2012-W Proof Silver Eagle Sold Out

The 2012-W Proof American Silver Eagle has sold out according to the US Mint’s website. The sell out occurs about seven months after the original release date, but about a month and half before the end of the year.

A similar early sell out had occurred for the product last year. The 2011-dated individual proof coin went on sale June 30 and sold out on November 22, for an availability period of less than five months. The year before, the 2010-dated proof was released on November 19 and sold out on December 28, for an availability period of about a month and ten days.

Sales of the 2012 Proof Silver Eagle with the “W” mint mark originally began on April 12, 2012. The coins featured Adolph A. Weinman’s classic depiction of Walking Liberty on the obverse and John Mercanti’s heraldic eagle on the reverse. Initially the coins were priced at $59.95 each. This was lowered to $54.95 in late July, but raised to the original $59.95 in October.

Opening sales for the product were below the level of the prior year, however the coins remained a steady seller throughout the rest of the period of availability. The most recent US Mint sales report shows orders received for 819,217 coins. An updated figure should be available later today.

The final sales total may end up around the same level as the prior two years. The 2010 Proof Silver Eagle had last reported sales of 860,000. The 2011 proof sold 850,000 coins individually, although another 100,000 were included in the 25th Anniversary Silver Eagle Set.

Many collectors were probably not expecting the sell out of the 2012 Proof Silver Eagle. Before the disruptions of recent years, this popular product had generally remained available for the holiday gift buying season. Last week, the 2012-W Uncirculated Gold Eagle had also unexpectedly sold out.

Are there more unexpected sell outs coming? Just before the two recent sell outs, the US Mint’s website showed the products as backordered with a delayed shipping date. Currently, the closely watched uncirculated version of the 2012 Star Spangled Banner $5 Gold Coin displays this status. Recent sales figures suggest that this coin will end up near the top of the list of the lowest mintage modern commemorative gold coins.

To my knowledge, in the past the US Mint has continued sales of commemorative coins until the maximum mintage has been sold or until the pre-announced sales ending date (this year on December 17, 2012). If the US Mint concludes sales earlier in another unexpected sell out, they might face some complaints from the beneficiary organization which will receive surcharges from the coin sales. This is something I always figured the US Mint would want to avoid, but lately they have been full of surprises.


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Comments

  1. simon says

    This is pure idle speculation on my part but the change in leadership at the Mint always brings on new avenues, new products, and I hope more excitement for us collectors. They may also be freeing up resources for more exciting collector products in 2013. Or it could be an aftershock from Hurricane Sandy 😉

  2. SilverFan says

    The 2012 Proof ASE sell-out is no surprise…that mintage is pretty high. The only way that this coin will be worth a significant premium is if this is the last year of the ASE or the last year of the current design. If anyone still wants it, I have seen it online for less that what the mint was last selling it for.

  3. Louis says

    Re: the SSB- Since the max is 100K and they will probably keep selling the proofs until the end of the program, it seems that in theory they could end sales of the unc coin early (though I agree this would be annoying to the benficiary org.). Maybe they made 5K and don’t want to mint another batch this late in the game.

  4. ClevelandRocks says

    I agree with the frustration on the Mint’s randomness of sales; however,
    the SSB gold only give 3.5X the dollar amount than the silver SSB to the organization, so with 20+X sales of silver over gold SSB, I’m not sure how much “damage” would occur by ending some gold sales a few weeks early.

  5. CW says

    From what I can tell the new Mint director is anything but a coin person. I hope I am wrong. I fully expect to see a lot of stuff canceled in the next couple of years. I just don’t see this administration being friendly to silver or gold coins. Just my two cents.

  6. T1 browserman says

    Not too far off topic:

    Has anyone heard what will happen with the 10 (stolen) 1933 Double Eagles that the daughter of Israel Switt surrendered to the mint and have been in battle with over possession since ~2005? I’ve read the Wikipedia entry and know only that they are still being held at Fort Knox until further disposition.

  7. Louis says

    CW: There is no new Mint direct yet. She has only been nominated, not confirmed by Congress. The Mint is still being run by the acting director.

  8. Mint News Blog says

    Actually, I just followed up on this again. An updated number was supposedly coming at the end of October, but that has obviously passed. As soon as I have any info, I will get it posted in an article asap.

    Also looks like this week’s sales numbers won’t be available until tomorrow.

  9. john says

    The 2011 Proof Silver Eagle had last reported sales of 860,000. The 2010 proof sold 850,000 coins individually, although another 100,000 were included in the 25th Anniversary Silver Eagle Set.

    Typo: The 25th Anniversary Silver Eagle Set was 2011 not 2010, correct?

  10. CB says

    The 2012-S proof Silver Eagle is still available in the $72.95 Coin and Currency Set, which also includes a $5 bill. With a likely mintage of under 350,000, the 2012-S is probably a better value.

  11. Tony W says

    I personally like the sudden cancellations of offers. After the horrible abuse we took on the reverse proof silver eagle……maybe….just perhaps…we will get some interesting values for small personal collectors…..excitement again!!

  12. Robert B. says

    Anyone know what this is on the mint’s producr schedule?

    11/27/2012 2012 United States Mint Limited Edition Silver Proof Set™

  13. Samuel says

    the SSB Unc “Product will be available for shipping 11/28/2012” is a nomal delay, right? this happened to any other sold-out coins before?

  14. Shutter says

    Does anyone know what’s contained in a “2012 United States Mint Limited Edition Silver Proof Set™”?

    Not that I know anything, but I suspect it’s the same as the not so limited edition, but in fancier packaging. The silver proof set sales are off by a third this year and they probably have oodles of coins collecting dust.

  15. ClevelandRocks says

    Seems suspicious to me any annual “set” offered less than 6 weeks before the end of the year.

    Maybe the will include an ASE-S reverse proof!

  16. Brad says

    Regarding Cleveland’s comment, would it even matter? The prices that raw SF Eagle sets are selling for don’t even allow enough for a profit after factoring in the selling and payment fees! At this point, the sets are pretty much just fancy-packaged, pretty-looking losers.

  17. Kraw says

    I agree with Brad, even if this new ‘limited edition’ set has the RP, who cares.

    The long delay between ordering and shipping of the SF 75th sets allowed me to cancel all that I ordered except one for my collection anyway.

  18. DCDave says

    I care and would be very angry and would consider seeking legal action if reverse proofs were released again this year.

    I have a written statement from the Mint saying they would not do this.

  19. ClevelandRocks says

    I got the same thing formally saying no further reverse silver proofs would be released, so rest assured they won’t do this. Sorry to ruffle feathers…

    Did I miss an article from Michael about a new proof ASE design for 2013?

  20. says

    Kraw, Brad…a lot of people would care if another RP were offered. However…I don’t think this set to be released on 11/27 will include ANY Silver Eagles…it’s more like what Shutter alluded to…”silver proof sets”. This is probable like some of the “Prestige” proof sets like in 1986(among other years) and will likely be a “silver or clad proof set” with one or both of the commemorative silver dollars (SSB and/or Infantry) included. I could be wrong, but that’s likely what it will be. Anyone have any other ideas?

  21. T1 browserman says

    Shutter

    I thought you knew everything 🙂

    Just got off the phone with the mint regarding special edition silver proof:

    1 ASE with W mint mark
    5 quarters 90%
    1 half dollar 90%
    1 dime 90%

    Cost = $149.95

    Worth it ?

  22. Brad says

    Cleveland,

    I knew you were just joking. No one really expected there to be any more Reverse Proof S Eagles sold. The Mint probably does have some extras laying around though, due to the late order cancellations. I even cancelled 14 sets in early October myself. I didn’t like the thought of sticking the Mint with some unsellable Reverse Proofs that had already been struck, but they shouldn’t have left me hanging for so long. At one point those sets had been moved up to ship at the end of September, but got pushed back to Oct 31 again. With interest in the sets waning, I decided that my plan to make a few bucks by selling those extras was not going to pan out after all. I would have been left holding them for an indefinite period of time, hoping to at least break-even at some point. So, I just pulled the plug and kept the few sets I already had in hand.

    If there’s a special ASE set in 2013, it might not do too well. However, if something truly unique is offered like an Ultra High Relief coin, that would undoubtedly sell very well. But if it’s just more of the “same old, same old”, the SF set’s performance certainly won’t help spur sales of the 2013 offering. Like others were saying a few months ago, it stops being special when you do it all the time!

  23. Shutter says

    1 ASE with W mint mark
    5 quarters 90%
    1 half dollar 90%
    1 dime 90%

    Cost = $149.95

    Worth it ?

    Let me see. The W proof ASE sold for $60. The regular silver set is available for $68, but includes additional coins worth a few dollars at least. So you’d be paying $40-$50 for a box. None of the coins are unique. They can claim limited mintage of 50,000, but there is almost a million W Proof ASE already and more than 300,000 of the others.

  24. Louis says

    @T1- You just called the 800 # and they gave you the info? It’s amazing that they would do that but not either post the info online, or at least send a press release to people like Michael and me. Other world mints are way ahead in this area. Look at Austria that already has issued its plans for the year, and I think the Royal Mint has done the same.

    I have zero interest in this set. It’s time to stop recycling everything and issuing coins in endless packaging options. Get some new ideas.

  25. says

    If the 11/27 set is as T1 described, I doubt they will sell 15-20k max…why would anyone want a set like that…and while the raw SF sets are at least selling for a little above issue price…this new set will sell for barely $100 this time next year.

  26. T1 browserman says

    The 800# rep informed me she was just given the memo regarding this ‘limited edition’ set yesterday……

    The purpose of my call to the mint was for another reason and when we resolved that issue she asked if I had any other questions….and because I read about the sell out and saw the thread regarding the ‘limited’….I gave it a shot and got lucky.

    This kind of explains the unexpected sell out of the ASE-W…..

    Now if it were ASEs made from W, S, D, P then I might help cause a bottleneck of the website on 11/27 but alas I shall pass on this one.

  27. T1 browserman says

    dang ……..forgot to let the group know that the 90%s were S marked if that makes a difference.

  28. says

    T1…thanks for the update…however ALL 90% silver coins in the silver proof sets ALWAYS have the “S” mint mark…so, that doesn’t make a difference.
    btw…all coins in both the clad and silver proof sets are currently minted at the SF mint, and have the “S” mint mark…same for the Presidential Dollar prooff sets.

    Again…I really thought this set would not have a silver eagle, but one or both of the 2012 commemorative silver dollars…which they have done in the past. But…looks like I was wrong…but I think if the special silver proof set had
    included the commemorative silver dollars, it would have greater appeal.

    But again, recycling coins is nothing but a slap in the face to Mint customers…especially if it has nothing new…at least the Coin & Currency set offered a unique item.

  29. simon says

    For those unique posters like yours truly who were planning on getting a set – the Mint has pulled the listing from the schedule (temporarily ?) Perhaps they read all these comments.
    ;(

  30. Louis says

    Thanks for the info T1, but just to clarify the ASE-W has not sold out, the AGE-W is the one that sold out (and that has almost doubled in value overnight at least for now).

  31. Shutter says

    Other world mints are way ahead in this area. Look at Austria that already has issued its plans for the year, and I think the Royal Mint has done the same.
    That’s a bit unfair. I’m pretty sure that you (and anyone else with a pulse) already know most of what the US Mint plans to produce next year. The only questions are about timing and mint mark variations. That and the possibility of a Pd coin or special variety of standard coin (e.g. Rev PR Buffalo).

    It’s time to stop recycling everything and issuing coins in endless packaging options.
    Amen to that.

  32. CW says

    Off topic – Is there a provision in the US Pd coin law to make fractionals? I would love to buy ‘dime-sized’ Pd coins with the Mercury dime obverse. These would sell like hotcakes and allow the average Joe to afford Palladium.

  33. says

    OT…Denali 5 oz bullion production suspended by Mint??

    I just spoke to a rep from Provident Metals and inquired as to when they would receive more of the Denali 5 oz bullion as they have been out of stock for about a week….I know some of you pre-ordered them and recevied them from Provident. Anyway, he said it could be a good while before, if at all, they get anymore Denalis as he was told the Mint has stopped production.
    I guess I will go ahead and but from APMEX or MCM as they still have them.

    I was under the impression that the Mint could discontinue the numismatic 5 oz coins at any time, but were required by law to produce the bullion version just the the bullion silver eagles. Is that correct?

  34. Jeff in TX says

    The mint should just make the a.s.e from each mint location in proof and burndish as singles, so they could be bought as needed through the year.

  35. Smiledon says

    Would I be in a padded room alone if I thought a UHR ASE should be made?
    Like most people, the AGE are too much for me. I get the proof ASE each year however, to expand on Jeff in TX, getting the UHR ASE with each mint mark would float my boat.

  36. says

    I agree with Smiledon! I would like that too! A UHR ASE and getting one with each mint mark would be the ultimate! We can DREAM on! Another boat floating here!

  37. says

    okay so I signed up for the Coin News Letter again! Sorry about that but I get it twice a week the ad said “a free DAILY” and so I thought that was something new! Sorry!!!

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