2010 Proof Gold Eagles


An article from CoinWorld has broken the story that the United States Mint will be offering 2010 Proof American Gold Eagles. The popular collector coins will be available in mid-October, across the standard range of options.

As collectors are well aware, the 2009 Proof and Uncirculated Gold Eagles were canceled as a result of demand for bullion coins. By law, the US Mint must produce American Eagle gold and silver bullion coins in quantities sufficient to meet public demand. For an extended period, the US Mint fell short of meeting full demand and accordingly sourced all incoming blank supplies to the production of bullion coins. Collector versions of the Gold and Silver Eagle, which are not legally mandated, were not produced.

As explored in a previous post, throughout the current year, the US Mint had shown that they were catching up with demand for gold bullion coins. The US Mint ended the allocation program in effect for one ounce Gold Eagles in March. The following month, 2010 Gold Buffalo bullion coins were offered, followed by the proof versions of the coin. Fractional Gold Eagle bullion coins were also available by mid year. As the US Mint is now presumably satisfying full public demand for American Gold Eagle bullion coins across options, they are clear to produce collector versions of the coin.

According to the CoinWorld article, maximum mintages have been set at 64,000 one ounce coins, 54,000 one-half ounce coins, 55,000 one-quarter ounce coins, and 66,000 one-tenth ounce coins. This takes into account the separate maximums established for individual coins and 39,000 of each coin allocated to 4 Coin Sets.

Although the maximum mintages seem high, they are basically in line with the maximum limits established for the 2008 Proof Gold Eagles. However, for that year, final sales fell far short of the maximum levels established. The table below shows the combined maximum mintage for each of the 2008 Proof Gold Eagles, along with the final audited mintages.

2008 Proof Gold Eagles
Max. Mintage Final Mintage
1 ounce 60,000 30,237
1/2 ounce 50,000 22,602
1/4 ounce 51,000 18,877
1/10 ounce 65,000 28,116

It has not yet been confirmed whether household ordering limits will be imposed for the 2010 Proof Gold Eagles. Pricing will be determined based on the average London Fix price of gold during the week leading up to the release. Once these details are available, they will be explored in a future post.

The CoinWorld article also mentions that the 2010 Proof Silver Eagles are “still in limbo”. While demand for gold bullion has abated, demand for silver bullion is still running at high levels. For the year to date, the US Mint has sold 23,600,500 of the one ounce silver bullion coins. If the current pace of sales continues, the annual total for 2010 will mark a fresh all time high.

Recently, it was revealed that the US Mint was hoping for legislative action to allow them to produce 2010 Proof Silver Eagles for collectors. Within testimony delivered during a House subcommittee meeting, Director Moy discussed a potential change in law that would allow production of Proof Silver Eagles even if full demand for bullion coins remained unmet. He mentioned specific mintage levels if production could begin in September. To date, I have not seen any progress on the legislative front and silver bullion demand remains stubbornly high.

In my opinion, without quick legislative action or a dramatic decline in silver bullion demand, the 2010 Proof and Uncirculated Silver Eagles still seem unlikely.

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Comments

  1. Anonymous says

    I think this will actually help keep the proof Buffalo numbers down this year. I must say that I am real disappointed that all of the excitement is from gold (including the current 100+ comment post on the Buchanan Liberty) and platinum coins that really is tough for most American's to afford to collect.
    The proof siver eagle would show me the mint cares about the average collector.
    I bought the silver proof set and was disappointed with the poor quality (is anyone looking into this?). Won't be able to swing the proof 1 oz gold eagles (1/10 oz too small to be enjoyable).

  2. JA says

    I tend to agree. The gold offerings have become too expensive for my blood.

    Although, I have yet to buy a single mint product this year. I will probably get the silver proof set though, sooner or later.

  3. Anonymous says

    Gold prices may come down significantly later this year, like they did in late 2008–maybe the US Mint offering is a sign :).

  4. Anonymous says

    Personally I like the gold proof eagle. However, they all the same. So if you saw one you saw them all.

  5. Anonymous says

    What about the 5 oz. silver bullion? Is any dealer taking pre-orders? Those ought to be neat!

    Regarding gold prices, Bloomberg News interviewed commodities and metals people last week and some said gold is expected to go to $1500 by the end of the year. Others said only to $1350.

  6. Anonymous says

    To the poster @ September 7, 2010 8:22 AM.

    The latest issue of Coinage has a listing for the 5 oz. Hot Springs, page 44. I don't plan on buying any of them myself. I am dreading seeing what my Silver Proof set is going to look like after all the recent comments on its poor quality. If it is poor, that will be it on any other future orders, no matter what they "throw together".

  7. Anonymous says

    Who knows what or when it will happen. I've heard the talk too about $2,000+ gold. If that happens, it sure will make collecting the First Spouses a lot harder!

    The spot price is hovering near the level of triggering another price increase this week. Tomorrow's am fix needs to come in under $1,258.75 to keep the average in the current range. At the time of this writing the spot price is $1,258. The only advantage is that if the Wednesday am fix comes in low enough but the pm fix spikes, no price change will happen because the average agrees with the range in use.

    I wonder how the Buchanan's Liberty coins are selling? There probably won't be a sales report today because of the holiday.

  8. Anonymous says

    TOTAL BS THAT MINT SITE STILL HAS NO UPDATE ON '10 GOLD EAGLES, and a private subscription only magazine has a scoop that the mint hasn't told us directly.

    Total BS!!!! USMint tells us to check back with them for updates on proof eagles, but there IS NO UPDATE!!!

    Come on GOOOOOOBerment!

  9. Anonymous says

    Is it really that hard for the mint to be transparent to collectors? Christ almighty. You know your Government is corrupt when your freakin' Mint can't even shoot straight.

  10. Anonymous says

    Not only is he or she on an extended vacation, they probably get paid well over six figures for something a high school graduate could do.

  11. Anonymous says

    Keep the change!
    Still nothing posted on the website!
    Michael, what's up with this?
    Total mierda del toro!

  12. Anonymous says

    Michael: Is the Mint going to destroy the Eagle proofs as they did to the Buffalo? I would love to buy a four coin set but not if they keep using this laser crap to make the proofs. So I will wait to hear what some of the gold fanatics have to say about what they got. The rating agencies have fallen under the Moy politics so I don't trust any of their ratings. Please give us some accurate unbiased evaluation of the Eagle proofs.

  13. Anonymous says

    Please explain how a third party, for-profit business, can get information from the USMint that as of now is still not available from the USMint public website?
    I too am pissed!

  14. Anonymous says

    I agree with a couple comments in the first post. This news should keep the proof Buffalo numbers lower. The 2010 Proof Eagle final mintages will probably be much higher than 2008 due to pent up demand, unless gold rises drastically in the next few months.
    I also have concerns with the poor quality of products from the mint. I should have returned my 2008 Proof Gold set.

  15. Anonymous says

    If this story is true, why hasn't it bee confirmed that the mint will make the uncirculated versions too? this article sounds like they are only doing proof, not uncirculated, gold eagles.

    Hopefully this story is true… I thought it was funny when I looked at the schedule and there was nothing supposed to be released between september and november!

  16. Anonymous says

    I no longer blame the mint for no proof ASE's. Its the legislation. However, I do blame the gooberMINT for the poor quality of the products now produced as reported by many commenters. At least a one-tenth and one quarter ounce proof may generate some interest in the average collector who hasn't bought anything or much at all this year. As for me I've lost interest. Quality reported all to frequently as poor on low end items and high end items have been too too high end for my budget.

  17. Anonymous says

    I figure it will cost about $3,000 for the set if sold today. The one ounce coin alone will cost about $1,500.

    I would much rather buy some Buchanan gold spouse coins with that kind of money….

  18. Tyrone says

    The gold offerings have become too expensive for my blood.
    Gold prices may come down significantly later this year, like they did in late 2008

    You never know.

    Jim Sinclair is All-in:

    Strapping In For The Big Move
    I will stand with what I have said for nearly 10 years. Gold will trade at $1650 on or before January 14th, 2011.

    There is no doubt in my mind that $1650 will occur in early 2011. I have told you that Martin Armstrong, a master timer, feels that gold will trade higher and face a reaction in middle to late June of 2011.

    The gold banks are throwing blocks to the price as we approach $1262. This is a major waste of time and money as gold is going to and through that price. The only argument is whether gold will hit $1650 in January 2011 or $3000-$5000 in June 2011.

    This is the time now as it was in 1979 that I went throttle to floor.

    This is the time now as it was in 1979 that I am committing 100% of all the cash I can accumulate to what I believe in.

  19. Anonymous says

    Wow, we missed a price increase this week by .75 cents. The Wednesday am fix had to be less than $1,258.75, and it came in at $1,258 even. The average was $1,249.92. Now, even though spot is currently above $1,260, the Mint can't change the price since the average agrees with the range in use. Ha ha!

    At least this buys people one more week to buy their Buchanan's Liberty coins at the present price level. By next week, they might be offered at all-time highs of $804 proof and $791 uncirculated. Wow, that's steep.

  20. Anonymous says

    Don't trust them. If you want the Buchanan Liberty, buy it today since they may still be able to increase the price if gold stays in the $1260 range.

  21. Anonymous says

    I would not count on the price staying the same. I am guessing that the mint rounds it up to $1250 and the price increases. Place ur wagers,

  22. Anonymous says

    I don't think they'll round up the average, since as I recall there was a week a long time ago where the average was only .03 cents away from the next price range, and they left it alone that time.

    I've already ordered my Buchanan's Liberty coins, so it doesn't really affect me for now.

    I think the Mint will do the right thing and leave the price alone for one more week. If they raise it, the backlash of collector fury would be tremendous!

  23. Anonymous says

    I don't think they'll round up the average, since as I recall there was a week a long time ago where the average was only .03 cents away from the next price range, and they left it alone that time.

    I've already ordered my Buchanan's Liberty coins, so it doesn't really affect me for now.

    I think the Mint will do the right thing and leave the price alone for one more week. If they raise it, the backlash of collector fury would be tremendous!

  24. Anonymous says

    see how u.s. mint gonna kill us. based one $1,250.00 to $1,299.99 average gold.

    first spouse proof – $804.00
    first spouse unc – $791.00
    AGB proof 1 oz gold – $1,560.00

    AGE proof 1 oz gold – $1,535.00
    AGE proof 1/2 oz gold – $781.00
    AGE proof 1/4 oz gold – $403.00
    AGE proof 1/10 oz gold – $175.50
    AGE proof set gold – $2,845.50

  25. Anonymous says

    Why would the mint suddenly start producing fractional ounce proof gold coins again. They already discontinued these coins. I still don't believe that it is the law that stopped the mint from producing numismatic Eagles. It is the mints reading of the law to justify what their big purchasers asked them to do. All they had to do was say that they are producing to demand and that the numismatic coins are either a variant of the bullion coins and are part of meeting that demand or that they are entirely unrealted items and in no way connected to the bullion laws. The laws say to meet public demand, not dealer demand.

  26. Anonymous says

    This is the time now as it was in 1979 that I am committing 100% of all the cash I can accumulate to what I believe in.<<

    Precious metals and gold are the most crowded trade in history because all believe that they will go up no matter what–they are buying all forms of precious metals BECAUSE they are going up. All we have to do is look back to 2008 and 2009 and see that no risk asset ever decouples from other risk assets.

  27. Anonymous says

    Even though the 08 Buffalo's have come down a little, I still think long term wise these are the best bet!

  28. RICH says

    Now that gold /silver are headed up again.Watch the mint release their proof eagles to catch this up swing you think ?

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