2009 Proof and Uncirculated Gold and Silver Eagles Canceled


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.

Additional Coverage on this announcement:
2009 Platinum Eagle and 2009 Gold Buffalo
2009 Gold Eagle and 2009 Silver Eagle
Final Thoughts on US Mint Product Cancellations

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.

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Comments

  1. Anonymous says

    The problem is the mint had ample time to get enough blanks secured to at least have a small run of silver proof eagles, there is n o excuse for this.

  2. Anonymous says

    Wow Those Ms70 ASEs are already climbing in price.I remember back in April hearing that this would happen.Why is everyone so surprised it actually did happen.Maybe it is all of the people who didn't prepare for this.I for one think that this is great news.The prices everywhere are going to sky rocket.And I for one built up for it to happen.I think that the Braille and Lincoln had a large roll in this.The fact that more proofs have to be made for the up coming Lincoln five coin set on the 15th is a testament of where the Mint is putting their money.I mean after all.It does make more since to through a high premium on a little bit of copper and one once of silver.I'm just surprised that they limited them to one per house hold.That too will change if the orders are not large enough just like the UHR.They will eventually go to five sets I think.And blow that low mintage count out too.If people are really so mad at the mint and want to protest this latest news.Don't order the Lincoln Coin and Chronicle set.At the very least.Don't order the new Braille coming out.That in it's self would send a big message to the mint.But I know everyone on the 15th will be at their desk tops typing away trying to get that first strike.LOL So stop crying and go with the flow and don't get your panties in a wad over this one.Just do what they did to you.Screw them on the 15th.I remember seeing someone say that the 15th will be a national call in to work sick day to order the coin and chronicle.I say lets call it a national screw the mint day.The question is.Are you really pissed off enough to do that.I guess we will see in 8 days.

  3. Anonymous says

    Next year the mint will be selling 5 once silver state parks and sites coins, yet they can`t produce any one once silver this year? I don`t get it. The price of the 5 once coins may be out of the reach for some. Why not just ditch the 5 once coins and bring back the 1 once eagles?

  4. Anonymous says

    Apparently, Moy is not posting on Michael's blog. Only an idiot like him would be making some of the posts I've read. This is a collector's forum (if I'm not mistaken); however, a couple idiots (I suspect only one) think this forum is about dealers, etc. Of course real collectors are going to be disappointed when the Mint generates gold coins with the images of the President's dog, fifth cousin twice removed, hemorrhoid, etc., but can't seem to stay in the spirit of what the Mint is supposed to do. This is a big deal killing off the ASE and AGE's this year.

    Those that are whining about some of us who are disappointed with the Mint's direction either work for the Mint (or some other inefficient government entity) or are unemployed with nothing better to do. I don't know which is more embarrassing.

  5. Anonymous says

    I nominate Mr Moy for president of the United States Of America in 2012.Anyone who can piss this me people off in a matter of hours deserves the oval office.

  6. Anonymous says

    This is an incredibly poor business descision. In a normal year (or even a not so normal year like 2008) the mint profits more from, the small sales to collectors than it does from all of the bullion sales. Last year, the net margin on bullion sales was under 2%. For numismatic productsm it was over 17%, a ratio of almost 9:1 in favor of numismatic products. As a stockholder in this corporation, I am appalled at the operation of management. They have clearly set up their compenstaion structure to reward gross sales over profit. Just like the rest of corperate America, they will reward themselves for losing money because of the amount of business they managed to do at a loss. Nowhere does the law say that the numismatic versions of these coins do not count toward the goal of meeting public demand and nowhere does the law say that dealer orders reflect the demand of the public. As a numismatic collector, one of the group that provides the vast majority of the profit for the mint, I rightfully feel betrayed.

    If twenty one people walked up to you at the same time and one offered to buy $100 worth of coins from you for $102 and the other twenty each offered to buy $5 worth of coins for $10, which would service first?

  7. Anonymous says

    If you call this a normal year.You obviously are lost in the clouds.And if your still putting your money in stocks.You obviously are in for a bigger surprise when your money turns to NOTHING.Buy Gold !!!!! Furthermore,If your buying coins for 100.00 or 5 or 10 dollars.Your obviously not buying gold.Get your money out of the stock market and buy gold with it before it is to late.

  8. Anonymous says

    Does anyone (Micheal) have the profit figures for the Us Mint in 2008 and so far this year in 2009.I'm assuming that since 2008 was a very low mintage year.Bad economy being a large role.That the US Mint (Mr Moy) wasn't quite ready for the high demand that all the Lincoln coins created.Couple that in with the rising cost of silver and gold.And there you have it.Shortage

  9. Anonymous says

    It is interesting that the Mint stated that they did not have blanks earlier in the year; then a few months ago they magically had blanks. I believe that was when the decision was made to eliminate the AGEs and ASEs. They just couldn't bring themselves to admit it to the world. It's either that or they are completely (without comparison) the most incompetent of all government entities (including the Executive Branch if that's possible).

    The irony is that based on the Mint's current method of doing business, they will eventually place the image of one of our many incompetent leaders on a gold coin to celebrate them. I might agree with them if they put the images of our current leaders on the US's first tin coin set.

  10. Anonymous says

    Update: Due to the continued, sustained demand for American Eagle Silver Bullion Coins, 2009-dated American Eagle Silver Proof Coins will not be produced.

    Does this mean that bulk buyers foreign and domestic are mostly to blame for this travesty.So if I have a business license and a coin shop for 5 years.I can screw the average American collector by buying up all the silver and gold.Someone is behind this latest move who has a lot of money.Could it be the Chinese or other parts of the world buying up all of our silver and gold to create a further decaying dollar.

    The Us Mint allows foreign and domestic bulk sales at a 5% discount.I think this will be what kills our ability to produce for the collector and reduce wide spread hoarding by average Joes.This in my opinion is just another way to show that the average Joe has no ability to hoard any longer.That Sucks !!!!.Somehow,I knew they would come up with something to screw the average collector.

  11. VABEACHBUM says

    In response to the post from 10/07/09, 6:03 AM, asking about the US Mint and profit, take a look at the article that had posted on Numismatic News sometime last night, http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=7939.

    While the article is interesting, your answer can be found at the very bottom as a clarification to a previous article: "The U.S. Mint says its average profit is 19.7 percent on collectible coins and 1.7 percent on bullion issues."

    Keep the math simple with an average profit of 20%. Costs + 20%Costs = Selling Price. By solving for Costs, you find that Cost represents 5/6 of the Selling Price. What does that mean? When the UHR was selling for $1200, $200 was pure profit.

    Granted, Mint prices for UHR's are higher now, but you get the idea. $200 / coin for 100,000 coins; $20M profit on the UHR alone. Apply similar logic to 500,000 Lincoln Silver Dollars at $36 / a coin; $3M in profit. And this is just two the collector coins in the catalog.

    While the profit margins on bullion coins are lower, the Mint over comes the disparity with sheer volumes. Check the Mint stats for latest bullion production numbers, keeping in mind that Gold is for the year and Silver is for the MONTH.

    Bottom line – The Mint is covering their costs and then some at our expense. Siding with the majority, if the Mint intends to continue making these kinds of profits, make the concerted effort to meet the needs of the customer while doing it.

  12. Infomeister says

    What a shame.

    Of course, the real issue is not 'unprecedented public demand', it is the continuing death spiral of the US Dollar. The First Spouse gold coins, and the Ultra High Relief coin, as well as any number of higher markup commemorative issues will continue to be produced.

    Meanwhile the US Mint's core products such as American Eagle and Buffalo series will be allowed to fall by the wayside. This illustrates very poor decision making at the Mint.

    Simultaneously, bullion suppliers realize that the dollar is so worthless that they will not supply precious metals to 'meet public demand' to the US Mint at any price, as there are other global purchasers with economies that have appreciating currencies because they actually produce real goods and services formerly produced in the USA.

    It would be nice to have a Congressional investigation of Mint management, but we all know that it would cost a fortune, and accomplish absolutely nothing.

  13. Anonymous says

    Biggest bunch of crap I have ever heard. Sometimes I want to overthrow our STUPID government. You would think that someone in the mint would have some common sense!

  14. Anonymous says

    WASHINGTON – The United States Mint is seeking applicants for appointment to the Citizens Coinage Advisory Committee (CCAC). There are two open positions-one who is specially qualified in American history and one who is specially qualified in medallic arts or sculpture. The application deadline is November 13, 2009. The United States Mint will review all applications and forward recommendations to the Secretary of the Treasury for consideration and appointment.

    shouldn't it read something more like this:

    the United States Mint is seeking applicants for anyone who knows how to satisfy the public demand.The position filled will advise on what the collecting community really wants.Not what the collective bulk rate buyers are demanding.Applicant should also have knowledge of availabilities of bullion blanks to satisfy the demand for the people who makes us the most profit.The average collector.

  15. Anonymous says

    According to the Mint's 2008 annual report, The net profit from numismatic sales was $59.9 million (this does not count numismatic sales of circulating coins, which added another $22.5 million) and their profit from bullion sales (a record year for silver sales and s good year for gold) was $17.8 million. The mint does not make up for the low bullion margin on volume. Numismatic sales far outweigh bullion sales in terms of net profit, yet we get the shaft as customers. The same will be true this year, numismatic sales will far outprofit bullion sales but the bullion buyers continue to get the red carpet treatment. Maybe the difference is that we don't have jobs waiting for the managers at the mint after they leave public "service".

  16. Anonymous says

    How does the mint reconcile its claim that the law prevented it from producing this year's silver Eagles with the fact that in previous years it has shipped coins early in the year, long before bullion orders ceased. My personal history of ship dates of proof SAEs:

    2005: Mar 17
    2006: Feb 06
    2007: Mar 29
    2008: Jan 06

    UNC SAEs:

    2007: Mar 25
    2008: Jun 18

    So, last year they produced and shipped the proof SAEs right along side the bullion but somehow this year the law that has been in place for over 20 years prevented them from doing the same thing. In a word: BULLS__T!

  17. Lasloo says

    The lack of SAEs this year majorly sucks! But its inline with the Mint's raison d'etre.

    While the Mint is required not to operate at a loss, there is no requirement to make a profit. It IS REQUIRED (it is its primary mission) to make coinage in response to economic conditions as directed by the Treasurer and the Federal Reserve so as to allow the country to appropriately conduct trade and continue to establish its commerce. Bullion coins are part of that coinage making process and it is used, as all coinage is used, to represent monetary value in the economy. THAT is the Mint's job. Everything else is gravy.

    It cares about numismatic sales only to the extent that it does not interfere with its primary mission. So, in that sense, collectors are NOT its core interest and thus the Mint WILL screw us over regularly. It is now, and has done so in the past.

    It would be nice, though, to have Congress and/or a Mint director who was more responsive to the needs and wants of our cadre of prols. We need more allegorical coin designs, and less devotional ones. We love the SAE because it is and always has been a throwback to the yesteryear allegorical designs that invoked a sense of the ideals that represent this country rather than the current trend of representing the imperfect people that have tried, with all good intentions, to implement, however imperfectly, those ideals.

  18. Anonymous says

    While it is sad that the Mint has decided not to make SAE's and GAE's, I don't see how that relates to "overthrowing" our government. Everyone should email Mr Moy and contact their Senators and Congressman. Pressure could force the Mint to produce a smaller amount of SAE's and GAE's this year.

  19. Anonymous says

    Really, really bad decision. Skipping a year in a long-running series while putting out other junk. Might just lose some buyers in future years.

  20. Anonymous says

    "Really, really bad decision. Skipping a year in a long-running series while putting out other junk. Might just lose some buyers in future years."

    Since when has anyone at any level of government ever cared about losing customers. That's exactly why they shouldn't get their mites on our healthcare system. Multiply the Mint's "customer service" this year by 10,000 and that's what your healthcare will be!

  21. Anonymous says

    I agree with Anonymous at 9:40 AM. The proof and burnished versions could have easily been squeezed in earlier in the year. And as one person noted earlier, these are techically "bullion" coins that we (the public) demand.
    Personally, I think that the burnished version should have been a one year deal in '06, and should have been available only in the 3-coin set. The continued production of these simply diluted the uniqueness (for the collectors out there) and value (for those who use coins as an investment). I am glad to see it go, and hope that it doen't return.
    The proof, on the other hand has been a staple since day one. I hope that the mint gets over its case of cranial-rectumosis, and finds a few hundred thousand blanks to produce these.
    Refering back to the clad comment, at this point I would be happy with a clad proof, or even a 40 percent proof instead of getting nothing. In fact, I would like to see all of the current dollar designs replaced by a clad version of the Eagle.

  22. Anonymous says

    I can see everyone is pissed… 125 comments in less than 24 hrs; The Mint realli outdid itself this time… Well done Moy!!

  23. Anonymous says

    Yes, 125 comments on this blog alone, imagine the thousands of angry collectors who read bad news in silence and never make their displeasure vocal. In the private sector, bad calls and failed marketing actions would result in that person(s) being called on the carpet and the appropriate top management hauling a$$. You don't antagonize and allienate your customers via imbecillic actions. If there is a roadblock, the smart group will complete the mission with a workaround solution, You don't throw up your hands, and turn your back on the public. Moy and his lackluster planning group can still pull this out of the fire….simply reverse the stoppage, issue a limited just before Christmas offering, and save their faces. They certainly have had lot's of practice reversing announcements this year, why not one more? As Yogi would say: "It ain't over 'till it's over".

  24. Anonymous says

    For series continuity (if nothing else), the Mint should strike 1,000 Proof Gold Eagles and 20,000 Proof Silver Eagles dated 2009. That way, the coins WILL exist so at least SOME collectors can keep the complete set going. Granted, both coins would be new series "keys" and would command a small fortune on the secondary market, but at least they would EXIST for those who could afford them. I know that such a small mintage would serve to make some collectors mad because the coins would be so scarce, but that is still better than a hole in EVERYONE'S collection, isn't it?

    I honestly don't believe that such a small number of proof coins would interfere with the Mint's ability to meet public demand for the bullion versions. They obviously just don't really care about what the collectors want, do they?

  25. Anonymous says

    unbeliveable i have been waiting all year and now the cancel sae. That really, really, sucks. I'm very disapointed. I was hoping to give some to my kids for christmas. They make nice stocking stuffers.

  26. Anonymous says

    The US MINT really needs to have people that know how to run a business and provide customer service.
    They have blanks to mint a bunch of coins that nobody cares about; but none, not even a small number for the proof Eagles…
    WHAT A SHAME !!!!!

  27. Anonymous says

    Kind of makes me want to start collecting stamps again…

    I guess the boys are just flexing their muscles… Maybe it's time to have a woman run the mint…

    Goldilocks

  28. Anonymous says

    why sell gold for worthless paper! The government will start selling again when gold stops rising. When the government sells gold and silver, where does it come from? Is it our tax dollars? Does the Government make a profit?

  29. Anonymous says

    My fellow angry collectors:
    Please call Carolyn Fields at the mint's press office (202) 354-7222 and make your voice heard. Sure it's going to cost you a phone call, but it's worth a shot at getting this decision changed. Carolyn wouldn't give me ANYBODY's Email address, but I'd gladly pay $50 for Ed Moy's phone number or email address.

  30. Anonymous says

    OMG peoule are becoming so desperate they are asking for clad eagles.why not make them with aluminum and put Moy's mug on it.Has anyone written Daniel Carr about this.Maybe he can throw some out on the market for us.He can call it the Amero eagle.Least then we will have something to put in the hole for this year.

  31. Anonymous says

    Indeed, there are a lot of well off collectors and investors of coins and bullion items to whom the stopping of a long collected series such at the ASE's mean little. They deal in many items of interest.

    On the other hand, there are probably many who find the addition of one or two each year just within their budget and do the best they can. It's this group who feel betrayed by the very agency to whom they depended to provide the items for collection. It's always the little people who get screwed by Government agencies isn't it. That's just not right.

  32. Anonymous says

    This is very sad. The proof Silver Eagle is my favorite mint product. But look at all the other flavor of the month coins available for sale I don't want to buy. Pathetic.

  33. Anonymous says

    This is Outrageous… I can not believe it. Having collected Gold and Silver Eagles for 10 years, it is the end of the series?

    Outrageous! Outrageous!! Outrageous!!!

  34. Anonymous says

    United States Mint

    Office of Public Affairs
801 9th Street,
    NW
Washington, DC 20220-0001

    Curtis Ohl

    October 7, 2009

    Dear U.S. Mint,

    In my cascading grief I will forever remember the odious decision of the U.S. Mint to not produce the 2009 American Eagle Silver uncirculated and proof coins. Of the three types of 2009 American Eagle Silver coins, the uncirculated, proof and bullion, only the bullion coin has been produced but not sold to the public by the U.S. Mint.

    Since 1986 I along with many coin collectors have been collecting these beautiful silver coins. Now I am only left with a round silver dollar hole in both my soul and in my coin collection albums. Thanks U.S. Mint for not caring about the coin collector.

    I understand the mandated Public Law 99-185 and Public Law 99-61. Both of these laws direct the mint to produce these bullion coins in quantities sufficient to meet public demand.

    Okay please follow the law and begin to immediately sell the Silver American Eagle bullion coins directly to the public. The only way now for the public to buy these silver coins is to go through private parties at greatly inflated prices. So how is the public demand served in buying these coins from a retailer? Part of the problem is that by producing these coins as silver bullion, it artificially raises the silver price. Let the dealers sell silver bars and let the U.S. Mint sell its own products to the public. I see no law that would prohibit this selling, only a policy change from the U.S. Mint. Change your policy since we cannot have our 2009 coins!

    You are the Mint, make these silver bullion Silver American Eagle coins available on your web site!

    I further understand that the law does not mandate the proof and uncirculated versions of the American Eagle Silver Proof Coins to be produced.

    So we are left languishing in 2009 with 6 silver territory quarters and a Braille silver coin and no collectable American Eagle Silver coins? I have a suggestion, why not melt down all those territory quarters and Braille coins left over and make American Eagle Silver coins?

    I do not want to continue to subscribe to the U.S.Mint for purchase of the 2010 American Silver Eagle coins, if the Mint even makes them.

    End the run of the American Silver Eagles. It was fun while it lasted.

    On your watch the failure to produce the collectable 2009 American Silver Eagles is unforgivable.

    Even in 1943 at the heighted struggle of WWII, with copper in short supply, the U.S. Mint still made pennies, steel pennies, thus there is no hole in my Penny collection.

    Some people do drugs, I do coins, so for me this is my passion. Please consider your actions to the loyal coin collector. We make your department one of the very few departments that make a profit for the Government.

    I look forward to your reply and to buying 2009 American Silver Eagles on your web site!

    Coin Collector Curtis

  35. Anonymous says

    If the mint would produce their own blanks instead of depending on a outsider, we wouldn't have this problem!!!!!!!!

  36. Anonymous says

    By Not Releasing The 2009 Proof Silver Eagle, The U.S. Mint Is Ruining Coin Collections All Over America!!!

  37. Anonymous says

    This is crap.. Way to leave the collectors out in the cold. I have every silver eagle proof made.. Way to mess up my collection..I will not buy anymore now or in the future.

  38. Anonymous says

    i have recieved 1 call form a coin distrubiter today ms69 ASE GOLD coin for 1700.00 dollars.. and have recieved a booklet in the mail from EAGLE NATIONL MINT (1.800.992.1878) the price they wanted was for a ms70, 2000.00 dollars and the pr70, price is 2500.00 dollars….ASE GOLD COINS are in stock i was told today by the customer service dept…how did they have the ASE GOLD coins in stock and graded by NGC when the ASE GOLD COINS are canceled…what is the truth…i dont know if i can trust/believe the mint with what i have heard after i have talked to these companeys….if they can buy them we should be able to buy them also…..i like to hear what ya have to say and i have also added the ENM company 800 number..call and hear for yourself…..i dont like being decieved/lied to if they have the ASE GOLD coins so should all have the chance of purchasing them also……whats so special about them.????????call hear it from them…(i did)
    and i want the truth from the mint if they are canceled why do they have them????

  39. Michael says

    The 2009 Proof Gold Eagles are canceled.

    They might be selling previous years, or the 2009 Gold Eagle bullion coins.

  40. CARL Baca says

    to all i ment the buffalo coins i didnt mean to get the coins mixed upjust they getthe coinsa month arly and they havent gone on sale tous collectores…SORRY ON THE MIX UP.I WAS TALKIN HOW THEY GOT THE BUFFALO BEFORE US SORRY FOR MY MIX UP

  41. Anonymous says

    When I was cancelling my subscription for my proof and uncirculated Silver Eagles from the mint I had to give a reason from a checklist of why I was cancelling. It is nice to know that they have "Dissatisfied with availability of the item in the program" as a reason for cancelling. If the mint sees enough people give this reason for cancelling thier subscriptions they might wake up to the fact that they are losing money and the peoples interest.
    Even is they start up with the Silver Eagles again I will not buy them. With America the Beautiful 5oz coins comming out they will have a hard time to keep the Silver Eagle program supplied with blanks.

  42. Anonymous says

    Bottom line with Proof and Burnished silver eagles…rumor I've heard in the industry is the mint wanted to end the silver eagle program in 2006 at the 20th anniversary. Only coins exempt are the MS eagles due to Congressional law forcing them to make them. There is also talk that there is a loop hole in the law that forces the mint to only make silver bullion coins not necessarily eagles of the "walker" style so 2010 or any year there after could bring a design change because they would still be making a .999 pure bullion coin.

  43. Anonymous says

    The Mint should offer a complementary plastic token to stick in my ASE album to fill the gapping hole that will forever annoy me.

  44. Anonymous says

    The Mint States That Due To Continued Demand For The 2009 Proof Silver Eagles, They Will Not Be Produced? That Make Absolutely NO SENCE!!! Demand Means That People Actually Want The Coins!

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