Status of American Silver Eagles in Question for 2010
The American Silver Eagle has been issued by the US Mint since the series was launched in 1986. Each coin contains one ounce of .999 fine silver with its weight and purity guaranteed by the government. There have been collectible versions of the coin offered in addition to the standard bullion issue. During 2009, high demand for silver bullion resulted in the cancellation of the collector versions of the coins. The situation threatens to persist into the coming year.
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 American Silver Eagle collector coins have recently been offered in two different versions, proof or uncirculated. The proof coins feature a cameo like appearance created through a specialized minting process. The raised design elements are frosted and the background fields are mirrored. The uncirculated coins are struck on burnished blanks and carry the "W" mint mark for West Point.
Legally, the United States Mint is required to produce the bullion coins in quantities sufficient to meet full public demand. Unfortunately, there is no such legal requirement to produce the collector versions of the coins. Due to the limited number of precious metals blanks, the US Mint was forced to prioritize the production of the 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. - 23200
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 American Silver Eagle collector coins have recently been offered in two different versions, proof or uncirculated. The proof coins feature a cameo like appearance created through a specialized minting process. The raised design elements are frosted and the background fields are mirrored. The uncirculated coins are struck on burnished blanks and carry the "W" mint mark for West Point.
Legally, the United States Mint is required to produce the bullion coins in quantities sufficient to meet full public demand. Unfortunately, there is no such legal requirement to produce the collector versions of the coins. Due to the limited number of precious metals blanks, the US Mint was forced to prioritize the production of the 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. - 23200
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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 @ 3:59 AM
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