The US Mint has provided the initial date that they will accept orders for 2010-dated bullion coins to their authorized purchasers. These bulk buyers are able to buy Gold and Silver Eagle bullion coins directly from the United States Mint for resale to the public. Orders will be accepted starting on January 19, 2010.
This represents a delay from the tradition start of orders. In the past, the US Mint has accepted orders in late December for delivery in early January. This has allowed coins bearing the new year's date to reach the market within the first few days of January. The FUN convention held in Florida this week has often been the first venue where collectors purchase the 2010 Silver Eagles and 2010 Gold Eagles.
Will the delayed launch have any impact on sales or demand for the bullion coins? During 2009, the American Silver Eagle reached another record year of sales with more than 28 million sold. The American Gold Eagle sold about 1.3 million, not a record but among the top five years.
Collectors will also be waiting for information on the collectible version of the 2010 Gold and Silver Eagles. Last year, the proof and uncirculated (burnished) versions of the coins were canceled- something that had not happened before during the prior twenty four years of the series.
By memorandum to its network of authorized bullion purchasers, the United States Mint outlined its latest steps to deal with the unprecedented demand for gold and silver bullion coins. The new measures including halting production for some options of Gold and Platinum Eagle bullion coins.
According to the memo, most fractional Gold and Platinum Eagle options and American Buffalo coins have been halted for the remainder of 2008 or will be halted after current supplies of blanks are exhausted. The US Mint will concentrate on producing one ounce Silver Eagles and one ounce Gold Eagles.
The memo is included below:
October 6, 2008
MEMORANDUM TO ALL AMERICAN EAGLE AND AMERICAN BUFFALO AUTHORIZED PURCHASERS
SUBJECT: 2008-Dated Bullion Products
Due to the extreme fluctuating market conditions for 2008, as well as current market conditions, gold and silver demand is unprecedented and the demand for platinum is unusually high.
The United States Mint has worked diligently to attempt to meet demand, however, blank supplies are very limited and it is necessary for the United States Mint to focus remaining bullion production primarily on American Eagle Gold One Ounce and Silver One Ounce Coins.
For the remainder of 2008 bullion inventory, the following will apply:
American Eagle Gold Bullion Coins
One Ounce Coins will remain on allocation each week. Allocation amounts are based on available quality blanks each week.
One Half Ounce Coins: Inventory was depleted last week. No more coins will be produced for 2008.
One Quarter Ounce Coins: Inventory was depleted last week. No more coins will be produced for 2008.
One Tenth Ounce Coins: Inventory was depleted last week. More coins will be produced based on current blank supplies, however, once that remaining inventory is depleted, no more coins will be produced for 2008. You will be notified when these are available for sale.
American Buffalo One Ounce Bullion Coins
Inventory was depleted and sales were suspended in late September. More coins will be produced based on current blank supplies, however, once that remaining inventory is depleted, no more coins will be produced for 2008. You will be notified when these are available for sale.
American Eagle Silver Once Ounce Bullion Coins
American Eagle Silver One Ounce Coins will remain on allocation each week. Allocation amounts are based on available quality blanks each week.
American Eagle Platinum Bullion Coins
All denominations were depleted last week. More coins will be produced based on current blank supplies, however, once that remaining inventory is depleted, no more coins will be produced for 2008. You will be notified when these are available for sale.
We will keep you updated as more information becomes available.
Mint News Blog provides some perspective on what this might mean for the US Mint's so-called collectible versions of the bullion coins such as the Uncirculated coins bearing the "W" mint mark and the Proof coins. Read the full post US Mint Halts Gold & Platinum Eagle Production.
