Earlier this year, the United States Mint offered the 2013 West Point Silver Eagle Set to celebrate the 75th anniversary of the edifice that houses the West Point Mint. This product included one reverse proof and one enhanced uncirculated Silver Eagle with the “W” mint mark and was available to order during a four week ordering window. After the close of the ordering window, the sales odometer placed on the product page was last updated to 281,310, but is this figure due for a major reduction?
Some speculation was stirred earlier today within the comments of a Mint News Blog post. After one reader noted some figures accessed from the cumulative numismatic sales figures posted on the US Mint’s website, another reader noticed that the sales figure for the 2013 West Point Silver Eagle Set indicated 234,532 units. This would represent a reduction of 46,778 units from the last reported sales figure.
Around 4:30 PM ET when the new weekly figures were posted on the main statistics page, the West Point Set figure reverted to the last amount of 281,310. The figure present when accessing “All Data to Date” (where the lower figure was originally seen) also reverted to 281,310.
I was able to access the US Mint sales data when the lower figure was present, but cannot verify its accuracy. I have contacted the US Mint to determine if an updated sales figure for the set will be provided. I will pass along any information provided.
Last year, the US Mint did provide a final unaudited sales figure for the 2012 San Francisco Silver Eagle Set after the fulfillment process had been completed. The last reported sale figure of 251,302 was reduced by 26,321 units to 224,981.
It does seem possible that there will be a similar or perhaps larger reduction for the final sales of the 2013 West Point Silver Eagle Set. Under the four week ordering window, some collectors now seem to take the approach of placing orders and then contemplating further whether they really want the product. If not, the order can simply be canceled prior to fulfillment. With the extended delays in shipping due to packaging issues, the patience of some collectors may have worn thin resulting in increased cancellations.
The US Mint seems to view the four week ordering window as the preferred method of offering special products, but some of the flaws of this approach are becoming apparent.
Lower Gold and Platinum Product Prices Possible
Based on the available data, it is possible that the prices for the United States Mint’s numismatic gold and platinum products will be decreased tomorrow. As most readers will be aware, the prices for gold and platinum products are adjusted as frequently as weekly based on changes in the market prices of precious metals.
The weekly average price for each metal is determined based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. If the average moves into a higher or lower tier, established at $50 intervals, then product prices are adjusted accordingly. A secondary criteria requires that the Wednesday PM Fix price must agree directionally within any change. Price increases have generally been made effective around mid-morning on Wednesday.
The available data suggests that the weekly average price of gold will fall into the $1,300 to $1,349.99 range, which is one tier lower than the range used to establish current prices. In the most likely scenario, as long as the Wednesday PM Fix price is below $1,350, then gold numismatic products will see their prices reduced by the equivalent of $50 per ounce of gold content.
The weekly average price of platinum is likely to fall within the $1,400 to $1,449.99 range. This would be one tier lower than the range used to establish current prices. In the most likely scenario, if the Wednesday PM Fix price falls below $1,450, then platinum numismatic products would see their prices reduced by $50 per ounce of platinum content.
Pricing adjustments have typically been implemented around mid-morning on Wednesday after the London PM Fix prices are known.