2010 American Gold Eagle Proof Coins
Today, October 7, 2010 at 12:00 Noon ET, The United States Mint will begin sales of the 2010 Proof Gold Eagles. This will mark the exciting return of the collector gold coins following a one year gap.
Elevated demand for gold bullion coins had resulted in the cancellation of the coins for 2009. By law, the US Mint is required to produce American Gold and Silver Eagles in quantities sufficient to meet public demand. Following their interpretation of the law, in times when bullion demand exceeded available planchet supplies, the Mint sourced all incoming planchets to the production of bullion coins. This resulted in the suspension and ultimate cancellation of some collector coins, which were not required by law.Demand for the US Mint's Gold Eagle bullion coins eased a bit this year, allowing the US Mint to release fractional and 24 karat gold bullion coins earlier and end allocation programs. In early September, it was revealed that Proof Gold Eagles were being struck and would be available in October.
The 2010 Proof Gold Eagles are available in one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes. Each coin is sold individually or as part of a 4 Coin Set, containing one of each coin. Product limits have been set for individual and set sales, resulting in mintage limits for each coin. Although the mintage limits might seem high, they are only slightly above the levels that were established for the 2008 Proof Gold Eagles.
Pricing for the coins is determined based on the average price of gold via the US Mint's gold and platinum numismatic product pricing grid. The average gold price is calculated weekly and if it crosses tiers established at $50 increments, a pricing adjustment takes place. Initial pricing for the 2010 Proof Gold Eagles is based on the $1,300 to $1,349.99 tier.
The product limits, mintage limits and initial pricing for the coins is shown below. There are no household ordering limits in place.
| 2010 American Gold Eagle Proof Coins | |||
| Product Limit | Mintage Limit | Initial Price | |
| 1 oz. | 25,000 | 64,000 | $ 1,585.00 |
| 1/2 oz. | 15,000 | 54,000 | $ 806.00 |
| 1/4 oz. | 16,000 | 55,000 | $ 415.50 |
| 1/10 oz. | 27,000 | 66,000 | $ 180.50 |
| 4 Coin Set | 39,000 | N/A | $ 2,938.00 |
It is a relief to see the US Mint's product offerings return to some semblance of normality. Although the 2010-W Uncirculated Gold and Silver Eagle coins were canceled, the release of the Proof Gold Eagles today and the 2010 Proof Silver Eagles in November will bring back some long running US Mint favorites and provide a greater variety of precious metals products.
While there is likely a great deal of pent up demand for the 2010 Proof Gold Eagles, with sizable mintage limits and no household ordering restriction, there should be more than enough to go around. Barring something unforeseen occurring, this year's offerings will most likely not turn out to be big secondary market successes like some of the 2008-dated numismatic gold products.
Someone asked if I would be purchasing the coins on the first day of release. Since mintage limits are high and continued availability seems relatively secure, I don't see a rush. In the past, I have purchased numismatic gold products the day before a pending price increase. On several occasions prices have dropped before they have risen, allowing my purchases to take place at a better price.
Labels: Gold Eagles
posted by Mint News Blog @ 6:09 AM
55 Comments:
I totally agree with the article.
* There should be plenty to go around.
* Since mintage limits are high and continued availability seems relatively secure, there should not be a rush.
The inflated price bubble will likely pop before they all sell out.... And I don't intend to flip any of the coins.
The Mint website might still experience a slight lag issue today due to early bird buyers, depending on how many there are. It will be interesting to see if that happens.
After the 2009 gold buffalo proof flop, I don't see the need to ever buy a proof coin again straight away from the mint. The premiums seem to disappear over time in the vast majority of cases. If you are a collector, it would seem to make sense to lag your purchases behind a few years as the premium disappears. Buy gold bullion now as a hedge and then sell the bullion coin later to fund the purchase of the proof. There will always be the chance of the odd year where the premium stays or increases, but I wouldn't be surprised if this strategy paid off in the long run.
The fractional proofs are limited to 15,000 , 16,000 , and 27,000 ... I think quick sellouts are still possible when you consider everything.
Sure, the price MIGHT go down a few dollars if they are available in a few weeks... but I can easily see 15,000 proof gold eagles selling in 7 days with all things considered about these coins.
Time will tell. I'm ready for whatever.
US Mint website is slow. Perhaps lots of takers?
Order Number: 35462474 around 12:10 PM.
US Mint site is slow, but hey, that's the way it is with most new coin offerings. The key is to see where things are by the end of the day.
I placed my order at 12:11 and my order number is about 6,000 higher than the post above! lots of orders for proof gold eagles?
354618xx at 12:03
I've said this before, but keep in mind that US Mint order numbers can be for ANY mint product. So a mint order number that is 1,000 higher than another after one hour does NOT mean that 1,000 sets have been sold.....
Order at 12:14PM. Order number 35464XXX. When checking status, the mint says order at 12:14AM, suspend. All items are in stock and reserved, cancel box is gone.
The US Mint gold eagle site is moving fast right now.
Seems like the initial rush has already come to a very quick halt.....
Im sorry but im confused what is a "product limit" in relationship to total mintage
Order number 354648xx at 12:23.
Most of the gold proof eagle sets that sold on Ebay in the last two weeks sold for more than $2938.00. Many were going for $2950 and $3000 before gold went over $1300 and ounce.
The order numbers tell how many order went in, but there's no way to know if any of those orders were for 1000 or 5000 sets.
what does product limit mean????
It's the limit of that one particular packaging option the Mint will sell. There is a limit of the number of individually packaged coins of each size that will be sold, as well as a limit on the number of 4-coin sets that will be sold AS 4-coin sets.
To get the total mintage for each size, you have to add up the individual product limits for all packaging options.
I hope that helps. It doesn't seem complicated to me!
Product limit ; The 4 coin set has a "product limit" of 39,000 sets. The 1 oz. coin has a "product limit" of 25,000 single coins. So the total amount of both "products" together = 64,000 1 oz. coins. Do this math on all "products" to get total mintages.
Order # 354620XX @ 12:05am
Seems to me that when the order numbers are jumping by 1000's on the day and time of the Proof order start time , there is a high correlation that most orders are for the Gold Proofs and not other available products.
Especially when dealers need them to send to NGC/PCGS for their early release slabbed inventory.
tyvm Lol that helps alot. I knew that. I was just dazed and confused after a hard test I took this morning lol ty
When order numbers jump up quickly, it does not mean that folks are all buying the 4 coin set.
Some could be buying 1,000 1/4 fractionals, others could be buying 2,5000 1/10 fractionals, and one person could be buying the 4 coin set.
There could still be a lot of unsold 4 coin sets....
buy your collectible american eagle gold series right now. it is the cheapest among all proof eagle. and it is possible to go up again.
Pop, pop, pop.....when's it gonna stop!
I wish it would friggin' pop already! This nasty habit I have of building First Spouse sets is getting WAY too expensive!
As I stated in a previous post it seems that after a release of a high value precious coin, that precious metal tanks right after the mint got maximum price for the product-lets see this time. al in ohio
I long for $400 gold again! That would make the coins much less painful to buy.
Overpriced bullion. "There's a sucker born every minute." --P.T. Barnum
Overpriced? That's what they said when it hit $600!
Regarding the posts on the other thread about Buchanan's Liberty Uncirculated coin orders being cancelled, are there any further updates on that?
It occurred to me that it could well be possible that the coins are sold out, if the Mint was looking at strictly the number of Uncirculateds sold of the past several issues when making the decision of how many to mint. The sales figure of 3,801 might be adjusted downwards to an even 3,800 when it's all said and done. I don't know why the Mint would make such a mistake, but I guess they wouldn't mind filling out the remainder of the 15,000 coins with the proof that costs $13 more per coin! Every little bit helps, right?
For those that (incredibly) might think the US Mint somehow manipulates the price of gold to be at its peak when they release a coin, all I can say is, "Wow, are there people out there that paranoid and delusional?" The gold market is fair bit bigger than you might imagine and there is no way possible the US Mint could in it's wildest dreams effectively manipulate the price of gold. Knowing that September/October is traditionally a hot point in the yearly gold market and releasing coins during this time may be fortuitous and perhaps opportunistic, but they can by no means manipulate the price of gold.
Overpriced? That's what they said when it hit $600!
I am talking about the mark up. There are much better, more inexpensive ways to invest in PMs than the AGE proofs.
Off the gold subject for a moment but I just read this interesting blurb about the ATB Quarter series. It confirms what a lot of us already knew and sounds a lot like the presidential dollar situation:
http://www.usatoday.com/money/economy/2010-10-07-quarter07_ST_N.htm
Buchanan Libertys are being made to order in batches. Note the two week "backorder" status that moves back a day every day. UNC will likely fetch higher premiums than the proof.
As long as the government is printing paper with mad abandon, gold will be increasing. Even the lord messiah obama says that the dollar is in big trouble, which will lift gold prices. And since members of government care more about being re-elected than the fiscal stability of our country, the printing presses will be running overtime (thus driving gold up).
For those that say "you can't eat gold," gold has been around for thousands of years as the preferred medium of exchange. I don't believe our "higher state of enlightenment" is going to change anything. Gold will always be valuable as a means to purchase necessities. If joe-blow in the USA doesn't want to buy gold, then I'm sure China, Russia, Mexico, Canada, etc. will be happy to take it off our hands for food or clothing.
In short, those that believe gold is overpriced are just wishful thinking...it's probably under valued based on what a dollar is worth.
The government WANTS the dollar to weaken to help the trade imbalance with China. This is bullish for gold. Got me proof gold eagles today. Spot gold will approach todays one oz. AGE soon.
Congrats to all getting the AGE proofs. It is also still safe to store them in a gooberment controlled bank safe deposit box.
The inflated price bubble will likely pop before they all sell out.... And I don't intend to flip any of the coins.
LOL-LOL
Jim Sinclair: Dec '08
Gold will trade at a minimum of $1650 on or before January 14th 2011
Are you folks not paying attention to the racketeering charges against the big banks? The ship is going down, down, down. Your paper money is dying right before your eyes. HELLO!
So if gold drops a $100 this week, will the mint lower the price of the gold eagle? I don't see the mint doing that, since everyone who bought one already will return it to get a new one at the lower price. The mint would incur a lot of internal costs accepting the returns and then shipping them out again.
Those who said: Pop....pop....pop....are full of air.
I wished there were more of them.
And I hope it's not the same guy repeating himself every time he comes here.
I am not buying this coin, but I do believe less and less people have faith in paper money.
Up...up...and away........
If the price of gold dropped enough to pull the average down to the next lower tier, the Mint would adjust prices downward. However, since fulfillment hasn't begun yet, the cancellations would merely be on paper at this point. There would be no physical coins travelling through the mail system for returns.
However, next week's calculation is still strongly in the current pricing tier, and even still within shouting distance of an increase to the next tier. I don't think a decrease is in the forecast anytime soon.
I wish these people who manipulate the metal prices could manipulate it down about 600 bucks. Not likely now. Manipulation may be over. Too many foreign countries and individuals have figured out the big banks are selling the paper gold ETF's without much metal to back them. They call it fractional reserve banking. What if they had fractional reserve AGE proofs. They could sell a piece of paper to 10 people all saying they owned an AGE. As long as no one takes delivery everything is hunky dory, okey dokey. If a person does it they call it a ponzi. If the gooberment controlled bullion banks do it they call it smart banking and smart managment of the economy. If a person prints their own money its called counterfeiting. If the gooberment does it they call it monetizing the debt. Wouldn't ya'all like to monetize your debt?
Anon at 3:48 PM,
You hit the nail on the head.
Too many foreign countries and individuals have figured out the big banks are selling the paper gold ETF's without much metal to back them. They call it fractional reserve banking.
In 1933, people were denied gold in exchange for paper. The 'runs on the bank' were RUNS on GOLD.
In 1971, the World was denied gold in exchange for paper.
In both instances, there was not enough gold to back the paper promise.
The gold ETFs are more of the same and it won't end well for the holders of that paper.
Cheers!
Stay away from Wall Street created Gold ETF. It is nothing but a scheme. If you and I created that, we'll be sitting in jail now. But since it is from Wall Street, they get the blessing from FEC. Why? Because this "business" would create a permanent tax base system of buying and selling and with the brokers pocketing the commissions.
Buy gold what you can afford.
Anyone here ever received a First Spouse or Buffalo gold coin where part of the inner rim looks as though part of it was removed with a dremel? I ordered and received a Margaret Taylor First Spouse Gold Unc. I had to return it because of what I mentioned above. The coin didn't have any other problems. I also remember having to return a Buffalo Proof a couple years ago because of the same problem.
Anyone surprised that the 2010 American Gold Eagle proof set of 4 coins is still available for sale?
I know many wanted to hear the words, "SOLD OUT!" in a day. Probably will hear about it in 2011....
Buchannan liberty coins won't be rare either. Don't delude yourselves.... LOL!
Buchanan Liberties will be rare. Proofs will be 10k or less and UNCs will be in the 6k range at most.
The Buchanan's Liberty coins WILL be rare even if they sell out completely. With a maximum mintage of 15,000 coins, it's not a coin you will just be able to walk into any coin store and buy anytime you feel like it. You will only see them online or at large coin shows.
Even the 2007 First Spouse coins aren't exactly common, either. Outside of online or print forums, I've only seen one offered for sale in person. An area coin dealer had traded for an Abigail Adams Uncirculated a while back and had it at a local flea market.
Why is the 2010 gold Eagle proof set $50.00 less to buy than if I bought the 4 coins individually? Has anyone else noticed this?
Fifty bucks less is about right for 3 less boxes at 16.34 a box. For all you folks hung up on low mintage remember a turd in a punch bowl is also rare but who wants one. Its all about demand not mintage.
Actually the demand for gold proof eagles is high. It is not " low mintage ". The lowest 1 oz coin is 2001 with mintage around 24k.
AGE 1oz will probably record 18k plus sales in first week... Sell out in 1 month likely. Plus many buying this coin are collectors. How often does a 1oz 2008 proof show up on ebay?
Got word that my 4- American Gold Eagle set has shipped. Will likely come this week.
Why is the 2010 gold Eagle proof set $50.00 less to buy than if I bought the 4 coins individually?
Probably because you get 3 less boxes. Packaging costs money.
I wish they would spend so much on those fancy wooden boxes some coins have and just lower the price. I just take the coins out and put them in the bank vault and keep the empty boxes in a carton in the closet.
I got a shipping confirmation email on Saturday 10/9/10 with UPS tracking number but ups tracking shows no such shipment and the rep told me the package hasnt been picked up yet but he had info that it is next day air. As of Monday afternoon, still no ups update. Is this normal considering the long weekend?
Anonymous at October 11, 2010 10:18 AM
It is common. When they say "shipped," it means that it is boxed and ready to be shipped. It does not mean that the box is necessarily out of the US Mint's warehouse....
I think anyone waiting for a price decrease is going to have to wait for atleast another week (while hoping there isn't any sellout between now and then) to see if gold comes down a bit.
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