Collectible Silver Eagle Coins Canceled for 2009
American Silver Eagles are the official silver bullion coin of the United States. These coins have been issued since 1986 and contain one ounce of silver. Both bullion versions and collectible versions have been offered by the United States Mint. In 2009 demand for silver bullion coins resulted in the cancellation of the collectible versions of the coins. Collectors wonder if the same thing might happen for 2010.
The US Mint issues the bullion versions of the coin to a network of authorized purchasers. These large scale bullion buyers purchase the coins for a price based on the spot price of silver plus a mark up. The coins are then resold to other bullion dealers, coin dealers, and the public at market prices.
The collector coins are sold directly by the United States Mint. Recent offerings have consisted of a proof version of the coin, which features frosted raised elements and mirrored background elements to produce a cameo effect. These high quality strikes are sold at a premium price. A second offering is the collectible uncirculated coin. These are struck on specially burnished blanks and carry a "W" mint mark to signify mintage at West Point.
Based on statements from the United States Mint, they are legally required to produce the bullion coins in quantities sufficient to meet public demand. There is no legal requirement to produce the coins for collectors. Based on their interpretation of the law, the US Mint sourced all incoming precious metals blanks to the production of bullion coins.
An official announcement was made in October 2009 that the US Mint would not be producing the collector versions of the American Silver Eagle for 2009. The reason cited was the legal obligations which favor the production of bullion coins. The US Mint announced that they were working to secure greater supplies of precious metals in the future, so that hopefully production of collector coins could resume.
Recently, the American Silver Eagle bullion coins were suspended after the US Mint's inventory became depleted. The coins were offered a week later, but under a rationing program. This program limits the number of coins that authorized purchasers can order. Since the US Mint is not fulfilling the full public demand the status of the 2010 collectible versions is one again in question. - 23208
The US Mint issues the bullion versions of the coin to a network of authorized purchasers. These large scale bullion buyers purchase the coins for a price based on the spot price of silver plus a mark up. The coins are then resold to other bullion dealers, coin dealers, and the public at market prices.
The collector coins are sold directly by the United States Mint. Recent offerings have consisted of a proof version of the coin, which features frosted raised elements and mirrored background elements to produce a cameo effect. These high quality strikes are sold at a premium price. A second offering is the collectible uncirculated coin. These are struck on specially burnished blanks and carry a "W" mint mark to signify mintage at West Point.
Based on statements from the United States Mint, they are legally required to produce the bullion coins in quantities sufficient to meet public demand. There is no legal requirement to produce the coins for collectors. Based on their interpretation of the law, the US Mint sourced all incoming precious metals blanks to the production of bullion coins.
An official announcement was made in October 2009 that the US Mint would not be producing the collector versions of the American Silver Eagle for 2009. The reason cited was the legal obligations which favor the production of bullion coins. The US Mint announced that they were working to secure greater supplies of precious metals in the future, so that hopefully production of collector coins could resume.
Recently, the American Silver Eagle bullion coins were suspended after the US Mint's inventory became depleted. The coins were offered a week later, but under a rationing program. This program limits the number of coins that authorized purchasers can order. Since the US Mint is not fulfilling the full public demand the status of the 2010 collectible versions is one again in question. - 23208
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Learn more about the American Silver Eagle. Keep up to date with the latest information about the status of the 2010 Silver Eagle.
posted by X - Men @ 7:16 AM
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