2010 Proof Platinum Eagle
Sales of the 2010 Proof Platinum Eagle will begin at the United States Mint later this week on Thursday, August 12, 2010 at 12:00 Noon ET.
The reverse design of this year's coin is based on the theme "To Establish Justice," representing the second in a six year design series presenting the core concepts of American democracy. Last year's coin carried the theme "To Form a More Perfect Union." Themes for future releases are "To Insure Domestic Tranquility" (2011), "To Provide for the Common Defense" (2012), "To Promote the General Welfare" (2013), and "To Secure the Blessings of Liberty to Ourselves and our Posterity" (2014).The 2010 Platinum Eagle Proof Coin reverse features a blindfolded Justice holding scales and a laurel branch. An American Eagle privy mark is also included. Inscriptions read "Justice the Guardian of Liberty", "United States of America", and the weight, purity, and face value of the coin. The reverse was designed by Donna Weaver and sculpted by Phebe Hemphill. The obverse of the coin features the rendition of the Statue of Liberty designed by John Mercanti that has been used for all American Platinum Eagle coins.
The proof coins are available in one ounce size only. After 2008, the US Mint discontinued the fractional weight and collectible uncirculated versions of the coin. The US Mint also hasn't produced the bullion version of the coin since late 2008.
The maximum authorized mintage for the 2010 Proof Platinum Eagle is 10,000 coins, representing an increase of 2,000 over last year's maximum. The household ordering limit has been set at five, the same level as last year.
The initial price of the coins will be based on the average London Fix prices from last Thursday AM to the current Wednesday AM, with additional consideration given to the Wednesday PM price. Because of higher platinum prices last week, the average looks like it will fall within the $1,550 - $1,649.99 range, which yields a price of $1,892 per coin, compared to a price of $1,792 for last year's coin.
The 2009 Proof Platinum Eagle had sold out at the US Mint in approximately one week. Some unique circumstances of the release contributed to the quick sell out. After nearly a year of uncertainty, the US Mint had announced the cancellation of all collectible Gold and Silver Eagles, but the availability of the Proof Platinum Eagle, which would be released in December. By releasing the coin so late in the year and canceling all other collectible American Eagle coins, there was a sense of urgency to the offering and a larger pool of potential buyers. Some would-be buyers of the gold and silver coins may have opted to purchase the platinum coin instead. Some collectors may have decided to purchase the coin as the first year of a new series. Others may have purchased the coin in anticipation of a sell out due to the relatively low maximum mintage.
The circumstances of this year's release are different. Personally, I don't think there will be a repeat of last year's quick sell out. If a sell out does occur, I think it will take place after a matter of months.
This year, the release takes place in August and hope still lingers for 2010 Proof Gold and Silver Eagles, diffusing some of the urgency of the platinum offering. Besides the dedicated followers of the series, collectors might be more likely to wait and see than buy immediately. The increased mintage and price serve as additional disincentives. The higher mintage makes the coin seem less desirable than the first release and might be pushing the limits of the collector base for a one ounce proof platinum coin. The higher price might put the expensive coin out of reach for some collectors.
More generally, sales of nearly all US Mint products have had slower sales this year compared to last year. As a case in point, the most recent sales report indicates that the 2010 Proof Gold Buffalo has sold 24,891 coins after two month and one week. After a comparable period last year's 2009 Proof Gold Buffalo had sold more than 42,000 coins.
Coin Update: Latest US Mint Sales Report
Labels: Platinum Eagles
posted by Mint News Blog @ 12:00 PM
18 Comments:
I wonder how folks would react if the 2010 Proof Buffalo is declared "sold out" at 25,000 coins? I've been sort of anticipating that, but I'm not sure why.
I agree about the platinum proof coin not repeating the fast sellout of 2009. It's possible that all 10,000 might sell by the end of the year, but I'm thinking too that the first week will not be anything to worry about as far as missing out on the coin goes. I don't even plan to buy one, anyway. I didn't buy the 2009, and I don't want to buy one on the secondary market than what it could have been bought for from the Mint.
Rather, I'm waiting for the 5 oz. silver "quarters" to show up. I know a lot of people have been making fun of them and all, but I don't care. I can't shake the feeling that those little (or maybe NOT so little) coins will be a good secondary market opportunity.
Is there any news on how they are coming along? 2010 is moving along very quickly, so the coins need to show up soon!
The latest information on the 5 oz. silver coins:
- designs will be issued consecutively, not all at once
- 500,000 will be made for 2010 across all designs. uncertain whether this will be evenly divided amongst the designs
- release date still unknown
I agree with the first poster that the 2010 Proof Buffalo could very well be ended at 25-30K (my original expectations was 25K). But upon further reflection, the limit of the AGB may be tied to the Proof AGE. If the Mint does not plan to do a proof AGE, then the AGB could go on for a while. If they plan to do a AGE, then the AGB may end earlier. All this assumes that the Mint wants to make collectors happy by having a solid gold product for sale at any given time this year, which is an extreme stretch based on the Mint's track record over the past few years.
I think the 2010 platinum eagle will surprise people with a quick sell out. It's going to be the lowest mintage coin released this year, by far. I'm going to buy a few.
The proof plat is blah with lack of detail. For the price, I think an aftermarket UHR would be a safer bet with regard to value, quality, and numismatic desirability.
I think the price will be interesting and will determine if I buy one Thursday. As mentioned, the weekly calculation will put the price at $1892...in the $1550-1650 range. However, the Mint now also considers the Wednesday PM price and yesterday the price went as low as $1523. Sooo, if the Wed. PM price is at say $1540, will they drop the price?? Don't forget, all the "considering the Wed PM price" came to light in a previous week when the Gold price should of decreased, but didn't because the Mint use the Wed PM price as a guide instead.
It ought to work BOTH WAYS and I really hope the price is around $1540 Wed PM to see what happens.
THis is not a political blog, but I think the coin's message is political. It is a scary design. Because it's an ironic design and probably depicts America now.
After all, it's jjjuuuussssttt iiii ccccooooiiiinnnn
Justice Coin.
Justice is blind,
XXXX should be tried,
A pre-emptive war,
Our forefathers would abhor,
Isn't it ironic,
How this is revealed,
For the Purpose of Our Nation,
To be healed.
The Wednesday PM fix of platinum did indeed come in at $1,540 today. However, the coin will still be priced at $1,892 because the weekly average for last week and this week both fall in the $1,550-$1,649.99 range. Even though the Wednesday PM fix is in the lower range, as long as the weekly average agrees with the range currently in use no change will be made. One could argue that no range is "currently in use" since there are currently no platinum coins for sale. However, the range that WOULD have been in use last week agrees with the range that will be used this week. So, the Wednesday PM fix makes no difference.
Please remove the anti-Bush comment above, it is not suited for a numismatist blog.
Nice story on a neat find - A 2000+ year old gold coin in Israel
http://news.yahoo.com/s/ap/20100811/ap_on_re_mi_ea/ml_israel_ancient_coin
An interesting article about the one dollar US Coins by the BBC. They give the impression that the ONE DOLLAR GREEN BACK may soon become a thing of the past...If Washington allows the Treasury to stop making the folding green Washington icon, well I guess everyone will need to use the new dollar coins...
Maybe we should all hold onto our greenbacks. Let's see what if anything happens next year.
Goldfingers
With the ever increasing price in gold and platinum and the struggling world economy, being a gold/platinum collector is becoming harder and risker every day. The typical premium on such superfluous new and old items is obscene and the risk can really only be handled by people who collect things like vintage Ferraris. That would equate to a very small population of the US let alone the world.
I, for one, am only planning on buying 1 ounce or greater coins as bullion for investment only, for the time being. I see the secondary market for collectable gold/platinum coins falling or stagnating at best. People just won't be willing to pay the premiums. I am fortunate enough to live in an already economically depressed area, and the local coin shop owner sells his collectable coins at a fraction over bullion prices already. Just last week he sold me a $2.5 1911 gold Indian AU for $265 and a 1997 1/10 oz platinum liberty for $165. Not too shabby!! None of this is to say I wouldn't buy gold/platinum proofs from my local guy at a great price, but the online dealers and the mint can suck it with their outlandish-ness. The mint should cut the 2010 proof buff to 25000 because that is about how many Americans can really afford the coin. There, I feel better.
2010 plat too rich for my blood. I'll pass.
It looks like everyone who is obsessed with getting their coins on the first day might pay $100 extra for this one. If the lower platinum London fixes of today continue much longer, there is a good chance the coin's price will drop to $1,792 next Thursday.
This guy on eBay with auction #370419501801 claims to have the coin in hand on the release date of 8/12. Anybody know how that is possible?
Sorry...the platinums are not interesting or collectible (long term). The coins that are collectible are not being produced by the Mint, so the mint is relevant.
And while we're at it, the gentleman with the anti-XXXX rant above needs to consider that OXXXX's justice department decided not to pursue the new black panther's because of their ethnicity when the evidence was overwhelmingly against them. Hmmmm....
Regarding the eBay auction- the seller is in Massachusetts. The US Mint might be selling the coins at their booth at the ANA convention in Boston.
Coin seems OK, but too much money. I have decided to collect some series. Collecting everything is impossible. I will stick with my First spouses.
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