2010 Proof Silver Eagles


The United States Mint has confirmed that 2010 Proof American Silver Eagle will be available. According to a press release posted yesterday, orders will be accepting starting on November 19, with fulfillment beginning December 1.

The coins will be priced at $45.95 each and carry a household order limit of 100. When the Proof Silver Eagle was last available in 2008, the coins had been priced at $31.95 and did not carry a limit.

The price increase for this year’s offering is in excess of the rise in the price of silver. When the 2008 Proof Silver Eagle went on sale January 3, 2008, silver was $15.38 per ounce. Today, silver is just about $7.00 higher at $22.34 per ounce.

At the very end of the US Mint’s press release, they also announced that the 2010-W Uncirculated Silver Eagle and 2010-W Uncirculated Gold Eagle were canceled. Additionally, the 2010 Annual Uncirculated Dollar Coin Set, which would have contained the Uncirculated Silver Eagle was canceled.

The collectible uncirculated or “burnished” versions of the coins have not been available since 2008.

The Mint has not indicated what the maximum production of 2010 Proof Silver Eagles might be. According to statements provided by the US Mint to Dave Harper of Numismatic News, “It’s all dependent upon the current situation of being off allocation for a while longer.”

His statement refers to the fact that the US Mint ended their allocation program, which rationed the available supply of Silver Eagle bullion coins to their authorized purchasers. This is an indication that the US Mint is currently meeting full public demand for bullion coins.

While pent up demand for the 2010 Proof Silver Eagle is bound to be huge, I would speculate that the US Mint does have an adequate supply of silver planchets available to satisfy this demand. Here are some factors leading to this conclusion:

- Demand for Silver Eagle bullion coins has declined from the peaks reached earlier in the year and is far below average for the most recent month. The highest monthly sales occurred in May 2010 when 3,636,500 coins sold. The average number of Silver Eagle bullion coins sold each month from January to August was 2,950,062. During September, the US Mint sold only 1,880,000 Silver Eagle bullion coins. Assuming the US Mint has been able to maintain the same silver planchet supply as earlier in the year, in September alone, there should be around one million excess planchets available for proof coins.

- Last year, the US Mint had released statements effectively stating that they could have produced a small number of 2009 Proof Silver Eagles, but since they could not produce enough to satisfy the anticipated full collector demand, the offering was canceled. Assuming the Mint is still following the same logic, by offering the 2010 Proof Silver Eagle, they must be relatively confident that they can meet full collector demand.

- The household ordering limit has been set at 100 coins. If the supply was expected to be limited, the limit would have been set much lower. (Although the US Mint always reserves the right to limit or cancel orders after the fact.)

- The lack of Proof Gold and Silver Eagles has gained political attention. It would be a major embarrassment if the US Mint announced the product and then was forced to cut off the offering early or not fulfill some collector orders.

These factors aside, the demand for physical precious metals has been prone to enormous swings during the past two years. It is not outside the realm of possibility that another rush of demand for silver bullion could occur. Under current law, the US Mint would still be required to source all incoming blanks to the production of bullion coins and cease production of collector proof coins.

When the time comes, I will be placing my order on the first day of availability, just to be on the safe side.

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Comments

  1. Anonymous says

    I can't wait, but the price is a bit salty. I will still get 5 of them. Any word on the uncirculated versions? I also wonder if my subscription is still good?

  2. Anonymous says

    Disregard my first question RTFA as they say. Got excited and started typing. I still wonder if my subscription is good.

  3. Anonymous says

    THANK YOU MR. MOY!

    Pricing a bit of a rip off and no significant household limits are a bit of a put-off, but as a "non-flipper", I appreciate the opportunity to purchase a collector precious metal coin with a classic design that I can afford. I love the Buchanan Liberty, but over $800 v. $45 for the ASE, easy choice.

  4. Anonymous says

    Michael, can you look into our subscriptions to find out if they are still good? The price in my subscription said I would be paying less for the '10 proof ASE, but I assume they will not honor it?

    Price increase is for sure tomorrow, so those who can afford gold should purchase today.

  5. Mint News Blog says

    According to the press release:

    "Advance sales are currently available through the United States Mint's subscription program, where customers can have the American Eagle Silver Proof Coin and other specified products automatically shipped as each product becomes available."

    Under the US Mint's subscription policy, you would be charged the current price of the product (reflecting the increase):

    "Should a change occur, the new price will be listed on your 30-day pre-fulfillment notification. "

  6. JA says

    Let's give the Mint a little credit here. They've taken a beating for cancelling them in the first place.

    This is great news that a lot of collectors have been waiting for. I will be in line to purchase a few myself on the first day.

  7. Anonymous says

    Last year I kept hearing that the price of silver should be jumping sky high, over $50 a ounce. That never happened. I don't expect to see it selling for $50 anytime soon.

  8. vaughnster says

    It's amazing how much complaining goes on here about prices for the Mint's products, whether a proof American Eagle at $45 or gold coins at $1500. This has never been a "poor man's hobby" unless you're collecting looking through loose change. This is not to totally excuse the Mint for their pricing, but it is what it is. I don't think these people would be happy until the Mint offers their items for face value, but then they would complain about the shipping costs! We'd all like to buy every coin offered but most have to make choices. Just my two cents on the excessive whining. We finally got our proof silver eagles now pony up or shut up.

  9. Anonymous says

    Good news! A lot of us have been anxiously waiting for Moy to make a decision on this, and he finally has. Yes, the price is a bit high, but life with PMs is crazy right now, so we need to accept it. On the upside, we can hope that PM speculation will generate some abnormal demand for the ASEs, thus providing a boon to numismatic collectors who buy on the initial public offering. Anyway, they're gorgeous coins, they're silver (I love silver), and I just plain like them. I can't wait until the pre-order date!

    Nick

  10. Anonymous says

    If they do become available, is there any Idea just how long they will be offered even if they do have enough silver blanks?
    Could they just stop offering them at the end of the year on Dec. 31
    or do you think they would likely be offered all the way into summer or untill 2011s would be released?
    Just Wonder'n
    Thanks!

  11. Bowtie says

    Hmmm, I'm between the 4 coin set and buying 500 bullion silver eagles. I think silver numismatics aren't worth it.

  12. Anonymous says

    To: "Buchanan UNC Liberty on "backorder" when I try to buy it. Close to sell out?"

    No, not even close yet. 9487 total so far thru 10/3. (5697 proofs & 3801 uncs)

    Last weeks sales were 443. S0 it would take 4 more months at that rate to reach a sellout.

    With gold prices rising, Gold Eagle Proofs on sale Thursday, Lincoln Spouse 12/2 and Silver Proof Eagles 11/19, I would think the Buchanan sales to drop even more in the future and it may not sell out at all.

  13. Anonymous says

    > "Last year, the US Mint had released statements effectively stating that they could have produced a small number of 2009 Proof Silver Eagles, but since they could not produce enough to satisfy the anticipated full collector demand, the offering was canceled."

    So they couldn't even offer the 2009 with a household limit of one? Could you imagine what those would be worth now if they had come to fruition.

  14. Anonymous says

    If you want to get in on a good flip opportunity, try to make sure you get some of the 5 oz. ATB silver coins. With only 100,000 for each design, plus being disbursed over so many "authorized purchasers", the coins will sell out in a heartbeat. I plan to buy several tubes if I can.

  15. Anonymous says

    Thank you US Mint for keeping the most beautiful coin series in the world alive. Also, please try to keep the mintage down with this special release. The series needs a low mintage proof (250,000 or less). A semi-quick sell out makes everyone happy.

  16. Anonymous says

    Wow, look at the greed talking. A quick sellout and low mintage is good for everybody?

  17. Anonymous says

    Only a jug head would ask the mint to increase the mintage of a potentially rare release on a collectors web site. Jug head!

  18. Anonymous says

    Metal prices have been steadily climbing and by the time the ASE proof goes on sale silver may have jumped another few dollars so the Mint price could turn out to be a reasonably good deal. Remember you are paying for more than just the silver. There is the artwork which is one the most beautiful the mint produces and the cost of production.

    FYI: Don’t glue clamps on your gold or silver coins and hang them from your nipples. That can harm your coin and crazy clue is hard to get off

  19. Anonymous says

    Only a greedy PIG would want the mint to intentionally manufacture a rarity and undercut its customer base, rather than to serve the needs and demands of people who truly enjoy coins and numismatics!

  20. Anonymous says

    The greatest gift to receive in life is beauty and Proof American Silver Eagles are beautiful.

  21. Anonymous says

    Hey Jug head, if the Mint over produces this issue, it is "they" that ends up looking like the greedy pig and the true numismatic connoisseurs of rarity are then left with just commonality in their collections. These coins are issued specifically for the true numismatist. Coins of Rarity are always cherished, carefully preserved, and held on to for longer periods of time. A wise man doesn't collect common place worthless commodities. A wise man collects artifacts of rarity and beauty. A series of this magnitude, beauty, and symbolic importance should not be mass produced into a commodity windfall that only defrauds the diligent historians of this country. Our Mint should be obligated to produce something for its citizens that has intrinsic American Beauty and a Rare Uniqueness.

  22. Anonymous says

    Perhaps Daniel Carr's "proofed" 2009 bullion ASE also applied some pressure to the Mint? I bet the Mint couldn't stand having a third-party make money from the premium for proofs that they otherwise would've collected had they minted the real 2009 proofs.

  23. Anonymous says

    To anon 4:05 pm. The Mint has in the past, and continues today to intentionally manufacture a rarity. Back in the mid to late 1800s, insiders at the Mint had a field day making and selling rare pattern coins, restrikes, and other delicasies by the thousands for their own private profit.(google the pattern half dollar of 1859-variety Judd-241)for example. Today, as then- they make rarities such as the golden dollars with "missing edge lettering" Oh yes, they are intentionally making these, and oh yes, they are making big money. IMHO

  24. Anonymous says

    You know, that wouldn't surprise me (the mint intentionally creating rarities). Given how corrupt everything else is with our government, what's to stop 'em? I wouldn't doubt later on down the road we'll find out people have a few official 2009 proof silver eagles.

  25. Anonymous says

    The past over production of the Proof American Silver Eagle has resulted in a greater number of them being distributed overseas in China and Saudi Arabia to only be melted down. In addition, when the Television Coin Networks get their hands on a large quantity, they make a big circus production out of these treasures. Proof American Silver Eagles are an American Treasure and the mintages should be minimized to reflect this ideal. For the last decade, this nation has been giving away the things that made it great and now is the time to think about doing something that gives pride to us here at home and unmeltable value overseas.

  26. Anonymous says

    If you have some coins sitting on subscription would you still have to plave another order?

  27. Anonymous says

    If you think that the silver eagles will be rare or valuable in the future, you're in for a big surprise. Silver prices are becoming over inflated as well.

  28. Anonymous says

    When a mixed communist chinese or an authoritarian muslin arab melts down our Eagles in a tin pan overseas for a quick profit – it is like the burning of the American Flag or the loss of an American Soldier. We should limit the number of Proof Eagles (APE, AGE, & ASEs) that we produce in this country and do our best to keep them here at home for reasons of good old American Pride. This way, our national treasures are insured because of their great value (something more than melt) and hopefully they don't make it into the overseas fire pots of revenge. We should protect our National Treasures with intelligence and common sense. Dear US Mint – Please think about limiting the mintages of our American Proof Coinage. Do what you want with the bullion; but please give wise thought our precious metal proofs. And remember, far too many precious proofs have died for our freedom.

  29. Anonymous says

    Why would China or any other country buy "Proof Silver Eagles" at a premium and then melt them?
    If you what to melt silver, the bullion version would make more sense.

  30. Anonymous says

    I got my email from the mint today:

    Greetings from the United States Mint. Thank you for ordering from the United States Mint. We regret to inform you that the item(s) listed below are currently sold out. A customer service representative will be happy to assist you in finding an alternative item.

    So much for a subcription!

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