2010 Proof Silver Eagle Sold Out
The United States Mint's website is now showing the 2010 Proof Silver Eagle as sold out. This product joins the one-half ounce Proof Gold Eagle as another somewhat unexpected sell out.
The 2010 Proof Silver Eagle originally went on sale November 19, 2010 with no stated maximum mintage, and an initial household ordering limit of 100 coins. Collector interest was expected to be high, after the cancellation of the prior year release and against the backdrop of strong performance for the price of silver.
When the US Mint reported debut sales figures of 273,212 coins for the period November 19 to 21, I questioned the numbers as possibly being under reported. Later that week, it was revealed that approximately 2,200 orders had been deleted in error, accounting for some of the discrepancy. Two weeks later when the next report was available, the US Mint showed sales of 707,704.
This week's sales report showed total sales of 834,879, unchanged from the prior week. I asked the US Mint for clarification on the figure, but have not yet received a response. It now seems that the figure may not have been updated since the product was close to selling out.
If the final sales are around this level, the 2010 Proof Silver Eagle would rank as the fourth highest mintage of all proof coins for the series. However, products which sell out unexpectedly, as opposed to lingering into the following year, seem to experience a boost in premium on the secondary market. We'll have to wait and see if this develops.
Labels: Silver Eagles
posted by Mint News Blog @ 3:22 PM
54 Comments:
I bought some extras as it seems likely the 2011's will be priced at $60 with silver over $30, using the mints customary 100% mark up on proof silver eagles.
I knew they would make to many of them. All those homeless proof silver eagles floating around the market place only to end up being sold as melt. What a crock.
THIS IS THE END OF THE SILVER EAGLE
Our New Years present is here: wait until you read Ed Moy's parting mealymouthed editorial in the 1/10/11 edition of Coin World. He talks about the 5oz.fiasco and more. Clearly this guy really needs an increase dosage of whatever meds he takes.
Good riddence to an embarrassment. He couldn't direct his way thru a kindergarten class on line at McDonalds at lunchtime. What was President Bush thinking? Geez, George, collectors and numismatists have been ground into the earth over the past several years. His successor will probably fail to win customers back in the future. Pity.
1oz proof ASE unexpectedly sold out = price pop!
Ed Moy = Loser!
Enough Said!
It's getting kind of old listening to babies whining about how Moy did as the mint's director.
I have yet to read anything of substance as to why the poor whiners think he did a poor job.
Minting a girl on the 100 year Boy Scout commemorative.
2009 proof plat. PC coin with no white man on it.
5oz silver ATB fiasco.
Not producing a 2009 proof silver Eagle when conditions for doing so were better than in '10
Need more "whines" about Moy?
In regards to the girl being depicted on the Boy Scouts commemorative, you guys understand it's actually Timothy Geithner (a white man) is the one who selects the designs? By the way, there actually are girls in the BSA.
As to why the proof silver eagle wasn't produced in 2009:
http://mintnewsblog.blogspot.com/2009/03/2009-proof-silver-eagles.html
As for the 5oz Silver ATB quarters,
I don't see how the director of the mint has any control over how much the distributors would be over-charging their customers for these.
You wouldn't be making all these complaints if he were white.
Unfortunately isn't the next guy in line for Moy's job appointed by Sec. Geithner? I am not optimistic. We could be seeing signs about Moy: Do you miss me yet?
PESSIMIST: Things are so bad they can't possibly get any worse.
OPTIMIST: Sure they can.
Anon 9:19
Guess you have no clue what a 100 year commemorative is.
You'd pick the cover of "20th Century NFL history" to feature the Jacksonville Jaguars on the cover".
The question about Moy needs to be looked at as to what his objectives were when he was appointed. These are outlined in the mints annual report which anyone can find.
In it he says two major improvement areas he wanted were in design excellence and also in better execution of sales.
Have the designs improved greatly? Not really, they have stayed about as bad as at any time in the past.
Have sales execution improved?
Not if you look at how the silver eagles were handled, the UHR was done, the website crashes, the Presidential dollar edge lettering problems, the website orders being canceled, and now the 5 ounce silver coins being completely mismanaged.
I doubt few could argue things improved overall under his term. And the only thing that "saved" him was the increase in gold and silver prices which made the mint revenues increase greatly.
I actually think Moy was the best director for the coin speculator though due to all the problems he created. In his term he mastered some of the lowest mintage modern coins possible and for that I do thank him.
The 2008 gold buffalo fractionals, the 2006 to 2008 w burnished gold and silver eagles, the 2006 w and 2008 w burnished platinum coins that crashed in mintage, these 5 ounce silver coins that they have bungled, the list goes on.
I have an amazing collection that has tripled in value thanks to Moy and the mints price gouging structure than made few order and the resultant low mintages appreciate even more.
One other thing is the recent marketing change to the mint's website and products. The old website was far superior to the current black background, tiny UHR coin logo format. How anyone could see this as an improvement must be blind or completely marketing incompetent. Already one person has pointed out the ridiculous change to the presidential dollar coin covers. A giant step backwards in appearance and should kill off any future collectors.
Anyway as I said I do thank Moy for making a lot of coins nobody wanted, history shows those are the ones people will want later and so far the prices have shown that.
I don't know Mr. Moy personally; nor have I worked for him. So, it is unethical for me to make any contemptuous statements concerning his character or capability. However, when it comes to George W. Bush Jr.(a true redneck), I have no problem slinging the pooh. All of the recent toxic waste programs currently originating from the mint (e.g. presidential dollars, First Spouses gold, ATB quarters, etc ....junk); originated under the GWB Jr signature. Turning the Mint into a high volume commercialized revenue arm for the US government came as a Bush dream - along with the Bush Dollars. I'm thinking that Mr. Moy is a conscientious individual that respects the chain of command and followed orders. Actually, Mr. Moy is better educated and was more experienced than GWB Jr. However, Mr. Moy worked for one of the most incompetent presidents in the history of this nation and served as an executive for our Treasury during the Great Recession. So, in my opinion, Mr. Moy is a casualty of Bush and Bush's Congress. I can see and understand why Mr. Moy bailed.
December 28, 2010 11:48 PM
Your logic is wrong. "If one is not a white male" ?????? You were trying to be hurtful - but you are not educated enough.
Guess what? Whatever design was chosen for an NFL 100 yr commem (just for example) would generate discontents. Just get over it. The comments about "no white people" on coins are especially ignorant.
Perhaps it should have said one OF EACH coin design instead of one coin design per household???
"Michael, coinnews is reporting that only one design may be sold to each household for the ATB 5 ounce coins by the APs. I take this to mean 5 coin sets could not be sold to the public by APs?? Am I reading this incorrectly? I thought one 5 coin SET could be sold to a single household?"
It's always been "one coin per design per household."
That means each household can buy one Hot Springs, one Yellowstone, one Yosemite, one Grand Canyon, and one Mount Hood. ... or collectively one set of five.
Most of the APs seem to have decided to sell in sets of five, which is fine according to the rules. I believe one of them is planning to sell individually.
Good thing my ASE was shipped out yesterday!!
On a separate note, with gold above $1400, looks like there will be a price increase soon on the gold products right??? Been thinking about finally buying the gold Buffalo Proof if thats the case....
The problem with the 5 oz. fiasco was not the price gouging, but the incompetence of the mint to no produce them as required by law.
A competent director does not complain that they are too difficult to make, he asks how many and gets them done early, whatever resources it takes.
Thanks Michael, that was my understanding too, but I think the Coin news article was written in a very confusing way. They should have said one "OF EACH" coin design, instead of "one coin design may be sold per household". It's very ambiguous.
2011 Product Schedule is now on the MInt site:
http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProdschedView?storeId=10001&catalogId=10001
To anon 6:51
Does the lack of supply of silver ring a bell to you? They couldn't produce them in large numbers because of it!
This is the first time that they've attempted to make these 5 oz coins!
If you think you can do a better job, then we should have you as the director!
Wow, I don't recall the Mint providing so many dates this far in advance. They have the schedule for the entire year! This is new, isn't it?
WHY ISNT ANY INFO ON THE ATB 5OZ P MINT MARKED COINS ON THE RELEASE SCHEDULE?
THESE COINS HAVE ALREADY BEEN MADE, ALL THEY NEED TO DO IS GET PACKAGING FOR THEM... BUT IT LOOKS LIKE THEY HAVE BEEN LEFT OFF OF THE SCHEDULE?!?!
>.<
Don't get too giddy about the "schedule". History has shown that these are really targets, or best estimates. Many times these are delayed, or in some cases, they were cancelled. Sound a bit negative? darn right. It's going to take a long time for the Mint to regain any semblence of belief. Past failures clearly overshadow hopes.
By 07/06/2011 2011 American Eagle Silver Proof Coins ...Any guess on cost? I'm guessing ($64.99)
It does seem strange that with the Mint's recent issues of holding to dates, they give themselves even more opportunities to miss dates by providing dates even farther out than usual.
No date release for 2011 silver eagle bullion coins,what up with that.
A very underwhelming 2011 product schedule.
The Mint does not sell the silver eagle bullion to the public directly. The APs, like Apmex already have them for sale and will deliver them in mid January.
I think Ed got tired of being propped up as window dressing and used as a punching bag. He was wise to bail and pull the rip cord. Hope he got a good deal. Also, the mint has been creating a silver shortage by buying up all the supply and locking its supply into coins that no one would dare melt such as 5 OZ ABTs, UNC W ASEs, 20th Anniversary Reverse Proofs... My opinion, when Silver hits $100 an ounce, the SEC will be all over it and Ed's replacement will be up to his elbows in alligators. Never under estimate the thought process of a man who has three graduate degrees and has worked in the White House for over a decade.
It would be good news if the new Mint Director adopted written rules when it comes to dealing with returned coins...
In my opinion "all returned coin" should be destroyed.
No more playing favorites. Create a policy that is fair to all coin collectors.
Get rid of the possibility of "picked over" coins being resold by the Mint.
Good Luck to Mr. Moy and Happy New Year everyone.
Goldfingers
The 2011 mint schedule is out on their website.
Refresh my memory on this: Were the 20th Anniversary Eagle sets in 2006 late additions to the product schedule? The reason I ask is that 2011 is the year that the 25th Anniversary sets should be produced, but I didn't know if since they are not on the schedule if that meant that the Mint has no plans to make any.
Any ideas?
I would think that if they are making a special set, they will do a special announcement for it and not just put it out in the initial annual schedule. I'd still think there's hope for one.
I just received an e-mail from the US Mint that my Gettysburg subscription of P/D quarter rolls will be processed in approximately 4 weeks. When I paged down I noticed the subscription price was listed at $39.95 for the two roll set. That's a $7 increase from previous years. I've collected every roll of quarters since the Mint started producing them, but if this increase holds I'm going to have to rethink paying double the face value of the coins. Looks like more price increases are on the way for 2011.
I wonder if the Mint has already had the Andrew Johnson Coin Covers printed up? There's no reason why they have to have that black bar all the way across the bottom like the prototype depicts! They could simply put the new logo in the bottom right corner, thus leaving the portrait the same size as the first 16 covers! The old covers didn't even HAVE the old logo on the front at all!
Sorry to keep harping on that, but I was hoping that if there are enough complaints about how that prototype looks, maybe they might change their minds.
1:37 post- I checked my order on the 20th anniversity sets. Mine were shipped on Oct. 30th. I ordered the first day, not sure what day that was.
US MINT HAS RUN OUT OF MONEY,WILL BE CLOSING THEIR DOORS FOREVER JAN 9,2011
The Au were available mid year. My ship date was 9/25 and I ordered within the first hour. The Ag were later towards October. There were stories going around for quite a while that year about the special set and they finally posted the pics and dates on the website. Chalk up another success for Mr. Moy - Thank You!
The first day of sales for the 20th Anniversary Gold and Silver Eagle sets was August 30, 2006. I'll never forget that date, as it was my first experience in trying to use the Mint's website to order a hot item! I was taken aback by the sluggishness of the website. It took 35 minutes to get the order finalized.
After that, I was fully expecting what happened on June 19, 2007 for the start of First Spouse gold sales. I took a sick day from work for that one! :) It's hard to believe now that there was a time when First Spouses sold out in mere hours!
Wow, I can't believe the mint has put up such a detailed product schedule so far in advance. Maybe Moy is trying to get the mint up to speed before he hands over the keys to the next scapegoat.It reminds me when the mint started to use a pricing grid for gold and platinum and I thought wow they are actually doing what any normal business would do. baby steps.... maybe someday they will stop looking like a dsfuctional governmental agency and appear to operate like a professional business. Ahhh wait on second thought that will never happen.
2010 American silver proof eagles are selling on eBay between $50 - $60 right now.
When factoring in eBay selling fees, there's little profit to be made. The 2010 proof silver eagle surely ain't gonna be a hot item with that huge mintage.
Farewell Director Moy:
Few who post here actually have experience managing inputs from Congress, independent boards and unionized employees, yet hold you accountable for the outcomes of their decisions on collectible products and expect sales of goods to fund mint operations.
On top of this, I also think most people are unaware that the U.S. Mint, like the Royal Canadian and British Mints, constantly balance these political realities while meeting demands of collectors and those who flip/scalp for a living only complicates the complex issues of minting coinage.
I am not a thrilled US Mint regular, but I have sense enough to know that how Mr. Moy handled sales and marketing will become textbook reading for future Mint directors who review economic externalities such as those we find ourselves in today...supply and demand vs. Congressional edicts.
Farewell, Ed Moy, and go knowing that I cursed and praised your decisions along the way...but in the end, I think you will be remembered for putting interests of old fashioned collectors over flippers and elevating the US Mint to equal footing with our European and Asian allies.
Under your watch, wildly popular products like the gold Buffalo and Ultra High Relief gold coins upended the markets. These are WOW accomplishments.
Best wishes for success, and please advise staff to monitor your 2010 ATB 5 oz price thugs
e
Anyone paying 2000.00 to 2500.00 for the ATBs will never see their money back unless silver hits 100.00 an ounce. Then they will only break even. Why people are so ignorant to not see this fact is just proof that the thugs selling them are doing exactly what Ed Moy warned against. This is price gouging at the highest levels and their names are on the list of buyers from the APs that will be investigated. I sure hope all these gouging thugs have their taxes in order for the impending IRS audits coming their way.
check out 2010 John Lennon Great Britons 5 Pound silver Proof coin on eBay. Sold out British Royal Mint in one week.
Only 5,000 minted.
As long as there are people with more money the sense there will be the greedy gougers who take advantage of them. I'm just glad I'm smart enough not to be taken advantage of by these gougers. As far as a free market goes. The latest sales of these coins in no way shows the true value of what these coins will be valued at later in the year when the other ATBs are finally released. What we are witnessing now is the gougers at work ripping off the idiots and their money. This has always been the case and the prices will show later in a true terms condition. The value was set at 10% over the APs buying price. Anything paid more then that is a loss. Plain and simple.
Boy O' Boy - The little collector like me cannot get a break from the mint. I decided to pull the trigger on a subscription to the ATB Three Coin Sets. Received the first one (Hot Springs) and actually liked the packaging and the idea of collecting all of these just for the fun of it, and to pass on to my Grandson who collects as well (for sentimental value only, not as an investment).
The price of $13.95 is on the high end. But what the heck, last month I pulled the trigger and set up the subscription.
Yesterday I received this email:
Dear United States Mint Customer ... You are receiving this notification to inform you of the price change for the America the Beautiful Quarters® Three-Coin Set Yellowstone from $13.95 to $14.95 ....
WOW! An increase after only one issue! I may have to reconsider. Bummer.
Anyone want to open a pool to guess how long this product remains on the mints production schedule?
Let's tone down the personal insults between the Anonymouses.
Thanks.
To Anon December 29, 2010 6:51 AM:
The real problem with the 5 oz. Quarters is they don't work in vending machines. They kind of remind me of those oversized replicas of coins that you could buy at truck stops.
I'm trying to remember any time in history since the 1986 ASEs were first released that there was ever a decrease in value of silver or decrease in value of any silver products from the US Mint.
I believe the answer to that question is no there hasn't ever been a decrease in pricing from the US Mint on silver items. The US Mint has set themselves up to look very bad to the public if they sell the ATBs for anything over the 10% allowed profit by them to APs.
However,I in no way can see them selling them at that cost that they imposed on the APs. Even at the cost that is the usual mark up as the ASEs. These ATBs will probably cost much more then the imposed APs regulated profit margin prices of 10% over buying price.
There will however be a price set low enough to make these bullion piece current market pricing go much lower in the future. I have to totally agree that paying anything over the 880.00 price for the current bullion pieces is just to risky of an investment for future gains.
After all, Bullion is usually purchased for investing purposes. The current gouged prices are in no way a good sound investment opportunity for anyone unless bought at the US Mints 10% prices set at 880.00
Dreams of a return of fractional buffaloes dashed again...
Michael, THANK YOU for the below post of yours, I appreciate you taking charge of your site, work, and maintaining order. Some do get carried away at times.
Blogger Mint News Blog said...
Let's tone down the personal insults between the Anonymouses.
Thanks.
December 30, 2010 6:51 AM
6:29AM.
You're right, I don't know the shrub personally and nor have I ever worked for him. But one thing is for certain; he definitely screwed up this country to the point of no return. When the dust settles, the only thing that will survive from our economy will be our bullion coinage. Additionally, we can assume that any shrub is something that the nation almost unanimously despises. When a citizen practices prudent ethical behavior in a free society where the leadership is unethical - good citizens get crucified for their goodness and their children die in oil wars so the oil elite can grow rich while the rest of the nation dies from auto emission related cancers. Therefore, trying to put shrub into an ethical or logical argument is invalid. The rules of ethics and logic do not apply to a shrub and all is "Fair Game" when debating with the shrub. Just like the fixed election and just like his illegal war in Iraq. So, step away from the platform shrub; you don't have a leg to stand on.
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