to just buy the bullion.
Side note: Michael, please post an update regarding the new 1099 rules which are slated to begin 1/1/12. This will have a huge impact on all collectors and dealers.
Here's the last update on the new 1099 rules from Patrick Heller:
http://news.coinupdate.com/congress-pressured-to-repeal-expanded-form-requirements-in-obamacare-0391/
The issue was in the news a lot for a few days, then subsided.
Most coverage has stressed the burden to coin and bullion dealers in particular, but it is really something that will have an impact on all businesses and will be particularly burdensome to small businesses.
Burdonsome for sure, not to mention the fact that most people will NOT want to give out their SS#. Can you imagine the reaction sellers of precious metals coins on eBay would get if they asked their buyers for their SS#? I'm pretty sure that will NOT be happening.
I agree with Pat Heller, this 1099 requirement, if implemented will cause cases of identity theft to soar. The government might as well put your ssn next to your name in the phone book.
Big demand will not lure me. I had few platinum coins , their demand was really low.
Is it true that IRA funds may be bying these coins?
Thanks for the update Mike. This was the info we want to know. If X number of people got the 09, it only stands to reason that there will be X plus people wanting to receive their next coin in the series to keep the series going. Still I see "first strike or early releases" on the 09 graded coins when everybody knows they were all released within the first two weeks!!!!!!
Believe it or not, back when I first transferred to SIU Carbondale in 1992, there was a massive computer printout in a binder at the student center information desk that listed the name, address, phone number and ID number (AKA Social Security Number) for every single student enrolled that semester! Back in those "pre-internet" days, the world was certainly a different place!
All the overpriced blah proof plats will be "First Strikes"
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