The news yesterday that the US Mint has canceled collectible 2009 Gold and Silver Eagles certainly generated a lot of responses from the collecting public. As I mentioned in yesterday’s post, I plan to provide some more details and my own thoughts on the announcements in the coming days.
Today, I wanted to write about the known details for the 2009 Platinum Eagle and 2009 Gold Buffalo coins which will be offered this year. Tomorrow I will follow with more details on the canceled Gold and Silver Eagles. By Friday, I will present some overall thoughts and reactions to the situation and how it has affected collectors. For now I will stick mostly to the facts.
2009 Proof Platinum Eagle
Last year, the US Mint offered a total of fourteen different platinum coin products. This included collectible proof 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and 4 Coin Sets; collectible uncirculated 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins and 4 coin sets; and a full range of bullion 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz coins.
This year, there will be only one platinum coin offered: the one ounce 2009 Proof Platinum Eagle. This coin will be offered for sale directly by the United States Mint with a tentative release date of December 3, 2009.
The 2009 Proof Platinum Eagles reverse will feature a new design interpreting the theme “To Form a More Perfect Union.” The final design has not yet been announced, but design candidates were reviewed by the CFA and CCAC last year. The CFA recommended a design depicting a small tree with thirteen leaves. The CCAC recommended the design pictured at the top of this post with four faces representing the diversity of America.
Official pricing and ordering information has not yet been announced. Based on the US Mint’s published pricing grid for numismatic platinum coins, the one ounce proof coin would cost $1,592 based on an average price of platinum between $1,250 to $1,349.99. It seems likely that the US Mint would place a household ordering limit on these coins (perhaps one per household) due to the demand for the coins and the small window for production.
Last year, the US Mint sold a combined total of 5,030 of the one ounce 2008 Proof Platinum Eagles.
2009 Proof and Bullion Gold Buffalo Coins
Last year, the US Mint offered thirteen different Gold Buffalo coin products. This included collectible proof 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and 4 Coin Sets; collectible uncirculated 1 oz, 1/2 oz, 1/4 oz, 1/10 oz coins, and 4 coin sets; the American Buffalo Celebration Coin; the Double Prosperity Set; and the one ounce bullion coin.
This year, there will be just two coins offered: the one ounce proof coin and the one ounce bullion coin.
The proof coins will be offered for sale directly by the United States Mint with a tentative release date of October 29, 2009. Ordering and pricing details have not yet been announced. Based on the numismatic gold coin pricing grid, the price for each coin would be $1,310 based on an average gold price of $1,000.00 to $1,049.99. As mentioned for the platinum coin, I also think anticipated high demand will cause the US Mint to impose a low household limit.
Last year the US Mint sold a total of 19,591 of the one ounce 2008 Proof Gold Buffalo Coins. This was down from 58,998 proof coins sold in 2007, and approximately 252,000 proof coins sold in 2006.
The 2009 Gold Buffalo bullion coins will not be offered directly by the United States Mint. As with other bullion coins, they will be distributed through the US Mint’s network of authorized bullion dealers. These select dealers can purchase the coins directly from the US Mint for the spot price of gold plus a mark up. The coins are then resold to other bullion dealers, coin dealers, or the public.
Last year, the US Mint sold 189,500 of the one ounce 2008 Gold Buffalo Bullion coins.