Wednesday, March 30, 2011

Andrew Johnson Presidential $1 Coin Cover

Posted by Mint News Blog | Filed Under: Coin Covers, Presidential Dollars

Sales of the Andrew Johnson Presidential Dollar Coin Cover will begin at the United States Mint on March 31 ,2011 at 12:00 Noon ET. This will represent the 17th release in the ongoing American Presidency $1 Coin Cover series.
The basic format of the product remains the same with the inclusion of two 2011 Andrew Johnson Presidential Dollars from the first day of mintage at the Philadelphia and Denver Mints. The coins are mounted on an illustrated display card with a stamp and postmark cancellation from the official circulation release date. In this case, the post mark is February 17, 2011, Greeneville, TN.

As mentioned in a previous post, the US Mint has changed the design of the envelope to reflect their new branding. A black bar appears at the bottom of the envelope with the US Mint and Treasury Department logos. The portrait of the President appears in smaller size next to the coins.

Pricing for the product has been increased to $19.95 for each cover, plus shipping and handling. Last year, the Presidential Dollar First Day Covers were priced at $15.95 each.

The maximum production limit for the covers has been decreased to 22,000 units. Since the introduction of the series, the US Mint has reduced the product limit in line with the declining sales. The 2007 issues began with limits of 50,000 units, which achieved sell outs for the first three issues. The limit was lowered to 40,000 for the 2009 covers, and 32,000 for the 2008 covers, with the exception of the Abraham Lincoln Coin Cover set at 37,000 units.

Can the Andrew Johnson cover achieve a sell out with the lower production limit? The first 2010 cover featuring Millard Fillmore has already sold 22,171 units, supporting the possibility. However, the continuing attrition for the series, price increase, and possibly the packaging redesign might serve to weigh on sales.

New Coin Grader Capsule: Old Green Holders

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Tuesday, March 29, 2011

2011 Silver Eagles – Bullion, Proof, Uncirculated, and 25th Anniversary?

Posted by Mint News Blog | Filed Under: Silver Eagles

One of the US Mint’s most popular offerings is the American Silver Eagle. After a few years of turbulence, it appears that the US Mint is prepared to issue all three anticipated versions of the 2011 Silver Eagle. This includes the regular bullion coins, which have already been released, and the collectible proof and uncirculated versions, scheduled to be released later in the year.

2011 Silver Eagle Bullion Coins

The bullion versions of the 2011 American Silver Eagles first went on sale to authorized purchasers on January 3, 2011. Following the typical procedures for the program, the authorized purchasers are able to buy the coins directly from the US Mint in bulk quantities based on the silver value plus a premium of $2 per coin. The bullion coins are then resold to other dealers for broader distribution to the public.

From the start of sales, the US Mint’s allocation program has been in place, which serves to ration the available supply of coins amongst the authorized purchasers. The US Mint has used this program at times when demand for silver bullion coins exceeds the available supply.

In the month of January, sales reached an astounding 6,422,000 coins, setting a new record for monthly sales. The number of coins sold in the following months dropped, although this might be attributable to the impact of allocation rather than a decline in demand. Through the current date, sales have reached 12,429,000.

CoinWorld recently reported that the San Francisco Mint will strike Silver Eagle bullion coins starting in May. For more than ten years, the coins have only been produced at the West Point Mint. Although the bullion coins won’t carry a mint mark to denote the source, I could see some sellers trying to differentiate the coins, especially if pick up from the San Francisco Mint can be arranged.

At this point, it seems likely that Silver Eagle bullion coin sales will break another annual record. Since 2008, annual sales have set successive record highs. For the 2010 calendar year, Silver Eagle bullion coin sales were 34,662,500.

2011 Silver Eagle Proof Coins

Collectors will remember that the 2009 Proof Silver Eagle was canceled by the US Mint amidst an extended period of high bullion demand. Because the Mint was required to strike the bullion coins in quantities necessary to meet public demand, all incoming precious metals blanks were diverted to bullion production and collector programs suspended and eventually canceled.

In the following year, another cancellation threatened to occur. However, a lull in bullion demand during August and September allowed the 2010 Proof Silver Eagles to be produced. The coins went on sale November 19 and sold out on December 28. The last reported sales were 860,000.

The 2011 Proof Silver Eagle has a release date of June 30, 2011. When the US Mint first provided its scheduled product listing for the year, an exact date was not provided.

There is much more certainty behind this year’s offering than prior years. Late in 2010, a bill was signed into law which changed the legal requirements for American Gold and Silver Eagle coins. Previously, the bullion coins were required to be produced in quantities sufficient to meet public demand. After the change, the law directs the coins to be minted in “quantities and qualities that the Secretary [of the Treasury] determines are sufficient to meet public demand.”

The US Mint (via the Secretary of the Treasury) seems to be ready and willing to use this authority to provide for collector coin production.

2011 Silver Eagle Uncirculated Coins

The second collectible version of the American Silver Eagle, previously issued from 2006 to 2008, seems poised to make a come back this year. The US Mint indicates that the 2011-W Uncirculated Silver Eagle is scheduled to be released in “early fall.”

These coins are struck on burnished blanks and carry the “W” mint mark. As a collector offering, the coins are available for sale directly from the US Mint and priced at a premium to the precious metal value. In the three years of issue so far, the coins have always had a lower mintage than the proof versions.

For both 2009 and 2010, the collectible uncirculated versions had been canceled due to bullion demand.

25th Anniversary Silver Eagles?

In 2006, the United States Mint released special sets to celebrate the 20th anniversary of the American Gold and Silver Eagles. The 20th Anniversary Silver Eagle Set included proof, uncirculated, and reverse proof versions of the coin. With a maximum production of 250,000 units and a unique coin included, the sets were extremely popular. A sell out occurred quickly and prices rose on the secondary market.

As this year is the 25th anniversary of the Silver Eagle, it would certainly be appropriate to celebrate the event with a special set or special version of the coin. Under the modified law covering American Silver Eagles, the door is open to creating such a product despite high bullion demand. Let’s hope the US Mint takes this opportunity to create something unique and appealing for collectors this year.

25 Comments
Saturday, March 26, 2011

2010 ATB Silver Bullion Coins Available

Posted by Mint News Blog | Filed Under: America the Beautiful Quarters


A few of the US Mint’s authorized purchasers have just made their 2010 America the Beautiful Silver Bullion Coins available for purchase. This is likely in response to the US Mint requirement that AP’s must sell their entire allotment of 2010-dated coins in order to be eligible to order the upcoming 2011 releases.

While previous sales by AP’s have sometimes been complicated by requirements to call or place orders at a specific time or provide social security numbers, the latest availability is comparatively more streamlined.

Jack Hunt Coin Brokers is accepting orders at the site JackHuntATB.com. The price is $860.20 plus $88.00 shipping. Coins shipped to New York addresses are subject to sales tax and payments must be made by money order. The total cost is actually just a little bit higher than the spot price of silver. Ironically, these low mintage coins are one of the lowest premium methods to purchase .999 fine silver, while they last.

Update: A message on the website now indicates that the online store is sold out. More sets may be available after assessing inventory.

MTB has placed coins up for sale on eBay listed at $1,025 per set with free shipping. Their listings can be found under their username MTBcoins. The price is higher than JHCB, but I suppose they have factored in commissions and shipping costs.

Update: After selling 400 sets, in four separate listings, MTB has not put up another listing. That might be it from them.

For anyone who has been considering purchasing the 2010 America the Beautiful 5 oz. Silver Bullion Coins, here is an opportunity. In accordance with the US Mint’s terms, each AP limits orders to one per household. Be sure to read the full conditions outlined by each seller and make sure that you comply and are eligible to purchase.

Update: Another AP, Coins N Things will be taking orders by phone Saturday, April 2, 2011 from 8:00 AM to 12:00 Noon. View their website for more information.

A few weeks back, they also accepted orders by phone for a brief period. Some readers reported that they were unable to get through despite calling repeatedly for the entire period. Those who did place orders were required to buy an additional amount of pre-1965 silver coinage to make the total price $1,100.

154 Comments
Friday, March 25, 2011

Medal of Honor Commemorative Coin Pricing

Posted by Mint News Blog | Filed Under: Commemorative Coins


The introductory pricing for the 2011 Medal of Honor Commemorative Coins will only be in effect for a few more days. After March 28, 2011 at 5:00 PM ET, the prices for each of the available gold and silver coins will be increased.

Modern commemorative coins have typically been offered by the United States Mint at reduced prices during a pre-issue or introductory period. At the end of the period, regular pricing goes into effect.

The extent of the price increase after the introductory period has varied by program and denomination. Last year, the commemorative silver dollars increased in price by $2 for unciculated versions and $4 for proof versions. The last time commemorative gold coins were available in 2008, prices increased by $25 per coin.

For the Medal of Honor Coins the increase will be a consistent $5 increase across all options. This will make the change more significant on a percentage basis for the silver dollars. The introductory pricing and the regular pricing effective after 5:00 PM ET on Monday is shown below.

Intro. Regular
$5 Gold Proof $ 449.95 $ 454.95
$5 Gold Unc $ 439.95 $ 444.95
Silver Dollar Proof $ 54.95 $ 59.95
Silver Dollar Unc $ 49.95 $ 54.95

The pace of sales for commemorative coins usually seems to drop off to a base level after the end of the introductory period. So far, sales levels for Medal of Honor coins have been somewhat tepid as compared to other issues from recent years. This could be the impact of the higher prices, the increased number of commemorative coins for the current year, the general decline in the US Mint’s customer base, or a combination of the factors.

Sales figures through March 20, 2011 are shown below.

Sales
$5 Gold Proof 9,958
$5 Gold Unc 3,862
Silver Dollar Proof 61,906
Silver Dollar Unc 26,247
36 Comments
Friday, March 25, 2011

2011 Native American Dollar Rolls

Posted by Mint News Blog | Filed Under: Other Coins


The next US Mint product to go on sale will be the 2011 Native American Dollar Rolls. Sales will begin on March 28, 2011 at 12:00 Noon ET.

The reverse design of the 2011 Native American Dollar represents the initiation of the first written peace alliance between the Wampanoag Tribe and European settlers with a depiction of the hands of the Massasoit and Governor John Carver exchanging the ceremonial peace pipe. The obverse of the coin features the depiction of Sacagawea and child introduced in 2000 and used for the Sacagawea Dollar series.

The US Mint will offer 25-coin rolls from either the Philadelphia or Denver Mint facility. The coins are packaged in wrappers bearing the US Mint logo along with the date, mint mark, and face value. Each roll is priced at $39.95 plus applicable shipping and handling. This reflects a $4 per roll increase from the pricing effective for last year’s issue.

One week ago, the US Mint began selling 2011 Native American Dollars through the Direct Ship Program. This program allows the coins to be ordered in boxes of 250 at face value with no charge for shipping.

While personally, I would opt for the Direct Ship coins available at face value, the US Mint continues to sell a relatively high number of the numismatic rolls, priced at a premium. For the 2010 Native American Dollar numismatic rolls, sales have reached 39,138 Philadelphia rolls and 38,818 Denver rolls.

The arguable benefits of the numismatic rolls are availability in smaller quantities (lower pricing point), the ability to select a specific mint mark, and the US Mint’s custom wrapper, which sometimes yields a premium on the secondary market.

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