2011 Proof Platinum Eagle Sales at 6,786

The initial sales figures for the 2011 Proof American Platinum Eagle are now available. Through May 29, 2011, the US Mint has recorded sales of 6,786 coins.

This represents a slower start than each of the past two years. The 2009 Proof Platinum Eagle began with sales of 7,207 in the first three days. The 2010 Proof Platinum Eagle began with sales of 8,268 in the first three days. These two issues sold out of their maximum mintages of 8,000 and 10,000 respectively, after only seven days.

The 2011 issue has a much higher maximum mintage of 15,000 units. The initial sales account for 45.24% of this amount. A sell out could still happen, but it would likely develop over the course of months, rather than days or weeks.

In a previous post, I examined some of the factors working against the 2011 Proof Platinum Eagle such as the higher mintage, higher price, and current outpouring of expensive products from the US Mint.

The slower initial sales may also be the result in a shift in collector buying patterns. In past years, huge sales have tended to occur in the first few days, followed by an extreme drop off, and eventually the establishment of a somewhat stable base weekly sales level. This year, the sales drop off seems to be less extreme, for gold and platinum products in particular. Collectors may be more confident that the offerings will not immediately sell out and are willing to place orders days or weeks into the offering. Orders may also be delayed in the hopes of price decreases.

As a case in point, the 2011-W Uncirculated Gold Eagle had initial sales of just 1,098 coins. The following week sales fell to 237 coins. Pricing for the product was decreased, impacting the following two weekly sales periods, which had sales of 490 and 435.

View the full weekly sales report on Coin Update News.

2011 Proof Platinum Eagle

Tomorrow, May 26, 2011 at 12:00 Noon ET, the US Mint will begin sales of the 2011 Proof American Platinum Eagle. This coin is the third in the design series presenting the core concepts of American democracy as expressed in the Preamble to the U.S. Constitution.

The reverse design for the coin was unveiled last week. It represents the concept "To Insure Domestic Tranquility" with an image of the harvest goddess emerging from a field of wheat. She holds a stalk of wheat in one hand and extends the other to a landing dove. The obverse features an image of the Statue of Liberty, designed by John Mercanti and used for each issue of the broader series.

The maximum mintage for the coin will be 15,000, with an ordering limit of five coins per household. The price of the offering will be $2,092.00 based on a platinum market price within the $1,750 to $1,849.99 range.

Can the 2011 Proof Platinum Eagle achieve a quick sell out similar to the past two issues of the series?

There are a few factors working against the offering this year. Foremost is the increased maximum mintage. At 15,000 coins, the mintage level is nearly double the number of coins minted for the initial coin in the design series. If the entire mintage manages to sell, the 2011 Proof Platinum Eagle would rank as the third highest mintage for a one ounce Proof Platinum Eagle, across all years of the series since 1997. Personally, I would rather purchase coins at the low end of the mintage spectrum, unless I have already made the decision to collect the entire series.

Second, the price is several hundred dollars higher than previous years and the coin is competing with numerous high priced offerings and the steady release of numismatic America the Beautiful Five Ounce Silver Coins. When the 2009 Proof Platinum Eagle was released, the popular Proof Gold and Silver Eagles had been canceled. This may have resulted in some collectors purchasing the platinum offering since it was the only proof American Eagle available for that year. This year, with a proliferation of choices, collectors may opt for other offerings.

On the other hand, there are some factors working in favor of the offering. Since late 2008, the United States Mint has not offered any American Platinum Eagle bullion coins. Initially, the reason cited for the temporary suspension was to focus production capacity of gold and silver bullion coins. However, production was never restarted and the US Mint is under no legal obligation to produce platinum bullion coins. With a lack of fresh US Mint platinum bullion coins available, precious metals investors need to turn to offerings of other world mints, prior year Platinum Eagles (which one precious metals dealer has priced at $200 above spot), or the 2011 Proof Platinum Eagle.

Another factor working in the favor of this offering is the design, which has been very favorably received by collectors. This is in contrast to the 2009 design, which was criticized by many collectors. The extent to which this might help sales may be minimal, since the price is so high.

Last, although I do not have any direct insight into the level of demand from this channel, others have written that administrators of Individual Retirement Accounts purchase quantities of the Proof Platinum Eagles each year. With increased interest in precious metals investing, this could be a factor driving continued sales, especially given the fact that there are no bullion Platinum Eagles available.

Below, I have summarized information on the 2009 and 2010 Proof Platinum Eagle offerings, including the maximum mintage, sales start date, original price, and sell out date. This might be useful for anyone comparing this year's release to prior years.

2009 Proof Platinum Eagle

The US Mint announced a maximum authorized mintage of 8,000 coins and ordering limit of five per household. Sales began on December 3, 2009 with a price of $1,792 per coin, based on a platinum market price in the $1,450 to $1,549.99 range.

The first available sales figures through December 6, showed 7,207 of the coins sold. On December 10, the US Mint began accepting orders for a waiting list, signaling that orders had been received to meet the maximum mintage.

2010 Proof Platinum Eagle

The maximum authorized mintage for the offering was increased to 10,000 coins and the ordering limit of five per household remained unchanged. Sales began earlier in the year on August 12, 2010. The price for each coin was $1,892 based on a platinum market price in the $1,550 to $1,649.99 range.

Through August 15, the US Mint had sold 8,268, representing a faster pace of sales than the previous year, but still short of the maximum mintage. A pricing adjustment took place on August 18, reducing the cost of the coin to $1,792. The following day on August 19, the US Mint began accepting orders for a waiting list, signaling that orders had been received for the 10,000 maximum mintage.

2011 Platinum Eagles, ATB Five Ounce Silver Update

2011 Proof Platinum Eagle Designs

The United States Mint has provided details of the upcoming 2011 Proof Platinum Eagle, including the selected reverse design and mintage limit.

The reverse design features the image of a harvest goddess to represent the theme "To Insure Domestic Tranquility". She emerges from a field of wheat, while holding a stalk of wheat in her left hand and extending her right hand to a landing dove. This was designed by Joel Iskowitz and sculpted by Phebe Hemphill.

Out of the nine design candidates originally presented, this one seemed to gain the most praise from collectors. It was also the design selected by the Citizens Coinage Advisory Committee, after their review. The Commission of Fine Arts had selected a design showing three hands grasping a laurel wreath. (You can view the nine original design candidates here.)

The maximum mintage for this year's coin will be 15,000 units, which is a big increase from the previous years of the design series, which presents the core concepts of American democracy. The 2009 issue had a mintage of 8,000, while the 2010 issue had a mintage of 10,000. Both managed to sell out within approximately one week of offering.

If the price of platinum remains within the $1,750 to $1,849.99 range, then the one ounce coins would be priced at $2,092.00. The scheduled start of sales is May 26, 2011.

I will have another post on the 2011 Proof Platinum Eagle ahead of the release date.

America the Beautiful Five Ounce Silver Coins

Before the weekend, I wanted to summarize some of the latest information on the America the Beautiful Five Ounce Silver Coins. Some of the information was previously reported on Coin Update, but has not been presented within a Mint News Blog article.

The next bullion release of the series featuring Olympic National Park will go on sale to authorized purchasers starting on May 23, 2011. The previous 2011-dated bullion releases featuring Gettysburg National Military Park and Glacier National Park had gone on sale April 25. These two issues have now sold out of their initial quantities of 126,700 each.

The Olympic Five Ounce Silver Bullion coins will be available in an initial quantity of 126,700. As with other bullion releases this year, the US Mint's authorized purchasers will be able to purchase them based on the market price of silver plus a markup of $9.75 per coin. After the APs receive the coins, they generally resell them to other bullion dealers, coin dealers, and in some cases directly to the public.

The Hot Springs Five Ounce Uncirculated Silver Coins officially sold out at the US Mint. This represented the first numismatic release for the series. The coins went on sale April 28 and moved to waiting list status on May 13. The waiting list was closed yesterday May 19. It took approximately two week for the US Mint to receive orders to cover the 27,000 mintage, and another week to close the waiting list.

Meanwhile, the Yellowstone Five Ounce Uncirculated Silver Coins, which went on sale May 17, had reached sales of 18,143 by the end of the first day of sales. This was a slightly slower pace than the prior release. The coins currently remain available for sale at the US Mint. I will have updated sales figures early next week.

Finally, some readers have reported that the US Mint's phone representatives provided a release date of June 7, 2011 for the next numismatic release featuring Yosemite National Park. I have not been able to confirm this date yet, but phone representatives had previously provided an accurate release date for the Yellowstone coin, before the US Mint's official announcement.

Update: The US Mint has listed the release date of the Yosemite National Park Five Ounce Silver Uncirculated Coin as June 9, 2011.

Coin Update News Article:
Does the US Mint Deserve the Criticism It Receives?

2007-W Proof $100 Platinum Eagle Frosted Freedom Variety

Several years after the coins were originally issued, a new variety has been discovered for the 2007-W Proof $100 Platinum Eagle. NGC announced the discovery late last week and called it the "Frosted Freedom" variety.

The collectible versions of the 2007 Platinum Eagle feature the second of three reverse designs in a series entitled "The Foundations of American Democracy." The designs represent the legislative (2006), executive (2007), and judicial (2008) branches of government.

For the executive branch design by Thomas Cleveland, a bald eagle is depicted with wings spread wide to represent freedom and a shield at ready to enforce laws and guarantee that freedom. Draped over the shield is a ribbon with the word "FREEDOM."

On coins exhibiting the normal die polishing pattern, the word FREEDOM appears brilliant like the background fields of the coin and stands out against the ribbon. On the new variety, FREEDOM appears frosted in the same manner as the ribbon.

Interestingly, the US Mint's press photo (shown above), which was subsequently used for illustrations in some coin guide books like the Red Book, shows the word FREEDOM as frosted. It is believed that this was a conceptual image that predated production.

NGC stated that so far only one example of the 2007-W Proof $100 Platinum Eagle Frosted Freedom Variety has been found, although "it’s likely that others must have been struck."

The US Mint reported final sales of 3,768 of the 2007-W Proof $100 Platinum Eagle coins through individual sales and another 4,595 included in the 4 Coin Set. Anyone who has one of these coins in their collection should take a closer look to check if they have found another example of this new variety.

2010 Platinum Eagle on Waiting List

After almost exactly one week of sales, the 2010 Proof Platinum Eagle has been put on waiting list status at the United States Mint, signifying that orders have been received to fulfill the 10,000 coin maximum mintage.

Orders can still be placed on the US Mint's website, however these orders will be for placement on a waiting list. In the event that coins become available due to order cancellations, orders are fulfilled from the waiting list on a first come, first served basis.

The 2010 Platinum Eagle proof coin went on sale Thursday, August 12 priced at $1,892 each. By Sunday, August 15, sales of the coin had reached 8,268, representing more than 80% of the maximum mintage. Yesterday, a pricing adjustment reduced the cost of the coin to $1,792 each, likely providing the impetus for reaching the 10,000 coin maximum.

The time frame necessary to reach the maximum is slightly faster than last year. The 2009 Proof Platinum Eagle took slightly more than seven days to sell the maximum mintage of 8,000 coins. Last year the sell out did not spark an immediate boost for secondary market prices. Rather, it took some time for prices to steadily increase to around $2,400 per coin. The most recently completed auctions for raw 2009 coins show prices just above $2,500.

The strong demand for the 2010 Platinum Eagle is somewhat of an anomaly for US Mint products this year. Other products have fallen short of prior year sales trends. The only other 2010 product to sell out was the Boy Scouts Commemorative Coins. In that situation, the coins experienced strong opening sales, but then dragged on for months before an official sell out was attained.

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

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

2010 Platinum Eagle Design Revealed

Although a formal announcement has not yet been made, the designs of the 2010 Proof Platinum Eagle were recently revealed on the United States Mint's website. The design theme is "To Establish Justice" continuing the six year series exploring the core concepts of American democracy.

Earlier this year, the Citizens Coinage Advisory Committee (CCAC) and the Commission of Fine Arts (CFA) had reviewed nine candidate designs provided by the United States Mint. Six of the designs had presented an image of blindfolded Justice holding scales with additional allegorical symbols incorporated into some designs. The remaining candidates included a depiction of the Statue of Liberty's torch, the Supreme Court's western pediment, and the west front door.

The CCAC had supported the version of blindfolded Justice that has been chosen, with some recommended changes to the design and inscriptions. It appears that the US Mint did act on their suggestion to add a loop to the scale to make it mechanically correct. The CFA had supported the design featuring the torch of the Statue of Liberty, citing its suitability in combination with the obverse design. By law, the final design decision was made by the Secretary of the Treasury.

Some details about the offering were also revealed. The coins will carry a maximum authorized mintage of 10,000 coins. This represents an increase from last year's level of 8,000 coins, which sold out after about a week. The household ordering limit is set at five, which matches last year's level.

The price of the one ounce platinum coins will be dependent on the average price of platinum in the week leading up to the release. Within the current range of $1,550 to $1,649.99 per ounce, the coins would be priced at $1,892 each. Last year, the coins were priced at $1,792 based on an average platinum value from $1,450 to $1,549.99 per ounce.

The release date for the 2010 Proof Platinum Eagle is currently scheduled for August 12, 2010.

2010 Platinum Eagle Reverse Design Candidates

With the next US Mint product release more than a week away, I wanted to take a few posts to share the leading design candidates for a few upcoming coins. The first is the reverse design for collectible version of the 2010 Platinum Eagle.

Last year, a six year design series began for the collectible American Platinum Eagle. The core concepts of American Democracy as stated in the Preamble to the United States Constitution were to be presented on different reverse designs. Chief Justice John G. Roberts Jr. provided narratives for each of the concepts to serve as inspiration for the designs. This year's design will depict the principle "To Establish Justice."

Nine different candidate designs were recently provided by the United States Mint. Six of the designs presented the figure of Justice blindfolded, holding scales, and/or surrounded by other allegorical symbols or people. Two of the designs featured images from the Supreme Court building, figures on the western pediment and the panels depicting the development of law on west front doors. One more design featured the Statue of Liberty's torch.

The Commission of Fine Arts (CFA) and Citizens Coinage Advisory Committee (CCAC) have already had the opportunity to review the design candidates and make recommendations. The final selection will be up to the United States Treasury Secretary.


The CFA recommended the design depicting the torch. Their motivation for selecting the design seemed to be focused to its relation to the obverse design, which will feature an image of the Statue of Liberty. Their letter to the US Mint Director stated that they felt this design was preferable to the allegorical figure of Justice in combination with the figure of Liberty on the obverse. They did recommending moving the words "Justice the Guardian of Liberty" to flank the image.


The CCAC recommended a design depicting a blindfolded Justice holding scales and an olive branch. They did recommend that the inscription should be changed from "Justice, the Guardian of Liberty" to "To Establish Justice". They further recommended that the design should be altered so that Justice holds the scale by a loop above the beam, to be mechanically correct.

The United States Mint plans to offer only one collectible 2010 Platinum Eagle, the one ounce proof version. According to the current scheduled product listing, this coin will be released in August 2010. Last year, the Proof Platinum Eagle was not released until December 3, 2009. The coins sold out of the maximum authorized mintage of 8,000 coins in about a week.

If the bullion versions of the 2010 Platinum Eagle are issued, they would not carry the new reverse design, but would feature the soaring eagle and rising sun design that was used for all 1997 Platinum Eagles and all bullion Platinum Eagles issued to date. Last year, the US Mint did not issue 2009 American Platinum Eagle bullion coins.

Coin Update News: April 2010 US Mint Bullion Sales

2009 Proof Platinum Eagle on Waiting List Status

By yesterday afternoon, the United States Mint had received enough orders for the 2009 Proof Platinum Eagle to meet the maximum mintage limit of 8,000 coins. The products still remain available for ordering on a waiting list basis.

Customers who place orders now will go onto a waiting list. If coins become available due to order cancellations, then orders will be fulfilled from the waiting list on a first-in, first-served basis.

The 2009 Proof Platinum Eagle first went on sale December 3, 2009. By December 6, the US Mint had received orders for 7,207 coins, suggesting a sell out was close at hand.

The coins were priced at $1,792 based on an average platinum value from $1,450 to $1,549.99 per ounce. Platinum has since taken a turn lower and is currently trading around $1,415 per ounce.

The sell out has yet to spark any immediate secondary market appreciation for the coins. At the time of writing this post, there were ten 2009 Proof Platinum Eagles listed on eBay with opening bids from $2,085 to $3,000. None of the auctions had attracted a bid. View the current eBay auctions here.

I believe that the 2009 Proof Platinum Eagle represents the fastest sell out ever for a US Mint platinum coin. Typically, the coins offered much earlier in the year and remain available for several months, sometimes into the following calendar year. As I have mentioned another post, a big contributor to the quick sell out is the lack of other options available to collectors this year.

During 2008, the US Mint had offered a ten separate collectible Gold Eagles products, ten collectible Platinum Eagles products, three products including collectible Silver Eagles, and twelve products including Gold Buffalo coins. A combination of product discontinuations and cancellations whittled these product lines down to just two options for this year: the one ounce 2009 Proof Platinum Eagle and the one ounce 2009 Proof Gold Buffalo. The Proof Gold Buffalo still remains available for sale, and has recorded sales of 40,233 coins as of the last weekly reporting period.

2009 American Platinum Eagle Proof Coin Sales at 7,207

The initial sales figures for the 2009 Proof Platinum Eagle have come in at 7,207 coins sold through December 6. Since the maximum authorized mintage is 8,000, the opening sales figures suggest that the coins are on the verge of selling out.

The 2009 Proof Platinum Eagle went on sale December 3, 2009 with an ordering limit of five coins per household. Each coin contains one ounce of .9995 platinum. The reverse design features an interpretation of the theme "To Form a More Perfect Union" and will begin a six-year series representing the core concepts of American democracy.

Prospects for the coin seemed mixed leading up to the release. There was a vocal majority of collectors who disliked the choice of reverse design. The maximum authorized mintage was set well above the mintage of last year's one ounce proof Platinum Eagle, limiting the possibility of a new key date. And finally, the continued rise in the price of platinum pushed the coin's initial price to a lofty $1,792 per coin.

On the other hand, the 2009 Proof Platinum Eagle represents the only platinum coin to be produced by the US Mint this year, as well as the only collectible American Eagle coin offered. Additionally, collectors have been literally starved for options this year, forcing them to reconsider coins they might not have purchased under different circumstances.

In a post leading up to the release, I mentioned that I was leaning towards a sell out, but not an immediate one. It looks like the sell out will happen, probably within the next few days.

Sales figures are also available for the Margaret Taylor First Spouse Gold Coin and 2009 Proof Gold Buffalo. View the complete US Mint sales report on Coin Update News.

2009 Proof Platinum Eagle and Margaret Taylor First Spouse Gold On Sale Today

Today December 3, 2009 at 12:00 Noon ET, the United States Mint will begin sales of the 2009 Proof Platinum Eagle and the Margaret Taylor First Spouse Gold Coin. These will be two of the final major product releases for the US Mint this year.

2009 Proof Platinum Eagle

The last time I wrote about the 2009 Proof Platinum Eagle, the projected price of the coin was $1,692. Since the average London Fix price of platinum has moved into a higher range, the price of the coin will be $1,792.

The coins will be packaged differently than in prior years. Based on images posted on the US Mint's website, the one ounce proof coin will be placed in a tri-fold binder. One side will display the narrative "To Form a More Perfect Union" by Chief Justice John G. Roberts, Jr., which inspired the reverse design. The other side will have the certificate of authenticity and the coin specifications.

The 2009 Proof Platinum Eagle will be limited to 5 coins per household for at least the first week of sales. After this time, the US Mint will re-evaluate the limit and extend, adjust, or remove it. The maximum authorized mintage for the coin is set at 8,000 coins.

Prospects for the 2009 Proof Platinum Eagle seem mixed. It does represent the only platinum coin that will be issued by the United States Mint this year, which adds a unique aspect. The maximum mintage of 8,000 means that if the entire amount is sold, there would be three one ounce proof Platinum Eagles with lower mintages. This would limit the coins status within the broader series. The lowest mintage is the 2008 Proof Platinum Eagle at 4,769 coins.

Is a sell out possible? Back in 2007, the US Mint released the 10th Anniversary Platinum Eagle Set, which was initially priced at $1,949.95 with a maximum mintage of 30,000 sets. This product managed to sell 14,862 sets in the first week. However, this was hot on the heels of the secondary market success of the 20th Anniversary Gold and Silver Eagle Sets. More recently, the US Mint sold 19,468 of the one ounce 2009 Proof Gold Buffalo in the opening three days. However, the Gold Buffalo coins definitely have a wider collector base than the Platinum Eagles.

Personally, I am leaning towards a sell out for the 2009 Proof Platinum Eagle, but not an immediate one. Opening sales figures should provide a better indication of whether a sell out is possible and when it might occur. This information should be available by Tuesday and will be posted on Mint News Blog.

Margaret Taylor First Spouse Gold Coin

The Margaret Taylor First Spouse Gold Coin will be the final release of the year for the series and carry the highest initial offering price. The one half ounce proof coin will be priced at $754 and the one half ounce uncirculated coin will be priced at $741.

In September, the prior release of the series featuring Sarah Polk carried initial prices of $654. and $641. This will make the Margaret Taylor coins priced a full $100 higher.

The US Mint has placed an initial ordering limit of ten coins per option per household for the first week of sales. This limit will be re-evaluated and extended, adjusted, or removed. The maximum authorized mintage for the coin across both proof and uncirculated options is 40,000. Recently, First Spouse Gold Coins have been reaching around 30% of the maximum.

Due to the higher price of the coin and continuing attrition to the collector base of the series, some have suggested that the Margaret Taylor coin might eventually end up with one of the lowest mintages for the series. To make a counter argument, it's starting to seem that higher gold prices are actually starting to spur additional sales. In the prior weekly reporting period, the US Mint sold 661 First Spouse Gold Coins. This is double the number of coins sold four weeks ago and triple the number of coins sold six weeks ago. The coins were offered at prices $50 and $75 lower during those periods.

On a final note, to coincide with the release of the Margaret Taylor coin, the Van Buren's Liberty First Spouse Gold Coin will go off sale today. The last reported sales indicate 7,515 proof coins sold and 4,334 uncirculated coins sold.

2009 Proof Platinum Eagle Design Unveiled

Today, the United States Mint unveiled the reverse design for the upcoming 2009 Proof Platinum Eagle. The Mint had previously announced the upcoming availability of the coin, but the reverse design was not revealed until today.

The new reverse design is intended to represent the the principle "To Form a More Perfect Nation." This is symbolized by four faces with intertwined hair and clothing to represent the diversity of the Nation. The reverse will also include a new American Eagle "privy mark" from an original "coin punch" identified at the Philadelphia Mint. This mark will satisfy the legal requirement that an eagle appear on the reverse of the coin. The reverse was designed by Susan Gamble and engraved by Phebe Hemphill.

This reverse design had been recommended by the Citizens Coinage Advisory Committee. The Commission of Fine Arts had favored a design depicting a small tree with thirteen leaves. Other potential design candidates had included fasces (like on the reverse of the Mercury Dime), plants, trees, and interlocking hands.

This will begin a new six year program of reverse designs of the collectible Platinum Eagle. The new program will commemorate the core concepts of American democracy by featuring the six principles of the Preamble of the United States Constitution. Future designs will feature the following themes: To Establish Justice (2010), 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 one ounce 2009 Proof Platinum Eagle will be the only platinum coin released by the United States Mint this year. All collectible uncirculated coins and fractional proof coins were previously announced as discontinued. All bullion coins were officially canceled in a sweeping announcement made last month.

The 2009 Proof Platinum Eagle will go on sale December 3, 2009 at 12:00 Noon ET. The projected price of the coin is $1,692.00 based on an average platinum price between $1,350 and $1,449.99. The United States Mint has indicated a maximum production of 8,000 coins and an ordering limit of five coins per household.

2009 Platinum Eagles and 2009 Gold Buffalo Coins

The news yesterday that the US Mint has canceled collectible 2009 Gold and Silver Eagles certainly generated a lot of responses from the collecting public. As I mentioned in yesterday's post, I plan to provide some more details and my own thoughts on the announcements in the coming days.

Today, I wanted to write about the known details for the 2009 Platinum Eagle and 2009 Gold Buffalo coins which will be offered this year. Tomorrow I will follow with more details on the canceled Gold and Silver Eagles. By Friday, I will present some overall thoughts and reactions to the situation and how it has affected collectors. For now I will stick mostly to the facts.

2009 Proof Platinum Eagle

Last year, the US Mint offered a total of fourteen different platinum coin products. This included collectible proof 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and 4 Coin Sets; collectible uncirculated 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins and 4 coin sets; and a full range of bullion 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz coins.

This year, there will be only one platinum coin offered: the one ounce 2009 Proof Platinum Eagle. This coin will be offered for sale directly by the United States Mint with a tentative release date of December 3, 2009.

The 2009 Proof Platinum Eagles reverse will feature a new design interpreting the theme "To Form a More Perfect Union." The final design has not yet been announced, but design candidates were reviewed by the CFA and CCAC last year. The CFA recommended a design depicting a small tree with thirteen leaves. The CCAC recommended the design pictured at the top of this post with four faces representing the diversity of America.

Official pricing and ordering information has not yet been announced. Based on the US Mint's published pricing grid for numismatic platinum coins, the one ounce proof coin would cost $1,592 based on an average price of platinum between $1,250 to $1,349.99. It seems likely that the US Mint would place a household ordering limit on these coins (perhaps one per household) due to the demand for the coins and the small window for production.

Last year, the US Mint sold a combined total of 5,030 of the one ounce 2008 Proof Platinum Eagles.

2009 Proof and Bullion Gold Buffalo Coins

Last year, the US Mint offered thirteen different Gold Buffalo coin products. This included collectible proof 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and 4 Coin Sets; collectible uncirculated 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and 4 coin sets; the American Buffalo Celebration Coin; the Double Prosperity Set; and the one ounce bullion coin.

This year, there will be just two coins offered: the one ounce proof coin and the one ounce bullion coin.

The proof coins will be offered for sale directly by the United States Mint with a tentative release date of October 29, 2009. Ordering and pricing details have not yet been announced. Based on the numismatic gold coin pricing grid, the price for each coin would be $1,310 based on an average gold price of $1,000.00 to $1,049.99. As mentioned for the platinum coin, I also think anticipated high demand will cause the US Mint to impose a low household limit.

Last year the US Mint sold a total of 19,591 of the one ounce 2008 Proof Gold Buffalo Coins. This was down from 58,998 proof coins sold in 2007, and approximately 252,000 proof coins sold in 2006.

The 2009 Gold Buffalo bullion coins will not be offered directly by the United States Mint. As with other bullion coins, they will be distributed through the US Mint's network of authorized bullion dealers. These select dealers can purchase the coins directly from the US Mint for the spot price of gold plus a mark up. The coins are then resold to other bullion dealers, coin dealers, or the public.

Last year, the US Mint sold 189,500 of the one ounce 2008 Gold Buffalo Bullion coins.

2009 Proof and Uncirculated Gold and Silver Eagles Canceled

Today at Noon, the United States Mint issued a press release with some shocking and disappointing news. The collectible 2009 Proof and Uncirculated Gold and Silver Eagles will not be offered this year. As partial consolation, the press release also announced plans to offer the 2009 Proof Gold Buffalo, the 2009 Proof Platinum Eagle, and fractional weight Gold Eagle bullion coins.

Additional Coverage on this announcement:
2009 Platinum Eagle and 2009 Gold Buffalo
2009 Gold Eagle and 2009 Silver Eagle
Final Thoughts on US Mint Product Cancellations

As it now stands, the following collector coins are now canceled:

- 2009 Proof Silver Eagle
- 2009-W Uncirculated Silver Eagle
- 2009 Annual Uncirculated Dollar Coin Set
- 2009 Proof $50 Gold Eagle (one ounce)
- 2009 Proof $25 Gold Eagle (one-half ounce)
- 2009 Proof $10 Gold Eagle (one-quarter ounce)
- 2009 Proof $5 Gold Eagle (one-tenth ounce)
- 2009 Proof Gold Eagle 4 Coin Set

This is in addition to many other collector gold and platinum coins that had previously been announced as discontinued.

On the bullion front, the US Mint has canceled all 2009 American Platinum Eagle bullion coins. These coins are typically available in one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes.

The following collector coins will be offered:

- 2009 Proof $50 Gold Buffalo (release date October 29)
- 2009 Proof $100 Platinum Eagle (release date December 3)

The reason cited for the canceled products is a familiar one: "the unprecedented demand for American Eagle Gold and Silver Bullion Coins." This reason has been cited on numerous occasions over the past two years to explain bullion coin rationing, bullion and collector coin suspensions, and bullion and collector coin cancellations.

Under law, the United States Mint is required to produce Gold and Silver Eagle bullion coins in quantities sufficient to meet public demand. Accordingly, the US Mint has been using all 22-karat gold and silver blanks to produce bullion coins, in lieu of collector coins, which they are not legally required to produce.

The status of this year's collectible Gold Eagles, Platinum Eagles, Silver Eagles, and Gold Buffaloes has been a topic of constant discussion and speculation. Way back in January, I had mentioned the possibility that these coins might not be issued in 2009. My reasoning was validated a few months later when the US Mint finally announced that the products were suspended (see posts here and here). In mid-June, there was a brief revival of hope for the collector coins when the US Mint finally ended bullion allocation programs, but apparently this was to no avail.

This is clearly an unhappy resolution to the situation for collectors. I will have further thoughts on this situation in the coming days.

2009 American Gold, Silver, Platinum Eagles Still Missing

The US Mint recently updated their Scheduled Products Listing with the majority of their product line up for the 2009. They had previously posted a partial schedule of products available through the spring.

Specific release dates for newly listed products have not been posted. The availability dates are simply listed as summer, spring, fall, or winter.

Notably still missing from the schedule are all expected collectible offerings for the 2009 American Gold Eagle, 2009 American Silver Eagle, 2009 American Platinum Eagle, and 2009 American Gold Buffalo.

Assuming the US Mint will offer the same products as the prior year except for the ones that were discontinued, the expected offerings include:

2009 American Gold Eagle - 1 oz, 1/2 oz, 1/4 oz, 1/10 oz 2009 Proof Gold Eagles, the 2009 Proof Gold Eagle 4 Coin Set, and the 1 oz 2009-W Uncirculated Gold Eagle.

2009 American Silver Eagle - the 2009 Proof Silver Eagle and the 2009-W Uncirculated Silver Eagle

2009 American Platinum Eagle - the 1 oz. 2009 Proof Platinum Eagle

2009 American Gold Buffalo - the 1 oz. 2009 Proof Gold Buffalo


Last year the US Mint released many of these products early in the year. The 2008 Proof Silver Eagle was released on January 3, the first 2008 American Gold Buffalo was released on February 5, and the first 2008 American Gold Eagle was released on March 4. (View an archived version of the US Mint's 2008 Release Schedule.) The fact that the US Mint cannot yet commit to even a vague seasonal release date for this year's products raises concerns.

Besides the already released 2009 UHR Double Eagle, the only gold products the US Mint has included on their release schedule are the 2009 First Spouse Gold Coins. The US Mint is legally required to issue these coins under the Presidential $1 Coin Act of 2005. Besides the traditionally offered 2009 Silver Pr0of Set, the only silver coins listed are the 2009 Louis Braille Silver Dollar and the 2009 Abraham Lincoln Silver Dollar. The US Mint is legally required to issue these commemorative coins. There are no platinum products listed.

Readers can correct me if I am mistaken, but I do not believe that the US Mint has any legal requirement to produce and issue the collectible versions of the American Eagle and American Buffalo coins listed above.

Does that mean there potential that these coins will not be issued in 2009?

Last year, amidst the ongoing shortage of Silver Eagle bullion coins, the US Mint indicated that they would use all incoming silver blanks for the production of bullion coins rather than collector coins. The US Mint indicated this explicitly within one of their statements:

We are not using incoming supplies of silver blanks to produce numismatic versions of these coins (American Eagle Silver Proof and Uncirculated Coins); all incoming inventory is being used solely for silver bullion coins..."

The 2009 Silver Eagle and 2009 Gold Eagle bullion coins are currently subject to rationing. I do not believe production has even begun for the 2009 Platinum Eagle bullion coins and 2009 Buffalo Gold bullion coins. This is presumably due to continued strong demand for bullion coins combined with a shortage of gold, silver, and platinum blanks needed to produce the coins.

If the demand for bullion products remains greater than the supply of blanks the US Mint is able to obtain, will they use all incoming blanks for bullion coins throughout 2009, and forego production of gold, silver, and platinum numismatic products that are not legally required? By not including these products on their schedule, is the US Mint allowing for this possibility?

2008-W Uncirculated & Proof Platinum Eagle Sales Figures

This morning the last of the US Mint's 2008 platinum products sold out. The only platinum product which remains available for sale is the 2007 10th Anniversary Platinum Eagle Set.

As it stands, all 2008-W Uncirculated Platinum Eagles are gone, including the 1 oz, 1/2 oz, 1/4 oz, 1/10 oz individual options and the 4 Coin Set. All 2008 Proof Platinum Eagles are gone, also including the 1 oz, 1/2 oz, 1/4 oz, 1/10 oz individual options and the 4 Coin Set.

The official sell outs for these products mark a somewhat bittersweet ending. In November the US Mint announced a large number of product discontinuations for 2009, which included the majority of the collectible Platinum Eagle offerings. The only platinum coin that will return next year is the One Ounce Proof Platinum Eagle.

Over at Numismaster, the latest Mint Stats through December 7th have been posted. The sales figures for all platinum coins are included below. The first column shows the individual totals per product type. The second column shows the cumulative totals per coin (individual sales plus 4 coin set sales).

2008-W Uncirculated Platinum Eagle Sales Figures

1 oz	1,951	4,109
1/2 oz	1,257	3,415
1/4 oz	1,778	3,936
1/10 oz	2,485	4,643
4 Coin	2,158

2008 Proof Platinum Eagle Sales Figures

1 oz	2,432	4,728
1/2 oz	1,056	3,352
1/4 oz	1,293	3,589
1/10 oz	2,810	5,106
4 Coin	2,296

For the uncirculated coins, the sales number increased for the 1 ounce coin and decreased for the 1/4 ounce coin. The last time I looked at these sales figures, I ran comparisons to the prior 2006 & 2007-W Platinum Eagle mintages. Low numbers for 2008 are now the 1/2 ounce coin and 1/10 ounce coin, which are lower than 2007 numbers, but still above 2006.

On the proof side, the numbers will continue to grow since they only report sales through December 7th. It appears that a big rush of buying may have taken place early this week, which might have a big impact. The current numbers are still comfortably below the 2007 Proof Platinum Eagle mintages. However, we will have to revisit this next week when new numbers for 2008 become available.

2008 Proof Platinum Eagles Selling Out Fast

When I posted about the sold out Gold Buffalo coins yesterday, I predicted that the next likely candidates for sell outs would be the 2008 Proof Platinum Eagles.

Only one day later, all 2008 proof offerings are either sold out or on backorder. In the recent past, backorder status for gold and platinum products has been closely followed by an official sell out.

The sold out coins include:
2008 Proof Platinum Eagle - Individual One Ounce
2008 Proof Platinum Eagle - Individual One-Half Ounce
2008 Proof Platinum Eagle - Individual One-Quarter Ounce

The backordered coins include:
2008 Proof Platinum Eagle - Individual One-Tenth Ounce
2008 Proof Platinum Eagle - 4 Coin Set

The furious pace of sell outs suggests two things:

1.) Collectors see 2008 as having the potential to produce future key date coins, and they are not delaying in placing large orders. A number of factors have come together to make 2008 a year for low mintage coins. The announcement that many products would be discontinued in 2009 has also played a part in creating a unique allure and urgency to buy the coins.

2.) US Mint inventory levels were incredibly low. When the Platinum Eagles returned a few months ago, I speculated that the US Mint might be selling the limited remaining inventory from their last production run. It looks like this was not far from the mark. Is this also true for remaining products such as the 2008-W Uncirculated and Proof Gold Eagles or the 2008-W Uncirculated Silver Eagles?

At this point, I think the remaining 2008 Proof Platinum Eagle options will soon officially sell out. After that, there might be a brief lull before the remaining 2008 Gold and Silver Eagles start to sell out, but once the first ordering options start to disappear, the rest will quickly follow.

A discussion thread in the US Coin Forum recently started asking the question: Will 2008 Platinum Proofs become the new king? Share your opinion on Coin Network!

2008-W Platinum Eagles Gone, Order Cancellations Mount

Today, the last of the 2008-W Uncirculated Platinum Eagle offerings available from the US Mint went dark. The last to go was the one ounce coin priced at $1,069.95. Yesterday, I mentioned that this coin was listed as back ordered and might soon officially sell out.

However, even if you did place an order before your the coins went off sale, you still might be out of luck. There have been widespread reports of cancellations for orders placed on sold out products. In some cases the orders were placed weeks before the sell out dates. The most extreme case comes from a reader who reports that his order for a 1/10 oz. Unc Platinum Eagle placed on October 20 was just canceled after 7 weeks of waiting.

The US Mint reserves extremely broad abilities to cancel or reject orders as part of their order acceptance policy. Here are a few bullet points from the policy which is displayed after any order is placed:

- The United States Mint reserves the right to limit quantities and may discontinue accepting orders at any time.

- The United States Mint reserves the right to accept or reject coin orders in any combination or option(s) it determines to be in its best interest.

- In the event a particular coin option is sold out, the United States Mint reserves the right to either process partial orders and make refunds, or return orders in their entirety.

While it is clearly stated within the US Mint's policy that orders may be canceled at their discretion, it's a disservice to customers who believed they had secured coins for their collections. In the past, cancellations seemed to happen primarily for orders placed a few days before sell outs. The current cancellations seem to be much more delayed and extensive.

As many readers have pointed out, these cancellations will likely serve to continue diminishing the reported sales figures for the series. I'll continue to track the updated sales numbers to see if they fall below any important levels.

2006-2008 W Uncirculated Platinum Eagle Sales

Last week the One-Half Ounce 2008-W Uncirculated Platinum Eagle sold out at the US Mint. Now it looks like the One Ounce coin might not be far behind.

The US Mint recently added the message "Product will be available for shipping 12/17/2008." Recently, such shipping availability messages have closely preceded sell outs. After the one ounce coins are gone, all 2008-W Uncirculated Platinum Eagles will be sold out at the Mint.

This series has certainly gotten a lot of attention this year. When the coins first went on sale, the price of platinum was building towards its all time high of $2,290 per ounce. The coins remained on sale for a mere 38 days before being pulled amidst a sharp decline in the price of platinum. Only a few hundred coins were sold at these price levels, and collectors were left guessing for several months whether the coins would return.

The coins finally went back on sale on October 17, 2008 at prices nearly 50% lower than the prior levels. The 1/10 oz. coin quickly sold out, followed by the 1/4 oz. and 1/2 oz. Amidst the sell outs, the offerings were briefly suspended and then resumed with another price adjustment.

Between suspensions these coins were only available for sale for a very brief period of time. In the most extreme case, the 1/10 oz. coin was available for sale a mere 43 days.

The closely watched sales figures for the 2008-W Uncirculated Platinum Eagles have been falling for sold out coins. This may be due to product returns, or more likely orders which are being cancelled by the US Mint. I have seen reports of orders placed for 1/4 oz. Platinum Eagles several weeks ago, which are now being cancelled.

The table below shows the most recenlty reported sales figures for 2006-W, 2007-W, and 2008-W Uncirculated Platinum Eagles. Each number is comprised of the individual coin sales plus the 4 coin set sales numbers.

2006-2008-W Uncirculated Platinum Eagle Sales

	2006	2007	2008
1 oz.	3,068	4,177	3,138
1/2 oz.	2,577	3,635	3,415
1/4 oz.	2,676	3,690	4,081
1/10 oz.	3,544	5,556	4,643

The numbers for the 1/10 oz. and 1/4 oz. have fallen from previously reported numbers, and may continue to decline further. The 1/2 oz. and 1 oz. numbers have risen from previously reported numbers.

It will still likely be a few more weeks until the dust settles, but at this point it looks like the numbers for most of the coins will fall between the levels set for 2006 and 2007. In my opinion the coins are good acquisitions if you were able to get them at the Mint's latest prices. On an absolute basis, these are very low mintage figures, especially if the recent strong interest in the series continues.

There seem to be premiums developing for the sold out 1/10 oz. and 1/4 oz. coins on the secondary market. Recently completed eBay auctions show raw, uncertified 1/10 oz. 2008-W Unc Platinum Eagles selling for $180 - $200 each. This compares to the last US Mint offering price of $134.95. The 1/4 oz. 2008-W Unc Platinum Eagles have sold between $375 - $400. This compares to the last US Mint offering price of $319.95. Here is a link to the current listings.

With the fractional "W" coins slated for discontinuation, will the low mintage coins of the past few years eventually become something akin to the 1995-W Proof Silver Eagle? Or will the distinction of the "W" mint mark lose significance as time moves on?

Share your opinion on Coin Network.