2011-P Olympic National Park Five Ounce Silver Uncirculated Coin

Today, November 29, 2011 at 12:00 Noon ET, the United States Mint will begin sales of the 2011-P Olympic National Park Five Ounce Silver Uncirculated Coin.

The reverse design of the coin depicts a Roosevelt elk standing on a gravel river bar of the Hoh River. A view of Mount Olympus appears in the background. This was designed by Susan Gamble and sculpted by Michael Gaudioso. The obverse carries the John Flanagan portrait of George Washington.

The coins are struck in 5 troy ounces of .999 silver, with incuse edge lettering indicating the bullion weight and fineness. The “P” mint mark for Philadelphia appears on the obverse, and the coins feature a special finish created through a vapor blasting technique. A bullion version of the coin released earlier this year lacks the mint mark and has a standard finish.

A maximum mintage of 35,000 coins has been established by the Mint, with an initial ordering limit of five coins per household. The price of each coin is $229.95.

This will be the eighth numismatic release for the America the Beautiful Five Ounce Silver Coins. All eight coins, including the first five dated 2010, have been released this year between April 28, 2011 and today. The previous coin featuring Glacier National Park was released just over a month ago on October 25. The rapid fire release of these costly coins may be partly responsible for the trend of diminishing sales.

When the first coin featuring Hot Springs National Park was released, initial demand was so strong that it took down the US Mint’s website. With an ordering limit of just one per household, the US Mint received orders for 25,000 coins within the opening days. Demand remained strong for the following coin featuring Yellowstone National Park, which had opening sales of 24,626. The next several releases showed diminishing initial sales of 20,511 for Yosemite, 19,300 for Grand Canyon, 14,759 for Mount Hood, and 9,549 for Gettysburg. The Glacier National Park coin showed a slight upswing, with 10,680 coins ordered during the opening days.

The three most recent releases still remain available for sale on the US Mint’s website. The coin closest to achieving a sell out is the Mount Hood coin with 25,471 sold out of the 27,000 maximum. The other issues have recent sales of 15,463 for Gettysburg and 12,574 for Glacier out of a maximum mintage of 35,000.

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Comments

  1. Outis says

    Beautiful coin, but running out of room for 5 ozers in the SDB. I’ll pass unless AG gets closer to $45.

  2. Matt L. DeTectre says

    Another nice idea for a collectable coin design but much too large and expensive with all the other offerings in silver this year. Many collectors are stretched to the limit in silver. This coin shoulda been a smaller coin in proof. Shoulda, coulda, woulda. It is what it is. Too bad though, this coin design had lotsa more collector potential in a smaller version.

  3. Zaz says

    8 coins in a span of 8 months, and if every single coin was ordered on the first day of sales, that’s a running total of $2,090, not counting the $4.95 shipping per coin. Steep for such a torrid pace of releases. Is it any surprise that more than a few collectors dropped out after the first few?

    As mentioned elsewhere, I’ll combine this with NP9 when that is released. Not a guaranteed sellout by any means, even with NP5’s 1,500-odd coins left, there’s still enough for a couple of months worth of sales, unless a mass marketer comes in and grabs the remaining stock.

  4. Phil says

    This is one of the few ATB 5 oz that I will buy. Since I live in WA and love the Olympic National Park, it’s one of my favorites. I also bought the Mt Hood coin since I lived in OR for a time and love that state as well. I love the “shimmering” effect of the lake on the Mt Hood coin. As you tilt the coin up and down, the water seems to shimmer. I’ve never seen a coin do that before. Pretty cool.

  5. Alex says

    I love the them.
    I will buy all the 2011 P once I get my tax return. Running out of cash after the 2 x 2010 and 10 x 25th Anniversary Silver Eagle Sets

  6. simon says

    Funny you mentioned the shimmering effect – I like it on the Mt Hood coin too. I do have another coin with the same “hologram” effect – it is a silver coin minted in Japan which commemorates the new Nagoya Centrair Airport and was released a few years ago. They put a holographic relief of the airport on the coin and it looks very cool when tilted.

  7. says

    I’ll pick it up, but not immediately. There isn’t going to be a quick sellout on this one and I can afford to wait awhile to recover financially from all the other silver products I’ve been buying this year. Frankly, I’m expecting the first week sales to be under 10K unless there’s another big silver price spike, like there was with Glacier.

  8. Crohnos says

    I hear you guys about the financial strain…. however, with the price of silver down, I will jump in for two of these. I have two of everything else and my strategy is to keep one in the mint holder and send the other to NGC for grading… I am not saying it’s a good strategy, just that it’s what I am doing…. I was really surprised that the mint didn’t take the same way to market with the 25th anniversary silver eagle sets of limiting to 1 per household until they determined how the market was going to react…. they burned a lot of people including me when they hit the street immediately with a 5 limit. I am guessing these will be on the mints shelf for awhile too as the interest seems to be waning a bit….

  9. oldfolkie says

    I still luv ’em, especially this design. This may be the closest we’ll come to getting Teddy on one of these coins, with the Roosevelt Elk. I’m hoping the North Dakota design puts Teddy in the foreground, I’ll be glad when the pace slows down, and believe it or not I do still think this series will be a winner in the long run, Not everyone will collect them all, but a lot will buy favorites, or just the true National Parks, or the Historical Parks. I wish it wasn’t so close to Christmas but I’ll buy two.

  10. Buck says

    Nice coin. I too, will eventually pick one up – need a breather. Might be able to get this one graded and below Mint issue price from MCM is a couple of months. They had some sweet cyber Monday deals this past weekend.

    P.S. Recently found this blog. I love all of the insight and commentary. I feel like I have become a better, more informed numismatist by the day:)

  11. Hawk says

    Good to see demand cooling for the 2011 coins…this will make these potential winners in the future. 2010 uncirculated coins will probably end up trading close to melt value.

  12. StevenF says

    So is the mint, minting the 2011’s on demand, or do they already have all 35,000 minted for each design?

    Do they have to have all of them minted by the end of the year or can they continue to mint the 2011’s next year?

    If they are minting on demand, and have to finish minting by the end of the year, then what happens with the 2 that aren’t released this year, will they just make a guess of how many will be needed?

    Thanks, Steve

  13. Michael says

    They cannot mint the 2011-dated coins next year. I do not have any information as to whether the entire maximum authorized mintage has been struck.

    For 2010, we know that the US Mint struck the entire maximum mintage before the close of the year, and then offered the coins for sale later.

    The definite facts: 1- The US Mint cannot strike any 2011-dated coins for this series after the close of the year. 2- There is no legal restriction on how long the US Mint can offer these numismatic coins for sale.

  14. Zaz says

    My guess is that all 2011 dated bullion and collector uncirculated coins have already been minted or soon will be. It’s getting to be a smaller and smaller possibility that all 126,500 bullion coins have been minted for Olympic, Vicksburg and Chickasaw, but rather forecasting what the Mint can sell through January 31st, 2012, and then end sales at that time. As for the two remaining uncirculateds, it would be hard to imagine that the Mint won’t strike the maximum mintage at one go, and sell the coins piecemeal over the next year. The “backordered” status hold up is probably caused by the manual vapor blasting process, which is probably done in small batches as orders come in.

  15. Wylson says

    I wouldn’t count on all 35,000 being minted for the coins past the Gettysburg. They may do an estimate that would put it about 2/3rds that amount. Still not rare and almost as many as the 2010s.

  16. says

    I’m a little surprised they haven’t yet announced the dates for Vicksburg and Chickasaw. I think Vicksburg is probably going to get held until the end of January… maybe Chickasaw comes February, and then we get a breather for a month or two before the El Yunque release (assuming they decide to even continue with the series).

  17. Winn says

    Dun be too sure; silver may see lower prices in 2012… Too much dumb money chasing precious metals trades at the moment

  18. MarkInFla says

    Lots of big advisors are predicting higher PM prices next years since the Euro problems are scaring people out of all papers assets.

  19. KevinD says

    What does this mean on the Mint website for the MS $5 MoH?

    in bold red text…

    “Product will be available for shipping 12/15/2011”

    Gotta pound out a few extra coins in the next couple of weeks? None of the other $5 commemoratives have this notation.

  20. SmallPotatos says

    Michael

    Maybe i missed if you mentioned it, but what happened to the link to CoinNews in the banner at the top of the page?

  21. SmallPotatos says

    Thanks! I tried to post another comment correcting my mistake (i think your link went direct to CoinUpdate – News), but it didn’t appear. i check both your blog, and CoinUpdate just about every day. thanks again for all you do for the hobby!

  22. Al Lambiase says

    The US Mint change the mintage from 17,000 to 35,000 bad move collectors are turned off. It’s not worth collecting only worth the silver value. The US Mint does it every time.

    Someone is making very bad decisions at the mint.

  23. Ikaika says

    Question regarding the 2011 P ATBs. Although the Mint cannot strike any of these coins beyond 2011, the sales can continue through 2012, correct? Thanks

  24. Michael says

    Ikaika – The US Mint can continue sales of the 2011 ATB 5 oz numismatic versions into future years (2012 and even beyond). On the other hand, sales of the bullion versions can only take place during the calendar year of release of the corresponding quarter.

  25. MarkInFla says

    Anyone with an update on who’s the best dealer to get the 5 oz. bullion from these days? Michael suggested APMEX years ago and that’s where I have been buying from since, but are any others better these days?

  26. Ikaika says

    Michael,
    Thanks for the reply. Moving forward, some of the next issues may have even lower mintage. The US Mint apparently continues to do nothing to help save the series. It seems like a long time, but it was just 12 months ago that the 2010 bullion version were being sold with significant premiums. Today, the set of 5 coins is just above the silver spot price. We will see where things bottom out.

  27. says

    MarkinFla….you might wanna try providentmeatals.com. I’ve purchased several ATB 5oz coins from them. They usually have a better price than
    APMEX….I also bought several from APMEX, and both are great.

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