2011 Proof Silver Eagle Sold Out

In an unexpected development, the 2011 Proof Silver Eagle has sold out. The status was changed on the US Mint’s website this morning, and I have received confirmation that the product is indeed no longer available for sale.

For several hours today, the 2011 Glacier Five Ounce Silver Uncirculated Coins were also marked as sold out. In this case, the status was changed in error and later corrected. These coins remain available for sale.

The 2011 Proof Silver Eagles were first available for sale on June 30, 2011. The coins were initially priced at $59.95 and subject to an ordering limit of 100 per household. The limit was completely removed on July 15, 2011. Pricing for the product was adjusted on two occasions, first increased to $68.45 and then decreased to $58.95, which remained in effect for the remainder of the availability period.

The last reported sales published today on CoinUpdate were 850,000. The coins were also included in the 25th Anniversary Silver Eagle Set, which had a mintage of 100,000.

The United States Mint did not indicate a maximum mintage or anticipated sales ending date for the individual proof Silver Eagle. The product was actually featured in the US Mint’s 2011 Holiday Catalog, received by most collectors last week. The unexpected conclusion of sales is surprising considering there is more than a month left in the 2011-calendar year and with the holiday shopping season yet to begin. It seems like extremely poor planning on the part of the Mint to not have the coins available through the end of the year.

To make the situation even more curious, the West Point Mint was reported to have produced additional proof Silver Eagles for the 25th Anniversary Sets in late August and September. During the same time period, it would have made sense to produce additional proof coins for individual sales. This determination could have been made by examining inventory levels and current sales trends.

For several years running, the availability of the Proof Silver Eagle has been erratic and inconsistent. This is not an ideal situation, as the product is one of the US Mint’s most popular numismatic offerings. In 2008, proof Silver Eagle sales were unexpectedly suspended in August and never resumed, as a result of a shortage of silver planchets. In 2009, the product offering was completely canceled, due to ongoing high demand for bullion coins and planchet supply issues. In 2010, there were doubts about the status of the offering for much of the year. Sales finally began very late in the year on November 19 and only continued until December 28.

Popular products which unexpectedly sell out at the US Mint have sometimes experienced higher secondary market prices. The unmet demand from collectors and dealers who intended to place final orders serves to push up prices temporarily or sometimes for an extended period of time. In the coming days, we will see if premiums develop for 2011 Proof Silver Eagles.

As a final point, the unexpected sell out of the proof Silver Eagles may be an indication of things to come. If the US Mint is not properly managing production based on inventory levels and sales trends, it is possible that other 2011-dated numismatic products could experience early and unexpected sell outs. If this occurs for products such as the collectible uncirculated Gold Eagle, collectible uncirculated Silver Eagle, or First Spouse Gold Coins, new mintage lows could be established.

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Comments

  1. Wylson says

    Cool, an unexpected sell out. I’m thinking it will get a quick bump, since quit a few people won’t even take the time to figure out how many were minted.

    I still love the look of the regular proof ASEs.

  2. stephen m. says

    Is this 850,000 plus the 100,000 in the 25th anniversary sets? 950,000 would make 2011 the second highest mintage behind 1986. 850,000 would make 2011 the third highest mintage behind 1987 in proof silver eagles.

  3. VA Bob says

    Stephen M. – Right, I agree. Nothing for the flippers to get too excited about.

    Samuel – It’s also just a date change between a 1932 and a 1933 St. Gaudens $20 gold piece! 😉 Of course there are the quarters and dollars for those in need of a change every few months.

  4. says

    Very interesting. I wonder if the uncirculated ASE’s will soon be following the proof into sellout territory. I may pick one up along with the Olympic AtB when it comes out at the end of this month.

    Given how hot the sales of silver products are this year, the unexpected cutoff is quite startling.

  5. Zaz says

    Interesting development, but not wholly unexpected. The fact that the coin was available for more than 4 1/2 months (except for the two pricing adjustments) was generous. The mintage was not going to be more than 1M. The sales of the proof and the burnished was perhaps bumped up due to the shutout many people experienced over the Anniversary set. The next coin that should be withdrawn is the burnished, if in the next week or so, final mintage would be lower than the ’06W.

  6. Wylson says

    “The next coin that should be withdrawn is the burnished, if in the next week or so, final mintage would be lower than the ’06W” I don’t think so, there is a pattern here of mintages near the last time a coin was issued. For the ASE proof 860,000 in 2010, 960,000 in 2011. There is at least another 100 to 150 thousand left of the W burnished.

    I remember earlier in the year when people were saying that the AGE burnished would sell out at 5,000. It didn’t. I stick to my 10 to 15 thousand estimate on that one. Why, they made 12,000 the last time it was offered.

  7. SmallPotatos says

    ” If the US Mint is not properly managing production based on inventory levels and sales trends, it is possible that other 2011-dated numismatic products could experience early and unexpected sell outs.”

    I wonder how much of this is due to the number of different offerings this year alone. What is the total count of different types of coints minted in 2011 versus past years?

  8. Hidalgo says

    Is the US Mint able to sell the 2011 burnished American Silver Eagle after 2011? Can sales continue in 2012?

  9. Michael says

    Hidalgo- the US Mint can continue to sell the 2011 burnished Silver Eagle into the following year, provided they have remaining inventory. They could not strike any additional 2011-dated Silver Eagles once the year closes.

  10. Clair Hardesty says

    It is also possible that the proof SAE sellout is part of a return to historic normality. I ordered my 2008 proof SAE on December 27, 2007 and it shipped on January 06, 2008. Maybe they are minting the 2012 proof SAEs already. The uncirculated coin may stop at 200,000 (plus the 100,000 in the anniversary set), which should happen in a few weeks, for the same reason. These coins are some of the most popular numismatic offerings and it would be nice to see them available all year again.

  11. stephen m. says

    VA Bob, but it does have the distinction of being the 25th anniversary proof silver eagle although that also may not be anything to get excited about now. In the future, who knows? I picked a few from the mint for myself and the kids because they are the 25th year. I love the silver eagle proof program but feel it may be a good time for the mint to put it, the proof, into retirement. It should have been done after the no release coin in the 2009 year and brought back a fresh, or a second edition, in 2010.

  12. Wylson says

    “The uncirculated coin may stop at 200,000 (plus the 100,000 in the anniversary set), which should happen in a few weeks, for the same reason.”

    Seriously? No, they already minted at least an additional 100,000 to 150,000. These will sell out when they burn through the remaining inventory. The only reason the proof sold out was they “budgeted” production close to last year’s 860,000 figure. That means the “W” has a ways to go since they would have budgeted close to the 2008’s sales number.

    This sounds like all those people hyping that the AGE burnished would stop at 5,000 to 6,000. Didn’t happen.

  13. Shane says

    No changes to order 38384XXX ,looks like the Mint is going for holidays already; either that or they are kind enough to ONLY cancel our waitlist order after Thanksgiving.

    On the other hand, My one order at 38382XXX updated to IN STOCK 2 days ago has its status now ON HOLD!?! Should I be worried?

  14. Fosnock says

    I wonder if this is related to the Perth Mint delaying the release of the silver Koalas (the official excuse is the dragons ate them up). Could their be a shortage of blanks again, or is this just coincidence?

  15. CaptainOverkill says

    Wylson,

    There are some reports of physical silver supply shortages. It seems like people may be rushing in to buy the recent dips: http://www.zerohedge.com/news/eurozone-contagion-deepens-after-disastrous-german-auction-silver-supply-issues

    Quoting the relevant lines: “There are reports of some US and UK bullion dealers not having supply of certain bullion product – particularly silver bars. We currently have stock of nearly all major bullion products in volume and ready for immediate delivery. However, supply issues are developing with regard to 10 oz silver bars which are not available for now. 100 oz silver bars in volume require a 2 week wait. With regard to gold product, there are 1 week delays for kilo bars and for 1 ounce Krugerrands and Philharmonics.”

    I am sure that if there is a serious silver supply shortage developing, we will hear more details about it from Patrick Heller on CoinUpdate soon enough.

  16. Wylson says

    The Buchanan medal sold out. It’s still available in the set though.

    Nice to see the price adjustments on the gold products.

  17. EvilFlipper says

    I think the MFGlobal stuff affected the commodities market way more than people expected. I also think there is way more volatility in the physical market ahead with fiat currency worries and all. I feel way safer being in numismatics as opposed to just bullion investments as it has a dual function. Sure prices could drop but as long as money supply is smashed it keeps it’s value on an even basis. If money supply is skyrocketed it keeps it’s value on an even basis. And coins kick ass anyway. History, art, money, investment, and a means of trade all wrapped in one neat little package. The only way rare and demanded collectible coins lose on absolute terms is when we’re picking up canned food from the rubble of an all out nuclear conflict, plague or direct asteroid hit. Otherwise they’ll always be worth something.

  18. says

    Good post EF!

    “I feel way safer being in numismatics as opposed to just bullion investments as it has a dual function.”

    I feel the same way. I’ve been accumulating a small stock of proof mercury dimes and some other numismatics for exactly the reasons you gave.

  19. TomP says

    The one-half ounce AGE proof yesterday went on a delayed shipping date of 12/07. Today it was pushed back to 12/08, the only AGE coin to do so. This pattern was done with the FS Mary Todd Lincoln for 2 weeks before listed as sold out. The low sale figures of 6,010 might make this an interesting coin combined with the so far low sales of the 4-coin set.

  20. Andy says

    Hey EF, got my 5 25th Anniversary Sets. You recommend getting them graded then selling them, or just selling that sealed box?

  21. EvilFlipper says

    I recommend being patient. Flipping is an art (sort of). There are lots of variables but there are many angles to watch. It’s hard to get a read on the timing of the move. Let’s do the math. It will cost 14$ to get them graded plus an 18$ premium from pcgs to get the 20 th designation.That’s (32.00*25 coins=800$) although I heard that pcgs may be dropping that premium so if someone follows up on that let me know. From what I’ve seen with newer mint issues you have an at best 10% chance of getting an MS 70 from all the coins issued (if anyone has better numbers let me know). If its only 5 sets you have a 5% chance of getting an MS 70 set. So 1500+800 grading =2300$. A set as of now is going for about 800 unopened *5 sets is 4000$. On a 5% bet you risk 32% of your profit on grading. Now it’s up to you to decide your risk.

  22. MarkInFla says

    For those wondering about the value of having coins slabbed, I was looking up the price on unc buffaloes and noticed that APMEX is selling the slabbed ones for $15 less than the raw ones! Must be trying to clear them out.

  23. PrinceVegeta says

    25th Anniversary Sets

    My order #38382XXX at 5:30 EST is now “in stock and reserved”. I could not believe that. I really had no hope of getting it, but it seem now that there is some hope. It’s a good thing that some people posted their order status in this section.

    I guess there were a lot of cancel order or something. I gave up hope on this order but did not cancel, and it turn out to be the right thing to do. So, don’t cancel your order until that “Fat Mint Sings”. You’ll kick yourself for a really long time if you do it. This is my third order with 3 set in it.

    I have opened the first two single set that I got, and the two of them are really different from each other. If I really get these 3 set, then I guess this is my “Black Friday” saving because I go not going to shop this year.

    Good luck to all those who are still waiting, there may still be some hope…

  24. Shane says

    I guessing 530pm is among the last on the waitlist to get filled; I got one order at 5:35pm still in progress/backordered

    It’s amazing we can still get filled this late after the waitlist is up…. did many cancel or did the Mint come up with another 100k sets since we’ve been complaining?

  25. VA Bob says

    MarkinFla – IMO OGP will win. A nice coin will always be a nice coin, but the OGP once separated will most likely be lost years from now. In the future, people will want the coin how it came from the Mint, just like any other collectible. It might be a slower race than for people looking for an immediate profit.

    PCGS recently announced that it will charge $20 to send back 1 – 2 of the 25th Anni OGP’s and $30 to return 3 – 5 of them (On top of the $18 fee for EACH coin receiving the “First Strike” label, which also previously provided return of OGP). So if you sent one set in and wanted FS and your stuff back, it will cost you $110 dollars BEFORE you pay one cent toward grading ($480 if you sent in 5 sets). Now PCGS is encouraging (on their forum) the submitters to let them just dispose of the OGP and save you the money (I have no idea if they throw these away or sell them off). BTW if you sent your sets in after Nov 18 and are expecting your OGP back, sorry PCGS says your S.O.L. (No phone calls please). Remember how much empty 2008 gold Buffalo OGP was selling for on ebay a few years ago.

    As a collector of coins in their OGP, I’m really happy that PCGS does this. It will make my sets all the more attractive in the future. There will almost always be 100K sets of these (since they don’t circulate), there will be FAR FEWER in OGP just a few short weeks from now, and fewer still even further down the road. Maybe those pretty slabs won’t be so attractive years from now.

  26. simon says

    VAB I am constantly surprised at both PCGS gimmicks and how gullible the market is. At a very minimum the TPGs should return the COA with the graded coin free of charge. The COA and the sales receipt are the most valuable documents in the history of the coin, and strangely these are the first to be disposed off in deference to vapid TPG labels. I often salivate when thinking of acquiring, if possible, some of the USMint issued coin sets in OGP from the 1800’s. I’ve only seen pictures but they look like “Lady Liberty” treasures to behold. The whole system as it stands is geared to rapid sales of coins for their hyped-up resale value till interest subsides or the next gimmick comes along.

  27. Richard says

    Finally,US mint taped my credit card for order request 38381xxx.No notice of shipment yet.Order request 38384xxx still backordered.Two sets would be nice,but i’ll be happy with one.I’m a collector ,no flipping for me..Happy Thanksgiving to all and to all goodnight.

  28. Berneck says

    My order# is 38389xxx. I think I still have a shot. Someone mentioned that there were a lot of “bad orders” out there. I’m assuming that simply means people ordering over the limit… If that’s the case, the people who try to over order should get no sets at all. I bet that would reduce some of the dishonesty that goes on in these situations….

  29. tim says

    simon

    “The COA and the sales receipt are the most valuable documents in the history of the coin, and strangely these are the first to be disposed off in deference to vapid TPG labels.”

    Agree 100% !!!

  30. DNA says

    “OGP will win”, indeed. My five 25th Anniv. ASE Sets are staying in their OGP. And, I just bought ten extra OGP box/COA’s, complete minus coins. I might use one as a display case for a PCGS 70 Set (five ASE slabs fit in the OGP box like a glove).

    My 2008 Gold Buffalo Four-Coin Proof Set is still in the OGP. Last I checked, those are selling for more than 69-slab money and are close to 70-slab money.

  31. Richard says

    Finally good news,38381xxx 5:22 Shipped 38384xxx still in process backordered 5:26,the hammer should fall soon.

  32. Drew says

    I am a fan of the original packaging myself. I do not own a graded coin and I am perfectly happy keeping it that way.

  33. David says

    I spoke to an NGC representative today, she advised that they received 15,000, Silver Eagle Anniversary sets today. I called to see how busy they are, since I am not in a hurry to get mine graded, but want to meet the deadline. For what it is worth, I managed to order 5 sets, my order invoice shows 12:07 p.m. — 38325XXX.

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