Today at Noon, the United States Mint issued a press release with some shocking and disappointing news. The collectible 2009 Proof and Uncirculated Gold and Silver Eagles will not be offered this year. As partial consolation, the press release also announced plans to offer the 2009 Proof Gold Buffalo, the 2009 Proof Platinum Eagle, and fractional weight Gold Eagle bullion coins.
As it now stands, the following collector coins are now canceled:
– 2009 Proof Silver Eagle
– 2009-W Uncirculated Silver Eagle
– 2009 Annual Uncirculated Dollar Coin Set
– 2009 Proof $50 Gold Eagle (one ounce)
– 2009 Proof $25 Gold Eagle (one-half ounce)
– 2009 Proof $10 Gold Eagle (one-quarter ounce)
– 2009 Proof $5 Gold Eagle (one-tenth ounce)
– 2009 Proof Gold Eagle 4 Coin Set
This is in addition to many other collector gold and platinum coins that had previously been announced as discontinued.
On the bullion front, the US Mint has canceled all 2009 American Platinum Eagle bullion coins. These coins are typically available in one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes.
The following collector coins will be offered:
– 2009 Proof $50 Gold Buffalo (release date October 29)
– 2009 Proof $100 Platinum Eagle (release date December 3)
The reason cited for the canceled products is a familiar one: “the unprecedented demand for American Eagle Gold and Silver Bullion Coins.” This reason has been cited on numerous occasions over the past two years to explain bullion coin rationing, bullion and collector coin suspensions, and bullion and collector coin cancellations.
Under law, the United States Mint is required to produce Gold and Silver Eagle bullion coins in quantities sufficient to meet public demand. Accordingly, the US Mint has been using all 22-karat gold and silver blanks to produce bullion coins, in lieu of collector coins, which they are not legally required to produce.
The status of this year’s collectible Gold Eagles, Platinum Eagles, Silver Eagles, and Gold Buffaloes has been a topic of constant discussion and speculation. Way back in January, I had mentioned the possibility that these coins might not be issued in 2009. My reasoning was validated a few months later when the US Mint finally announced that the products were suspended (see posts here and here). In mid-June, there was a brief revival of hope for the collector coins when the US Mint finally ended bullion allocation programs, but apparently this was to no avail.
This is clearly an unhappy resolution to the situation for collectors. I will have further thoughts on this situation in the coming days.