2011-W Uncirculated Silver Eagle Scheduled

The US Mint has added a release date of September 29, 2011 for the 2011-W Uncirculated Silver Eagle.

Previously, the coin had been listed as "TBD" on the scheduled product listing and "early fall" on the tentative product page. Although an exact date has now been published, it still remains subject to potential change.

The product is an additional collectible version of the American Silver Eagle, following the proof coin released on June 30. The uncirculated version carries a finish similar to the bullion coin and is struck on specially burnished blanks. The coins also carry the "W" mint mark to denote production at the West point Mint. As with other Silver Eagles, the coins are struck in .999 fine silver with a weight of one troy ounce.

The last collectible uncirculated silver eagle was released back in 2008. The product was canceled for the following two years, as the US Mint struggled to meet demand for bullion versions of the coin. Under previous law, the US Mint was required to produce the bullion coins in quantities sufficient to meet public demand. Since they were not meeting full demand, they sourced all silver planchets to the production of more bullion coins and canceled some collector versions of the coins. The law has since been changed to allow some flexibility for the production of collector coins.

Pricing and ordering limits for the 2011-W Uncirculated Silver Eagle have not yet been published.

When last available in 2008, the collectible uncirculated Silver Eagles were priced at $25.95 each. The same year, the proof version was priced at $31.95. During the year, the market price of silver ranged from a low of $8.88 per ounce to a high of $20.92. The cumulative average for the year was $14.99.

The currently available 2011 Proof Silver Eagle is priced at $59.95 based on a market silver price of $37.50 per ounce.

Coin Update News: 2011 ATB Silver Bullion Sales

San Francisco 2011 Silver Eagles Update

According to a recent article from Numismatic News, the United States Mint has temporarily suspended production of American Silver Eagle bullion coins at the San Francisco Mint. The total number of coins produced so far has reached 2,305,000 with almost a million still remaining in inventory. Production may resume later in the year as needed.

For the year to date, the total number of Silver Eagle bullion coins sold has reached 25,271,500, including those struck at West Point and San Francisco. This is well on the way to achieving another annual sales record. The current record was achieved last year with sales of 34,662,500 of the one ounce silver coins.

Despite some earlier skepticism about how the San Francisco Mint's Silver Eagle bullion coin production would play out on the secondary market, pricing for coins identified to this origin has been reasonable from most channels. As expected, the major third party grading companies are providing special encapsulation for the coins minted at San Francisco, identifying the origin. In general, it has been necessary to submit an entire sealed Green Monster Box to have the coins identified as such.

On the secondary market, there are many examples of 2011 San Francisco Silver Eagles available in individual PCGS or NGC holders graded MS69 or MS70. A general price level for MS69 grades is about $50, while MS70 coins are around $100. These prices are not much different than other 2011 Silver Eagles not identified by mint origin. Some channels also sell sealed Monster Boxes of 500 coins with the identifying markings from San Francisco or 20-coin tubes, sealed and identified by PCGS.

Ordering Limit Removed for 2011 Proof Silver Eagles

Effective Friday, July 15, 2011, the United States Mint removed the ordering limits for the 2011 Proof American Silver Eagle.

When the product first went on sale June 30, 2011, an ordering limit of 100 coins per household was in place. The Mint indicated that after the first week of sales, the limit would be re-evaluated and either extended, adjusted, or removed. The removal of the limit comes after the second week.

Through July 3, the US Mint had reported sales of 367,623 of the 2011 Proof Silver Eagles. In the next full week of availability, the pace of sales had declined. Another 40,368 coins were sold to bring total sales to 407,991. The next report of sales should be available tomorrow.

Last year, the ordering limit for the 2010 Proof Silver Eagle had also been removed after two weeks. Initial sales figures came in at a suspiciously low 273,212. No sales report was issued the following week. For the third week, total sales of 707,704 were reported.

Barring any unforeseen developments, the 2011 Proof Silver Eagles should remain available until very late in the current year, if not into the following year. The coins are priced at $59.95 based on a market silver price of $37.50 per ounce.

Proof Silver Eagle Opening Sales Figures

The opening sales figures are now available for the 2011 Proof Silver Eagle. The popular product makes a strong debut with sales of 367,623.

This amount represents the highest initial unit sales for any US Mint product released this year. The next highest opening was the 2011 Proof Set at 253,144 units.

The amount exceeds the opening numbers reported for the 2010 Proof Silver Eagle by almost 100,000. However, it should be noted that there was some speculation (by me) that the initial sales of 273,212 for last year's Proof Silver Eagle were under-reported. A few days later, the US Mint confirmed that some customer orders had been deleted in error. The next sales report issued two weeks later showed that sales had more than doubled to reach 707,704.

On a longer term perspective, the mintage of the 2011 Proof Silver Eagle will almost certainly fall at the higher end of the spectrum for the series. The lowest mintage for a regular issue Proof Silver Eagle is 372,168 (1994). There are seven different dates with a mintage above 800,000, and of those two different dates with a mintage above 1 million. Last year's 2010 Proof Silver Eagle had last reported sales of 860,000.

Not included on the latest US Mint sales report were the initial figures for the Grand Canyon National Park Five Ounce Silver Coins. I am currently confirming the figures, but it seems that sales might be 24,896 out of the 27,000 maximum mintage. This figure was included on what looked like an incorrectly labeled line of the report. Please treat this figure as preliminary until I confirm here.

If correct, this would be the strongest start for a numismatic version of the ATB 5 ounce silver coins since Hot Springs. It would exceed the initial sales of the previous Yosemite release by more than 4,000 units. Many collectors may have chosen to order the ATB coin along with 2011 Proof Silver Eagle to save on shipping costs, accelerating the pace of sales.

Update: The confirmed initial sales figures for the Grand Canyon National Park Five Ounce Silver Coins is 19,300. This is lower than the previous release featuring Yosemite National Park, which debuted at 20,511.

Coin Update: Full US Mint Sales Report

2011 Proof American Silver Eagles

The United States Mint will begin sales of the 2011 Proof Silver Eagles today, June 30, 2011 at 12:00 Noon ET. Traditionally, this has been one of the Mint's most popular annual collector offerings.

A collectible proof version of the American Silver Eagle has been offered each year from 1986 to present, with the exception of 2009. The obverse design features Adolph A. Weinman's classic depiction of Liberty from the Walking Liberty Half Dollar. The reverse features a heraldic eagle designed by former Chief Engraver of the United States Mint John Mercanti.

The 2011 Proof Silver Eagles are struck at the West Point Mint and carry the "W" mint mark. Each coin is struck in .999 fine silver and has a weight of one troy ounce.

Pricing for this years offering has been set at $59.95 per coin. This represents an increase of $14 from the price of last year's offering. Reportedly, a silver market price of $37.50 per ounce was basis for this year's pricing. Silver is currently trading around $34.80 per ounce.

An initial ordering limit of 100 coins per household will be in place for the start of sales. The same limit was initially imposed last year, but removed after two weeks of sales.

Even before the actual start of sales, things seem to be going more smoothly for the Proof Silver Eagle offering. Last year, the release date took place very late in the year on November 19. In the week leading up to the release date, the US Mint sent 100,000 incorrect email notifications stating that the product was canceled. Shortly after the start of sales, approximately 2,200 orders were deleted in error.

Let's hope that today's release continues to go smoothly. Here is a link to the US Mint's product page.

Proof Silver Eagle Preliminary Details

The United States Mint recently published pricing for the 2011 Proof Silver Eagle and provided some other preliminary details to customers who have subscriptions placed for the offering.

Based on information published in the Federal Register, the cost of the 2011 Proof Silver Eagle will be $59.95. According to information provided to subscription customers, there will be an ordering limit of 100 coins per household in place at the start of the offering. Based on the Mint's online product schedule, the coins will be released on June 30, 2011.

The pricing reflects an increase of $14 from the 2010-dated proof coin, which was $45.95. This increase was to be expected, since the market price of silver has risen.

Pricing for the 2010 Proof Eagle was provided on October 4, 2010, when silver was $22.03 per ounce. At the time the coins went on sale November 19, silver had risen to $27.07 per ounce. The premium above metal value at these two respective points in time was $23.92 (108.6%) and $18.88 (69.7%).

The premium for the 2011 Proof Silver Eagle based on today's London Fix silver price of $37.38 is $22.57 (60.4%).

The household ordering limit for this year's offering is the same that was initially in place for last year's offering. The limit for the 2010 proof Silver Eagle was eventually removed after two weeks of sales.

The initial start of sales for the 2011 Proof Silver Eagle is significantly ahead of last year's offering, which was released on November 19 and sold out by December 28 at 860,000 units.

I will have some additional commentary closer to the release date.

San Francisco 2011 Silver Eagles

In response to the continuing high demand for silver bullion coins, the United States Mint recently began production of the American Silver Eagle bullion coins at the San Francisco Mint. In a press release issued yesterday, they indicated that they would begin taking orders for the coins struck at the San Francisco facility effective May 31, 2011.

As some background, the US Mint produced Silver Eagle bullion coins at the San Francisco Mint from 1986 to 1998. For the years 1999 and 2000, the bullion coin were produced at both the Philadelphia and West Point Mint. From 2001 until just recently, production has taken place exclusively at the West Point Mint. For the entire duration, the bullion coins have not carried a mint mark.

The Proof Silver Eagles have also been struck at various facilities, but have always carried the proper identifying mint mark. From 1986 to 1992, proof coins were minted at San Francisco with the "S" mint mark. From 1993 to 2000, proof coins were minted at Philadelphia with the "P" mint mark. (This is with the exception of the specially issued 1995-W Proof Silver Eagle.) From 2001 to present, proof coins were minted at the West Point Mint with the "W" mint mark. (The reverse proof issued in 2006 was minted at Philadelphia with the "P" mint mark).

The positive aspect of the expanded Silver Eagle bullion coin production is that there should be more bullion coins available to meet public demand. Since the 2011-dated Silver Eagles were first made available to authorized purchasers on January 3, orders have been subject to an allocation program. The available supplies have been rationed amongst authorized purchasers, limiting the number of bullion coins that could be ordered.

At a House Subcommittee hearing held in April, Terrence Hanlon, the President of Dillon Gage Metals Division, had estimated that the US Mint losses about a third of potential bullion sales because they cannot meet demand. This is likely one of the drivers of the high premiums for Silver Eagle bullion coins, which have been as high as $5 per coin over spot, even when purchasing in large quantity. Purchases in smaller quantities result in even higher premiums.

In this light, increasing production is certainly a positive step.

A possible unintended consequence of the increased production might be the creation of 2011 San Francisco Silver Eagles. In the US Mint's press release, they indicated that coins would be produced using the same manufacturing process and packaging used at West Point and no mint marks would be used. This would result in no visible difference between the coins from each facility.

As discussed in this Coin Update article, in the past sealed Silver Eagle Monster Boxes have carried stickers and plastic strapping denoting the production facility. If these identifying packaging elements continue to be used, sealed boxes could attributed to one facility or the other. Even if these packaging elements are modified, identification through other means may be possible.

An earlier article from CoinWorld mentioned the possibility of authorized purchasers picking up coins directly from the San Francisco Mint. Shipping documentation might also provide substantiation for the origin of the coins. The authorized purchasers or coin dealers could then send the sealed monster boxes off to third party grading companies, which could encapsulate individual coins, noting their origin.

The coins could then be marketed as something special and sold at a premium, even though it is not really justified. If the expected production of "up to several hundred thousand coins" per week takes place, the resulting mintage would be into the millions, possibly surpassing some of the lower mintage years for the bullion series. And, of course, outside of the box or holder, these coins will be no different than the tens of millions of coins struck at the West Point Mint.

Hopefully, this is something that the US Mint has considered and will take steps necessary to avoid the situation.

2011 Silver Eagles - Bullion, Proof, Uncirculated, and 25th Anniversary?

One of the US Mint's most popular offerings is the American Silver Eagle. After a few years of turbulence, it appears that the US Mint is prepared to issue all three anticipated versions of the 2011 Silver Eagle. This includes the regular bullion coins, which have already been released, and the collectible proof and uncirculated versions, scheduled to be released later in the year.

2011 Silver Eagle Bullion Coins

The bullion versions of the 2011 American Silver Eagles first went on sale to authorized purchasers on January 3, 2011. Following the typical procedures for the program, the authorized purchasers are able to buy the coins directly from the US Mint in bulk quantities based on the silver value plus a premium of $2 per coin. The bullion coins are then resold to other dealers for broader distribution to the public.

From the start of sales, the US Mint's allocation program has been in place, which serves to ration the available supply of coins amongst the authorized purchasers. The US Mint has used this program at times when demand for silver bullion coins exceeds the available supply.

In the month of January, sales reached an astounding 6,422,000 coins, setting a new record for monthly sales. The number of coins sold in the following months dropped, although this might be attributable to the impact of allocation rather than a decline in demand. Through the current date, sales have reached 12,429,000.

CoinWorld recently reported that the San Francisco Mint will strike Silver Eagle bullion coins starting in May. For more than ten years, the coins have only been produced at the West Point Mint. Although the bullion coins won't carry a mint mark to denote the source, I could see some sellers trying to differentiate the coins, especially if pick up from the San Francisco Mint can be arranged.

At this point, it seems likely that Silver Eagle bullion coin sales will break another annual record. Since 2008, annual sales have set successive record highs. For the 2010 calendar year, Silver Eagle bullion coin sales were 34,662,500.

2011 Silver Eagle Proof Coins

Collectors will remember that the 2009 Proof Silver Eagle was canceled by the US Mint amidst an extended period of high bullion demand. Because the Mint was required to strike the bullion coins in quantities necessary to meet public demand, all incoming precious metals blanks were diverted to bullion production and collector programs suspended and eventually canceled.

In the following year, another cancellation threatened to occur. However, a lull in bullion demand during August and September allowed the 2010 Proof Silver Eagles to be produced. The coins went on sale November 19 and sold out on December 28. The last reported sales were 860,000.

The 2011 Proof Silver Eagle has a release date of June 30, 2011. When the US Mint first provided its scheduled product listing for the year, an exact date was not provided.

There is much more certainty behind this year's offering than prior years. Late in 2010, a bill was signed into law which changed the legal requirements for American Gold and Silver Eagle coins. Previously, the bullion coins were required to be produced in quantities sufficient to meet public demand. After the change, the law directs the coins to be minted in "quantities and qualities that the Secretary [of the Treasury] determines are sufficient to meet public demand."

The US Mint (via the Secretary of the Treasury) seems to be ready and willing to use this authority to provide for collector coin production.

2011 Silver Eagle Uncirculated Coins

The second collectible version of the American Silver Eagle, previously issued from 2006 to 2008, seems poised to make a come back this year. The US Mint indicates that the 2011-W Uncirculated Silver Eagle is scheduled to be released in "early fall."

These coins are struck on burnished blanks and carry the "W" mint mark. As a collector offering, the coins are available for sale directly from the US Mint and priced at a premium to the precious metal value. In the three years of issue so far, the coins have always had a lower mintage than the proof versions.

For both 2009 and 2010, the collectible uncirculated versions had been canceled due to bullion demand.

25th Anniversary Silver Eagles?

In 2006, the United States Mint released special sets to celebrate the 20th anniversary of the American Gold and Silver Eagles. The 20th Anniversary Silver Eagle Set included proof, uncirculated, and reverse proof versions of the coin. With a maximum production of 250,000 units and a unique coin included, the sets were extremely popular. A sell out occurred quickly and prices rose on the secondary market.

As this year is the 25th anniversary of the Silver Eagle, it would certainly be appropriate to celebrate the event with a special set or special version of the coin. Under the modified law covering American Silver Eagles, the door is open to creating such a product despite high bullion demand. Let's hope the US Mint takes this opportunity to create something unique and appealing for collectors this year.

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.

2010 Proof Silver Eagles at 707,704

The total reported sales for the 2010 Proof Silver Eagle have now reached 707,704. After less than three weeks of sales, this amount has already exceeded the final mintage of the last available issue of the series.

The US Mint did not provide sales data last week, so the latest report available on Coin Update News reflects two weeks worth of new sales data. The Proof Silver Eagle had debuted with sales of 273,212, so the latest total represents an increase of 434,492.

In most cases, the strongest sales for newly released US Mint products tend to occur within the opening days, with the pace of sales quickly diminishing in subsequent weeks. Based on the figures provided, either the 2010 Proof Silver Eagle has broken with this trend, or as I had suggested, the opening figures were possibly under reported.

Also potentially coming into play were the 2,200 orders from the first days of sales that were deleted in error by the US Mint. Likely most of these orders were reinstated in the following week. Also, the household ordering limit was removed late last week, creating the potential for large bulk orders to be placed.

As mentioned, the sales total for the current release already exceed the 2008 Proof Silver Eagle final mintage of 700,979. More broadly, the sales already represent the ninth highest mintage across all Proof Silver Eagles.

Proof Silver Eagle Mintages - Sorted High to Low

1986	1,446,778
2006	1,092,477
1987	904,732
2007	821,759
2005	816,663
2004	801,602
2003	747,831
2001	746,398
2010	707,704*
2008	700,979
1990	695,510
2002	647,342
1989	617,694
2000	600,743
1988	557,370
1999	549,330
1991	511,924
1992	498,543
1996	498,293
1998	450,728
1997	440,315
1995	407,822
1993	405,913
1994	372,168
1995-W	30,125

* still on sale.

Numismatic Gold Coin Pricing

Separately, there will possibly be another price increase for available US Mint numismatic gold coins. Under the current policy, prices may be adjusted weekly based on changes changes in the price of gold.

Price tiers are established at $50 increments for gold. If the average London Fix price of gold from the prior Thursday AM to the current Wednesday AM, moves into a higher tier, then product prices are adjusted accordingly. As an additional condition, the Wednesday PM price must also fall into the higher tier.

The average London Fix price for this week would fall into a higher tier as long as the tomorrow's London AM fix price comes in at $1,353 or higher. More key to the situation will be tomorrow's London PM fix price, established around 11:00 PM ET. If it comes in at $1,400 or high, a price increase will take place. If it comes in below $1,400, no price changes would occur.

A price increase would impact the available 2010 First Spouse Gold Coins, 2010 Proof American Gold Eagles, and 2010 Proof American Gold Buffalo.

Ordering Limit Removed for Proof Silver Eagles

It appears that 2010 Proof Silver Eagles can now be order in unrestricted quantities. The US Mint has quietly removed the "Ordering Limits" section on the online product page.

When the Proof Silver Eagles went on sale November 19, 2010, the coins carried a household ordering limit of 100. The Mint indicated that this limit would remain in place for at least the first week of sales, after which point it would be re-evaluated and either extended, adjusted, or removed.

Now, two weeks after the start of sales, the limit has been lifted. This might be an indication that sales have slowed and/or the US Mint has sufficient coins available to handle anticipated sales levels through the end of the year and beyond.

From November 19 to 21, the US Mint had reported sales of 273,212 coins. Although this outpaced the prior year, it seemed relatively muted compared to the surge in sales experienced for the 2010 Proof Gold Eagles. Later that week, the US Mint discovered that approximately 2,200 orders for the 2010 Proof Silver Eagles had been deleted in error. They had been contacting impacted customers urging them to resubmit their orders.

Unfortunately, a new sales report has not been made available for the week ending November 28, 2010 to gauge how sales have fared more recently. The US Mint has indicated that they were encountering challenges getting the information and the report would be delayed.

For the time being, the focus of collectors seems to have shifted to the America the Beautiful Silver Bullion Coins, which will go on sale next week.

Silver Eagle Bullion Sales Break Records

While collectors have recently focused on the collectible proof version of the coin, the American Silver Eagle bullion coins have been breaking records.

The annual sales total for the one ounce silver bullion coins has now reached 32,790,500 based on the latest figures posted on the US Mint's website. With another month of sales left to go, this will beat the previous record sales of 28,766,500 reached in 2009 by a comfortable margin.

This will be the third year in a row that a new annual record sales total has been set. The sales for 2008 had reached 19,583,500, which at the time beat the previous high of 10,475,500 set in 2002.

1986-2010 Silver Eagle Bullion Coin Sales

1986	5,096,000
1987	9,420,000
1988	5,869,000
1989	6,166,000
1990	7,247,000
1991	6,952,000
1992	5,544,000
1993	5,890,000
1994	5,540,500
1995	4,590,000
1996	3,466,000
1997	3,636,000
1998	4,320,000
1999	9,008,500
2000	9,133,000
2001	8,827,500
2002	10,475,500
2003	9,153,500
2004	9,617,000
2005	8,405,000
2006	10,021,000
2007	9,887,000
2008	19,583,500
2009	28,766,500
2010	32,790,500*

*through November 30, 2010

The Silver Eagles sales total for November 2010 will set a record for the highest monthly sales at 4,160,000 ounces. This breaks the previous high of 3,696,000 set all the way back in December 1986.

This monthly sales for November 2010 actually exceed the total annual sales for two years of the program. In 1996 and 1997, sales had reached only 3,466,000 and 3,636,000, respectively.

Silver Eagle 2010 Monthly Sales

January	3,592,500
February	2,050,000
March	3,381,000
April	2,507,500
May	3,636,500
June	3,001,000
July	2,981,000
August	2,451,000
September	1,880,000
October	3,150,000
November	4,160,000
December	-
Total	32,790,500

To the US Mint's credit, the recent surge in silver bullion sales has not yet resulted in a suspension or reimplementation of the allocation program (a.k.a.) rationing. American Silver Eagle bullion coins were last subject to allocation at the authorized purchaser level from December 2009 to mid-September 2010.

Proof Silver Eagle Orders Deleted

What could have been an opportunity for the US Mint to win back their customer's favor and earn some much needed goodwill is turning into another disaster. Approximately 2,200 orders placed for the 2010 Proof Silver Eagle have been deleted in error.

The deleted orders were placed between Friday, November 19 at 12:00 Noon ET and Sunday, November 21 at 7:30 PM ET. In addition to the 2,200 orders deleted for Proof Silver Eagles, another 500 orders for other products may have been deleted.

The US Mint has been contacting the 2,700 customers who have been affected and asking them to resubmit their orders by phone. The resubmitted orders will receive priority processing and free expedited shipping.

According to a statement provided by the Mint, orders placed after November 21 at 7:30 PM are believed to have been processed correctly, and no telephone orders placed during the entire period were impacted. The orders were deleted because the computer system had become overloaded from a high volume of orders.

Earlier this week, I suggested that the opening sales figures provided by the Mint may have been understated. The latest news explains at least part of the discrepancy.

The constant problems with one of the US Mint's most high profile offerings have certainly been testing the patience of collectors.

Initially, the problems were due to the lack of sufficient silver planchet supplies to satisfy both bullion and collector coin demand. This resulted in the early conclusion of sales for the 2008 Proof Silver Eagle, the cancellation of the 2009 release, amidst sporadic suspensions and rationing of the bullion coins. More recently, the problems have involved communications and order processing for the 2010 Proof Silver Eagle with 100,000 email notifications sent in error and 2,700 orders deleted in error.

Beyond the Proof Silver Eagle, there have been several other areas of dissatisfaction. Product prices were increased virtually across the board this year, even for annual sets which saw the number of coins reduced. America the Beautiful Quarters have been extremely difficult to collect from circulation, and production has been restarted for issues with previously low mintages. The creation of "new products" has simply involved remixing previously available coins and pricing them at a higher mark up. And, there is still no information on the release of the America the Beautiful Silver bullion coins.

Proof Silver Eagle Opening Sales Figures

Opening sales figures are available for the 2010 Proof Silver Eagle through the US Mint's latest numismatic sales report. According to the numbers provided by the US Mint, through November 21 sales have reached 273,212.

As stated in the sales report, this represents a relatively underwhelming start for the long awaited offering. Based on irregularities with some of the other numbers in this week's report, I think it is possible that the figures for the proof Silver Eagle have been under-reported.

For some points of comparison, this year's silver commemorative coins debuted with sales of 214,673 for the Boy Scouts coins and 98,358 for the American Veterans Disabled for Life coins. The last proof Silver Eagle issued in 2008, debuted with sales figures of 185,232. These coins were released under normal circumstances before the price of silver began its ascent, bullion sales surged, and collector coins were interrupted.

The 2010 Proof Silver Eagle figures top each of these amounts, but not as dramatically as seen for the 2010 Proof Gold Eagles. Opening sales figures for the gold coins came in 300% to 500% above the corresponding levels for the 2008 releases, for each product option. There was every reason to expect the Silver Eagles to experience a similar surge in orders for the opening.

Of course it is possible that the higher pricing, frustration over the incorrect email notifications, and curtailed speculative buying may have kept sales from running too high, but there are other numbers in the sales report that seem suspect.

The Mount Hood National Forest Quarter bags and rolls figures are down about two-thirds from the corresponding numbers for the other releases of the America the Beautiful Quarters Program. The table below shows the opening sales figures for each release so far.

	P 100 Bag	D 100 Bag	Two Roll Set
Hot Springs	5,268	4,915	25,983
Yellowstone	4,447	4,392	23,273
Yosemite	4,275	4,187	23,416
Grand Canyon	4,015	3,900	23,172
Mount Hood	1,543	1,465	7,495

The 100,000 email notifications that were incorrectly sent last week were "primarily for Mount Hood quarters bags and rolls and the 2010 American Eagle Silver Proof Coin." Both of these products have reported sales figures much lower than expected. I suspect that somehow subscription orders were not reflected in the weekly sales report. I will provide any updates as I receive them.

2010 Proof American Silver Eagle

Sales of the 2010 Proof Silver Eagle will begin tomorrow, November 19, 2010 at 12:00 Noon ET. Recent events have added even more drama to what was already the United States Mint's most anticipated product of the year.
Proof Silver Eagles represent a collectible version of the one ounce silver bullion coin from the US Mint. The proof coins have been sold directly to the public each year from 1986 to 2008. Last year, increased demand for bullion coins and the limited silver planchets available from foreign suppliers resulted in the cancellation of the popular offering, to the dismay of many collectors. This year the offering was confirmed on October 4, 2010, resuming the series after a one year gap.

A little over a month ago, the US Mint began sales of Proof Gold Eagles, which had also been canceled in the previous year. Sales levels have been higher than normal due to pent up demand and increased interest from precious metals investors. The one ounce version of the coin has already sold out. The four coin set, which represents the next most popular option, has sold 22,657 units, which is already 10,000 above the 2008 sales level.

The 2010 Proof Silver Eagle should likewise experience a surge in interest compared to prior years. The US Mint has stood by their pricing of $45.95 per coin and household order limit of 100, which were established when the market price of silver was lower.

Earlier this week collectors who had placed subscription orders for the coins received an unpleasant surprise when an email notification from the US Mint indicated that the coins were sold out and the subscription order canceled. This email impacted about 100,000 customers who had predominantly ordered the 2010 Proof Silver Eagle through the subscription program. The emails had been sent in error and were reinstated over the weekend, with an apology issued by the US Mint.

Meanwhile, the demand for Silver Eagle bullion coins has been at record levels. For the year to date, sales have reached 31,805,500, representing a new record annual high. The current monthly sales total also seems poised to break a record. For the month to date, sales have already reached 3,1750,000. If the current pace continues, a new monthly sales record will be achieved by a wide margin. The current record for monthly sales is 3,636,500, set in May 2010.

The surge in bullion demand could serve to prevent the further production of 2010 Proof Silver Eagles, if the US Mint had been planning on striking more through year end. There has been no indication of how many of the coins have already been struck or will be available. Since the US Mint has stood by their household limit of 100, there is likely a significant quantity already available, but will it be enough?

As an additional consideration, the US Mint has still not provided any information on the series of America the Beautiful 5 ounce Silver Bullion Coins. By law these coins can only be sold during the same year of issue as the corresponding quarter, giving the US Mint an increasingly small window of opportunity to issue the coins. Production reportedly started back in September 2010, but no updates have been provided since then.

Finally, the same old problem of the US Mint's slow/crashing website will almost certainly be an issue tomorrow. One would think they would have managed to fix this problem by now, but instead they have provided this message on the product page.

We anticipate unusually high demand for the American Eagle Silver Proof Coins. Because of the high number of customers that we expect to be placing orders during the first few hours of sales, you may experience delays when attempting to order online or through the call center during this period. We apologize for any inconvenience this may cause and appreciate your patience.

Tomorrow should be an interesting day indeed. For those placing orders at the start of sales tomorrow, here is a direct link to the US Mint's product page.

US Mint Statement on 2010 Proof Silver Eagle Cancellation Email

Yesterday, many readers reported receiving an email notification from the United States Mint indicating that the 2010 Proof Silver Eagle was "sold out." Anyone checking the status of their subscription order found that it had been changed to "canceled." This was particularly distressing since the product has not even been released yet.

Calls to the US Mint's customer service phone number indicated that the email notification was sent in error, and that orders would be reinstated. Late in the evening, a second email notification was sent to impacted customers confirming the same.

This article on Coin Update News includes the wording from both emails, as well as some information about the volume of distressed customers that called the US Mint yesterday.

Just now, the US Mint has released the following statement regarding yesterday's situation:

On November 10, 2010, email notifications were sent out to United States Mint customers notifying them that some backordered and subscription items were canceled. Approximately 100,000 orders were impacted, primarily for Mount Hood quarters bags and rolls and the 2010 American Eagle Silver Proof Coin. We are in the process of reinstating these orders and expect corrections to be completed by noon on Saturday, November 13, 2010. All impacted customers have been notified that the original cancellation was in error. The United States Mint is looking into the cause of this error and deeply regrets any inconvenience it has caused.

Let's hope things go more smoothly when the product officially goes on sale November 19, 2010 at 12:00 Noon ET.

As Silver Rises, Proof Silver Eagle Premium Drops

For the year to date, silver is now up over $10 per ounce with a percentage increase of more than 60%. Much of the gain has come over the course of the last three months, leading up to the release of the eagerly awaited 2010 Proof Silver Eagle.

When the US Mint first announced the availability of the 2010 Proof Silver Eagle, they specified a price of $45.95. The recent rise in the price of silver works out well for collectors planning to buy the coins, as the premium above metal value has dropped.

Back when the announcement was made on October 4, the market price of silver was $22.03 per ounce. With the product price established at $45.95, this resulted in a premium of $23.92 or 108.58% above silver value.

Today, the price of silver rose to $27.76 per ounce. This makes for a premium of $18.19 per coin, or 65.53% above silver value.

For comparison, the 2008 Proof Silver Eagle went on sale priced at $31.95 when silver was $15.38 per ounce. This calculates to a premium of $16.57 or 107.74%. Therefore, on an absolute basis the premium for this year's offering is still higher, however, on a percentage basis, the premium is much lower.

Between now and the start of sales for the Proof Silver Eagle on November 19, the price of silver will continue to fluctuate, perhaps shrinking the premium even further.

This is all provided that the product price remains $45.95 when sales begin. This is the price currently listed on the US Mint's preliminary product page as well as the original press release. Pricing for US Mint products is officially established through publication within the Federal Register. I haven't seen any pricing notification for the 2010 Proof Silver Eagle yet. Let's hope we're not in for any surprises.

Coin Update News: American Silver Eagles in Record Territory

2010 Proof Silver Eagles

The United States Mint has confirmed that 2010 Proof American Silver Eagle will be available. According to a press release posted yesterday, orders will be accepting starting on November 19, with fulfillment beginning December 1.

The coins will be priced at $45.95 each and carry a household order limit of 100. When the Proof Silver Eagle was last available in 2008, the coins had been priced at $31.95 and did not carry a limit.

The price increase for this year's offering is in excess of the rise in the price of silver. When the 2008 Proof Silver Eagle went on sale January 3, 2008, silver was $15.38 per ounce. Today, silver is just about $7.00 higher at $22.34 per ounce.

At the very end of the US Mint's press release, they also announced that the 2010-W Uncirculated Silver Eagle and 2010-W Uncirculated Gold Eagle were canceled. Additionally, the 2010 Annual Uncirculated Dollar Coin Set, which would have contained the Uncirculated Silver Eagle was canceled.

The collectible uncirculated or "burnished" versions of the coins have not been available since 2008.

The Mint has not indicated what the maximum production of 2010 Proof Silver Eagles might be. According to statements provided by the US Mint to Dave Harper of Numismatic News, "It's all dependent upon the current situation of being off allocation for a while longer."

His statement refers to the fact that the US Mint ended their allocation program, which rationed the available supply of Silver Eagle bullion coins to their authorized purchasers. This is an indication that the US Mint is currently meeting full public demand for bullion coins.

While pent up demand for the 2010 Proof Silver Eagle is bound to be huge, I would speculate that the US Mint does have an adequate supply of silver planchets available to satisfy this demand. Here are some factors leading to this conclusion:

- Demand for Silver Eagle bullion coins has declined from the peaks reached earlier in the year and is far below average for the most recent month. The highest monthly sales occurred in May 2010 when 3,636,500 coins sold. The average number of Silver Eagle bullion coins sold each month from January to August was 2,950,062. During September, the US Mint sold only 1,880,000 Silver Eagle bullion coins. Assuming the US Mint has been able to maintain the same silver planchet supply as earlier in the year, in September alone, there should be around one million excess planchets available for proof coins.

- Last year, the US Mint had released statements effectively stating that they could have produced a small number of 2009 Proof Silver Eagles, but since they could not produce enough to satisfy the anticipated full collector demand, the offering was canceled. Assuming the Mint is still following the same logic, by offering the 2010 Proof Silver Eagle, they must be relatively confident that they can meet full collector demand.

- The household ordering limit has been set at 100 coins. If the supply was expected to be limited, the limit would have been set much lower. (Although the US Mint always reserves the right to limit or cancel orders after the fact.)

- The lack of Proof Gold and Silver Eagles has gained political attention. It would be a major embarrassment if the US Mint announced the product and then was forced to cut off the offering early or not fulfill some collector orders.

These factors aside, the demand for physical precious metals has been prone to enormous swings during the past two years. It is not outside the realm of possibility that another rush of demand for silver bullion could occur. Under current law, the US Mint would still be required to source all incoming blanks to the production of bullion coins and cease production of collector proof coins.

When the time comes, I will be placing my order on the first day of availability, just to be on the safe side.

2010 Proof Silver Eagle Update

Update: Latest information on 2010 Proof Silver Eagle

Testimony recently delivered by US Mint Director Edmund Moy to a Senate Subcommittee on Domestic Monetary Policy and Technology includes new developments for the 2010 Proof Silver Eagle. The fate of this coin has remained unknown due to the continued high demand for the bullion version of the coin.

Under current law, the United States Mint is legally obligated to produce American Gold Eagle and American Silver Eagle bullion coins in quantities sufficient to meet the public demand. The recent heightened demand for physical bullion coins has left the US Mint unable to keep up. For nearly two years, the US Mint has been sourcing all precious metals blanks to the production of bullion coins, resulting rather than collector coins. This led to the premature end of production for the 2008 Proof Silver Eagle and the cancellation of the 2009 Proof Silver Eagle.

Director Moy provided testimony on July 20, 2010 during a hearing of the House of Representatives Subcommittee on Domestic Monetary Policy and Technology on "The State of U.S. Coins and Currency." In his statement he acknowledged the disappointment of collectors and expressed his encouragement that the Subcommittee was considering an amendment to the law that would allow issuance of collectible versions of the American Silver Eagle even if the full public demand for bullion coins is not met. The US Mint has already provided technical drafting assistance for the change in law. Until this hearing, the possible amendment to the law had been unrevealed.

If such a change is enacted, the Director explained that the US Mint could produce 200,000 coins per month. If production began in September, total production of about 830,000 coins could be accomplished by the end of 2010.

Planned collectible versions of the coin would include the 2010-W Uncirculated Silver Eagle and 2010-W Proof Silver Eagle.

Moy's statement did not include any mention of collectible versions of the 2010 Gold Eagle, but this might suggest that the prospects for these coins is more likely. This year, the US Mint has managed to catch up with gold bullion offerings faster, and even quietly ended their allocation program for the one ounce coins. With the gold bullion coins apparently being minted in quantities sufficient to meet public demand, this should clear the way for production of uncirculated and proof 2010-W Gold Eagles, even without amendment to the law.

Coin Update News: Inefficiencies Cited in US Mint's Bullion Coin Programs

2009 Silver Eagle Final Mintage

The US Mint recently provided the final mintage for the 2009 American Silver Eagle bullion coin. Figures had previously been available for the number of coins sold during the year. This amount differs from the mintage, since annual sales totals usually include coins minted across multiple years.

The final 2009 Silver Eagle mintage came in at 30,459,000.

This figure represents a new record high, surpassing the previous record of 20,583,000 for 2008 Silver Eagles. The lowest mintage for a Silver Eagle bullion coin occurred for the 1996 Silver Eagle at 3,603,386 coins. Mintage figures for all years are included below.

American Silver Eagle Bullion Coin Mintages

1986	5,393,005
1987	11,442,335
1988	5,004,646
1989	5,203,327
1990	5,840,210
1991	7,191,066
1992	5,540,068
1993	6,763,762
1994	4,227,319
1995	4,672,051
1996	3,603,386
1997	4,295,004
1998	4,847,549
1999	7,408,640
2000	9,239,132
2001	9,001,711
2002	10,539,026
2003	8,495,008
2004	8,882,754
2005	8,891,025
2006	10,676,522
2007	9,028,036
2008	20,583,000
2009	30,459,000

So far during 2010, the US Mint has sold 6,067,500 Silver Eagle bullion coins. This includes the final inventory of 367,500 coins dated 2009, with the remainder representing 2010 coins.

The final mintage for one ounce 2009 Gold Eagle bullion coins has not yet been finalized. In fact, the US Mint is still continuing to sell the remaining inventory of 2009 coins. When the 2010-dated coins first went on sale, the US Mint had 51,000 of the prior year coins still within inventory.

Since most people prefer the newly dated coins, the Mint has been requiring authorized purchasers to buy one 2009-dated coin for every three 2010-dated coins ordered. There should be around 5,000 of the one ounce 2009 Gold Eagles left to go.

The final mintages for the fractional 2009 Gold Eagles were previously available, as these coins sold out in December. The mintages are 110,000 for the one-half ounce, 110,000 for the one-quarter ounce, and 270,000 for the one-tenth ounce.