2011 Proof Platinum Eagle

Tomorrow, May 26, 2011 at 12:00 Noon ET, the US Mint will begin sales of the 2011 Proof American Platinum Eagle. This coin is the third in the design series presenting the core concepts of American democracy as expressed in the Preamble to the U.S. Constitution.

The reverse design for the coin was unveiled last week. It represents the concept “To Insure Domestic Tranquility” with an image of the harvest goddess emerging from a field of wheat. She holds a stalk of wheat in one hand and extends the other to a landing dove. The obverse features an image of the Statue of Liberty, designed by John Mercanti and used for each issue of the broader series.

The maximum mintage for the coin will be 15,000, with an ordering limit of five coins per household. The price of the offering will be $2,092.00 based on a platinum market price within the $1,750 to $1,849.99 range.

Can the 2011 Proof Platinum Eagle achieve a quick sell out similar to the past two issues of the series?

There are a few factors working against the offering this year. Foremost is the increased maximum mintage. At 15,000 coins, the mintage level is nearly double the number of coins minted for the initial coin in the design series. If the entire mintage manages to sell, the 2011 Proof Platinum Eagle would rank as the third highest mintage for a one ounce Proof Platinum Eagle, across all years of the series since 1997. Personally, I would rather purchase coins at the low end of the mintage spectrum, unless I have already made the decision to collect the entire series.

Second, the price is several hundred dollars higher than previous years and the coin is competing with numerous high priced offerings and the steady release of numismatic America the Beautiful Five Ounce Silver Coins. When the 2009 Proof Platinum Eagle was released, the popular Proof Gold and Silver Eagles had been canceled. This may have resulted in some collectors purchasing the platinum offering since it was the only proof American Eagle available for that year. This year, with a proliferation of choices, collectors may opt for other offerings.

On the other hand, there are some factors working in favor of the offering. Since late 2008, the United States Mint has not offered any American Platinum Eagle bullion coins. Initially, the reason cited for the temporary suspension was to focus production capacity of gold and silver bullion coins. However, production was never restarted and the US Mint is under no legal obligation to produce platinum bullion coins. With a lack of fresh US Mint platinum bullion coins available, precious metals investors need to turn to offerings of other world mints, prior year Platinum Eagles (which one precious metals dealer has priced at $200 above spot), or the 2011 Proof Platinum Eagle.

Another factor working in the favor of this offering is the design, which has been very favorably received by collectors. This is in contrast to the 2009 design, which was criticized by many collectors. The extent to which this might help sales may be minimal, since the price is so high.

Last, although I do not have any direct insight into the level of demand from this channel, others have written that administrators of Individual Retirement Accounts purchase quantities of the Proof Platinum Eagles each year. With increased interest in precious metals investing, this could be a factor driving continued sales, especially given the fact that there are no bullion Platinum Eagles available.

Below, I have summarized information on the 2009 and 2010 Proof Platinum Eagle offerings, including the maximum mintage, sales start date, original price, and sell out date. This might be useful for anyone comparing this year’s release to prior years.

2009 Proof Platinum Eagle

The US Mint announced a maximum authorized mintage of 8,000 coins and ordering limit of five per household. Sales began on December 3, 2009 with a price of $1,792 per coin, based on a platinum market price in the $1,450 to $1,549.99 range.

The first available sales figures through December 6, showed 7,207 of the coins sold. On December 10, the US Mint began accepting orders for a waiting list, signaling that orders had been received to meet the maximum mintage.

2010 Proof Platinum Eagle

The maximum authorized mintage for the offering was increased to 10,000 coins and the ordering limit of five per household remained unchanged. Sales began earlier in the year on August 12, 2010. The price for each coin was $1,892 based on a platinum market price in the $1,550 to $1,649.99 range.

Through August 15, the US Mint had sold 8,268, representing a faster pace of sales than the previous year, but still short of the maximum mintage. A pricing adjustment took place on August 18, reducing the cost of the coin to $1,792. The following day on August 19, the US Mint began accepting orders for a waiting list, signaling that orders had been received for the 10,000 maximum mintage.

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Comments

  1. Tony says

    I don't know why I just don't like the 5oz ATB as much as I like the smaller coins. Maybe it's just me. As a collector, I just don't care to go back and look at them again after seeing them once. I have a 1kg. silver Panda that looks much much better and impressive by comparison. I hope I am just the few people who feel like that, otherwise the popularity of the 5-oz ATB will be just that, a bullion.

  2. Anonymous says

    Buy all the old American gold coins you want… buyer beware…some may be counterfeit.

    That is why I buy directly from the good, old U.S. Mint.

    Olive Oil

  3. Anonymous says

    Where do those hideous "copy" gold buffalo coins you always have to filter out of your search for auctions come from? I wish they would just go away!

  4. Anonymous says

    Well, my Yellowstone finally showed up, I didnt see any flaws at all. Very nice. To the person who asked earlier, and I dont recall under what post, the mint packaging did have a sleeve over the product box, just as the Hot Springs did. Sorry yours did not. Maybe call the mint to see if you can get just that part of the packaging. IDK myself.

  5. Anonymous says

    Yeah, my Yellowstone also had the outer sleeve with product code on it like the Hot Springs did.

    I would definitely let the Mint know if it didn't have that and do my best to get it. Collectors are funny about stuff like that, and if you choose to sell the coin later the missing sleeve would most likely either subtract from the sales price or make potential buyers avoid it altogether.

  6. Mint News Blog says

    Responses to some questions:

    On the Precious Metals IRA's:

    This is not something that I have ever done, or spent any amount of time researching. Dave Harper, Eric Jordan, and others have written about the demand for proof American Eagles from IRA administrators, so I thought it was worth mentioning, especially since has been cited as one of the factors in the quick sell outs in 2009 and 2010.

    Here's another article on precious metals IRAs (which actually recommends against purchasing proofs): http://www.coinlink.com/News/gold-silver-bullion/considering-a-gold-ira-choose-wisely/

    "I'm confused about one thing after reading all these posts. If the mintage on the Platinum Eagle is set at 15000, wont the mint just keep selling them until they are sold out?"

    The US Mint typically does not produce the entire maximum authorized mintage at once. They will produce an initial batch and then subsequent batches at levels based on demand trends. So if demand is very low, it's possible that a coin with a high maximum mintage can have a low final mintage.

  7. Anonymous says

    Why not mix it upfor 2011 proof silver eagles.200,000 from each mint .with a total of 4 mints.W,S,P,D, mint marks.these would make a nice set for the 25th year.

  8. Anonymous says

    That sounds great. Maybe they could do the same thing with the2011 burnished coins.

  9. Anonymous says

    I like my idea of 30,000 sets similar to the 20th anniversary (proof, burnished unc and reverse proof), but this time have one of each from all four Mints with respective marks: W, P, D & S.

    What an awesome, hot item that would be! $900+ price tag or not, it would be mine. Oh yes. It WOULD be mine! 🙂

  10. Anonymous says

    The US Mint is still taking orders for the Yellowstone P 5 ounce silver coin.

    The following order was received when the order was placed in the past hour:

    37552##

  11. Mint News Blog says

    "INVOICE WILL NOT SAY ANYTHING BUT US MINT IN MONTER BOXES. "

    That would be great. Do you have a source?

  12. PsychDr says

    Michael, I know it's early in sales with the PE's but do you have any news or sense on how intial sales have gone?

  13. Anonymous says

    I,m sorry Mike, I would lose my job, and be locked up for a long,long time if I gave up my source.

  14. Mint News Blog says

    "Michael, I know it's early in sales with the PE's but do you have any news or sense on how intial sales have gone?"

    I will have some numbers early next week. Will post as soon as available.

  15. Mint News Blog says

    "I,m sorry Mike, I would lose my job, and be locked up for a long,long time if I gave up my source."

    Thank you for your anonymous unsubstantiated tip.

  16. Anonymous says

    I told you that APMEX was momitoring this site. They want us to forget that they cherrypick our 2010 ATB coins and they love to spread mis-information.

    Be careful.

  17. Anonymous says

    Well they cherry picked me a good set. I'm in Jersey and they sent me 2 MS68DMPL's and 3 MS68PL's.

    But we're not going to have to listen to the sore losers…again?

  18. joe says

    ~WARNING~VENTING NOTICE~

    It's not a good practice for the APs to cherry pick or foist other unethical practices on their customers or potential customers. Many of us purchase more than just 5 ounce silver coins, and we have long memories and forums such as this to inform others of our experience.

    We all remember the EXTREME markup of many APs on the original 5 oz bullions coins before the Mint slapped a few wrists. AMPMEX comes to mind. I canceled my account and vowed never to do business with them again after that slight of hand on their part.

    Jack Hunt (and by extension Gainesville Cons (pardon the pun)) is the worst when it comes to cherry picking. While Gainesville probably just sold what they received from Hunt, they are complicit just by doing business with Hunt. Also, their customer service (at least by email) was non-responsive. Hunt probably doesn't give a rip about the everyday collector/purchaser and is more interested in the big boys; hence, using Gainesville to sell their allocation.

    Anyway, APMEX, Jack Hunt, and Gainesville coins are off my list. Never again!

    There are so many other sellers out there that VALUE their reputation. Those will get my money…

  19. Anonymous says

    I took the plunge and ordered one of the first ATB sets and got a $500 refund and was able to flip it to Gainesville coins for $2500. So I'm happy with both of them.

  20. Anonymous says

    Joe, I'm glad you got that out of your system.

    Now, will it make a difference? You decide.

  21. joe says

    "Joe, I'm glad you got that out of your system. Now, will it make a difference? You decide."

    Perhaps not…but I do appreciate when fellow collectors warn me of their experience with certain companies and like to return the favor from time to time.

    As a follow-up (and it may already go without saying), I would also suggest not purchasing raw coins on eBay. That is the ultimate gamble when making coin purchases.

  22. Anonymous says

    I just cancelled my 2011 Platinum order; I agree with the above posts that a $2000 coin seems crazy in this economy. I will continue collecting So Called Dollars, far more interesting and historic in my opinion (and less costly). Since I have so much platinum purchased when platinum was $1200, why bother… I also decided to forget trying to collect all the ATB 5oz and mint sets from here on out. Again, why bother, this is all crazy, especially when you see the poor quality coins coming out of the mint in many cases. Seriously, we all need to stop and take a sanity check…..

  23. Anonymous says

    On the 5 ounce silver quarters I decided I will only buy one for each year not five. It would be nice to buy all of them in the next few years but it is not in my reality or affordability. So I will pick what I think is the best design for that year. I agree with Post 9:16PM.

  24. Anonymous says

    I also agree with above; 15,000 mintage for a $2000 platinum coins doesn't really make for a long-term investment ** as a coin collector **; those who spectulate platinum will go up should buy, but you might consider parking your money in some of the previous lower-mintage platinum in this series, assuming you think it is "collectable"; if platinum goes down (which it might if you think there is a bubble in metals), you can always buy the 2011 at a later date; obviously we will all be watching the sales figures over the next few weeks/months, but I agree that quality is a problem; seriously, imagine how unhappy you will be when you coin comes with a scratch or discoloration, something happening more these days…

  25. Stevieladeek says

    I love the design on the reverse of the 2011 Platinum proof coin…I also liked the the 2010 reverse…but, as others have stated, the cost is too much for me.

    I'd love to see those designs on a one oz silver coin….I'd snap that up!

  26. says

    Hello just wanted to give you a quick heads up. The text in your post seem to be running off the screen in Safari. I’m not sure if this is a format issue or something to do with web browser compatibility but I thought I’d post to let you know. The design look great though! Hope you get the issue solved soon. Thanks

  27. Robt says

    Wow!! Amazing coins and amazingly expensive. It takes years for a coin to rise up in numismatic value. I’m better off with buying bullions and treating my eyes to artistic coins

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