Waiting List for 2010-P Hot Springs Five Ounce Unc Coins
The United States Mint has now posted a "waiting list notice" for the 2010-P Hot Springs National Park Five Ounce Uncirculated Coins.
The notice indicates that orders have been taken to meet the maximum 27,000 mintage. Any additional orders placed will go on a waiting list. If any coins become available due to cancellations, orders will be fulfilled from the waiting list on a first come, first served basis.
It has taken much longer than most people expected for the first numismatic version of the America the Beautiful Five Ounce Silver Coins to reach a sell out. The start of sales corresponded almost exactly with the price of silver reaching a peak near $50 per ounce, before a sharp decline took the price to a low of about $32 per ounce. Silver is currently trading around $35 per ounce, and rapid price swings continue to take place.
The decline in silver and subsequent volatility may have resulted in order cancellations from collectors having second thoughts about their purchase or speculators seeing increased risk in the product. It was likely the case that order cancellations were offsetting newly placed orders, keeping the sell out at bay.
The reported sales figures during the period of availability were as follows:
April 28: Opening day of sales. By 9:00 PM, sales exceeded 19,000.
May 2: Sales reach approximately 25,000.
May 3: Sales reach 26,133.
May 8: Sales reach 26,866.
May 13: Product put on waiting list status, as presumably sales hit 27,000.
Many collectors have already started receiving their coins from the US Mint, and one modern coin dealer has already began selling examples graded by NGC. Some have received the top grade of SP70, which so far has not been awarded to any bullion version of the coin. The numismatic versions are vapor blasted after the coins have been struck. This process involves using water vapor and ceramic media mix to create a "uniform, protective finish" on the coins. The procedure would seem to eliminate the possibility of any PL or DMPL surfaces that can be found on some bullion versions, but seems to result in higher numerical grades.
Secondary market prices on eBay seem to be around $350 to $390 for uncertified coins. This represents a premium above the US Mint issue price of $279.95. This is also higher than recent prices realized for the bullion version of the coin that are raw or graded below MS69.
The next numismatic version featuring Yellowstone National Park is scheduled to go on sale next week on Tuesday, May 17.
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Labels: America the Beautiful Quarters