Wednesday, April 30, 2008

2008 Proof Platinum Eagle Release Date

Posted by Mint News Blog | Filed Under: Platinum Eagles

The US Mint has just announced the release date for 2008 Proof American Eagle Platinum coins as Monday, May 5, 2008. The brief product information update is here, although for some reason the date is only visible in the RSS feed here.

Pricing information for the upcoming coins has not yet been released.

Most of the 2007 Proof Platinum Eagles have been under product suspension due to the “increasing market value of platinum.” In total the Proof Platinum Eagles have only been available for sale at the Mint for less than one week. See my previous post on 2007 Burnished and Proof Platinum Eagles for more details.

With the release of the 2008 dated coins coming next Monday, it looks like the 2007 dated coins will not go back on sale. I’ll post further details on the 2008 release when they become available.

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Wednesday, April 30, 2008

PCGS & NGC Designation for 2008-W Silver Eagle Reverse of 2007

Posted by Mint News Blog | Filed Under: Silver Eagles


Both PCGS and NGC grading services have now officially announced that they will recognize and attribute the 2008-W Silver Eagle Reverse of 2007 variety.

NGC made the announcement first on April 17, 2008 when they confirmed the existence of the variety in this news release. According to the release, NGC will automatically assign the designation “Reverse of 2007″ when applicable for any 2008-W Silver Eagles submitted. There is no additional fee necessary to receive the designation.

PCGS gave official confirmation yesterday April 29, 2008 in this release. PCGS will attribute coins with “Reverse of 2007.” However, in order to receive the attribution, coins must be submitted under the “Variety Attribution Program” at an additional $20 fee.

So far, most encapsulated examples of the new variety offered for sale have been graded by NGC. This is likely due to the fact that they got off to a much earlier start recognizing and setting submission policies for the coins. They are also providing the attribution for no additional fees, which I think will keep most submissions flowing their way. PCGS’s additional fee of $20 seems excessive, especially for a variety with such clear diagnostics.

Related:
2008-W Silver Eagle Reverse of 2007 Mintage
2008-W Silver Eagle Reverse of 2007 Discovery

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Tuesday, April 29, 2008

2008-W Silver Eagle Reverse of 2007 Mintage Estimate

Posted by Mint News Blog | Filed Under: Coin Mintages, Silver Eagles


Since the 2008-W Burnished Silver Eagle Reverse of 2007 Variety was confirmed a little over a week ago, collectors have been scrambling to check their existing coins for the variety or buy an example online. Prices on eBay quickly escalated even while the actual rarity of the variety was still unknown.

My previous post which includes basic diagnostics and details of the discovery can be found here.

Coin World has just posted a follow up to their initial story, which includes an estimate of the total population of the new variety. According to the article, there are approximately 47,000 coins bearing the 2007 reverse type. The number was provided by US Mint spokesman Michael White. The estimate is based on the fact that employees at the West Point Mint located 15 dies with the reverse type of 2007.

In the past week, prices on eBay have cooled somewhat from earlier levels as more of the coins have been put up for auction. It will be interesting to see if the mintage estimate will have any impact on prices. Based on a sampling of eBay auctions ended yesterday, current prices seem to be around the following levels:

  • Raw: approximately $300
  • NGC MS69: approximately $225
  • NGC MS70: approximately $400

Note that prices are still extremely volatile, with coins often going for much more or less. There are also current listings with Buy It Now prices below or above these levels. The following link will take you to the current eBay listings.

The question on everyone’s mind- are today’s prices a bargain for a rare variety or a peak as interest in the variety dissipates and supply continues to grow?

Many will point to the key date of the series, the 1995-W Proof Silver Eagle, which had a mintage of only 30,125. Today, this coin sells for $4,000 or more depending on the grade.

On the other hand, the total number of 2008-W Burnished Silver Eagles sold by the Mint as of April 24, 2008 is 208,410. (figure from Numismatic News) That means that over 20% of the coins sold by the Mint have the 2007 Reverse Type.

In either case, the story and the market for this new variety is still developing. I’ll continue to post updates as events unfold.

Related:
2008-W Silver Eagle Reverse of 2007 Variety Discovered
2008-W Silver Eagle with Reverse of 2007
Mint News Blog Mintage Summary



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Monday, April 28, 2008

2007-W & 2008-W Burnished Gold Eagle Mintage Figures

Posted by Mint News Blog | Filed Under: Coin Mintages, Gold Eagles


For the next few posts, I will be taking a look at the latest sales figures for some 2007 and 2008 precious metals related mint products. With one third of the year nearly gone and the Mint transitioning to from 2007 dated to 2008 dated products, it might be a good time to make some observations or catch some early trends.

First up are the 2007-W and 2008-W Burnished Gold Eagle Coins. As a refresher, these are the “collectible versions” of the Uncirculated Gold Eagles, which are offered for sale directly from the US Mint. The coins are struck on specially burnished blanks and carry the “W” mint mark. Mintages are usually much lower than the bullion counterparts, although offering prices are usually only slightly higher.

On April 1, 2008, the Mint officially began sales of the 2008-W Gold Eagles and ended sales of the remaining options for the 2007-W Gold Eagles. Since that time, the price of gold has recovered from a dip below the $900 mark, only to fall below $900 once again. The sales figures represent the most recent Mint Statistic from Numismaster.

The first table shows the last reported sales figures for the 2007-W Burnished Gold Eagles for each product option. While final mintages have not been released by the Mint, these should provide a good early indication.

2007-W Burnished Gold Eagle Mintage Figures
1 oz. Gold 16,724
1/2 oz. Gold 5,180
1/4 oz. Gold 6,437
1/10 oz. Gold 16,122
Gold 4 coin set 8,178

The second table shows the mint sales figures as of April 24, 2008 for the 2008-W Burnished Gold Eagles for each product option.

2008-W Burnished Gold Eagle Mintage Figures
1 oz. Gold 730
1/2 oz. Gold 272
1/4 oz. Gold 244
1/10 oz. Gold 1,981
Gold 4 coin set 711

Looking at the data, it seems like the 2007 mintages will come in relatively low, with the 1/2 ounce coin being the lowest. Taking into account the coins included in the 4 coin sets, there were only 13,358 sold. This does not seem to be translating into a premium in the secondary market yet, but it is definitely worth watching.

Sales of the 2008 dated coins seem to be off to a very slow start. After the run up in gold across the $1,000 mark earlier this year, interest in gold products in general may be waning the ongoing pause/pull back. Looking ahead, if there is a renewed run up in the price of gold, I think sales figures will once again start to move. If gold continues to fluctuate around the current range, sales will likely remain relatively muted.

Related:
2007 & 2008 Proof Gold Eagle Mintages
 Mint News Blog Mintage Summary

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Friday, April 25, 2008

2008 Sacagawea Dollar Bags and Rolls Officially Announced

Posted by Mint News Blog | Filed Under: Bags and Rolls, Other Coins & Medals


The US Mint has now officially announced the availability and pricing of the 2008 Sacagawea Dollar Bags and Rolls. Coins will go on sale April 28, 2008 at 12:00 Noon ET. I had a previous post when the availability date was first known here.

The ordering options and pricing are as anticipated. The Sacagawea Dollars will be available in 25 coin rolls in official US Mint wrappers or 250 coin mint-sewn bags.

The 25-coin rolls are available from either Philadelphia or Denver Mints for $35.95 per roll. 250-coin Bags are available from either Philadelphia or Denver for $319.95 per bag.

You can view the Mint’s product pages for the coins at the following locations:

In my opinion, this offering definitely is worth a look. The 2008 Sacagawea Dollars are not being struck for circulation so the rolls and bags from the US Mint will be the only way to obtain them. This will keep the mintage of the coins low.

(Note: 2008 Sacagawea Dollars will be contained in the annual mint and proof sets, but these will be different versions of the coin. Mint sets will contain a version with a satin finish. Proof sets will contain the proof version.)

Other factors may also come into play to keep initial interest in the coins low, which will result in lower mintages.

First, there was an initial delay for the offering that may have damped collector interest. The 2008 Sacagawea Dollars were first announced and scheduled for release in January, but were pulled when the Mint realized that they did not have the legal authority to produce and sell the coins.

Second, collectors may overlook this offering as it seems to be getting overshadowed by the Presidential Dollar series and the impending Native American Dollar series.

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