10th Anniversary Platinum Eagle Set Back on Sale


The 2007 10th Anniversary Platinum Eagle Set quietly went back on sale at the US Mint within the last few days. It just noticed the listing this morning, but it appears that the sets may have went back on sale as early as Monday of this week. The sets are now listed for $1,249.95 with no ordering limits.

Each sets contains a 1/2 oz. 2007-W Proof Platinum Eagle and a 1/2 oz. 2007-W Reverse Proof Platinum Eagle. The reverse proof coin features mirrored raised elements and a frosted background, the reverse of the typical proof finish. In 2006, the US Mint had offered 20th Anniversary Gold and Silver Eagle Sets which featured reverse proof coins. These sets were extremely popular and sold out quickly, perhaps prompting the Mint to produce a similar set for Platinum Eagles.

The 10th Anniversary Platinum Eagle Set was first offered for sale on December 13, 2007 priced at $1,949.95. In April 2008, the price for the sets was increased to $2,649.95.

To date, approximately 18,000 sets have been sold at the higher prices. The US Mint had indicated in interviews that the entire maximum authorized mintage of 30,000 sets had been produced in December of 2007, meaning that nearly 12,000 remain in inventory.

In my opinion, this is a beautiful set, but it probably does not have as much potential as the 2008 dated Platinum Eagle coins currently available at the US Mint. The mintage of 30,000 coins for the 10th Anniversary Set is extremely high for the Platinum Eagle series. Also, it will probably take the US Mint a long time to sell the remaining 12,000 sets. In fact, I wouldn’t be surprised if this set remains available for sale for several years.

You can find the US Mint’s product page for the set here.

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Comments

  1. Anonymous says

    The right thing for the Mint to do would have been to scrap the 12K unsold sets. There are 18K collectors out there deeply underwater who will never recover thanks to the new price offered.

  2. Anonymous says

    As of Nov. 20, the 4-coins plat unc set is unavailable from the US Mint site. Since they just lowered the prices of everything I assume they sold out and didn’t remove the set for yet another repricing. Also unavailable are the 1-oz and 1/10-oz proof Buffs, and 1/4-oz and 1/10-oz unc Buffs.

    Looks like the total mintages of all 2008 plat unc denominations will end up higher than the key date 2006 coins except for the 1-oz, with the 4-coin set slightly higher.

    Great blog Mike, keep up the good work.

  3. Jeff says

    It’s a crock of $hit. I paid $1,900 for this set and am steaming about the new pricing. This is utterly ridiculous. They should have melted the rest as previously suggested.

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10th Anniversary Platinum Eagle Set Back on Sale


After a long suspension, the 10th Anniversary Platinum Eagle Set is back on sale at the US Mint, but the resumption of sales comes with a hefty price increase. The set is now being offered at $2,649.95. The Mint has also removed the previously imposed ordering limit of one per household.

The set contains two one-half ounce Platinum Eagles, one proof version and one reverse proof version. The set was released following the success of the 20th Anniversary Gold and Silver Eagle Sets, which also contained reverse proof coins.

While the revised pricing seems shocking at first glance, it actually re-establishes the Mint’s initial premium on the sets over the spot price of platinum. The following table takes a look at the the price of the set compared to the spot price of platinum on three key dates.

Mint Price Spot Platinum Premium %
Dec 13 2007 $1,949.95 $1,474.00 $475.95 24.41%
Feb 12 2008 $1,949.95 $1,911.00 $38.95 2.00%
Apr 10 2008 $2,649.95 $2,015.00 $634.95 23.96%

  • December 13, 2007 – the day when the sets first went on sale at the Mint
  • February 12, 2008 – the day before sales were suspended
  • April 10, 2008 – today, after the resumption of sales at the new price

Even though the premium is now the same as when sales began, I don’t think the sets will be quick sellers unless the price of platinum starts rising once again. Collectors had gotten used to the relatively cheaper sets during the months of rising platinum prices. For a small window of time, the sets could be purchased for practically no premium at all. Re-establishing the initial premium seems like a disincentive to buy.

Based on stats from Numismaster, so far the Mint has sold 17,681 of the 10th Anniversary Platinum Eagle Sets out of the maximum 30,000.

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Comments

  1. Robert says

    How long can the mint continue to sell the 2007 Platinum Anniversary set? Can they keep them on sale until they sell the complete 30,000 or is there a time limit like other mint products?

  2. Michael says

    Coins or sets that are produced annually usually go off sale once the next year becomes available, but this was a special set.

    I believe the Mint had a limit on the time period during which they could produce the coins, but not a limit on when they could sell the coins.

    Word is that the Mint produced the full authorized mintage of 30,000 sets during 2007. So they’re likely going to keep them on sale until the full production run is sold.

    There have been some “lingering products” like this in the past. Examples are 1999 Susan B. Anthony Dollars, 2001 Kennedy Halves (still on sale today).

  3. Anonymous says

    One thing Michael fails to mention is that the Mint produced all 30,000 planned sets when platinum’s cost reflected the initial $1,950 retail price. That cost was fixed and the price increase applied by the Mint merely increased their earnings for each set sold. Increased it rather dramatically, I might add. The Mint has since reduced the retail price for the set to less than $1,300, creating a considerable loss to the customers who bought at $1,950 and a worse one for the buyers at $2,600. The Mint would have served the customer better by destroying the remaining unsold sets and using the metal for other platinum coins. Their loss would have been the same, but the original buyers would not have been punished as they were.

  4. Michael says

    Thanks for your comments. I did write some similar information in subsequent posts. This post was written back in April.

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10th Anniversary Platinum Eagle Set Sales Figures


After quickly selling about half of the total authorized mintage, sales of the 10th Anniversary Platinum Eagle Set have slowed. This set contains the reverse proof Platinum Eagle coin.

The sets went on sale December 13, 2007. By December 20, 14,682 out of the maximum 30,000 sets had been sold. As of January 17, 2008, sales have crept up to 16,841 according to Numismaster.

Along with many others, I had thought this set would sell out in the near term, especially after the strong opening sales figures. There are a couple of upcoming factors that may start driving sales.

The Mint placed an ordering limit of one set per household. This prevented collectors ordering multiple sets and impeded possible speculative buying of the set. This initial ordering limit was re-evaluated by the Mint at the 7-day mark. At that time, they decided to keep the one per household limit in place. The next re-evaluation was anticipated to take place at the 30-day mark, which fell on the weekend before the Mint’s website went off-line. Will the ordering limit be raised when the online sales resume?

The price of platinum has risen since the initial offering. Since each set contains one ounce of platinum, this can play a factor in purchasing decisions. When the sets first went on sale, the price of platinum was $1,474 per ounce. Since that date, platinum traded as high as $1,590 per ounce. On Friday, it closed at $1,545. If platinum continues to rise, the sets become a better relative value.

The Mint’s website outage may be creating some pent up demand for the coins. I have personally delayed my order for the Bald Eagle Commemoratives. I am sure there are at least some collectors who decided to delay placing orders for other offerings, such as the platinum eagle sets.

According to information recently published in CoinWorld, the Mint had produced the full 30,000 sets by December 31, 2007. It seems likely that the sets will remain on sale until all of the sets are sold. The question remains- how soon?

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10th Anniversary Platinum Eagle Set- Release Date


The Mint had previously revealed to CoinWorld that the highly anticipated 10th Anniversary Platinum Eagle Set was still on the schedule for this year. The release was expected in December, although an exact date had not been set.

Today Dave Harper on Numismaster confirmed that the release date for the set will be December 13.

As mentioned in my previous post, the 10th Anniversary Platinum Set will contain two half ounce platinum coins. One will be a proof version and one will be a reverse proof version.

Collectors have been eagerly awaiting the Reverse Proof Platinum Eagle after the immense popularity of last year’s Reverse Proof Silver and Gold Eagles.

Pricing, mintages, and ordering limits still have not been revealed.

Related:
10th Anniversary Platinum Eagle Set may be released in December

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Comments

  1. Al says

    I placed my order as soon as they were released, expected ship date is 12/31. I’m trying to find out if they are as disirable as they first seemed at $1,945. I called the mint to ask how many set have been ordered, however, they couldn’t or wouldn’t tell me. Does anyone one know where to get the sales information.
    Al

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