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.